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We are an internally managed REIT with a focus on acquiring and managing properties leased primarily to the USPS, ranging from last-mile post offices to industrial facilities. We believe that we are the largest owner and manager, measured by net leasable square footage, of properties that are leased to the USPS.
35.83% operating margin is above average. ROIC at 5.73%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue up 25.5% YoY with margins expanding 8.1pp.
Net debt of $362M represents 9.6x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$100M
▲ +25.5% YoY
Net Income (TTM)
$15M
▲ +114.5% YoY
Op. Margin
37.18%
▲ +8.1pp YoY
ROIC
5.88%
▲ +1.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$37M
▲ +22.3% YoY
Op. Cash Flow (TTM)
$45M
▲ +32.8% YoY
Net Debt
$387M
Cash & Equiv.
$1M
5Y CAGR: +31.4%
5Y CAGR: +34.8%
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