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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$77K FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 3%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Selling, General & Admin | $280K | $304K | $490K | $451K | $470K | $450K | $494K | $494K | $438K | $396K |
| Total Operating Expenses | $383K | $412K | $1.5M | $1.6M | $1.6M | $1.6M | $1.6M | $1.8M | $1.3M | $1.3M |
| Operating Income | -$383K | -$412K | -$1.5M | -$1.6M | -$1.6M | -$1.6M | -$1.6M | -$1.8M | -$1.3M | -$1.3M |
| Pretax Income | — | — | — | — | — | $5.3M | $5.2M | $10.4M | $3.1M | $3.2M |
| Income Tax Expense | $1.1M | $1.2M | $1.6M | $1.0M | $956K | $1.1M | $1.1M | $2.2M | $1.6M | $1.1M |
| Net Income | $4.0M | $4.7M | $7.0M | $3.9M | $3.6M | $4.2M | $4.1M | $8.2M | $1.5M | $2.1M |
| Per Share | ||||||||||
| EPS (Basic) | $0.98 | $1.14 | $1.68 | $0.94 | $0.86 | $1.01 | $0.99 | — | — | — |
| EPS (Diluted) | $0.98 | $1.14 | $1.68 | $0.94 | $0.86 | $1.01 | $0.99 | — | — | — |
| Weighted Avg Shares (Basic) | 4.1M | 4.1M | 4.2M | 4.2M | 4.2M | 4.2M | 4.17B | — | — | — |
| Weighted Avg Shares (Diluted) | 4.1M | 4.1M | 4.2M | 4.2M | 4.2M | 4.2M | 4.17B | — | — | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 21 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BFS | $726M | 26.9× | 4.7× | 2.5× | 7.8% | — | 12.9% | 12.2% | 4.8% | 1.8× | 31 |
| JBGS | $703M | — | 3.3× | 1.4× | -8.9% | — | -27.9% | -12.0% | -12.0% | -0.4× | 39 |
| CLDT | $698M | 107.0× | 10.1× | 2.4× | -7.0% | — | 5.1% | 2.0% | 1.4% | 3.1× | 32 |
| PSTL | $656M | 46.2× | 17.4× | 6.8× | 25.5% | — | 14.8% | 5.0% | 2.2% | 6.2× | 36 |
| UHT | $526M | 29.8× | 14.1× | 5.3× | 0.2% | — | 17.8% | 11.6% | 3.3% | 5.8× | 39 |
| BDN | $520M | — | — | 1.1× | -4.2% | 61.8% | -36.8% | -22.5% | -5.3% | — | 37 |
| FBRT | $512M | 9.6× | — | 1.9× | 20.9% | — | 30.5% | 5.7% | 5.7% | — | 36 |
| NXRT | $468M | — | 16.6× | 1.9× | -3.2% | — | -12.7% | -10.8% | -1.7% | 12.8× | 36 |
| FVR | $453M | — | 27.4× | 6.8× | 39.1% | — | -5.7% | -1.0% | -0.5% | 10.9× | 20 |
| TCI | $442M | 31.5× | 101.6× | 9.0× | 4.2% | — | 28.1% | 1.6% | 1.3% | — | 8 |
| FPI | $384M | 14.4× | 58.0× | 7.4× | -10.4% | — | 60.5% | 6.7% | 5.0% | 17.2× | 41 |
| CHCT | $374M | 163.1× | — | 3.1× | 4.7% | — | 4.2% | 1.2% | 0.5% | — | 26 |
| LAND | $337M | — | — | 3.8× | 3.7% | 89.1% | 15.3% | 2.0% | 1.2% | — | 41 |
| PINE | $297M | — | 19.0× | 4.9× | 15.9% | 86.0% | -4.4% | -0.9% | -0.4% | 11.7× | 26 |
| NLCP | $281M | 10.7× | 6.0× | 5.5× | 1.9% | — | 51.5% | 6.8% | 6.8% | -0.6× | — |
| BRT | $250M | — | 16.1× | 2.6× | 1.5% | 99.8% | -12.3% | -6.7% | -6.7% | -1.8× | 27 |
| NXDT | $229M | — | 13.5× | 2.7× | 3.3% | — | -151% | -18.6% | -18.6% | -0.5× | 22 |
| ACR | $200M | 424.7× | — | 2.5× | -4.2% | — | 35.0% | 6.6% | 1.4% | — | 12 |
| STRW | $178M | 21.0× | 7.8× | 1.1× | 32.4% | — | 4.9% | 62.6% | 0.9% | 6.3× | 14 |
| SEVN | $151M | 6.6× | — | 5.1× | -16.7% | — | 52.5% | 4.7% | 4.7% | — | 14 |
| FREVS | $141M | 40.2× | 13.5× | 4.8× | 2.2% | — | 12.0% | 10.3% | 2.3% | 5.7× | — |
| IOR | $75M | 18.9× | — | — | — | — | — | 3.2% | 3.2% | — | — |
Peers = companies sharing IOR's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 82th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 3% against ROIC 3% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on IOR: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
Return on equity (3%) and return on invested capital (3%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Free cash flow has fallen short of reported profit in 3 of the last three years.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Missing from our data, so excluded from this answer: share_based_compensation.
Leverage is not measurable this way for a reit.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $18.52, free cash flow must compound 30.68%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 600.0% | 30.7% |
| FY2021 | −42671.4% | 30.7% |
| FY2025 | −110.8% | 30.7% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $4M | $4M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | −$4M | −$77,000 |
| Operating cash flow | −$77,000 | −$77,000 |
| Capex | $0 | −$77,000 |
| Free cash flow | −$77,000 | −$77,000 |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 4.1 percent |
| FY2020 | 4.0 percent |
| FY2021 | 6.1 percent |
| FY2022 | 3.5 percent |
| FY2023 | 5.1 percent |
| FY2024 | 3.2 percent |
| FY2025 | 3.2 percent |