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As opportunities arise, we may delay construction until sufficient pre-leasing is reached, and financing is in place. Our development and construction activities include, among others, the risks that: we may abandon development opportunities after expending resources to determine feasibility; construction costs of a project may exceed our original estimates; occupancy rates and rents at a newly…
12.02% operating margin is respectable but not wide. ROIC at 1.26%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 14.5%, still solid. Margins contracted 6.3pp, which offsets some of the top-line progress.
Operating margin contracted 6.3pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (FY)
$411M
▲ +14.5% YoY
Net Income (TTM)
$46M
▼ -22.0% YoY
Op. Margin
12.02%
▼ -6.3pp YoY
ROIC
4.70%
▼ -0.6pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$172M
▲ +18.9% YoY
Net Debt
$1.62B
Cash & Equiv.
$31M
5Y CAGR: +10.4%
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