Falling Free Cash Flow GrowthA sizable drop in FCF growth weakens financial flexibility and may constrain funding for new projects or capital returns. If this trend persists beyond a quarter, it can force slower development launches or increased external financing, raising long-term execution risk.
Reliance On Lumpy Development IncomeSignificant dependence on development sales makes earnings and cash flows volatile and timing-dependent. Even with steady rental income, project timing, launches and sales cycles can create multi-period swings that complicate long-term planning and capital allocation.
Low Return On EquityA low ROE indicates the asset base generates modest returns for shareholders, suggesting limited value creation from deployed capital. Over several quarters this can pressure reinvestment decisions and relative shareholder returns unless operational or portfolio yield improvements occur.