Acquires and develops net-leased hospital facilities. Finances hospital operators by purchasing their real estate assets. Now — the numbers.
The company closed last year at a loss: costs ran above sales. The picture changes only if spending is reined in.
An average decline of 11% a year over the last 4 years — the most striking risk in this picture. Red columns mark years that ended in a loss.
At this burn rate the cash pile isn’t the pressing question — for now, time is on the company’s side.
This company is not turning a profit, so the market is pricing its sales instead: 3.3× for every dollar of annual revenue.
Analysts' average target sits 115% above today's price.
An investor who bought at the very peak is down 78% today. The business is the same; what changed most is the price — and the expectations — the market pins on it.
There is $540.9M in the vault; even if every debt were paid off, $412.6M would remain.
It pays out $0.33 per share each year — regular cash for whoever holds the stock.
A loss of $198.7M against $972.0M in annual sales. And on top of that, sales fell from the year before.
Since the drop from its peak, buyer appetite hasn’t come back.
We grade companies — revenue, margins, balance sheets. This is a fund, so there is no report card to give. That is not a low grade; it is a different kind of thing.
One-line summary: a basket, not a business. Judge it by what it holds.