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Carey or the Company ) is an internally-managed diversified REIT that, together with our consolidated subsidiaries and predecessors, is a leading owner of commercial real estate, net-leased to companies located primarily in the United States and Europe on a long-term basis. The vast majority of our revenues originate from lease revenue provided by our real estate portfolio, which is comprised p…
45.71% operating margin is above average. ROIC at 4.41%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 8.6%, steady but not accelerating. Free cash flow declined 30% despite revenue growth, conversion is weakening.
Free cash flow declined 30% versus the prior year, cash generation momentum has weakened. Net debt of $8.71B represents 6.8x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.75B
▲ +8.6% YoY
Net Income (TTM)
$517M
▲ +1.2% YoY
Op. Margin
45.41%
▲ +0.5pp YoY
ROIC
4.48%
▲ +0.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1.29B
▼ -30.0% YoY
Op. Cash Flow (TTM)
$1.29B
▼ -30.0% YoY
Net Debt
$8.51B
Cash & Equiv.
$239M
5Y CAGR: +7.3%
5Y CAGR: +9.9%
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