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Our Company We are a REIT formed in 1995 under the laws of the State of Maryland. As of December 31, 2025, we owned 760 service-focused retail net lease properties with an aggregate of 13,601,902 square feet located in 42 states and 94 hotels with an aggregate of 21,243 rooms or suites located in 31 states, the District of Columbia, Ontario, Canada, and San Juan, Puerto Rico.
$1.66
$0.06 (-3.49%)
Price from 2 days ago
Operating margin is thin at 6.31%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 4.3% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$107M. The business is consuming cash, not generating it.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$1.74B
▼ -4.3% YoY
Net Income (TTM)
-$237M
▲ +26.6% YoY
Op. Margin
7.21%
▼ -0.4pp YoY
ROIC
2.69%
▼ -0.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$98M
▲ +34.8% YoY
Op. Cash Flow (TTM)
$115M
▼ -15.5% YoY
Net Debt
$2.82B
Cash & Equiv.
$19M
5Y CAGR: +7.5%
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