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We are a real estate investment trust ( REIT ) that owns and operates a high-quality portfolio of commercial net lease properties all located in the United States. Our properties are primarily leased to industry leading, creditworthy tenants, many of which operate in industries we believe are resistant to the impact of e-commerce.
21.70% operating margin is above average. ROIC at 1.57%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 15.9%, still solid. Margins contracted 5.1pp, which offsets some of the top-line progress.
Negative free cash flow of -$219M. The business is consuming cash, not generating it. Operating margin contracted 5.1pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$65M
▲ +15.9% YoY
Net Income (TTM)
$707K
▼ -228.6% YoY
Op. Margin
27.02%
▼ -5.1pp YoY
ROIC
1.97%
▼ -0.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$216M
▼ -100.7% YoY
Op. Cash Flow (TTM)
$24M
▲ +9.9% YoY
Net Debt
$360M
Cash & Equiv.
$3M
5Y CAGR: +25.8%
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