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We are a self-administered and self-managed real estate investment trust ( REIT ) engaged in the acquisition, development, redevelopment, ownership, management, and operation of a portfolio of office, life science/lab, residential and mixed-use properties. During the twelve months ended December 31, 2025, we owned and managed properties within four segments: (1) Philadelphia Central Bu…
Operating margin is thin at 5.50%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 4.2% YoY. Margins deteriorated 5.4pp alongside, both lines moving the wrong way.
Operating margin contracted 5.4pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$490M
▼ -4.2% YoY
Net Income (TTM)
-$200M
▲ +9.0% YoY
Op. Margin
2.66%
▼ -5.4pp YoY
ROIC
0.39%
▼ -0.8pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$121M
▼ -35.6% YoY
Net Debt
$2.61B
Cash & Equiv.
$36M
5Y CAGR: -2.0%
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