Rising LeverageMeaningful and increasing debt levels reduce financial flexibility and raise interest burden risk if rates climb or cash flow weakens. Higher leverage constrains ability to pursue opportunistic investments and increases vulnerability to downturns in property cash flows.
Earnings VolatilityHistorical swings in margins and episodic growth indicate earnings are sensitive to timing of disposals, leasing cycles and market conditions. That variability complicates forecasting, dividend planning and raises execution risk for sustained payout targets.
Lean Operating TeamA very small staff suggests reliance on external partners or concentrated management responsibilities. As the portfolio scales, limited in-house resources could strain asset management, due diligence and development oversight, increasing operational and execution risk.