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We are an internally managed real estate company that acquires, owns and manages primarily single-tenant properties that are net leased on a long-term basis to middle-market companies operating service-oriented or experience-based businesses. We have assembled a diversified portfolio using a disciplined strategy that focuses on properties leased to tenants in businesses including, but not limit…
64.13% operating margin is above average. ROIC at 5.78%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue up 24.8% YoY with margins expanding 2.3pp.
Net debt of $2.48B represents 6.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$591M
▲ +24.8% YoY
Net Income (TTM)
$257M
▲ +24.6% YoY
Op. Margin
62.63%
▲ +2.3pp YoY
ROIC
5.59%
▲ +0.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$404M
▲ +23.5% YoY
Op. Cash Flow (TTM)
$404M
▲ +23.5% YoY
Net Debt
$2.63B
Cash & Equiv.
$15M
5Y CAGR: +28.0%
5Y CAGR: +30.8%
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