Meaningful LeverageLeverage above equity constrains financial flexibility and raises refinancing and interest expense risk over multiple quarters. In a rising‑rate or property‑value downcycle scenario, elevated debt amplifies balance‑sheet stress, limits opportunistic acquisitions, and can force asset sales to meet covenants.
Cash-flow Durability ConcernsHistoric negative FCF and a sharp OCF decline weaken the company's ability to self‑fund development and acquisitions. Reliance on external capital increases funding cost sensitivity and constrains dividends or buybacks, leaving operations exposed if capital markets tighten or leasing slows.
Earnings Volatility And One‑offsLarge year‑to‑year swings driven by one‑offs and fair‑value accounting reduce predictability of sustainable earnings and ROE. This volatility complicates cash forecasting and capital planning, making it harder to assess true operating momentum absent recurring, cash‑backed results.