Elevated LeverageHigher net leverage raises interest cost sensitivity and reduces balance sheet flexibility. If rates or capital costs rise, servicing debt and executing portfolio moves becomes harder, constraining growth and making the stated two‑year deleveraging target operationally dependent on asset sales and market timing.
Cash Flow VolatilityBounceback in free cash flow is encouraging, but historical volatility suggests cash generation depends on timing of disposals and development receipts. Persistent FCF swings can impede predictable dividends, slow debt reduction, and force opportunistic asset sales during downturns, weakening long-term financial planning.
NTA Decline From DisposalsA decline in NTA following asset disposals indicates realized reductions in book value or the crystallization of discounts. While recycling can raise income, repeated book value erosion may limit equity cushions, affect borrowing terms, and signal that portfolio reshaping carries near‑term value dilution risks for shareholders.