Asset Disposals And Balance SheetSale of large non-core properties strengthened the balance sheet and lowered overall debt, supporting the turnaround narrative and improving investor confidence.
Capital Returns And One-time GainsA significant receivable from a retail property sale paired with increased share buybacks drove quarterly outperformance and returned cash to shareholders.
Portfolio Repositioning And Tenant MixPlanned divestment of office properties and reinvestment into industrial and retail, together with a larger share of investment grade tenants and positive rental renewals, supports the case for a higher valuation multiple.