Asset Management Fee WeaknessAnalyst points out that lower asset management fees contributed to the decline in core income, limiting margin expansion from fee-based services.
Core Funds From Operations DeclineAnalyst warns that core funds from operations fell excluding a one-time incentive fee, signaling weaker underlying cash generation.
Residential Sales VolatilityAnalyst cautions that reduced condo and land sales activity has depressed recurring funds from operations, exposing earnings to residential sales volatility.