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The Company is a REIT that focuses on owning and operating income producing retail properties with a primary focus on grocery-anchored shopping centers, predominantly located in the Northeast. At December 31, 2025, the Company owned a portfolio of 12 properties totaling 1.9 million square feet of gross leasable area ("GLA").
27.05% operating margin is above average. ROIC at 3.61%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue declined 14.5% YoY. Margins deteriorated 12.5pp alongside, both lines moving the wrong way.
Net debt of $137M represents 30.7x FCF, leverage limits flexibility. Operating margin contracted 12.5pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$29M
▼ -14.5% YoY
Net Income (TTM)
-$4M
▼ -141.2% YoY
Op. Margin
19.69%
▼ -12.5pp YoY
ROIC
2.92%
▼ -1.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$4M
▲ +308.7% YoY
Op. Cash Flow (TTM)
$8M
▼ -15.7% YoY
Net Debt
$135M
Cash & Equiv.
$6M
5Y CAGR: -8.5%
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