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We are an internally managed real estate investment trust for United States ( U.S. ) federal income tax purposes ( REIT ) that focuses on acquiring and managing a global portfolio of income producing net lease assets across the U.S. and Western and Northern Europe. As of December 31, 2025, we owned 820 properties consisting of 40.7 million rentable square feet, which were 97% leased, with a wei…
22.41% operating margin is above average. ROIC at 1.63%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue declined 13.1% YoY. Margins deteriorated 10.6pp alongside, both lines moving the wrong way.
Free cash flow declined 25% versus the prior year, cash generation momentum has weakened. Net debt of $2.38B represents 12.6x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$472M
▼ -13.1% YoY
Net Income (TTM)
-$85M
▼ -53.6% YoY
Op. Margin
35.96%
▼ -10.6pp YoY
ROIC
3.37%
▼ -0.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$178M
▼ -25.4% YoY
Op. Cash Flow (TTM)
$203M
▼ -25.6% YoY
Net Debt
$2.36B
Cash & Equiv.
$125M
5Y CAGR: +8.5%
5Y CAGR: +2.1%
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