Overall Score

Scale Market Position

WSR operates a diversified shopping-center portfolio with stable cash generation, but the moat appears limited by the competitive retail real estate landscape.

The company’s market cap of about $976M indicates a mid-sized platform rather than a dominant national landlord.

Pricing Power Occupancy Resilience

High gross margin of 56.8% and operating margin of 33.0% suggest decent property-level economics, but not clear evidence of durable pricing power.

Receivables days of 82.7 and a cash conversion cycle of 82.7 days indicate moderate collection efficiency rather than exceptional tenant stickiness.

Cost Advantage Operating Efficiency

Fixed asset turnover of 16.0x and operating cash flow sales ratio of 31.0% point to efficient use of the asset base.

SG&A at 9.6% of revenue supports a lean operating structure, though the business still looks more efficient than structurally advantaged.

Balance Sheet Financial Flexibility

Liquidity is very strong with a current ratio of 181.0x and cash ratio of 24.2x, giving the company ample near-term flexibility.

Leverage remains meaningful with net debt to EBITDA of 5.3x and interest coverage of 1.6x, which limits moat durability in a downturn.

Returns On Capital Moat Durability

ROIC of 4.6% and ROCE of 4.7% are modest and do not yet indicate a strong reinvestment moat.

ROE of 11.3% is better, but it is supported by leverage rather than standout underlying asset returns.