Cash Flow And Financing PressuresHigher capitalized interest at major projects combined with elevated capital expenditures and free rent commitments places pressure on near-term cash flows and operating flexibility.
Credit And Transaction RiskA mortgage default at one building highlights transaction and credit risks within the portfolio, which could constrain investor confidence and raise financing costs.
Ground Rent Reset ImpactA ground rent reset at a Penn property caused a drop in same-store operating income, creating a near-term headwind to reported results.