Asset Management Fee PressureLower asset management fees and softer condo and land sales activity are reducing recurring cash generation and could constrain distributable earnings growth.
Core FFO WeaknessCore funds from operations fell after excluding a one-time incentive fee, signaling underlying weakness in recurring earnings.
Earnings Quality ConcernsA one-time incentive fee materially boosted reported FFO, masking weaker underlying performance and raising questions about the sustainability of reported results.