If I understand correctly their business model, the stability of their earnings depend mainly on 2 elements : - occupancy rate, - and their ability to grow the rents they charge*, in line with the rents they have to pay to their own landlords.
Based on the elements I have found so far : - the occupancy rate has been very stable since FY 19, around 70 %, - but I struggle to find a way to see if the rents (they charge) has been in line with the rents they pay to their landlords.
Regarding their geographic exposure, interesting to see that 40 % of their mature profit comes from North Asia and probably around 47 % from Japan alone (6 m$ loss in China and HK in FY 23). Their largest countries are Japan (28 floors), Australia (22 floors), US (10 floors) and Saudi Arabia (14 floors). If we exclude the US, they seem to have high margins in all these countries. So no surprise that they want to focus their growth in FY 24 on Japan and Saudi Arabia.
* of course, it is a simplistic way to look at it as the rent they charge also includes the services they offer to their customers.
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