This report is for educational purposes only, and not to provide investment advice.  Before making any investment decision, you should always do your own research or consult a investment professional.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Estimates Estimates Estimates
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Canadian Real Estate Investment Trust TSX: REF.UN OTC: CRXIF www.creit.ca Fiscal Yr: Dec 31
Year 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 Value Description #Y Item
Accounting Rules GAAP IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
Revenue* $241.76 $269.75 $291.72 $319.72 $329.80 $329.02 $335.27 $374.42 $376.12 $388.30 $394.00 $402.59 $429 $448 49.24% <-Total Growth 10 Revenue
Increase 9.37% 11.58% 8.14% 9.60% 3.15% -0.24% 1.90% 11.68% 0.45% 3.24% 1.47% 2.18% 6.56% 4.43% 4.09% <-IRR #YR-> 10 Revenue 49.24%
5 year Running Average $189.3 $217.3 $243.0 $268.8 $290.6 $308.0 $321.1 $337.6 $348.9 $360.6 $373.6 $387.1 $398.0 $412.4 3.73% <-IRR #YR-> 5 Revenue 20.08%
Revenue per Share $4.24 $4.67 $4.81 $5.23 $4.98 $4.93 $4.97 $5.49 $5.47 $5.35 $5.40 $5.50 $5.86 $6.12 5.94% <-IRR #YR-> 10 5 yr Running Average 78.14%
Increase 7.78% 10.15% 2.89% 8.84% -4.92% -0.90% 0.71% 10.53% -0.42% -2.04% 0.84% 1.83% 6.56% 4.43% 3.81% <-IRR #YR-> 5 5 yr Running Average 20.55%
5 year Running Average $3.66 $3.98 $4.26 $4.58 $4.79 $4.92 $4.98 $5.12 $5.16 $5.24 $5.33 $5.44 $5.51 $5.64 1.64% <-IRR #YR-> 10 Revenue per Share 17.64%
P/S (Price/Sales) Med 4.69 5.66 6.35 4.87 4.84 6.09 6.78 7.31 8.07 8.54 8.18 8.23 8.26 0.00 2.06% <-IRR #YR-> 5 Revenue per Share 10.71%
P/S (Price/Sales) Close 5.31 6.73 5.99 4.31 5.45 6.30 7.13 7.92 7.94 8.55 7.79 8.42 8.52 8.16 3.17% <-IRR #YR-> 10 5 yr Running Average 36.61%
*Property Rental Revenue in M CDN $  P/S Med 10 yr  7.05 5 yr  8.18 4.18% Diff M/C 1.77% <-IRR #YR-> 5 5 yr Running Average 9.19%
chnged to Net Operation Income
-$269.75 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $402.59
-$335.27 $0.00 $0.00 $0.00 $0.00 $402.59
-$217.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $387.1
-$321.1 $0.0 $0.0 $0.0 $0.0 $387.1
-$4.673 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $5.497
-$4.966 $0.000 $0.000 $0.000 $0.000 $5.497
-$3.98 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.44
-$4.98 $0.00 $0.00 $0.00 $0.00 $5.44
AFFO $1.45 $1.46 $1.81 $1.97 $1.98 $2.03 $2.08 $2.37 $2.57 $2.50 $2.42 $2.53 $2.92 $2.95 73.88% <-Total Growth 10 AFFO
Increase 0.69% 24.40% 8.84% 0.66% 2.37% 2.46% 13.94% 8.44% -2.72% -3.20% 4.55% 15.42% 1.03% 5.69% <-IRR #YR-> 10 AFFO 73.88% Fin Info
AFFO Yield 6.41% 4.62% 6.28% 8.73% 7.31% 6.54% 5.88% 5.45% 5.93% 5.46% 5.75% 5.46% 5.85% 5.91% 3.99% <-IRR #YR-> 5 AFFO 21.63% on Website
5 year Running Average $1.73 $1.85 $1.97 $2.09 $2.21 $2.31 $2.39 $2.48 $2.59 $2.66 5.24% <-IRR #YR-> 7 5 yr Running Average #DIV/0!
Payout Ratio FFO 87.89% 88.66% 72.93% 68.38% 68.73% 68.72% 68.63% 62.00% 61.68% 69.32% 73.34% 71.84% 62.67% 62.03% 4.65% <-IRR #YR-> 5 5 yr Running Average 25.49%
5 year Running Average 76.07% 72.61% 69.41% 67.11% 65.62% 65.89% 66.92% 67.63% 67.55% 67.46% 67.37% <-Median-> 8 Payout 5 year Running 
Price/AFFO Median 13.78 18.18 16.86 12.94 12.14 14.80 16.20 16.92 17.16 18.30 18.25 17.88 16.57 0.00 16.89 <-Median-> 10 P/AFFO Med
Price/AFFO High 15.51 21.93 18.56 15.74 14.62 16.35 17.49 18.43 18.62 19.88 20.10 20.31 17.21 0.00 18.49 <-Median-> 10 P/AFFO High
Price/AFFO Low 12.04 14.43 15.17 10.15 9.66 13.26 14.90 15.41 15.70 16.72 16.40 15.46 15.93 0.00 15.29 <-Median-> 10 P/AFFO Low
Price/AFFO Close 15.59 21.63 15.91 11.46 13.68 15.30 17.02 18.34 16.88 18.32 17.38 18.30 17.10 16.92 16.95 <-Median-> 10 P/AFFO Close
Trailing P/AFFO Close 21.78 19.79 12.47 13.77 15.66 17.44 20.89 18.30 17.82 16.82 19.13 19.73 17.10 17.63 <-Median-> 10 Trailing P/AFFO Close
Median Values DPR 10 Yrs 68.73% 5 Yrs   69.32% P/CF 5 Yrs   in order 17.88 19.88 15.70 18.30 -4.40% Diff M/C 1.21% Diff M/C 10 DPR 75% to 95% best
* Funds From Operations
-$1.46 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.53
-$2.08 $0.00 $0.00 $0.00 $0.00 $2.53
-$1.73 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.48
-$1.97 $0.00 $0.00 $0.00 $0.00 $2.48
Distri Inc (DI) $1.44 $1.93 $2.11 $2.27 $2.31 $2.36 $2.36 $2.63 $2.84 $2.96 $3.03 $3.28 $3.34 $3.36 70.04% <-Total Growth 10 FFO
Increase 0.70% 33.96% 9.59% 7.38% 1.63% 2.21% 0.08% 11.44% 7.98% 4.23% 2.36% 8.25% 1.83% 0.60% 5.45% <-IRR #YR-> 10 FFO 70.04%
FFO Yield 6.39% 6.13% 7.34% 10.06% 8.51% 7.59% 6.67% 6.05% 6.55% 6.46% 7.20% 7.08% 6.69% 6.73% 6.81% <-IRR #YR-> 5 FFO 38.98%
5 year Running Average $1.36 $1.50 $1.65 $1.84 $2.01 $2.20 $2.28 $2.39 $2.50 $2.63 $2.76 $2.95 $3.09 $3.19 7.01% <-IRR #YR-> 10 FFO 5 Yr Running 96.82%
Payout Ratio FFO 88.19% 66.87% 62.44% 59.34% 59.08% 59.16% 60.49% 55.87% 55.82% 58.55% 58.57% 55.41% 54.79% 54.46% 5.26% <-IRR #YR-> 5 FFO 5 Yr Running 29.20%
5 year Running Average 89.79% 83.26% 76.88% 70.53% 65.51% 61.17% 60.06% 58.72% 57.94% 57.88% 57.81% 56.85% 56.57% 56.26% 59.39% <-Median-> 10 Payout Ratio 5 Yr Running
P/FFO re Med Price 13.82 13.71 14.44 11.23 10.44 12.74 14.28 15.25 15.53 15.45 14.57 13.79 14.49 0.00 14.36 <-Median-> 10 P/FFO Med
P/FFO re High Price 15.56 16.54 15.89 13.66 12.57 14.08 15.42 16.61 16.85 16.79 16.05 15.66 15.04 0.00 15.78 <-Median-> 10 P/FFO High
P/FFO re Low Price 12.08 10.89 12.98 8.81 8.30 11.41 13.14 13.89 14.21 14.12 13.10 11.92 13.93 0.00 13.04 <-Median-> 10 P/FFO Low
P/FFO re Close price 15.65 16.31 13.62 9.94 11.76 13.17 15.00 16.52 15.27 15.47 13.88 14.12 14.95 14.86 14.00 <-Median-> 10 P/FFO Close
Trailing P/FFO 15.76 21.85 14.93 10.68 11.95 13.46 15.01 18.42 16.49 16.12 14.21 15.28 15.22 14.95 14.97 <-Median-> 10 Trailing P/FFO Close
Median Values DPR 10 Yrs 58.83% 5 Yrs   55.87% P/CF 5 Yrs   in order 15.25 16.61 13.89 15.27 -1.97% Diff M/C 4.11% Diff M/C 10 DPR 75% to 95% best
* Adjusted Funds From Operations
EPS Basic $1.04 $1.12 $0.46 $1.13 $1.81 $2.48 $0.07 $1.18 $1.24 $1.98 $2.73 $1.85 65.18% <-Total Growth 10 EPS Basic
EPS Diluted* $1.04 $1.12 $0.46 $1.13 $1.81 $2.48 $0.68 $1.18 $1.24 $1.98 $2.73 $1.85 $3.13 $3.53 65.18% <-Total Growth 10 EPS Diluted
Increase 20.93% 7.69% -58.93% 145.65% 60.18% 37.02% -72.58% 73.53% 5.08% 59.68% 37.88% -32.23% 69.19% 12.78% 5.15% <-IRR #YR-> 10 Earnings per Share 65.18%
Earnings Yield 4.6% 3.6% 1.6% 5.0% 6.7% 8.0% 1.9% 2.7% 2.9% 4.3% 6.5% 4.0% 6.3% 7.1% 22.16% <-IRR #YR-> 5 Earnings per Share 172.06%
5 year Running Average $1.04 $1.06 $0.92 $0.92 $1.11 $1.40 $1.31 $1.46 $1.48 $1.51 $1.56 $1.80 $2.19 $2.64 5.41% <-IRR #YR-> 10 5 yr Running Average 69.43%
10 year Running Average $0.99 $1.03 $0.98 $1.00 $1.09 $1.22 $1.19 $1.19 $1.20 $1.31 $1.48 $1.55 $1.82 $2.06 6.48% <-IRR #YR-> 5 5 yr Running Average 36.89%
* Diluted ESP per share  E/P 10 Yrs 4.16% 5Yrs 4.00%
-$1.12 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.85
-$0.68 $0.00 $0.00 $0.00 $0.00 $1.85
-$1.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.80
-$1.31 $0.00 $0.00 $0.00 $0.00 $1.80
Special Dividend $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.00% <-Median-> 10 Special Dividend
Distributions* $1.27 $1.29 $1.32 $1.35 $1.36 $1.40 $1.43 $1.47 $1.59 $1.73 $1.77 $1.82 $1.83 $1.83 $1.83 40.89% <-Total Growth 10 Distributions*
Increase 1.60% 1.57% 2.33% 2.05% 1.18% 2.35% 2.33% 2.94% 7.88% 9.32% 2.41% 2.41% 0.69% 0.00% 0.00% Count 23 Years of data
Dividends 5 Yr Running $1.22 $1.25 $1.27 $1.30 $1.32 $1.34 $1.37 $1.40 $1.45 $1.52 $1.60 $1.68 $1.75 $1.80 $1.82 34.40% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 6.38% 4.88% 4.33% 5.28% 5.66% 4.64% 4.24% 3.66% 3.59% 3.79% 4.02% 4.02% 3.78% 4.13% <-Median-> 10 Yield H/L Price
Yield on High  Price 5.67% 4.04% 3.93% 4.35% 4.70% 4.20% 3.92% 3.36% 3.31% 3.49% 3.65% 3.54% 3.64% 3.79% <-Median-> 10 Yield on High  Price
Yield on Low Price 7.30% 6.14% 4.81% 6.74% 7.12% 5.18% 4.60% 4.02% 3.93% 4.15% 4.47% 4.65% 3.93% 4.63% <-Median-> 10 Yield on Low Price
Yield on Close Price 5.64% 4.10% 4.58% 5.97% 5.03% 4.49% 4.03% 3.38% 3.66% 3.78% 4.22% 3.93% 3.67% 3.67% 3.67% 4.13% <-Median-> 10 Yield on Close Price
Payout Ratio EPS 122.12% 115.18% 286.96% 119.21% 75.30% 56.25% 209.93% 124.53% 127.84% 87.53% 65.01% 98.24% 58.47% 51.8% #DIV/0! 108.73% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 117.82% 117.64% 137.66% 140.50% 118.53% 95.93% 104.46% 96.18% 97.97% 100.66% 102.30% 93.32% 79.97% 101.48% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 91.64% 75.29% 72.13% 67.82% 62.36% 62.72% 67.90% 55.54% 65.86% 71.08% 68.14% 69.64% #DIV/0! 67.86% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 96.85% 88.80% 84.44% 77.49% 72.41% 67.56% 66.35% 62.83% 62.61% 64.40% 65.50% 65.96% #DIV/0! 66.15% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 84.05% 72.15% 65.67% 58.17% 61.71% 63.05% 46.78% 41.77% 45.58% 50.75% 52.39% 52.85% #DIV/0! 52.62% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 96.33% 86.88% 79.89% 71.15% 67.02% 63.74% 58.08% 52.62% 50.04% 48.55% 47.42% 48.61% #DIV/0! 55.35% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 5 Yr Med 5 Yr Cl 3.79% 3.78% 5 Yr Med Payout 98.24% 68.14% 50.75% 3.49% <-IRR #YR-> 10 Dividends
* Distributions per share  5 Yr Med and Cur. -3.23% -3.14% Last Div Inc ---> $0.1458 $0.1500 2.9% 4.95% <-IRR #YR-> 5 Dividends
-$1.29 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.82
-$1.43 $0.00 $0.00 $0.00 $0.00 $1.82
Historical Dividends Historical High Div 11.45% Low Div 3.41% Ave Div 7.43% Med Div 6.38% Close Div 5.97% Historical Dividends
High/Ave/Median Values Curr diff Exp. -67.98% Exp 7.50% Exp. -50.66% Exp. -42.54% Exp. -38.58% High/Ave/Median 
Future Dividend Yield Div Yd 4.05% earning in 5 Years at IRR of 2.00% Div Inc. 10.41% Future Dividend Yield
Future Dividend Yield Div Yd 4.47% earning in 10 Years at IRR of 2.00% Div Inc. 21.90% Future Dividend Yield
Future Dividend Yield Div Yd 4.93% earning in 15 Years at IRR of 2.00% Div Inc. 34.59% Future Dividend Yield
I am earning GC Div Gr 40.77% 9/28/06 # yrs -> 11 2006 $26.38 Cap Gain 89.23% I am earning GC
I am earning Div org yield 4.93% 12/31/14 Pension Div G Yrly 4.23% Div start $1.30 -4.93% 6.94% I am earning Div
Yield if held 5 yrs 12.36% 10.66% 10.09% 9.45% 8.60% 7.01% 5.40% 4.81% 6.22% 7.20% 5.91% 5.39% 4.56% 4.15% 4.00% 6.61% <-Median-> 10 Paid Median Price
Yield if held 10 yrs 14.41% 11.04% 9.67% 11.46% 11.33% 13.58% 11.80% 11.23% 11.12% 10.94% 8.92% 6.87% 6.00% 7.18% 7.60% 11.18% <-Median-> 10 Paid Median Price
Yield if held 15 yrs 15.36% 15.83% 12.22% 10.76% 13.49% 14.41% 17.27% 15.02% 13.99% 12.84% 11.55% 14.72% <-Median-> 8 Paid Median Price
Yield if held 20 yrs 19.53% 20.14% 15.55% 13.41% 15.57% 15.22% 19.53% <-Median-> 3 Paid Median Price
Yield if held 25 yrs 20.62% #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 5 years 59.51% 51.53% 48.62% 45.45% 41.59% 33.74% 25.90% 22.94% 28.39% 31.61% 26.59% 24.87% 21.80% 20.37% 19.85% 30.00% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 130.84% 101.97% 89.41% 105.63% 104.82% 124.87% 108.16% 102.16% 96.26% 89.62% 73.88% 57.58% 51.58% 63.63% 69.33% 99.21% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 199.10% 207.04% 160.61% 140.71% 167.25% 168.11% 202.63% 177.42% 168.98% 159.32% 146.94% 172.76% <-Median-> 8 Paid Median Price
Cost covered if held 20 years 284.85% 297.70% 232.33% 204.74% 243.72% 243.64% 284.85% <-Median-> 3 Paid Median Price
387.18% #NUM! <-Median-> 0 Paid Median Price
Graham Price FFO $18.51 $21.34 $22.43 $22.98 $24.50 $25.94 $36.53 $38.45 $39.82 $54.49 $55.76 $58.01 $58.54 $58.72 $0.00 171.85% <-Total Growth 10 Graham Price
Price/GP Ratio Med 1.08 1.24 1.36 1.11 0.98 1.16 0.92 1.04 1.11 0.84 0.79 0.78 0.83 1.01 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.21 1.50 1.50 1.35 1.18 1.28 1.00 1.14 1.20 0.91 0.87 0.89 0.86 1.16 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.94 0.98 1.22 0.87 0.78 1.04 0.85 0.95 1.01 0.77 0.71 0.67 0.79 0.86 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.22 1.47 1.28 0.98 1.11 1.20 0.97 1.13 1.09 0.84 0.75 0.80 0.85 0.85 #DIV/0! 1.04 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -15.02% -23.80% -53.35% -29.45% -11.42% 2.55% -46.32% -33.02% -33.92% -18.21% -5.08% -24.90% -3.19% 2.50% #DIV/0! -27.17% <-Median-> 10 Graham Price
Graham Price EPS $15.73 $16.26 $10.46 $16.22 $21.70 $26.61 $19.61 $25.75 $26.32 $44.56 $52.93 $43.57 $56.67 $60.18 $0.00 167.94% <-Total Growth 10 Graham Price
Price/GP Ratio Med 1.27 1.63 2.92 1.57 1.11 1.13 1.72 1.56 1.68 1.03 0.83 1.04 0.85 1.34 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.42 1.96 3.21 1.91 1.34 1.25 1.86 1.70 1.82 1.12 0.92 1.18 0.89 1.52 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.11 1.29 2.62 1.23 0.88 1.01 1.58 1.42 1.53 0.94 0.75 0.90 0.82 1.12 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.43 1.94 2.75 1.39 1.25 1.17 1.81 1.69 1.65 1.03 0.79 1.06 0.88 0.83 #DIV/0! 1.32 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 43.21% 93.54% 175.25% 39.19% 25.00% 16.70% 80.55% 68.76% 64.81% 2.75% -20.53% 6.27% -11.91% -17.05% #DIV/0! 32.09% <-Median-> 10 Graham Price
Price Close $22.53 $31.47 $28.80 $22.57 $27.12 $31.05 $35.40 $43.46 $43.37 $45.79 $42.06 $46.30 $49.92 $49.92 $49.92 47.12% <-Total Growth 10 Stock Price
Increase 26.93% 39.68% -8.48% -21.63% 20.16% 14.49% 14.01% 22.77% -0.21% 5.58% -8.15% 10.08% 7.82% 0.00% 0.00% 3.94% <-IRR #YR-> 10 Stock Price
P/E 21.66 28.10 62.61 19.97 14.98 12.52 52.06 36.83 34.98 23.13 15.41 25.03 15.95 14.14 #DIV/0! 5.52% <-IRR #YR-> 5 Stock Price
Trailing P/E 26.20 30.26 25.71 49.07 24.00 17.15 14.27 63.91 36.75 36.93 21.24 16.96 26.98 15.95 14.14 7.98% <-IRR #YR-> 10 Price & Dividend
Median 10, 5 Yrs D.  per yr 4.04% 4.24% % Tot Ret 50.66% 43.46% Price Inc 5.58% P/E:  24.08 25.03 9.76% <-IRR #YR-> 5 Price & Dividend
-$31.47 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $46.30
-$35.40 $0.00 $0.00 $0.00 $0.00 $46.30
-$31.47 $1.32 $1.35 $1.36 $1.40 $1.43 $1.47 $1.59 $1.73 $1.77 $48.12
-$35.40 $1.47 $1.59 $1.73 $1.77 $48.12
Price H/L Median $19.91 $26.46 $30.52 $25.50 $24.08 $30.05 $33.69 $40.10 $44.11 $45.75 $44.16 $45.25 $48.39 71.03% <-Total Growth 10 Stock Price
Increase 25.62% 32.91% 15.37% -16.45% -5.59% 24.82% 12.11% 19.03% 9.99% 3.72% -3.46% 2.46% 6.94% 5.51% <-IRR #YR-> 10 Stock Price
P/E 19.14 23.62 66.35 22.57 13.30 12.12 49.54 33.98 35.57 23.10 16.18 24.46 15.46 6.08% <-IRR #YR-> 5 Stock Price
Trailing P/E 23.15 25.44 27.25 55.43 21.31 16.60 13.58 58.97 37.38 36.89 22.30 16.57 26.15 10.04% <-IRR #YR-> 10 Price & Dividend
P/E on Running 5 yr Average 19.18 24.96 33.03 27.66 21.65 21.46 25.68 27.54 29.84 30.25 28.27 25.19 22.13 10.49% <-IRR #YR-> 5 Price & Dividend
P/E on Running 10 yr Average 20.21 25.68 31.02 25.58 22.09 24.65 28.41 33.70 36.75 34.87 29.82 29.12 26.57 16.81 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 4.52% 4.41% % Tot Ret 45.06% 42.06% Price Inc 3.72% P/E:  23.78 24.46 Count 23 Years of data
-$26.46 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $45.25
-$33.69 $0.00 $0.00 $0.00 $0.00 $45.25
-$26.46 $1.32 $1.35 $1.36 $1.40 $1.43 $1.47 $1.59 $1.73 $1.77 $47.06
-$33.69 $1.47 $1.59 $1.73 $1.77 $47.06
High Months Dec Dec Mar Jun Dec Nov Dec Dec May Nov Feb Jul Feb
Price High $22.41 $31.91 $33.59 $31.00 $29.00 $33.19 $36.38 $43.68 $47.86 $49.69 $48.63 $51.38 $50.25 61.02% <-Total Growth 10 Stock Price
Increase 21.53% 42.39% 5.26% -7.71% -6.45% 14.45% 9.61% 20.07% 9.57% 3.82% -2.13% 5.65% -2.20% 4.88% <-IRR #YR-> 10 Stock Price
P/E 21.55 28.49 73.02 27.43 16.02 13.38 53.50 37.02 38.60 25.10 17.81 27.77 16.05 7.15% <-IRR #YR-> 5 Stock Price
Trailing P/E 26.06 30.68 29.99 67.39 25.66 18.34 14.67 64.24 40.56 40.07 24.56 18.82 27.16 21.44 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 5.65% P/E:  27.60 27.77 31.90 P/E Ratio Historical High
-$31.91 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $51.38
-$36.38 $0.00 $0.00 $0.00 $0.00 $51.38
Low Months Mar Feb Jul Nov Feb Feb Aug Jan Oct Jan Aug Feb Jan
Price Low $17.40 $21.00 $27.45 $20.00 $19.15 $26.91 $31.00 $36.52 $40.35 $41.80 $39.69 $39.11 $46.52 86.24% <-Total Growth 10 Stock Price
Increase 31.32% 20.69% 30.71% -27.14% -4.25% 40.52% 15.20% 17.81% 10.49% 3.59% -5.05% -1.46% 18.95% 6.42% <-IRR #YR-> 10 Stock Price
P/E 16.73 18.75 59.67 17.70 10.58 10.85 45.59 30.95 32.54 21.11 14.54 21.14 14.86 4.76% <-IRR #YR-> 5 Stock Price
Trailing P/E 20.23 20.19 24.51 43.48 16.95 14.87 12.50 53.71 34.19 33.71 20.05 14.33 25.15 14.54 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 3.59% P/E:  21.13 21.14 10.81 P/E Ratio Historical Low
-$21.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $39.11
-$31.00 $0.00 $0.00 $0.00 $0.00 $39.11
EBITDA $190.84 $201.45 $216.42 $227.98 $254.80 $278.80 $292.30 $305.40 $319.60 $325.50 $323.50 25.43% <-Total Growth 8 EBITDA TDB
Change 5.56% 7.43% 5.34% 11.76% 9.42% 4.84% 4.48% 4.65% 1.85% -0.61%
Debt Lg, Short $937.5 $1,131.9 $1,199.2 $1,403.9 $1,242.7 $1,216.9 $1,510.9 $1,834.9 $1,917.3 $1,907.59 $1,944.16 $1,993.78
CF/Debt Ratio 8.42% 8.74% 9.26% 8.64% 11.66% 12.20% 9.40% 9.84% 8.64% 9.27% 9.78% 9.59% 9.49% <-Median-> 10 CF/Debt Ratio
Long Term Debt $1,532 $1,494 Mortgages Debt
Change -2.46% Change
Debt/Market Cap Ratio 0.50 0.44 0.47 <-Median-> 2 Debt/Market Cap Ratio
Goodwill $0.00 $0.00 $0.00 $0.00 $0.00 Intangibles Goodwill
Change #DIV/0! #DIV/0! #DIV/0! #DIV/0! Change
Intangible/Market Cap Ratio 0.00 0.00 0.00 0.00 0.00 0.00 <-Median-> 5 Intangible/Market Cap Ratio
Market Cap $1,284 $1,817 $1,747 $1,379 $1,798 $2,072 $2,390 $2,965 $2,985 $3,321 $3,070 $3,391 $3,656 $3,656 $3,656 86.65% <-Total Growth 10 Market Cap
Buy Back
Diluted # of Shares in Million 59.19 60.90 64.88 66.50 67.12 67.88 68.49 69.56 72.82 73.15 #DIV/0! <-Total Growth 9 Diluted
Change 2.90% 6.53% 2.50% 0.93% 1.12% 0.91% 1.56% 4.69% 0.45% 1.56% <-Median-> 9 Change
Basic # of Shares in Millions 56.70 57.51 59.19 60.90 64.88 66.50 67.12 67.88 68.49 69.56 72.82 73.15 #NUM! <-IRR #YR-> 10 Shares
Change 3.47% 1.43% 2.91% 2.90% 6.53% 2.50% 0.93% 1.12% 0.91% 1.56% 4.69% 0.45% #NUM! <-IRR #YR-> 5 Shares
Difference 0.5% 0.4% 2.5% 0.3% 2.2% 0.3% 0.6% 0.5% 0.5% 4.3% 0.2% 0.1% -69.37% <-Total Growth 10 Cash Flow
# of Share in M 56.99 57.73 60.67 61.10 66.29 66.73 67.52 68.22 68.82 72.53 72.98 73.23 73.23 73.23 73.23 2.41% <-IRR #YR-> 10 Shares
Change 1.48% 1.30% 5.10% 0.70% 8.49% 0.67% 1.18% 1.04% 0.88% 5.39% 0.63% 0.34% 0.00% 0.00% 0.00% 1.64% <-IRR #YR-> 5 Shares
CF fr Op $Millon $78.97 $98.91 $111.04 $121.36 $144.88 $148.42 $141.96 $180.49 $165.64 $176.84 $190.11 $191.14 93.25% <-Total Growth 10 Cash Flow
Increase -2.50% 25.24% 12.26% 9.30% 19.38% 2.44% -4.35% 27.14% -8.23% 6.76% 7.50% 0.54% S. Issue  DRIP, Buy Backs
5 year Running Average $65.3 $76.5 $86.1 $98.3 $111.0 $124.9 $133.5 $147.4 $156.3 $162.7 $171.0 $180.8 136.29% <-Total Growth 10 CF 5 Yr Running
CFPS $1.39 $1.71 $1.83 $1.99 $2.19 $2.22 $2.10 $2.65 $2.41 $2.44 $2.60 $2.61 52.33% <-Total Growth 10 Cash Flow per Share
Increase -3.92% 23.63% 6.81% 8.54% 10.03% 1.76% -5.47% 25.83% -9.03% 1.30% 6.84% 0.20% 6.81% <-IRR #YR-> 10 Cash Flow 93.25%
5 year Running Average $1.26 $1.40 $1.51 $1.67 $1.82 $1.99 $2.07 $2.23 $2.31 $2.36 $2.44 $2.54 6.13% <-IRR #YR-> 5 Cash Flow 34.64%
P/CF on Med Price 14.36 15.44 16.68 12.84 11.01 13.51 16.02 15.16 18.33 18.76 16.95 17.34 4.30% <-IRR #YR-> 10 Cash Flow per Share 52.33%
P/CF on Closing Price 16.26 18.37 15.74 11.36 12.41 13.96 16.84 16.43 18.02 18.78 16.15 17.74 4.42% <-IRR #YR-> 5 Cash Flow per Share 24.14%
-100.00% Diff M/C 6.11% <-IRR #YR-> 10 CFPS 5 yr Running 80.94%
Excl.Working Capital CF $7.13 $4.30 $10.92 $20.12 $1.53 -$0.78 $64.08 $59.51 $73.74 $70.85 $57.13 $60.73 4.23% <-IRR #YR-> 5 CFPS 5 yr Running 23.01%
CF fr Op $M WC $86.1 $103.2 $122.0 $141.5 $146.4 $147.6 $206.0 $240.0 $239.4 $247.7 $247.2 $251.9 144.04% <-Total Growth 10 Cash Flow less WC
Increase 3.69% 19.87% 18.16% 16.01% 3.48% 0.84% 39.55% 16.49% -0.26% 3.47% -0.18% 1.87% 9.33% <-IRR #YR-> 10 Cash Flow less WC 144.04%
5 year Running Average $66.0 $78.5 $91.1 $107.2 $119.8 $132.1 $152.7 $176.3 $195.9 $216.1 $236.1 $245.2 4.10% <-IRR #YR-> 5 Cash Flow less WC 22.25%
CFPS Excl. WC $1.51 $1.79 $2.01 $2.32 $2.21 $2.21 $3.05 $3.52 $3.48 $3.41 $3.39 $3.44 12.07% <-IRR #YR-> 10 CF less WC 5 Yr Run 212.55%
Increase 2.17% 18.33% 12.43% 15.21% -4.62% 0.17% 37.92% 15.29% -1.13% -1.82% -0.80% 1.53% 9.94% <-IRR #YR-> 5 CF less WC 5 Yr Run 60.59%
5 year Running Average $1.27 $1.44 $1.59 $1.82 $1.97 $2.11 $2.36 $2.66 $2.89 $3.13 $3.37 $3.45 6.76% <-IRR #YR-> 10 CFPS - Less WC 92.36%
P/CF on Med Price 13.17 14.80 15.18 11.01 10.90 13.58 11.04 11.40 12.68 13.40 13.04 13.16 2.42% <-IRR #YR-> 5 CFPS - Less WC 12.71%
P/CF on Close Price 14.91 17.60 14.33 9.75 12.28 14.03 11.60 12.35 12.47 13.41 12.42 13.46 9.16% <-IRR #YR-> 10 CFPS 5 yr Running 140.20%
*Operational Cash Flow per share  CF/-WC P/CF Med 10 yr 16.35 5 yr  17.34 P/CF Med 10 yr 12.86 5 yr  13.04 -100.00% Diff M/C 7.88% <-IRR #YR-> 5 CFPS 5 yr Running 46.10%
-$1.71 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.61 Cash Flow per Share
-$2.10 $0.00 $0.00 $0.00 $0.00 $2.61 Cash Flow per Share
-$1.40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.54 CFPS 5 yr Running
-$2.07 $0.00 $0.00 $0.00 $0.00 $2.54 CFPS 5 yr Running
-$103.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $251.9 Cash Flow less WC
-$206.0 $0.0 $0.0 $0.0 $0.0 $251.9 Cash Flow less WC
-$78.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $245.2 CF less WC 5 Yr Run
-$152.7 $0.0 $0.0 $0.0 $0.0 $245.2 CF less WC 5 Yr Run
-$1.79 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.44 CFPS - Less WC
-$3.05 $0.00 $0.00 $0.00 $0.00 $3.44 CFPS - Less WC
-$1.44 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.45 CFPS 5 yr Running
-$2.36 $0.00 $0.00 $0.00 $0.00 $3.45 CFPS 5 yr Running
Amortization of straight-line rent receivable (1,937 -$1.4 -$0.3 -$0.262 -$1.937
Income taxes paid -$0.4 -$0.3 -$0.4 -$0.8 -$0.883 -$1.136
Interest paid -$69.9 -$73.0 -$83.0 -$85.9 -$82.094 -$78.268
Interest received $10.6 $11.5 $10.9 $11.5 $19.025 $18.704
-$2.4 -$2.9 $1.5 $3.8
-$5.7 -$9.5 -$2.04 -$3.0 $0.7 -$0.1
-$0.2 -$0.9 -$8.1 -$8.9 -$2.1 -$1.9
-$1.4 -$0.2
Changes in other operating working capital items -$1.2 $6.2 $0.6 -$8.1 -$0.1 $2.6 -$4.4 $2.3 $0.1 $4.7 $7.085 $1.907
                       
Sum -$7.1 -$4.3 -$10.9 -$20.1 -$1.5 $0.8 -$64.1 -$59.5 -$73.7 -$70.85 -$57.129 -$60.730
Google -$67.3 -$73.7 -$70.85 -$57.130 -$60.730
Difference $7.76 -$0.01 $0.00 $0.00 $0.00
OPM 32.7% 36.7% 38.1% 38.0% 43.9% 45.1% 42.3% 48.2% 44.0% 45.5% 48.3% 47.5% 29.49% <-Total Growth 10 OPM
Increase -10.86% 12.24% 3.81% -0.27% 15.73% 2.69% -6.14% 13.85% -8.64% 3.41% 5.95% -1.60% Should increase  or be stable.
Diff from Ave. -26.7% -17.7% -14.6% -14.8% -1.4% 1.2% -5.0% 8.1% -1.2% 2.2% 8.2% 6.5% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 44.57% 5 Yrs 47.48% should be  zero, it is a   check on calculations
Current Assets $125.5 $125.6 $167.1 $192.0 $204.5 $191.0 $181.5 $195.3 $252.7 $46.7 $40.0 $43.1 Liq ratio of 1.5 and up, best From G&M 
Current Liabilities $120.7 $149.4 $141.3 $260.6 $113.8 $34.8 $164.9 $215.9 $128.4 $134.8 $145.2 $145.7 1.00 <-Median-> 10 Ratio
Liquidity 1.04 0.84 1.18 0.74 1.80 5.50 1.10 0.90 1.97 0.35 0.28 0.30 0.35 <-Median-> 5 Ratio
Liq. with CF aft div 1.09 1.00 1.40 0.89 2.28 7.09 1.38 1.28 2.41 0.73 0.69 0.69 0.73 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  0.56 0.47 0.55 0.46 1.55 4.07 0.55 0.60 1.00 0.27 0.37 0.38 0.38 <-Median-> 5 Ratio
Assets $1,591.8 $1,805.4 $1,979.6 $2,195.6 $2,158.9 $2,164.6 $3,301.3 $3,654.1 $3,717.2 $5,275.5 $5,417.8 $5,486.5 Debt Ratio of 1.5 and up, best
Liabilities $989.0 $1,199.7 $1,337.8 $1,563.8 $1,392.7 $1,313.7 $1,604.9 $1,949.9 $2,009.1 $2,042.4 $2,089.4 $2,146.9 1.86 <-Median-> 10 Ratio
Debt Ratio 1.61 1.50 1.48 1.40 1.55 1.65 2.06 1.87 1.85 2.58 2.59 2.56 2.56 <-Median-> 5 Ratio
Total Book Value $602.8 $605.7 $641.8 $631.9 $766.2 $850.9 $1,696.4 $1,704.1 $1,708.2 $3,233.1 $3,328.4 $3,339.6 451.40% <-Total Growth 10 Book Value
Minority Int $4.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Book Value $602.8 $605.7 $641.8 $631.9 $766.2 $846.7 $1,696 $1,704 $1,708 $3,233 $3,328 $3,340 $3,339.6 $3,339.6 $3,339.6 451.40% <-Total Growth 10 Book Value
Book Value per Share $10.58 $10.49 $10.58 $10.34 $11.56 $12.69 $25.12 $24.98 $24.82 $44.58 $45.60 $45.60 $45.60 $45.60 $45.60 334.64% <-Total Growth 10 Book Value per Share
Change -1.80% -0.81% 0.82% -2.23% 11.78% 9.76% 98.04% -0.58% -0.64% 79.60% 2.31% -0.01% 0.00% 0.00% 0.00% -15.32% P/B Ratio Current/Historical Median
P/B Ratio (Median) 1.88 2.52 2.89 2.47 2.08 2.37 1.34 1.61 1.78 1.03 0.97 0.99 1.29 P/B Ratio Historical Median
P/B Ratio (Close) 2.13 3.00 2.72 2.18 2.35 2.45 1.41 1.74 1.75 1.03 0.92 1.02 1.09 1.09 1.09 15.83% <-IRR #YR-> 10 Book Value per Share 334.64% Chge in  Acct Rules
Change 29.25% 40.82% -9.23% -19.84% 7.50% 4.31% -42.43% 23.48% 0.43% -41.21% -10.22% 10.09% 7.82% 0.00% 0.00% 12.66% <-IRR #YR-> 5 Book Value per Share 81.50% Inc BV
Leverage (A/BK) 2.64 2.98 3.08 3.47 2.82 2.54 1.95 2.14 2.18 1.63 1.63 1.64 2.16 <-Median-> 10 A/BV
Debt/Equity Ratio 1.64 1.98 2.08 2.47 1.82 1.54 0.95 1.14 1.18 0.63 0.63 0.64 1.16 <-Median-> 10 Debt/Eq Ratio
Book Value is Asset less Liabilities P/BV 10 yr Med 1.69 5 yr Med 1.03 -35.27% Diff M/C 2.12 Historical Leverage (A/BK)
-$10.49 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $45.60
-$25.12 $0.00 $0.00 $0.00 $0.00 $45.60
Comprehensive Income $64.18 $27.45 $61.88 $122.10 $161.74 $36.03 $82.00 $96.94 $134.22 $207.58 $136.20 112.21% <-Total Growth 10 Comprehensive Income
Increase -57.23% 125.44% 97.30% 32.46% -77.72% 127.57% 18.21% 38.45% 54.66% -34.38% 38.45% <-Median-> 5 Comprehensive Income
5 Yr Running Average $87.47 $81.84 $92.75 $99.76 $102.19 $111.35 $131.39 7.81% <-IRR #YR-> 10 Comprehensive Income 112.21%
ROE 10.6% 4.3% 9.8% 15.9% 19.1% 2.1% 4.8% 5.7% 4.2% 6.2% 4.1% 30.46% <-IRR #YR-> 5 Comprehensive Income 277.98%
5Yr Median 10.60% 9.79% 9.79% 5.67% 4.81% 4.81% 4.81% 7.02% <-IRR #YR-> 6 5 Yr Running Average #DIV/0!
% Difference from NI -21.3% 2.4% 14.1% -2.6% 4.5% 0.4% 9.93% <-IRR #YR-> 5 5 Yr Running Average 60.54%
Median Values Diff 5, 10 yr 1.4% 2.4% 4.8% <-Median-> 5 Return on Equity
-$64.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $136.2
-$36.0 $0.0 $0.0 $0.0 $0.0 $136.2
-$87.5 $0.0 $0.0 $0.0 $0.0 $0.0 $131.4
-$81.8 $0.0 $0.0 $0.0 $0.0 $131.4
Current Liability Coverage Ratio 0.71 0.69 0.86 0.54 1.29 4.25 1.25 1.11 1.86 1.84 1.70 1.73   CFO / Current Liabilities
5 year Median 0.58 0.58 0.69 0.69 0.71 0.86 1.25 1.25 1.29 1.84 1.70 1.73 149.5% <-Median-> 10 Current Liability Cov Ratio
Asset Efficiency Ratio 5.41% 5.72% 6.16% 6.44% 6.78% 6.82% 6.24% 6.57% 6.44% 4.69% 4.56% 4.59% CFO / Total Assets
5 year Median 0.05 0.05 0.06 0.06 0.06 0.06 0.06 0.07 0.07 0.06 6.24% 4.69% 6.3% <-Median-> 10 Return on Assets 
Return on Assets ROA 3.7% 3.6% 4.2% 3.1% 5.4% 7.6% 1.4% 2.2% 2.3% 2.6% 3.7% 2.5% Net  Income/Assets Return on Assets
5Yr Median 4.3% 3.7% 3.7% 3.6% 3.7% 4.2% 4.2% 3.1% 2.3% 2.3% 2.3% 2.5% 2.9% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 9.8% 10.6% 12.9% 10.9% 15.3% 19.5% 2.7% 4.7% 5.0% 4.3% 6.0% 4.1% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 9.8% 10.1% 10.4% 10.6% 10.9% 12.9% 12.9% 10.9% 5.0% 4.7% 4.7% 4.7% 5.5% <-Median-> 10 Return on Equity
Net Income $59.01 $64.21 $83.03 $68.89 $117.40 $164.93 $45.80 $80.09 $84.95 $137.82 $198.59 $135.60 111.18% <-Total Growth 9 Net Income
Increase 24.36% 8.81% 29.31% -17.03% 70.41% 40.49% -72.23% 74.87% 6.06% 62.24% 44.09% -31.72% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $50.9 $56.2 $62.4 $64.5 $78.5 $99.7 $96.0 $95.4 $98.6 $102.7 $109.4 $127.4 7.76% <-IRR #YR-> 10 Net Income 111.18%
Operating Cash Flow $79.0 $98.9 $111.0 $121.4 $144.9 $148.4 $142.0 $180.5 $165.6 $176.8 $190.1 $191.1 24.24% <-IRR #YR-> 5 Net Income 196.05%
Investment Cash Flow -114.09 -169.90 -221.58 -242.96 -53.50 -25.70 -245.92 -245.92 -181.69 -226.65 -123.32 -121.15 8.54% <-IRR #YR-> 10 5 Yr Running Average 126.88%
Total Accruals 94.13 135.21 193.57 190.48 26.02 42.21 149.76 145.52 101.00 187.64 131.80 65.61 5.82% <-IRR #YR-> 5 5 Yr Running Average 32.70%
Total Assets $1,591.8 $1,805.4 $1,979.6 $2,195.6 $2,158.9 $2,164.6 $3,301.3 $3,654.1 $3,717.2 $5,275.5 $5,417.8 $5,486.5 Balance Sheet Assets
Accruals Ratio 5.91% 7.49% 9.78% 8.68% 1.21% 1.95% 4.54% 3.98% 2.72% 3.56% 2.43% 1.20% 3.14% <-Median-> 4 Ratio
EPS/CF Ratio 0.69 0.63 0.23 0.49 0.82 1.12 0.22 0.34 0.36 0.58 0.81 0.54 0.49 <-Median-> 9 EPS/CF Ratio
-$64 $0 $0 $0 $0 $0 $0 $0 $0 $0 $136
-$46 $0 $0 $0 $0 $136
-$56 $0 $0 $0 $0 $0 $0 $0 $0 $0 $127
-$96 $0 $0 $0 $0 $127
Chge in Close 26.93% 39.68% -8.48% -21.63% 20.16% 14.49% 14.01% 22.77% -0.21% 5.58% -8.15% 10.08% 7.82% 0.00% 0.00% Count 23 Years of data
up/down down down down down down Count 12 52.17%
Meet Prediction? Yes Yes % right Count 5 41.67%
Financial Cash Flow $33.29 $56.73 $110.24 $122.39 -$91.56 -$119.55 $107.14 $107.14 $20.53 $56.18 -$75.75 -$69.23 C F Statement  Financial CF
Total Accruals $60.84 $78.47 $83.33 $68.10 $117.57 $161.75 $42.63 $38.39 $80.47 $131.45 $207.55 $134.83 Accruals
Accruals Ratio 3.82% 4.35% 4.21% 3.10% 5.45% 7.47% 1.29% 1.05% 2.16% 2.49% 3.83% 2.46% 2.46% <-Median-> 5 Ratio
Cash $5.45 $5.19 $8.33 $12.54 $12.54 $17.60 $25.34 $17.25 $17.90 Cash
Cash per Share $0.09 $0.08 $0.12 $0.19 $0.18 $0.26 $0.35 $0.24 $0.24 $0.24 <-Median-> 5 Cash per Share
0.40% 0.29% 0.40% 0.52% 0.42% 0.59% 0.76% 0.56% 0.53% 0.56% <-Median-> 5 % of Stock Price
Taxes
Foreign 2.27% 2.73% 3.39% 2.42% 9.04% 3.67% 3.66% 2.81% 2.36% 2.90% 3.99% 4.44% 2.90% <-Median-> 5 Foreign
Cap Gain 7.64% 2.89% 16.91% 0.00% 30.02% 0.00% 4.63% 13.30% 11.18% 7.61% 6.91% 1.90% 7.61% <-Median-> 5 Cap Gain
Other Income 45.89% 60.83% 75.85% 82.09% 60.89% 80.96% 79.04% 80.26% 86.36% 88.91% 88.22% 84.28% 86.36% <-Median-> 5 Other Income
Ret of Cap. 44.18% 33.56% 3.85% 15.49% 0.05% 15.37% 12.67% 3.63% 0.10% 0.58% 0.88% 9.38% 0.88% <-Median-> 5 Ret of Cap.
Total 99.98% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
For Tax Cr 0.07%
Foreign $0.12 $0.05 $0.04
Cap Gain $0.41 $0.07 $0.20
Other Income $0.83 $1.13 $1.18
Ret of Cap. $0.00 $0.18 $0.05
$1.36 $1.43 $1.47
Notes:
February 25, 2017.  Last estimates were for 2016 and 2017 of $399M and $413M for Revenue, $2.78 and $2.81 for AFFO, $3.09 and $3.15 for FFO and $3.69 for EPS for 2016 and EBITDA of $307.4M and $309.4M
February 28, 2016.  Last estimates were for 2015 and 2016 of $438M and $451M for Revenue, $2.78 and $2.93 for AFFO, $3.03 and $3.20 for FFO, $3.18 and $3.69 for EPS, $306.3M and $317.7M for EBITDA.
March 5, 2015.  Last estimates were for 2014 and 2015 of $431 and $447M for Revenue, $2.69 and 2.77 for AFFO, $2.96 and $3.05 for FFO, $0.97 and $0.97 for EPS and $287M and $295M for EBITDA.
February 21, 2014.  Last estimates were for 2013 and 2014 of $2.51 and $2.66 AFFO; $2.76 and $2.92 for FFO; $0.89 and $0.97 for EPS.
Feb 23, 2013.  Last Estimates were for 2011 and 2013 of $2.18 and $2.23 AFFO, $2.44 and $2.51 FFO and $0.87, 0.89 and .097 (2014) for EPS and $2.48 and $2.57 CFPS.
Feb 21, 2012.  Statements said under new rules, EPS for 2010 would have been 2.78 and FFO at 2.33. 
Feb 21, 2012.  Last Estimates were for 2011 and 2012 of $2.32 and $2.38 FFO, $1.21 and $1.21 for EPS and $2.29 and $2.31 for CF.
Mar 16, 2011.  When I last looked I got estimates for 2010 and 2011 of $2.30 and $2.41 for FFO, $1.10 and 1.19 for earnings, and $2.19 and $2.21 for Cash Flow.
Mar 2009. InAug 2009, I got estimates for 2009 and 2010 of $1.35 and $1.25 for earnings, $2.32 and $2.25 for FFO and $2.27 and $2.30 for Cash Flow fr O.
In 2009 statements, they now give FFO for 2008 as $2.34.  There is some $.38 earnings on discontinued business included in the $1.81 earnings.
What is liked about this stock?  Long Term stable tenants and conservative management.  Their Cash Flow is likely to remain strong, even in a recession.
May 9, 2009 AR 2008.  When I looked at this stock in Sep 2008, I got a FFO of $2.22 and Earnings of $1.18 for 2008.  The FFO came in as $2.27.
I bought this stock in Sep 2006 and I have not made any money on it.  However, other Real Estate stocks have done no better since Sep 2006.  2006 was a high point for Real Estate stock.
AP 2006. In Fin.Post Card, analyst give a Hold rating at $31.34.  Revenue ok, but ESP is only slowly increasing. P/E is really high. Yield is not bad.  I can see why they do not expect the stock to increase
much this year (re P/E ratio).  I have only lost money on this since I bought it.  Perhaps not a good one to buy.  I will keep a eye on this. In CDN trading acct.
2006.  Does not seem like a bad stock.  Return over last 5 years is good.  OPM is really down in 2005 and this does not look good.
Sector:
Real Estate
What should this stock accomplish?
This stock should provide moderate to good dividends and low dividend growth.  Dividend growth needs to be above the rate of inflation.
Would I buy this company and Why.
You would buy this company for diversification.  It might be considered to be a seaprate asset class from othe stocks.
Dividends
Dividends are paid monthly near the middle of the month.  Dividends are declared for one month and payable in the following month.
For example, the distribution declared on February 13, 2014 for shareholders of record of February 28, 2014 will be payable on March 14, 2014.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers Our property management focus is on providing outstanding business accommodation to our tenants.
Satisfied tenants lead to lower turnover, translating to higher occupancy.
For employees 90.4% of our employees are also CREIT Unitholders
For community As one way to contribute to the communities in which we operate our business, CREIT has teamed up with Easter SealsTM Canada to support the “Drop Zone Event”. 
For investors Our primary business objective is to accumulate a portfolio of high-quality real estate assets and to deliver the benefits of real estate ownership to our investors.
Why am I following this stock. 
I started to follow some REITs because I wanted to diversify my portfolio into REITs.  I was mainly interested in ones that have commercial properties.
Why I bought this stock.
In September 2009, I wanted to buy another REIT after having to sell Summit.  I already have lots of RioCan.  I looked at H&R and CDN REIT.  I thought that CDN REIT was a better buy at that time.  I was not interested in CAP as it is only Apartments.
How they make their money
Canadian Real Estate Investment Trust is an equity real estate trust, which acquires and owns a portfolio of income-producing properties. It specializes in the acquisition and ownership of community 
shopping centers, industrial and office properties across Canada.  This company owns office, industrial, retail properties and some miscellaneous items such as apartment buildings.
This stock is rated STA-3M by DBRS.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.  
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Info on January 30th, 2011 distribution.
CREIT will complete a reorganization of an existing subsidiary holding trust (the "Reorganization") before December 31, 2010 in order to qualify as a "real estate investment trust" for purposes of the Income Tax 
Act (Canada) (the "Tax Act"). As part of the Reorganization, on December 30, 2010, the assets of the holding trust will be transferred to CREIT Trust B, a subsidiary trust of CREIT created for the purpose of 
the Reorganization and CREIT will make a distribution to its Unitholders in the form of units of CREIT Trust B ("Trust B Units"). Each Unitholder of CREIT will receive one Trust B Unit for every CREIT 
Unit owned. The Trust B Units will then be immediately redeemed by CREIT Trust B and the redemption price will be paid by CREIT Trust B in the form of Units of CREIT. Following the redemption, CREIT 
will consolidate its Units so that, following the Reorganization, each Unitholder of CREIT will own the same number of CREIT Units that such Unitholder owned immediately prior to the Reorganization.
The Reorganization will not have any adverse Canadian income tax consequences for Unitholders of CREIT, except that withholding taxes will be exigible in respect of the distribution of Trust B Units to 
Unitholders that are non-residents of Canada for purposes of the Tax Act. CREIT will fund and remit such withholding taxes to the Canada Revenue Agency on behalf of such non-resident Unitholders 
(estimated to be less than $50,000 in aggregate).
This Reorganization is required as a result of, and to comply with, the definition of a qualifying REIT as set out in the Tax Act, which was introduced as part of the Specified Investment Flow Through ("SIFT")
 legislation.
Shares; '%, Value $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M
Date Feb 21 2012 Feb 27 2013 Feb 21 2014 Mar 05 2015 Feb 28 2016 Feb 25 2017
Johnson, Stephen Edward 0.423 0.61% 0.451 0.62% 0.485 0.66% 0.531 0.73% 0.563 0.77%
CEO - Shares - Amount $18.347 $20.653 $20.386 $24.593 $28.119
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000 $0.000 $0.000 $0.000
Barrafato, Mario 0.025 0.03%
CFO - Shares - Amount $1.249
Options - percentage 0.000 0.00%
Options - amount $0.000
Diamond, Rael Lee 0.000 0.00% 0.041 0.06% 0.016 0.02% 0.064 0.09% was CFO, now COO 2017
COO - Shares - Amount $0.000 $1.732 $0.750 $3.174
Options - percentage 0.030 0.04% 0.000 0.00% 0.000 0.00% 0.000 0.00%
Options - amount $1.357 $0.000 $0.000 $0.000
McSorley, Timothy 0.112 0.16%
CFO - Shares - Amount $4.851
Options - percentage 0.000 0.00%
Options - amount $0.000
Bird, Bill 0.005 0.01% 0.001 0.00%
Officer - Shares - Amount $0.217 $0.023
Options - percentage 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000
Brough, John A. 0.004 0.01% 0.001 0.00% 0.007 0.01% 0.008 0.01% 0.006 0.01%
Director - Shares - Amount $0.190 $0.024 $0.291 $0.354 $0.321
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000 $0.000 $0.000 $0.000
Mackay, W. Reay 0.035 0.05% Morningstar in 2017 says he
Chairman - Shares - Amt $1.747 is chairman
Options - percentage 0.000 0.00%
Options - amount $0.000
Fisher, James D. 0.009 0.01% 0.010 0.01% Seems to be no longer Chairman
Chairman - Shares - Amt $0.425 $0.416 I do not know who has replaced
Options - percentage 0.000 0.00% 0.000 0.00% him
Options - amount $0.000 $0.000
Arsenault, Rene 0.008 0.01% 0.008 0.01%
Subsidiary Executive $0.338 $0.328
Options 0.017 0.02% 0.017 0.02%
Only one to have options $0.737 $0.715
Increase in O/S Shares 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% Buy Shares on open
due to SO $0.000 $0.000 $0.000 $0.000 market for SO
Book Value $0 $0 $2.795 $2.621
% of Total Book Value 0.08% 0.08%
Insider Buying $0.000 -$2.633 -$3.348 -$3.381
Insider Selling $0.000 $0.295 $0.012 $0.096
Net Insider Selling $0.000 -$2.338 -$3.335 -$3.285
% of Market Cap -0.07% -0.10% -0.10%
Directors 6 8 7 7
Women 0 0% 1 13% 1 14% 1 14%
Minorities 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 60.26% 78 38.46% 80 47.06% 83 45.71% 90 54.49% 103 50.54%
Total Shares Held 41.109 60.26% 26.236 38.12% 32.391 44.66% 33.183 45.47% 39.823 54.38% 37.018 50.55%
Increase/Decrease 1.053 2.63% -0.439 -1.65% 0.186 0.58% -0.064 -0.19% -0.545 -1.35% 0.067 0.18%
Starting No. of Shares 40.056 26.675 32.205 33.247 40.368 36.951 Reuters
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