Negative Equity And Elevated LeverageEquity deterioration from positive in prior years to negative in 2025 materially weakens financial cushions. High leverage reduces ability to absorb operating setbacks, constrains refinancing options, and increases the risk that future cash shortfalls force asset sales or lender-driven restructurings.
Severely Weakened Cash GenerationA collapse in free cash flow to zero and sharply lower operating cash flow undermines the REIT’s capacity to service debt, fund capital expenditure, or support distributions. Persistently weak cash conversion heightens refinancing risk and reduces flexibility to invest in or stabilize the portfolio.
Going-concern Uncertainty; Financials On Realisation BasisShifting to a realisation basis due to lack of lender support signals material uncertainty over continued operations. This can trigger asset revaluations, additional provisions and current reclassifications, potentially crystallising losses, restricting refinancing access, and limiting strategic flexibility.