The business behind the dividend
| Measure | PRXA | Median | Formula |
|---|---|---|---|
| Return on equity | 6.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 6.6% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $4.51m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $4.75m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 19.1% | 14.3% | Operating income ÷ revenue |
| Net margin | 5.7% | 10.1% | Net income ÷ revenue |
| Debt to equity | 2.43x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.56x | 4.22x | 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 | 3.29x | 1.66x | Operating cash flow ÷ net income |
| Accruals | -4.1% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Current ratio — 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 | Median |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 6.7% | 6.4% | 5.1% | 14.6% | 9.0% | -14.7% | 2.5% | -9.1% | -11.3% | 5.1% |
| Return on capital employed | 6.6% | 5.9% | 4.7% | 7.2% | 4.2% | -2.2% | 4.6% | 0.7% | — | 4.7% |
| Operating margin | 19.1% | 17.8% | 15.6% | 23.9% | 17.1% | -14.7% | 17.6% | 3.7% | — | 17.6% |
| Net margin | 5.7% | 6.5% | 5.9% | 17.9% | 13.4% | -34.6% | 4.0% | -11.5% | — | 5.9% |
| Debt to equity | 2.43x | 2.01x | 1.87x | 1.73x | 1.73x | 1.83x | 1.43x | 3.22x | — | 1.87x |
| Cash conversion | 3.29x | 3.22x | 3.67x | 1.51x | 1.22x | — | 4.46x | — | — | 3.22x |
How it compares in real estate
Among the 11 real estate companies here measured on free cash flow, Procaccianti Hotel Reit pays out less than 5 of them. The median for that group is 112.8%, against this company’s 112.8%.
Closest on free cash flow
- Global Net Lease (GNL) 101.4%
- Manhattan Bridge Capital (LOAN) 106.8%
- Blackstone Real Estate Income Trust (BSTT) 107.1%
- Rayonier (RYN) 124.7%
Same sector and same denominator, so the figures are comparable. All 130 in real estate →