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Our Company We are a real estate investment trust, or REIT, that was organized under Maryland law in 1998. We primarily own senior living communities, medical office and life science properties and other healthcare related properties throughout the United States.
The business is unprofitable at the operating level (-13.33% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue growth slowed to 2.8%, essentially flat. Margins also contracted 4.9pp. This is a business that needs a catalyst.
Negative free cash flow of -$166M. The business is consuming cash, not generating it. Operating margin contracted 4.9pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$1.52B
▲ +2.8% YoY
Net Income (TTM)
-$320M
▲ +22.8% YoY
Op. Margin
-10.97%
▼ -4.9pp YoY
ROIC
-4.46%
▼ -0.8pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$150M
▼ -86.0% YoY
Op. Cash Flow (TTM)
-$8M
▼ -117.5% YoY
Net Debt
$2.34B
Cash & Equiv.
$122M
5Y CAGR: -1.2%
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