| 10-Q | 2019-03-31 | Filed 2019-05-02 |
| 10-K | 2018-12-31 | Filed 2019-02-27 |
| 10-Q | 2018-09-30 | Filed 2018-11-01 |
| 10-Q | 2018-06-30 | Filed 2018-08-01 |
| 10-Q | 2018-03-31 | Filed 2018-05-03 |
| 10-K | 2017-12-31 | Filed 2018-03-05 |
| 10-Q | 2017-09-30 | Filed 2017-11-02 |
| 10-Q | 2017-06-30 | Filed 2017-08-02 |
| 10-Q | 2017-03-31 | Filed 2017-05-04 |
| 10-K | 2016-12-31 | Filed 2017-02-28 |
| 10-Q | 2016-09-30 | Filed 2016-11-03 |
| 10-Q | 2016-06-30 | Filed 2016-08-03 |
| 10-Q | 2016-03-31 | Filed 2016-05-05 |
| 10-K | 2015-12-31 | Filed 2016-03-03 |
| 10-Q | 2015-09-30 | Filed 2015-11-06 |
| 10-Q | 2015-06-30 | Filed 2015-08-07 |
| 10-Q | 2015-03-31 | Filed 2015-05-14 |
| 10-K | 2014-12-31 | Filed 2015-03-18 |
| 8-K | 2019-05-16 | |
| 8-K | 2019-05-02 | |
| 8-K | 2019-04-05 | |
| 8-K | 2019-02-27 | |
| 8-K | 2019-02-07 | |
| 8-K | 2019-01-31 | |
| 8-K | 2018-12-31 | |
| 8-K | 2018-12-21 | |
| 8-K | 2018-12-07 | |
| 8-K | 2018-11-01 | |
| 8-K | 2018-10-18 | |
| 8-K | 2018-10-18 | |
| 8-K | 2018-08-01 | |
| 8-K | 2018-05-16 | |
| 8-K | 2018-05-03 | |
| 8-K | 2018-03-01 | |
| 8-K | 2018-02-14 | |
| 8-K | 2018-01-10 | |
| 8-K | 2017-12-31 |
| Comps ($MM TTM) | Market Cap | Gross Margin | EV/EBITDA | Ret on Assets | Assets | Liabilities | Revenue | G Profit | Net Income | EBITDA | EV |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Saul Centers (BFS) | 1,253 | 56% | 17.2 | 4% | 1,647 | 1,101 | 233 | 131 | 61 | 129 | 2,224 |
| Summit Hotel Properties (INN) | 1,219 | 0% | 10.9 | 4% | 2,149 | 952 | 548 | 0 | 79 | 183 | 1,992 |
| KKR Real Estate Finance Trust (KREF) | 1,155 | 17.4 | 2% | 5,211 | 4,087 | 0 | 0 | 87 | 237 | 4,131 | |
| Ramco Gershenson Properties Trust (RPT) | 1,099 | 0% | 18.8 | 1% | 1,866 | 1,076 | 240 | 0 | 15 | 105 | 1,984 |
| iStar (STAR) | 1,076 | 0% | 8.9 | 5% | 5,580 | 4,279 | 491 | 0 | 265 | 446 | 3,977 |
| Granite Point Mortgage Trust (GPMT) | 1,026 | 4.8 | 2% | 4,308 | 3,283 | 0 | 0 | 69 | 204 | 989 | |
| Armour Residential REIT (ARR) | 1,006 | -1.3 | -4% | 13,223 | 11,840 | 0 | 0 | -571 | -571 | 719 | |
| Nexpoint Residential Trust (NXRT) | 990 | 0% | 11.6 | 7% | 1,624 | 1,201 | 171 | 0 | 108 | 180 | 2,096 |
| Investors Real Estate Trust (IRET) | 965 | 0% | 12.5 | 2% | 1,404 | 774 | 186 | 0 | 29 | 135 | 1,689 |
| Infrareit (HIFR) | 933 | 11.0 | 4% | 2,032 | 1,103 | 0 | 0 | 86 | 161 | 1,767 | |
| Franklin Street Properties (FSP) | 919 | 55% | 9.0 | 0% | 1,843 | 1,053 | 267 | 147 | 3 | 99 | 899 |
| Community Healthcare Trust (CHCT) | 871 | 0% | 36.8 | 1% | 533 | 232 | 56 | 0 | 6 | 29 | 1,084 |
| Chatham Lodging Trust (CLDT) | 863 | 37% | 17.5 | 1% | 1,454 | 661 | 331 | 122 | 21 | 81 | 1,422 |
| Northstar Realty Europe (NRE) | 776 | 47% | 4.0 | 14% | 1,272 | 598 | 66 | 31 | 182 | 235 | 946 |
| Capstead Mortgage (CMO) | 723 | 5.0 | -1% | 11,535 | 10,463 | 0 | 0 | -68 | 132 | 655 | |
| Ready Capital (RC) | 708 | 5.4 | 2% | 4,123 | 3,384 | 0 | 0 | 84 | 186 | 997 | |
| City Office REIT (CIO) | 678 | 0% | 21.8 | -1% | 1,190 | 722 | 151 | 0 | -7 | 60 | 1,302 |
| Preferred Apartment Communities (APTS) | 651 | 0% | 14.2 | 0% | 5,268 | 3,405 | 340 | 0 | 22 | 215 | 3,066 |
| Corenergy Infrastructure Trust (CORR) | 632 | 93% | 15.6 | 2% | 656 | 180 | 87 | 81 | 15 | 43 | 672 |
| Corepoint Lodging (CPLG) | 606 | 0% | -32.9 | -11% | 2,323 | 1,139 | 841 | 0 | -244 | -46 | 1,515 |
| Balance Sheet ($MM) | 2015-03-31 | 2015-06-30 | 2015-09-30 | 2015-12-31 | 2016-03-31 | 2016-06-30 | 2016-09-30 | 2016-12-31 | 2017-03-31 | 2017-06-30 | 2017-09-30 | 2017-12-31 | 2018-03-31 | 2018-06-30 | 2018-09-30 | 2018-12-31 | 2019-03-31 |
| Cash | 87 | 50 | 30 | 9 | 13 | 11 | 11 | 18 | 3 | 10 | 4 | 3 | 3 | 4 | 5 | 3 | 5 |
| Accounts Receivable | |||||||||||||||||
| Inventory | 8 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 8 | 7 | 7 |
| PP&E | |||||||||||||||||
| Assets | 1,573 | 1,585 | 1,607 | 1,664 | 1,710 | 1,763 | 1,813 | 1,877 | 1,890 | 1,932 | 1,969 | 1,994 | 1,999 | 2,004 | 2,018 | 2,031 | 2,032 |
| Accounts Payable | |||||||||||||||||
| Long-Term Debt | 625 | 620 | 615 | 625 | 723 | 721 | 719 | 717 | 716 | 914 | 912 | 910 | 908 | 846 | 843 | 841 | 839 |
| Liabilities | 654 | 671 | 687 | 729 | 782 | 840 | 882 | 933 | 950 | 997 | 1,028 | 1,093 | 1,095 | 1,092 | 1,100 | 1,105 | 1,103 |
| Stockholders' Equity | 667 | 664 | 668 | 678 | 674 | 669 | 679 | 688 | 685 | 682 | 686 | 657 | 662 | 668 | 672 | 677 | 680 |
| Income Statement ($MM) | 2015-03-31 | 2015-06-30 | 2015-09-30 | 2015-12-31 | 2016-03-31 | 2016-06-30 | 2016-09-30 | 2016-12-31 | 2017-03-31 | 2017-06-30 | 2017-09-30 | 2017-12-31 | 2018-03-31 | 2018-06-30 | 2018-09-30 | 2018-12-31 | 2019-03-31 |
| Revenue | |||||||||||||||||
| Cost of Revenue | |||||||||||||||||
| Gross Profit | |||||||||||||||||
| R&D | |||||||||||||||||
| SG&A | 49 | 5 | 6 | 6 | 6 | 5 | 5 | 6 | 6 | 7 | 7 | 6 | 6 | 7 | 7 | 11 | 7 |
| Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5 | 0 | 0 | 0 |
| Net Income | -27 | 9 | 19 | 28 | 9 | 9 | 24 | 28 | 11 | 10 | 21 | -18 | 18 | 24 | 20 | 24 | 19 |
| Cash Flow ($MM) | 2015-03-31 | 2015-06-30 | 2015-09-30 | 2015-12-31 | 2016-03-31 | 2016-06-30 | 2016-09-30 | 2016-12-31 | 2017-03-31 | 2017-06-30 | 2017-09-30 | 2017-12-31 | 2018-03-31 | 2018-06-30 | 2018-09-30 | 2018-12-31 | 2019-03-31 |
| Cash Operating | 25 | 27 | 28 | 33 | 28 | 32 | 30 | 30 | 26 | 33 | 29 | 35 | 34 | 36 | |||
| Cash Investing | -197 | -49 | -74 | -58 | -62 | -59 | -52 | -52 | -39 | -56 | -19 | -13 | -17 | -11 | |||
| Cash Financing | 243 | 1 | 26 | 30 | 32 | 27 | 28 | 7 | 20 | 18 | -11 | -23 | -16 | -23 | |||