Q1 financials Income statement
Net operating income was $ 43,557k compared to
$ 48,061k. This is important to highlight because it excludes interest expense as a reason for the decrease. Put another way, even if interest rates were to normalize, operating income is still on a negative path. Investors should want to see this number move higher in future quarters.
Balance sheet
Current assets is $914,233k compared to current liabilities of $911,148k. Working capital has turned positive in the quarter due to assets held for sale in the amount of $840,854k. Working capital should be sufficiently positive to offset the decline in affo.
Overall I would like to see operating income move higher and affo to be above $0.15 on a quarterly basis. Until then, the share price may be range bound at best until the sentiment on Cre's and the economy in general turns positive.
My 2 cents.