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We are a real estate investment trust ( REIT ) for U.S. federal income tax purposes. We acquire, own and manage a diversified portfolio of healthcare real estate assets focused on senior housing operating properties ( SHOP ) and outpatient medical facilities ( OMF ) in the United States.
Operating margin is thin at 0.96%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 3.3% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$22M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$342M
▼ -3.3% YoY
Net Income (TTM)
-$74M
▲ +65.1% YoY
Op. Margin
0.11%
▲ +35.9pp YoY
ROIC
0.02%
▲ +5.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$9M
▲ +78.6% YoY
Op. Cash Flow (TTM)
$37M
▲ +108.7% YoY
Net Debt
$323M
Cash & Equiv.
$53M
5Y CAGR: -2.2%
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