Q: Your thoughts on their latest earnings please
5i Research Answer:
Cash flow per unit of 56c beat estimates of 54c; revenue of $30.6M beat estimates of $28.4M. EBITDA of $16.91M beat estimates by 39%. Occupancy is 94%. Revenue increased slightly. Net operating income fell 5%, largely due to dispositions. Payout ratio is very low at 32%, and valuation very cheap at 4X cash flow. Still, the stock is down on the year and its small size adds risks. The distribution was omitted for part of 2023 and all of 2024, and investors remember that period. But this quarter was quite decent overall.