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We are a Maryland REIT engaged in owning and operating commercial properties in culturally diverse markets in major metropolitan areas. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the Code ).
33.31% operating margin is above average. ROIC at 4.87%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 4.3%, steady but not accelerating. Free cash flow declined 13% despite revenue growth, conversion is weakening.
Free cash flow declined 13% versus the prior year, cash generation momentum has weakened. Net debt of $646M represents 12.8x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$164M
▲ +4.3% YoY
Net Income (TTM)
$50M
▲ +35.3% YoY
Op. Margin
33.19%
▲ +0.8pp YoY
ROIC
4.47%
▲ +0.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$51M
▼ -13.0% YoY
Op. Cash Flow (TTM)
$51M
▼ -12.8% YoY
Net Debt
$804M
Cash & Equiv.
$6M
5Y CAGR: +6.4%
5Y CAGR: +3.4%
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