Lease Expiries And Income PressureLease expiries weakened revenue and net property income, placing near‑term pressure on earnings and cash available for distribution.
Localized Valuation VolatilityTwo assets saw sharp valuation declines after nearby comparable sales led valuers to apply higher cap and discount rates, highlighting market sensitivity in certain locations.
Macroeconomic Downturn RiskAn economic downturn in the US could significantly reduce office demand and rental income, creating pressure on occupancy and distributions.