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The Company, formed in November 2007 as a Virginia corporation, is a self-advised REIT that invests in income-producing real estate, primarily in the lodging sector, in the United States ( U.S. ). The Company has elected to be treated as a REIT for U.S. federal income tax purposes.
18.25% operating margin is respectable but not wide. ROIC at 5.31%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 1.3% YoY. Margins deteriorated 2.2pp alongside, both lines moving the wrong way.
Free cash flow declined 14% versus the prior year, cash generation momentum has weakened. Net debt of $1.65B represents 5.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.42B
▼ -1.3% YoY
Net Income (TTM)
$172M
▼ -18.1% YoY
Op. Margin
17.92%
▼ -2.2pp YoY
ROIC
5.28%
▼ -0.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$274M
▼ -13.8% YoY
Op. Cash Flow (TTM)
$370M
▼ -8.7% YoY
Net Debt
$1.67B
Cash & Equiv.
$8M
5Y CAGR: +18.6%
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