High LeverageA debt-heavy capital structure materially increases sensitivity to interest rates and refinancing conditions. Heavy leverage reduces strategic flexibility, elevates default and covenant risk during downturns, and can amplify losses from project delays or adverse property valuations.
Uneven Cash GenerationWhile free cash flow has been positive overall, pronounced swings (very strong in 2022, weaker in 2024, negative in 2026) make funding horizons unpredictable. Volatile FCF complicates capex planning, debt servicing and dividend sustainability over multi-quarter horizons.
Development-driven CyclicalityReliance on development outcomes causes revenue and net income to swing with project timing, sales pace and construction/financing costs. This cyclicality reduces forecastability of earnings and cash, raising execution risk and making steady operational planning harder over 2–6 month horizons.