High Gross MarginsSustained gross margins above ~80% indicate durable project-level profitability and pricing power on development/sales and leasing. This margin buffer helps absorb cyclical revenue swings, supports project underwriting and reinvestment, and strengthens long-term cash conversion potential.
Improving Cash GenerationA sharp rebound to positive OCF and FCF in 2025 shows the business can generate operating liquidity after a weak period. Durable improvement in cash generation supports debt reduction, maintenance capex and tenant services, reducing reliance on new asset sales for funding over the medium term.
Moderate, Improving LeverageA falling debt-to-equity trend to ~0.42 reflects a more moderate capital structure versus earlier years. Improving leverage lowers financing risk, increases flexibility for refinancing or selective investment, and provides a steadier foundation to execute asset rotations or hold rental cash flows.