Q: what are your thoughts on their latest earnings report ? Phil
5i Research Answer:
4Q Revenue rose 23% to $118.5M. But net loss was $135.5M vs profit of $233M the prior year. Higher interst rates and lower transaction volume hurt results. Revenue was 2% light of estimates. Net operating adjusted income rose 2.9%; occupancy was 97%. It expects 10% growth in unit cash flow this year. The UK venture looks good with a large equity committment which will allow faster development and lower leverage. Net asset value fell 4.6%. A bit of a mixed bag here and not as good as expected.