Full year 2022 earnings released: EPS: US$3.83 (vs US$5.69 in FY 2021)
Full year 2022 results:
EPS: US$3.83 (down from US$5.69 in FY 2021).
Revenue: US$10.7b (up 14% from FY 2021).
Net income: US$1.77b (down 31% from FY 2021).
Profit margin: 17% (down from 27% in FY 2021). The decrease in margin was driven by higher expenses.
Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 6.1% growth forecast for the REITs industry in the US.
Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings.