Income-producing real estate properties.
AFI Properties is entering 2026 as a stronger operating income-property platform, but the thesis has shifted away from revaluation optics and early lease-up toward proof of leasing, refinancing, and FX management.
AFI Home is already material in AFI Properties’ capital allocation, but not yet equally material in earnings quality. The inflection point depends first on closing the lease-up gap in Poland, and only then on bringing the next Prague and Bucharest wave into operation cleanly.
At Landmark, one leg has already moved from accounting value into proven NOI, but the leg that is supposed to deliver the next uplift will turn into cash only after construction, lease-up, apartment sales, and collateral release are actually completed.
AFI Properties enters 2026 with a funding map that looks more credible than a first read of the balance sheet suggests, but 2027 is still not pre-funded and will depend on continued refinancing, project delivery, and open capital markets.
