Financing CostsHigher interest costs from refinancing at elevated rates have more than offset stronger property operations, reducing the trust's core cash flow.
Residential Market PerformanceWeaker demand and increased supply in the residential segment have driven lower rents and higher vacancy, prompting divestment of these assets and reducing income from that portfolio.
Valuation Relative To PeersUnits trading at a premium to the analyst's estimated net asset value versus peers limits upside potential for investors and supports a cautious view on returns.