Financial EstimatesLowering estimates and target price due to adjustments in non-cash rent and a lower equity price assumed for equity issuance.
Risk AssessmentMoving the risk rating to Higher Risk due to uncertainty on the accretion of funding acquisitions, limited visibility to scale the business, and incremental softness in the existing portfolio.
Tenant IssuesThere are ongoing concerns regarding rent collections from a tenant occupying six buildings and an associated loan.