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Inland Real Estate Income Trust, Inc. (which we refer to herein as the Company, we, our or us ) was formed and sponsored by Inland Real Estate Investment Corporation, referred to herein as our Sponsor or IREIC, on August 24, 2011. IREIC is part of The Inland Real Estate Group of Companies, Inc., which is comprised of independent legal entities that are either subsidiaries of the same entity, af…
18.00% operating margin is respectable but not wide. ROIC at 1.81%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 2.2%, essentially flat. This is a business that needs a catalyst.
Free cash flow declined 30% versus the prior year, cash generation momentum has weakened. Net debt of $855M represents 41.4x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$154M
▲ +2.2% YoY
Net Income (TTM)
-$11M
▲ +26.2% YoY
Op. Margin
18.33%
▲ +0.7pp YoY
ROIC
1.87%
▲ +0.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$22M
▼ -29.7% YoY
Op. Cash Flow (TTM)
$42M
▼ -1.4% YoY
Net Debt
$853M
Cash & Equiv.
$9M
5Y CAGR: +5.8%
5Y CAGR: -9.0%
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