Thank-you.
The real estate sector in general has been quite weak over the past couple of years, and many investors have simply allocated to other sectors or watched as other sectors in their portfolios rise to a larger total portion.
EPS of $0.65 beat estimates of $0.27 and sales of $114.58M beat estimates of $106.64M. Sales grew 20% year-over-year and its net margin improved from 15.6% for the same period in the prior year to 23.7%. It has a strong pipeline and it is ahead of schedule to meet its 2025 targets. Management emphasized a focus on liquidity, cost discipline, and long-term development plans. Sales growth is still quite volatile, but it is seeing improvements to its margins. It pays a decent yield of 3.7%, but it trades at 21.5X forward earnings, and forward growth is uncertain. While there are some positives, right now, at 21.5X forward P/E, we see better opportunities in the market elsewhere.