The business behind the dividend
| Measure | CMRF | Median | Formula |
|---|---|---|---|
| Return on equity | 3.0% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 12.6% | 10.1% | Net income ÷ revenue |
| Debt to equity | 2.74x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.60x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -1.6% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Current ratio, Free cash flow, Interest cover, Operating margin, Owner earnings, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 3.0% | -16.5% | 1.2% | 5.9% | 3.4% | -1.1% | 10.2% | 2.1% | 4.0% | 3.5% | 3.0% |
| Return on capital employed | — | — | — | 4.7% | 2.6% | 1.0% | 8.5% | 3.1% | 3.8% | 3.5% | 3.5% |
| Operating margin | — | — | — | 71.5% | 47.8% | 15.6% | 70.0% | 31.4% | 40.1% | 37.3% | 40.1% |
| Net margin | 12.6% | -60.4% | 4.9% | 31.8% | 23.6% | -8.1% | 44.2% | 8.6% | 18.7% | 17.6% | 12.6% |
| Debt to equity | 2.74x | 2.74x | 1.73x | 1.80x | 1.64x | 0.98x | 0.90x | 1.39x | 1.25x | 1.08x | 1.39x |
| Cash conversion | 2.60x | — | 7.97x | 1.24x | 1.71x | — | 1.06x | 5.52x | 2.50x | 2.68x | 2.60x |
How it compares in real estate
Among the 99 real estate companies here measured on funds from operations, Cim Group pays out less than 3 of them. The median for that group is 67.5%, against this company’s 180.4%.
Closest on funds from operations
- CTO Realty Growth (CTO) 100.8%
- Macerich (MAC) 101.1%
- Innovative Industrial Properties (IIPR) 112.3%
- Crown Castle (CCI) 183.0%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →