This report should not be construed as providing investment advice. It is for educational purposes only.  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 https://www.annualreports.com/Company/smartreit
See my website on stocks or see my blog at the following sites.  https://spbrunner.com/stocks.html https://spbrunner.blogspot.com/ Q2 2023
SmartCentres REIT TSX: SRU.UN OTC: CWYUF https://www.smartcentres.com/ Fiscal Yr: Dec 31
Year 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 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 Value Description #Y Item Total G
Accounting Rules C GAAP IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
Statement Date
Consolidation test
Consolidation
$417,947.8 <-12 mths 51844.92%
Revenue* $494.4 $544.9 $546.0 $571.2 $607.8 $668.7 $725.3 $734.0 $790.2 $806.4 $781.3 $780.8 $804.6 $852 $881 $911 47.35% <-Total Growth 10 Revenue
Increase 7.11% 10.21% 0.21% 4.60% 6.41% 10.01% 8.47% 1.21% 7.65% 2.06% -3.12% -0.06% 3.05% 5.89% 3.40% 3.41% 3.95% <-IRR #YR-> 10 Revenue 47.35%
5 year Running Average $416.2 $463.0 $496.3 $523.6 $552.9 $587.7 $623.8 $661.4 $705.2 $744.9 $767.4 $778.5 $792.6 $805.0 $819.9 $845.9 1.85% <-IRR #YR-> 5 Revenue 9.61%
Revenue per Share $4.34 $4.41 $4.14 $4.26 $4.47 $4.36 $4.68 $4.66 $4.95 $4.77 $4.59 $4.59 $4.73 $5.00 $5.17 $5.35 4.79% <-IRR #YR-> 10 5 yr Running Average 59.69%
Increase -6.51% 1.48% -6.12% 2.96% 4.90% -2.55% 7.35% -0.40% 6.30% -3.71% -3.65% -0.11% 3.03% 5.86% 3.40% 3.41% 3.69% <-IRR #YR-> 5 5 yr Running Average 19.84%
5 year Running Average $4.23 $4.42 $4.42 $4.36 $4.32 $4.33 $4.38 $4.48 $4.62 $4.68 $4.73 $4.71 $4.72 $4.74 $4.82 $4.97 1.34% <-IRR #YR-> 10 Revenue per Share 14.23%
P/S (Price/Sales) Med 5.12 5.69 6.93 6.38 5.88 6.92 7.24 6.76 6.12 6.90 5.17 5.18 6.08 5.10 0.00 0.00 0.30% <-IRR #YR-> 5 Revenue per Share 1.50%
P/S (Price/Sales) Close 5.38 6.07 7.00 5.91 6.11 6.93 6.91 6.64 6.23 6.55 5.03 7.02 5.67 4.90 4.74 4.58 0.67% <-IRR #YR-> 10 5 yr Running Average 6.86%
*Rental Income in M CDN $  P/S Med 20 yr  6.21 15 yr  6.08 10 yr  6.25 5 yr  6.08 -21.63% Diff M/C 1.05% <-IRR #YR-> 5 5 yr Running Average 5.38%
-$546.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $804.6
-$734.0 $0.0 $0.0 $0.0 $0.0 $804.6
-$496.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $792.6
-$661.4 $0.0 $0.0 $0.0 $0.0 $792.6
-$4.14 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.73
-$4.66 $0.00 $0.00 $0.00 $0.00 $4.73
-$4.42 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.72
-$4.48 $0.00 $0.00 $0.00 $0.00 $4.72
$355.7 <-12 mths 4.39%
$1.96 <-12 mths 2.61%
From TD AFFO $1.82 $1.89
Calc AFFO Amt Basic $313.9 $336.6
Calc AFFO Amt Diluted $316.2 $339.6
Total ACFO $217.6 $234.2 $251.5 $292.9 $326.0 $326.5 $343.4 $355.3 $365.4 $356.3 $340.7 56.60% <-Total Growth 10 Total ACFO
Diluted Calc $1.82 $1.98 $2.10 $2.07 $2.13 $2.08 $2.11 $2.05 $1.90 #DIV/0! <-Total Growth 8 Diluted Calc
Basic Calc $1.86 $2.00 $2.10 $2.08 $2.14 $2.09 $2.12 $2.07 $1.91 #DIV/0! <-Total Growth 8 Basic Calc
Diluted AFFO --> ACFO $1.71 $1.75 $1.84 $2.00 $2.10 $2.07 $2.13 $2.08 $2.11 $2.05 $1.90 10.67% <-Total Growth 10 Diluted AFFO --> ACFO
AFFO $1.54 $1.65 $1.71 $1.76 $1.86 $1.99 $2.10 $2.08 $2.14 $2.09 $2.12 $2.07 $1.91 $1.88 $1.83 11.61% <-Total Growth 10 AFFO
Increase -1.9% 6.9% 4.1% 2.6% 5.6% 7.1% 5.5% -1.0% 2.7% -2.0% 1.5% -2.8% -7.4% -1.7% -2.7% 1.10% <-IRR #YR-> 10 AFFO 11.61%
AFFO Yield 6.6% 6.1% 5.9% 7.0% 6.8% 6.6% 6.5% 6.7% 6.9% 6.7% 9.2% 6.4% 7.1% 7.7% 7.5% -1.66% <-IRR #YR-> 5 AFFO -8.03%
5 year Running Average $1.61 $1.62 $1.63 $1.65 $1.70 $1.79 $1.88 $1.96 $2.03 $2.08 $2.11 $2.10 $2.07 $2.02 $1.96 2.38% <-IRR #YR-> 10 5 yr Running Average 26.48%
Payout Ratio AFFO 100.52% 94.05% 90.32% 88.00% 83.79% 80.85% 78.97% 82.13% 82.29% 86.37% 87.08% 89.55% 96.71% 98.41% 101.10% 1.09% <-IRR #YR-> 5 5 yr Running Average 5.59%
5 year Running Average 95.08% 95.02% 94.74% 94.06% 90.98% 87.09% 84.07% 82.56% 81.57% 82.14% 83.38% 85.47% 88.22% 91.38% 94.26% 84.77% <-Median-> 10 Payout 5 yr Running Average
Price/AFFO Median 14.44 15.24 16.74 15.45 14.13 15.15 16.11 15.13 14.18 15.70 11.18 11.50 15.03 13.57 0.00 15.08 <-Median-> 10 P/AFFO Med
Price/AFFO High 16.38 16.60 18.13 17.24 15.15 16.26 18.35 16.33 15.13 16.77 15.26 15.70 17.44 15.27 0.00 16.29 <-Median-> 10 P/AFFO High
Price/AFFO Low 12.51 13.89 15.34 13.67 13.12 14.04 13.88 13.93 13.23 14.63 7.10 7.30 12.62 11.88 0.00 13.45 <-Median-> 10 P/AFFO Low
Price/AFFO Close 15.18 16.26 16.89 14.30 14.69 15.17 15.38 14.86 14.43 14.91 10.86 15.58 14.00 13.04 13.39 14.78 <-Median-> 10 P/AFFO Close
Trailing P/AFFO Close 14.89 17.38 17.59 14.68 15.52 16.25 16.23 14.72 14.82 14.61 11.02 15.15 12.96 12.81 13.04 14.77 <-Median-> 10 Trailing P/AFFO Close
Median Values DPR 10 Yrs 85.08% 5 Yrs   87.08% P/CF 5 Yrs   in order 14.18 15.70 12.62 14.43 -8.07% Diff M/C -13.55% Diff M/C 10 DPR 75% to 95% best
Adjusted Funds from Operations per share (DI to '04)
-$1.71 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.91
-$2.08 $0.00 $0.00 $0.00 $0.00 $1.91
-$1.63 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.07
-$1.96 $0.00 $0.00 $0.00 $0.00 $2.07
$386.5 <-12 mths 4.03%
$2.17 <-12 mths 3.83%
Total FFO $132.9 $202.5 $225.9 $251.3 $264.9 $309.6 $347.0 $344.7 $367.2 $365.5 $368.0 $382.2 $371.6 64.52% <-Total Growth 10 FFO
Diluted FFO $1.25 $1.70 $1.78 $1.85 $1.95 $2.10 $2.23 $2.19 $2.27 $2.14 $2.13 $2.19 $2.07 $2.18 $2.12 16.37% <-Total Growth 10 FFO
Distri Inc or FFO $1.35 $1.70 $1.79 $1.86 $1.96 $2.11 $2.24 $2.19 $2.28 $2.15 $2.14 $2.20 $2.09 $2.18 $2.12 16.74% <-Total Growth 10 FFO
Increase -19.16% 26.15% 4.93% 3.86% 5.44% 7.82% 6.16% -2.23% 4.11% -5.70% -0.47% 2.80% -5.18% 4.50% -2.75% 1.56% <-IRR #YR-> 10 FFO 16.74%
FFO Yield 5.8% 6.4% 6.2% 7.4% 7.2% 7.0% 6.9% 7.1% 7.4% 6.9% 9.3% 6.8% 7.8% 8.9% 8.6% -0.97% <-IRR #YR-> 5 FFO -4.75%
5 year Running Average $1.65 $1.66 $1.66 $1.67 $1.73 $1.88 $1.99 $2.07 $2.16 $2.19 $2.20 $2.19 $2.17 $2.15 $2.15 2.70% <-IRR #YR-> 10 5 yr Running Average 30.53%
Payout Ratio DI 114.67% 90.90% 86.63% 83.41% 79.55% 76.26% 74.03% 78.01% 77.12% 84.11% 86.45% 84.09% 88.69% 84.86% 87.27% 0.95% <-IRR #YR-> 5 5 yr Running Average 4.86%
5 year Running Average 92.58% 93.14% 93.06% 92.52% 89.55% 82.97% 79.60% 78.05% 76.93% 77.87% 79.85% 81.89% 83.98% 85.61% 86.24% 80.87% <-Median-> 10 Payout 5 yr Running Average
P/FFO re Med Price 16.48 14.73 16.05 14.65 13.42 14.28 15.11 14.37 13.29 15.29 11.10 10.80 13.78 11.71 0.00 14.03 <-Median-> 10 P/FFO Med
P/FFO re Hi Price 18.68 16.04 17.39 16.34 14.38 15.33 17.21 15.51 14.18 16.33 15.15 14.74 16.00 13.17 0.00 15.42 <-Median-> 10 P/FFO High
P/FFO re Low Price 14.27 13.42 14.72 12.96 12.46 13.24 13.01 13.23 12.40 14.24 7.05 6.85 11.57 10.25 0.00 12.71 <-Median-> 10 P/FFO Low
P/FFO re Close price 17.31 15.72 16.20 13.56 13.95 14.31 14.42 14.11 13.52 14.52 10.79 14.63 12.84 11.24 11.56 14.03 <-Median-> 10 P/FFO Close
Trailing P/FFO 13.99 19.83 17.00 14.08 14.71 15.43 15.30 13.80 14.08 13.69 10.73 15.04 12.17 11.75 11.24 14.08 <-Median-> 10 Trailing P/FFO Close
Median Values DPR 10 Yrs 81.48% 5 Yrs   84.11% P/CF 5 Yrs   in order 13.29 15.15 11.57 13.52 -15.40% Diff M/C -19.89% Diff M/C 10 DPR 75% to 95% best
* Funds From Operations
-$1.79 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.09
-$2.19 $0.00 $0.00 $0.00 $0.00 $2.09
-$1.66 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.17
-$2.07 $0.00 $0.00 $0.00 $0.00 $2.17
$1.95 <-12 mths -32.19%
Outstanding shares Calc $2.10 $1.86 $0.44 $4.86 $3.03
Basic Calc $2.08 $1.85 $0.44 $4.80 $2.90
Diluted Calc $2.07 $1.84 $0.44 $4.77 $2.87
EPS Basic $0.11 $1.49 $7.11 $2.38 $1.95 $2.18 $2.49 $2.27 $2.08 $1.85 $0.44 $4.80 $2.90 -59.24% <-Total Growth 10 EPS Basic
pre-cons Feb 02
pre-cons Nov 02
EPS Diluted* $0.11 $1.48 $7.08 $2.33 $1.94 $2.15 $2.48 $2.26 $2.07 $1.84 $0.44 $4.77 $2.87 2.61 2.06 2.08 -59.40% <-Total Growth 10 EPS Diluted
Increase -54.44% 1255% 378% -67.11% -16.80% 11.05% 15.35% -9.01% -8.21% -11.12% -76.36% 994.83% -39.72% -9.14% -21.07% 0.97% 10 0 10 Years of Data, EPS P or N
Earnings Yield 0.47% 5.53% 24.44% 9.25% 7.09% 7.12% 7.68% 7.30% 6.72% 5.90% 1.89% 14.80% 10.73% 10.65% 8.40% 8.49% -8.62% <-IRR #YR-> 10 Earnings per Share -59.40%
5 year Running Average $0.38 $0.62 $1.97 $2.25 $2.59 $2.99 $3.19 $2.23 $2.18 $2.16 $1.82 $2.27 $2.40 $2.50 $2.55 $2.88 4.94% <-IRR #YR-> 5 Earnings per Share 27.29%
10 year Running Average $0.58 $0.67 $1.28 $1.38 $1.53 $1.69 $1.91 $2.10 $2.21 $2.37 $2.41 $2.73 $2.31 $2.34 $2.35 $2.35 1.98% <-IRR #YR-> 10 5 yr Running Average 21.61%
* Diluted net Income per share  E/P 10 Yrs 7.21% 5Yrs 6.72% 1.46% <-IRR #YR-> 5 5 yr Running Average 7.50%
-$7.08 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.87
-$2.26 $0.00 $0.00 $0.00 $0.00 $2.87
-$1.97 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.40
-$2.23 $0.00 $0.00 $0.00 $0.00 $2.40
Dividend Estimate $1.85 $1.85 $1.85 Dividend Estimate
Increase 0.00% 0.00% 0.00% Increase
Special Dividends $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 $0.00 <-Median-> 10 Special Dividends
Dividend* $1.55 $1.55 $1.55 $1.55 $1.56 $1.61 $1.658 $1.71 $1.76 $1.81 $1.85 $1.85 $1.85 $1.85 $1.85 $1.85 19.51% <-Total Growth 10 Dividends
Increase 0.00% 0.00% 0.00% 0.00% 0.57% 3.35% 3.07% 3.02% 2.92% 2.85% 2.31% 0.00% 0.00% 0.00% 0.00% 0.00% 12 0 20 Years of data, Count P, N
Average Increases 5 Year Running 2.51% 1.04% 0.37% 0.00% 0.11% 0.78% 1.40% 2.00% 2.59% 3.04% 2.83% 2.22% 1.62% 1.03% 0.46% 0.00% 1.81% <-Median-> 10 Average Incr 5 Year Running
Dividends 5 Yr Running $1.53 $1.54 $1.55 $1.55 $1.55 $1.56 $1.58 $1.62 $1.66 $1.71 $1.76 $1.80 $1.82 $1.84 $1.85 $1.85 17.79% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 6.96% 6.17% 5.40% 5.69% 5.93% 5.34% 4.90% 5.43% 5.80% 5.50% 7.79% 7.79% 6.43% 7.25% 5.75% <-Median-> 10 Yield H/L Price
Yield on High  Price 6.14% 5.67% 4.98% 5.11% 5.53% 4.97% 4.30% 5.03% 5.44% 5.15% 5.70% 5.70% 5.54% 6.45% 5.29% <-Median-> 10 Yield on High  Price
Yield on Low Price 8.03% 6.77% 5.89% 6.44% 6.39% 5.76% 5.69% 5.89% 6.22% 5.91% 12.27% 12.27% 7.66% 8.28% 6.30% <-Median-> 10 Yield on Low Price
Yield on Close Price 6.62% 5.78% 5.35% 6.15% 5.70% 5.33% 5.14% 5.53% 5.70% 5.79% 8.02% 5.75% 6.91% 7.55% 7.55% 7.55% 5.73% <-Median-> 10 Yield on Close Price
Payout Ratio EPS 1415.79% 104.52% 21.88% 66.52% 80.41% 74.84% 66.87% 75.70% 84.89% 98.22% 425.04% 38.82% 64.41% 70.88% 89.81% 88.94% 75.27% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 404.10% 247.94% 78.53% 68.90% 59.93% 52.17% 49.60% 72.47% 76.10% 79.10% 96.69% 78.94% 76.07% 73.53% 72.59% 64.29% 74.27% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 125.89% 95.93% 95.67% 88.01% 94.41% 83.38% 81.32% 76.27% 79.91% 88.52% 106.33% 84.73% 84.95% 85.79% 84.84% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 109.80% 102.26% 104.40% 101.08% 98.47% 91.14% 88.05% 84.03% 82.43% 81.73% 85.59% 86.24% 88.13% 89.40% 87.15% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 122.60% 104.71% 83.77% 91.42% 88.25% 84.86% 78.06% 57.78% 57.15% 63.25% 70.64% 67.67% 66.40% 85.79% 69.15% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 104.89% 100.14% 97.82% 98.11% 96.31% 89.98% 84.93% 77.44% 70.15% 66.15% 64.41% 63.00% 64.77% 70.00% 73.80% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 5.75% 5.73% 5 Yr Med 5 Yr Cl 6.43% 5.79% 5 Yr Med Payout 84.89% 84.95% 66.40% 1.61% <-IRR #YR-> 5 Dividends 8.29%
* Dividends per share  10 Yr Med and Cur. 31.30% 31.84% 5 Yr Med and Cur. 17.32% 30.27% Last Div Inc ---> $0.1500 $0.1542 2.78% 1.80% <-IRR #YR-> 10 Dividends 19.51%
Dividends Growth 15 1.32% <-IRR #YR-> 15 Dividends 21.71%
Dividends Growth 20 2.53% <-IRR #YR-> 19 Dividends #DIV/0!
Dividends Growth 5 -$1.71 $0.00 $0.00 $0.00 $0.00 $1.85 Dividends Growth 5
Dividends Growth 10 -$1.55 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.85 Dividends Growth 10
Dividends Growth 15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.85 Dividends Growth 15
Dividends Growth 20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.85 Dividends Growth 20
Historical Dividends Historical High Div 16.19% Low Div 4.43% 10 Yr High 12.27% 10 Yr Low 4.37% Med Div 5.93% Close Div 5.78% Historical Dividends
High/Ave/Median Values Curr diff Exp. -53.38%     70.39% Exp. -38.48% 72.73% Cheap 27.29% Cheap 30.53% High/Ave/Median 
Future Dividend Yield Div Yield 8.17% earning in 5 Years at IRR of 1.61% Div Inc. 8.29% Future Dividend Yield
Future Dividend Yield Div Yield 8.85% earning in 10.00 Years at IRR of 1.61% Div Inc. 17.27% Future Dividend Yield
Future Dividend Yield Div Yield 9.59% earning in 15.00 Years at IRR of 1.61% Div Inc. 27.00% Future Dividend Yield
Future Dividend Paid Div Paid $2.00 earning in 5 Years at IRR of 1.61% Div Inc. 8.29% Future Dividend Paid
Future Dividend Paid Div Paid $2.17 earning in 10 Years at IRR of 1.61% Div Inc. 17.27% Future Dividend Paid
Future Dividend Paid Div Paid $2.35 earning in 15 Years at IRR of 1.61% Div Inc. 27.00% Future Dividend Paid
Dividend Covering Cost Total Div $9.55 over 5 Years at IRR of 1.61% Div Cov. 38.97% Dividend Covering Cost
Dividend Covering Cost Total Div $17.89 over 10 Years at IRR of 1.61% Div Cov. 73.00% Dividend Covering Cost
Dividend Covering Cost Total Div $26.93 over 15 Years at IRR of 1.61% Div Cov. 109.86% Dividend Covering Cost
Yield if held 5 years 7.24% 5.84% 5.99% 9.67% 10.78% 7.23% 6.61% 5.96% 6.47% 6.89% 6.14% 5.47% 5.88% 6.11% 5.63% 7.79% 6.54% <-Median-> 10 Paid Median Price
Yield if held 10 years 17.45% 17.56% 15.48% 13.32% 9.58% 7.53% 6.26% 6.61% 10.99% 12.52% 8.32% 7.37% 6.45% 6.81% 7.05% 6.14% 7.92% <-Median-> 10 Paid Median Price
Yield if held 15 years 9.10% 15.40% 18.14% 18.81% 17.08% 15.13% 11.13% 8.66% 6.99% 7.16% 11.56% 12.81% 8.32% 13.13% <-Median-> 10 Paid Median Price
Yield if held 20 years 10.34% 17.89% 20.85% 20.99% 18.49% 15.91% 11.38% 8.66% 18.49% <-Median-> 5 Paid Median Price
Yield if held 25 years 10.87% 18.31% 20.85% #NUM! <-Median-> 0 Paid Median Price
Item
Cost covered if held 5 years 35.72% 29.12% 29.94% 48.36% 53.64% 35.11% 31.57% 28.17% 30.50% 32.53% 29.14% 26.52% 28.97% 30.39% 28.15% 38.94% 31.03% <-Median-> 10 Paid Median Price EPS
Cost covered if held 10 years 130.37% 148.76% 144.65% 127.88% 93.57% 72.26% 59.02% 61.20% 100.16% 112.78% 74.59% 67.34% 59.95% 64.37% 67.76% 59.83% 73.42% <-Median-> 10 Paid Median Price AFFO
Cost covered if held 15 years 95.28% 175.79% 218.40% 238.61% 225.43% 199.20% 146.14% 113.35% 92.91% 96.47% 157.70% 176.82% 116.18% 160.96% <-Median-> 10 Paid Median Price FFO
Cost covered if held 20 years 144.01% 260.31% 317.41% 340.42% 316.56% 278.42% 203.07% 156.62% 316.56% <-Median-> 5 Paid Median Price CFPS
Cost covered if held 25 years 198.14% 351.84% 421.68% #NUM! <-Median-> 0 Paid Median Price FCF 
Yr  Item Tot. Growth
Revenue Growth  $734.0 $790.2 $806.4 $781.3 $780.8 $804.6 $4,697.2 9.61% <-Total Growth 5 Revenue Growth  9.61%
AFFO Growth $2.08 $2.14 $2.09 $2.12 $2.07 $1.91 $12.41 -8.03% <-Total Growth 5 AFFO Growth -8.03%
FFO Growth $2.19 $2.28 $2.15 $2.14 $2.20 $2.09 $13.05 -4.75% <-Total Growth 5 FFO Growth -4.75%
Net Income Growth $292.0 $334.5 $314.0 $75.3 $828.0 $516.0 $2,359.9 76.72% <-Total Growth 5 Net Income Growth 76.72%
Cash Flow Growth $353.1 $351.3 $345.6 $296.0 $371.6 $370.8 $2,088.3 5.01% <-Total Growth 5 Cash Flow Growth 5.01%
Dividend Growth $1.71 $1.76 $1.81 $1.85 $1.85 $1.85 $10.83 8.29% <-Total Growth 5 Dividend Growth 8.29%
Stock Price Growth $30.91 $30.83 $31.21 $23.08 $32.19 $26.78 -13.36% <-Total Growth 5 Stock Price Growth -13.36%
Revenue Growth  $546.0 $571.2 $607.8 $668.7 $725.3 $734.0 $790.2 $806.4 $781.3 $780.8 $804.6 $7,816.2 47.35% <-Total Growth 10 Revenue Growth  47.35%
AFFO Growth $1.71 $1.76 $1.86 $1.99 $2.10 $2.08 $2.14 $2.09 $2.12 $2.07 $1.91 $21.83 11.61% <-Total Growth 10 AFFO Growth 11.61%
FFO Growth $1.79 $1.86 $1.96 $2.11 $2.24 $2.19 $2.28 $2.15 $2.14 $2.20 $2.09 $23.00 16.74% <-Total Growth 10 FFO Growth 16.74%
Net Income Growth $898.4 $272.8 $226.5 $269.2 $322.2 $292.0 $334.5 $314.0 $75.3 $828.0 $516.0 $4,349.0 -42.56% <-Total Growth 10 Net Income Growth -42.56%
Cash Flow Growth $213.5 $235.8 $224.3 $296.2 $316.3 $353.1 $351.3 $345.6 $296.0 $371.6 $370.8 $3,374.5 73.62% <-Total Growth 10 Cash Flow Growth 73.62%
Dividend Growth $1.55 $1.55 $1.56 $1.61 $1.66 $1.71 $1.76 $1.81 $1.85 $1.85 $1.85 $18.7 19.51% <-Total Growth 10 Dividend Growth 19.51%
Stock Price Growth $28.95 $25.16 $27.30 $30.19 $32.29 $30.91 $30.83 $31.21 $23.08 $32.19 $26.78 -7.50% <-Total Growth 10 Stock Price Growth -7.50%
Revenue Growth  $494.4 $544.9 $546.0 $571.2 $607.8 $668.7 $725.3 $734.0 $790.2 $806.4 $781.3 $780.8 $804.6 112.00% <-Total Growth 15 Revenue Growth  112.00%
AFFO Growth $1.54 $1.65 $1.71 $1.76 $1.86 $1.99 $2.10 $2.08 $2.14 $2.09 $2.12 $2.07 $1.91 15.24% <-Total Growth 15 AFFO Growth 15.24%
FFO Growth $1.35 $1.70 $1.79 $1.86 $1.96 $2.11 $2.24 $2.19 $2.28 $2.15 $2.14 $2.20 $2.09 19.20% <-Total Growth 15 FFO Growth 19.20%
Net Income Growth $11.65 $176.88 $898.38 $272.78 $226.54 $269.17 $322.23 $292.02 $334.53 $314.05 $75.29 $827.98 $516.05 1592.24% <-Total Growth 15 Net Income Growth 1592.24%
Cash Flow Growth $139.98 $199.51 $213.54 $235.82 $224.27 $296.25 $316.34 $353.08 $351.25 $345.61 $295.99 $371.62 $370.76 130.47% <-Total Growth 15 Cash Flow Growth 130.47%
Dividend Growth $1.55 $1.55 $1.55 $1.55 $1.56 $1.61 $1.66 $1.71 $1.76 $1.81 $1.85 $1.85 $1.85 21.71% <-Total Growth 15 Dividend Growth 21.71%
Stock Price Growth $23.37 $26.77 $28.95 $25.16 $27.30 $30.19 $32.29 $30.91 $30.83 $31.21 $23.08 $32.19 $26.78 9.35% <-Total Growth 15 Stock Price Growth 9.35%
Revenue Growth  $494.42 $544.92 $546.04 $571.18 $607.82 $668.65 $725.27 $734.03 $790.18 $806.42 $781.25 $780.76 $804.60 22189.45% <-Total Growth 20 Revenue Growth  22189.45%
AFFO Growth $1.54 $1.65 $1.71 $1.76 $1.86 $1.99 $2.10 $2.08 $2.14 $2.09 $2.12 $2.07 $1.91 48.29% <-Total Growth 18 AFFO Growth 48.29%
FFO Growth $1.35 $1.70 $1.79 $1.86 $1.96 $2.11 $2.24 $2.19 $2.28 $2.15 $2.14 $2.20 $2.09 157.54% <-Total Growth 20 FFO Growth 157.54%
Net Income Growth $11.65 $176.88 $898.38 $272.78 $226.54 $269.17 $322.23 $292.02 $334.53 $314.05 $75.29 $827.98 $516.05 35641.00% <-Total Growth 20 Net Income Growth 35641.00%
Cash Flow Growth $139.98 $199.51 $213.54 $235.82 $224.27 $296.25 $316.34 $353.08 $351.25 $345.61 $295.99 $371.62 $370.76 26021.88% <-Total Growth 20 Cash Flow Growth 26021.88%
Dividend Growth $1.55 $1.55 $1.55 $1.55 $1.56 $1.61 $1.66 $1.71 $1.76 $1.81 $1.85 $1.85 $1.85 60.76% <-Total Growth 19 Dividend Growth 60.76%
Stock Price Growth $23.37 $26.77 $28.95 $25.16 $27.30 $30.19 $32.29 $30.91 $30.83 $31.21 $23.08 $32.19 $26.78 176.08% <-Total Growth 20 Stock Price Growth 176.08%
Dividends on Shares $54.18 $54.49 $56.32 $58.04 $59.79 $61.54 $63.29 $64.75 $64.75 $64.75 $64.75 $64.75 $64.75 $601.90 No of Years 10 Total Divs 12/31/12
Paid  $1,013.25 $880.60 $955.50 $1,056.65 $1,130.15 $1,081.85 $1,079.05 $1,092.35 $807.80 $1,126.65 $937.30 $857.85 $857.85 $857.85 $937.30 No of Years 10 Worth $28.95
Total $1,539.20
Graham No. with FFO $20.35 $25.89 $30.66 $31.68 $32.69 $33.79 $35.48 $35.34 $36.51 $35.84 $34.96 $37.67 $37.59 $38.78 $38.24 $0.00 22.61% <-Total Growth 10 Graham Price with FFO
Price/GP Ratio Med 1.09 0.97 0.94 0.86 0.80 0.89 0.95 0.89 0.83 0.92 0.68 0.63 0.76 0.66 0.84 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.24 1.06 1.01 0.96 0.86 0.96 1.09 0.96 0.89 0.98 0.93 0.86 0.89 0.74 0.94 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.95 0.88 0.86 0.76 0.75 0.83 0.82 0.82 0.77 0.85 0.43 0.40 0.64 0.58 0.77 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.15 1.03 0.94 0.79 0.84 0.89 0.91 0.87 0.84 0.87 0.66 0.85 0.71 0.63 0.64 #DIV/0! 0.85 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 52.22% 3.66% -2.81% -18.38% -16.57% -10.56% -8.54% -12.34% -16.33% -13.96% -75.33% -9.88% -24.51% -33.63% -36.42% 64.71% -15.14% <-Median-> 10 Graham Price
Graham No. $5.79 $24.14 $61.01 $35.47 $32.51 $34.11 $37.33 $35.87 $34.80 $33.16 $15.77 $55.44 $44.11 $42.43 $37.69 $37.88 -27.69% <-Total Growth 10 Graham Price
Price/GP Ratio Med 3.84 1.04 0.47 0.77 0.81 0.88 0.91 0.88 0.87 0.99 1.51 0.43 0.65 0.60 0.87 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 4.36 1.13 0.51 0.85 0.87 0.95 1.03 0.95 0.93 1.06 2.06 0.59 0.76 0.68 0.94 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 3.33 0.95 0.43 0.68 0.75 0.82 0.78 0.81 0.81 0.92 0.96 0.27 0.55 0.53 0.79 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 4.04 1.11 0.47 0.71 0.84 0.89 0.86 0.86 0.89 0.94 1.46 0.58 0.61 0.58 0.65 0.65 0.86 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 303.60% 10.90% -52.55% -29.07% -16.03% -11.50% -13.51% -13.83% -11.41% -5.89% 46.40% -41.93% -39.29% -42.23% -34.98% -35.29% -13.67% <-Median-> 10 Graham Price
pre-cons Feb 02
pre-cons Nov 02
Price Close $23.37 $26.77 $28.95 $25.16 $27.30 $30.19 $32.29 $30.91 $30.83 $31.21 $23.08 $32.19 $26.78 $24.51 $24.51 $24.51 -7.50% <-Total Growth 10 Stock Price
Increase 19.78% 14.55% 8.14% -13.09% 8.51% 10.59% 6.96% -4.27% -0.26% 1.23% -26.05% 39.47% -16.81% -8.48% 0.00% 0.00% 12.49 <-Median-> 10 CAPE (10 Yr P/E)
P/E 213.74 18.08 4.09 10.81 14.10 14.04 13.02 13.70 14.88 16.95 53.03 6.75 9.32 9.39 11.90 11.78 -2.83% <-IRR #YR-> 5 Stock Price -13.36%
Trailing P/E 97.38 244.84 19.55 3.56 11.73 15.59 15.02 12.46 13.66 15.07 12.54 73.96 5.62 8.53 9.39 11.90 -0.78% <-IRR #YR-> 10 Stock Price -7.50%
CAPE (10 Yr P/E) 31.50 29.79 17.06 16.61 15.61 14.51 13.07 12.18 12.44 12.09 11.92 10.69 12.53 12.35 12.17 11.96 3.40% <-IRR #YR-> 5 Price & Dividend 16.13%
Median 10, 5 Yrs D.  per yr 6.07% 6.22% % Tot Ret 114.66% 183.24% T P/E 13.10 13.66 P/E:  13.87 14.88 5.29% <-IRR #YR-> 10 Price & Dividend 51.91%
Price 15 D.  per yr 6.43% % Tot Ret 91.50% CAPE Diff -24.79% 0.60% <-IRR #YR-> 15 Stock Price 9.35%
Price  20 D.  per yr 11.11% % Tot Ret 68.09% 5.21% <-IRR #YR-> 20 Stock Price 176.08%
Price  25 D.  per yr 15.13% % Tot Ret 56.40% 11.70% <-IRR #YR-> 25 Stock Price
Price & Dividend 15 7.03% <-IRR #YR-> 15 Price & Dividend 111.18%
Price & Dividend 20 16.32% <-IRR #YR-> 20 Price & Dividend 502.54%
Price & Dividend 25 26.83% <-IRR #YR-> 25 Price & Dividend
Price  5 -$30.91 $0.00 $0.00 $0.00 $0.00 $26.78 Price  5
Price 10 -$28.95 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $26.78 Price 10
Price & Dividend 5 -$30.91 $1.76 $1.81 $1.85 $1.85 $28.63 Price & Dividend 5
Price & Dividend 10 -$28.95 $1.55 $1.56 $1.61 $1.66 $1.71 $1.76 $1.81 $1.85 $1.85 $28.63 Price & Dividend 10
Price 15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $26.78 Price 15
Price  20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $26.78 Price  20
Price  25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $26.78 Price  25
Price & Dividend 15 $1.55 $1.55 $1.55 $1.55 $1.56 $1.61 $1.66 $1.71 $1.76 $1.81 $1.85 $1.85 $28.63 Price & Dividend 15
Price & Dividend 20 $1.55 $1.55 $1.55 $1.55 $1.56 $1.61 $1.66 $1.71 $1.76 $1.81 $1.85 $1.85 $28.63 Price & Dividend 20
Price H/L Median $22.25 $25.09 $28.69 $27.19 $26.26 $30.14 $33.84 $31.47 $30.30 $32.87 $23.76 $23.76 $28.76 $25.52 0.24% <-Total Growth 10 Stock Price
Increase 54.00% 12.79% 14.33% -5.23% -3.40% 14.78% 12.28% -7.00% -3.72% 8.47% -27.72% 0.00% 21.05% -11.25% 0.02% <-IRR #YR-> 10 Stock Price 0.24%
P/E 203.45 16.94 4.05 11.68 13.56 14.02 13.65 13.95 14.63 17.85 54.58 4.98 10.01 9.78 -1.79% <-IRR #YR-> 5 Stock Price -8.63%
Trailing P/E 92.69 229.47 19.37 3.84 11.28 15.57 15.74 12.69 13.43 15.87 12.90 54.58 6.03 8.88 5.95% <-IRR #YR-> 10 Price & Dividend 20.34%
P/E on Run. 5 yr Ave 58.87 40.33 14.55 12.10 10.16 10.07 10.60 14.11 13.91 15.22 13.07 10.45 12.00 10.19 4.20% <-IRR #YR-> 5 Price & Dividend 60.20%
P/E on Run. 10 yr Ave 38.68 37.55 22.42 19.66 17.21 17.88 17.74 14.98 13.69 13.85 9.88 8.69 12.43 10.90 16.43 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 5.92% 5.99% % Tot Ret 99.59% 142.56% T P/E 13.17 13.43 P/E:  13.80 14.63 Count 24 Years of data
-$28.69 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $28.76
-$31.47 $0.00 $0.00 $0.00 $0.00 $28.76
-$28.69 $1.55 $1.56 $1.61 $1.66 $1.71 $1.76 $1.81 $1.85 $1.85 $30.61
-$31.47 $1.76 $1.81 $1.85 $1.85 $30.61
High Months Sep Nov Aug May Nov Nov Jul Feb Dec Mar Jan Jan Mar Jan
pre-cons Feb 9 02
pre-cons Nov 4 02
Price High $25.22 $27.32 $31.07 $30.32 $28.14 $32.35 $38.54 $33.96 $32.33 $35.11 $32.43 $32.43 $33.37 $28.70 7.40% <-Total Growth 10 Stock Price
Increase 27.05% 8.33% 13.73% -2.41% -7.19% 14.96% 19.13% -11.88% -4.80% 8.60% -7.63% 0.00% 2.90% -13.99% 0.72% <-IRR #YR-> 10 Stock Price 7.40%
P/E 230.66 18.45 4.39 13.03 14.54 15.05 15.54 15.05 15.61 19.07 74.51 6.81 11.62 11.00 -0.35% <-IRR #YR-> 5 Stock Price -1.74%
Trailing P/E 105.08 249.87 20.98 4.29 12.09 16.71 17.93 13.69 14.33 16.95 17.62 74.51 7.00 9.99 18.76 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 15.52 16.95 P/E:  15.05 15.61 74.51 P/E Ratio Historical High
-$31.07 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $33.37
-$33.96 $0.00 $0.00 $0.00 $0.00 $33.37
Low Months Feb Aug Mar Oct Jan Jan Jan Oct May Jan Mar Mar Sep Jun
pre-cons Feb 9 02
pre-cons Nov 4 02
Price Low $19.27 $22.86 $26.30 $24.05 $24.38 $27.93 $29.14 $28.98 $28.27 $30.62 $15.08 $15.08 $24.14 $22.34 -8.21% <-Total Growth 10 Stock Price
Increase 113.16% 18.63% 15.05% -8.56% 1.37% 14.56% 4.33% -0.55% -2.45% 8.31% -50.75% 0.00% 60.08% -7.46% -0.85% <-IRR #YR-> 10 Stock Price -8.21%
P/E 176.24 15.44 3.72 10.34 12.59 12.99 11.75 12.84 13.65 16.63 34.65 3.16 8.40 8.56 -3.59% <-IRR #YR-> 5 Stock Price -16.70%
Trailing P/E 80.29 209.08 17.76 3.40 10.48 14.43 13.55 11.69 12.53 14.78 8.19 34.65 5.07 7.78 13.32 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 12.11 12.53 P/E:  12.72 13.65 8.94 P/E Ratio Historical Low
-$26.30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $24.14
-$28.98 $0.00 $0.00 $0.00 $0.00 $24.14
$365 <-12 mths -1.08%
Free Cash Flow -$132.00 $199.00 $212.00 $234.05 $240.62 $296.05 $316.09 $352.68 $350.41 $344.33 $296 $371 $369 -$27 $59 $23 74.06% <-Total Growth 10 Free Cash Flow
Change 250.76% 6.53% 10.40% 2.81% 23.04% 6.77% 11.58% -0.64% -1.73% -14.04% 25.34% -0.54% -107.32% 318.52% -61.02% 0.91% <-IRR #YR-> 5 Free Cash Flow MS 4.63%
FCF/CF from Op Ratio -0.94 1.00 0.99 0.99 1.07 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 -0.07 #VALUE! #DIV/0! 5.70% <-IRR #YR-> 10 Free Cash Flow MS 74.06%
Dividends paid $136.85 $146.57 $151.61 $153.25 $161.78 $169.69 $174.60 $179.71 $189.58 $259.91 $267.55 $267.56 $315.03 $315.03 $315.03 82.56% <-Total Growth 10 Dividends paid
Percentage paid 64.78% 63.69% 54.65% 53.69% 49.51% 51.28% 55.06% 87.81% 72.12% 72.51% 0.00% 533.95% 1369.71% $0.59 <-Median-> 10 Percentage paid
5 Year Coverage 56.33% 53.93% 52.75% 58.66% 62.49% 67.27% 96.03% 133.44% 186.19% 5 Year Coverage
Dividend Coverage Ratio 1.54 1.57 1.83 1.86 2.02 1.95 1.82 1.14 1.39 1.38 -0.09 0.19 0.07 1.69 <-Median-> 10 Dividend Coverage Ratio
5 Year of Coverage 1.78 1.85 1.90 1.70 1.60 1.49 1.04 0.75 0.54 5 Year of Coverage
-$352.68 0.00 0.00 0.00 0.00 369.00
-$212.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 369.00
Market Cap in $M $2,660 $3,310 $3,820 $3,373 $3,713 $4,635 $5,009 $4,872 $4,921 $5,280 $3,926 $5,479 $4,559 $4,174 $4,174 $4,174 19.33% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 106.50 119.43 126.97 136.04 138.34 148.30 155.54 157.72 161.51 170.58 172.97 173.75 179.66 179.97 41.50% <-Total Growth 10 Diluted
Change 12.14% 6.31% 7.15% 1.69% 7.20% 4.89% 1.40% 2.40% 5.62% 1.40% 0.45% 3.40% 0.17% 2.90% <-Median-> 10 Change
Difference Diluted/Basic -7.6% -0.4% -0.5% -2.1% -2.2% -1.1% -0.4% -0.4% -0.5% -0.5% -0.6% -0.7% -0.9% -1.0% -0.66% <-Median-> 10 Difference Diluted/Basic
Basic # of Shares in Millions 98.41 118.93 126.39 133.16 135.36 146.59 154.94 157.06 160.70 169.71 171.98 172.45 178.12 178.17 40.93% <-Total Growth 10 Average
Change 1.36% 20.85% 6.27% 5.35% 1.66% 8.30% 5.69% 1.37% 2.32% 5.61% 1.34% 0.27% 3.29% 0.03% 2.80% <-Median-> 10 Change
Difference Basic/Outstanding 15.7% 4.0% 4.4% 0.7% 0.5% 4.7% 0.1% 0.4% -0.7% -0.3% -1.1% -1.3% -4.4% -4.4% -0.09% <-Median-> 10 Difference Basic/Outstanding
$367.2 <-12 mths -0.95%
Outstanding Units re overview 136.315 154.088 155.686 171.283 172.221 178.092 178.134 178.182 From Overview
pre-cons Feb 02
pre-cons Nov 02
Trust Units 97.987 107.251 114.138 115.723 117.045 128.674 130.132 132.612 134.498 144.038 144.619 144.625 144.625 144.625 144.625 144.625 26.71% <-Total Growth 10 Trust Units Unit Equity
LP Units 15.853 16.387 17.830 18.347 18.959 24.852 24.992 25.021 25.129 25.148 25.502 25.569 25.611 25.659 25.659 25.659 43.64% <-Total Growth 10 LP Units
LP II Units 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 29.00% <-Total Growth 10 # of Share in Millions
# of Share in Millions 113.839 123.638 131.969 134.070 136.004 153.526 155.124 157.633 159.627 169.187 170.121 170.194 170.236 170.284 170.284 170.284 2.58% <-IRR #YR-> 10 Shares 29.00%
Change 14.57% 8.61% 6.74% 1.59% 1.44% 12.88% 1.04% 1.62% 1.26% 5.99% 0.55% 0.04% 0.02% 0.03% 0.00% 0.00% 1.55% <-IRR #YR-> 5 Shares 8.00%
Cash Flow from Operations $M $139.98 $199.51 $213.54 $235.82 $224.27 $296.25 $316.34 $353.08 $351.25 $345.61 $295.99 $371.62 $370.76 $367.2 <-12 mths 73.62% <-Total Growth 10 Cash Flow
Increase -1.97% 42.53% 7.04% 10.43% -4.90% 32.09% 6.78% 11.62% -0.52% -1.61% -14.36% 25.56% -0.23% -0.95% <-12 mths SO, DRIP  Conv Deb. Exch. Def Units
5 year Running Average $136.0 $157.4 $168.0 $186.3 $202.6 $233.9 $257.2 $285.2 $308.2 $332.5 $332.5 $343.5 $347.0 $350.2 <-12 mths 106.60% <-Total Growth 10 CF 5 Yr Running
CFPS $1.23 $1.61 $1.62 $1.76 $1.65 $1.93 $2.04 $2.24 $2.20 $2.04 $1.74 $2.18 $2.18 $2.16 <-12 mths 34.59% <-Total Growth 10 Cash Flow per Share
Increase -14.43% 31.23% 0.28% 8.70% -6.25% 17.02% 5.68% 9.84% -1.76% -7.17% -14.83% 25.50% -0.26% -0.98% <-12 mths 5.67% <-IRR #YR-> 10 Cash Flow 73.62%
5 year Running Average $1.39 $1.51 $1.48 $1.53 $1.57 $1.71 $1.80 $1.92 $2.01 $2.09 $2.05 $2.08 $2.07 $2.06 <-12 mths 0.98% <-IRR #YR-> 5 Cash Flow 5.01%
P/CF on Med Price 18.09 15.55 17.73 15.46 15.92 15.62 16.59 14.05 13.77 16.09 13.65 10.88 13.20 11.83 <-12 mths 3.02% <-IRR #YR-> 10 Cash Flow per Share 34.59%
P/CF on Closing Price 19.01 16.59 17.89 14.30 16.56 15.65 15.83 13.80 14.01 15.28 13.27 14.74 12.30 11.37 <-12 mths -0.56% <-IRR #YR-> 5 Cash Flow per Share -2.77%
-22.96% Diff M/C 3.39% <-IRR #YR-> 10 CFPS 5 yr Running 39.53%
Excl.Working Capital CF $3.76 -$16.73 $30.31 -$8.81 $15.66 -$5.14 $13.20 $113.02 $139.89 $138.10 $149.58 $93.67 $103.54 $0.00 <-12 mths 1.47% <-IRR #YR-> 5 CFPS 5 yr Running 7.57%
CF fr Op $M WC $143.7 $182.8 $243.9 $227.0 $239.9 $291.1 $329.5 $466.1 $491.1 $483.7 $445.6 $465.3 $474.3 $367.2 <-12 mths 94.50% <-Total Growth 10 Cash Flow less WC
Increase -9.99% 27.16% 33.42% -6.91% 5.69% 21.33% 13.20% 41.44% 5.37% -1.51% -7.89% 4.43% 1.94% -22.58% <-12 mths 6.88% <-IRR #YR-> 10 Cash Flow less WC 94.50%
5 year Running Average $142.5 $160.0 $178.7 $191.4 $207.5 $236.9 $266.3 $310.7 $363.6 $412.3 $443.2 $470.4 $472.0 $447.2 <-12 mths 0.35% <-IRR #YR-> 5 Cash Flow less WC 1.76%
CFPS Excl. WC $1.26 $1.48 $1.85 $1.69 $1.76 $1.90 $2.12 $2.96 $3.08 $2.86 $2.62 $2.73 $2.79 $2.16 <-12 mths 10.20% <-IRR #YR-> 10 CF less WC 5 Yr Run 164.20%
Increase -21.44% 17.08% 25.00% -8.37% 4.19% 7.48% 12.04% 39.19% 4.06% -7.08% -8.39% 4.38% 1.91% -22.60% <-12 mths 8.72% <-IRR #YR-> 5 CF less WC 5 Yr Run 51.90%
5 year Running Average $1.46 $1.54 $1.58 $1.58 $1.61 $1.74 $1.87 $2.09 $2.36 $2.58 $2.73 $2.85 $2.81 $2.63 <-12 mths 4.19% <-IRR #YR-> 10 CFPS - Less WC 50.78%
P/CF on Med Price 17.62 16.97 15.52 16.06 14.89 15.90 15.93 10.64 9.85 11.50 9.07 8.69 10.32 11.83 <-12 mths -1.18% <-IRR #YR-> 5 CFPS - Less WC -5.78%
P/CF on Closing Price 18.51 18.11 15.67 14.86 15.47 15.92 15.20 10.45 10.02 10.92 8.81 11.77 9.61 11.37 <-12 mths 5.93% <-IRR #YR-> 10 CFPS 5 yr Running 77.88%
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 14.75 5 yr  13.65 P/CF Med 10 yr 11.07 5 yr  9.85 2.68% Diff M/C 6.17% <-IRR #YR-> 5 CFPS 5 yr Running 34.89%
-131.969 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 170.236 Shares
-157.633 0.000 0.000 0.000 0.000 170.236 Shares
-$213.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $370.8 Cash Flow
-$353.1 $0.0 $0.0 $0.0 $0.0 $370.8 Cash Flow
-$1.62 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.18 Cash Flow per Share
-$2.24 $0.00 $0.00 $0.00 $0.00 $2.18 Cash Flow per Share
-$1.48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.07 CFPS 5 yr Running
-$1.92 $0.00 $0.00 $0.00 $0.00 $2.07 CFPS 5 yr Running
-$243.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $474.3 Cash Flow less WC
-$466.1 $0.0 $0.0 $0.0 $0.0 $474.3 Cash Flow less WC
-$178.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $472.0 CF less WC 5 Yr Run
-$310.7 $0.0 $0.0 $0.0 $0.0 $472.0 CF less WC 5 Yr Run
-$1.85 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.79 CFPS - Less WC
-$2.96 $0.00 $0.00 $0.00 $0.00 $2.79 CFPS - Less WC
-$1.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.81 CFPS 5 yr Running
-$2.09 $0.00 $0.00 $0.00 $0.00 $2.81 CFPS 5 yr Running
Amounts Receivable & Prepaid expenses/td> -$17.85 -$12.40 -$5.784
Accounts payable and Accrued liabilites $23.00 -$0.80 $17.301
Changes in Non-cash Operation Items
Amts Rec -$18.155 $20.941 -$21.965 $9.102 -$7.582
Deferred Financings costs $0.161 $0.304 -$0.096 -$2.185
Prepaid Expenses -$0.296 -$2.441 -$2.022 -$3.751
Accounts Pay. $5.973 -$7.638 -$8.844 $1.175 $8.074
Realty Taxes Payable -$1.958 -$1.065 $1.521 -$1.771 -$0.247
Tenant Prepaid Rents etc $10.571 $4.283 $17.683 $31.313 $1.222
Other Working Cap Chges -$3.072 -$0.758 -$2.907 $3.268 -$7.299
Cash Interest paid -$127.314 -$136.347 -$154.854 -$138.847 -$150.554 -$139.639
interest income
interest rec $2.775 $3.391 $3.274 $5.502 $17.648 $44.119
Chges in non-cash Operating Items $8.81 -$15.66                
Sum $8.81 -$15.66 $5.14 -$13.20 -$113.022 -$139.893 -$138.097 -$149.575 -$93.666 -$103.537
Google --> Morningstar $5.14 -$13.20 $12 -$137 -$138 -$150 -$94 -$104
Difference $0.00 $0.00 -$125 -$3 $0 $0 $0 $0
Morningstar <-- TD $9 -$16 $5 -$13 -$113 -$140
Difference $0 $0 $0 $0 $0 chge '20
OPM 28.31% 36.61% 39.11% 41.29% 36.90% 44.31% 43.62% 48.10% 44.45% 42.86% 37.89% 47.60% 46.08% 43.10% 17.83% <-Total Growth 10 OPM
Increase -8.47% 29.32% 6.82% 5.57% -10.63% 20.08% -1.55% 10.28% -7.59% -3.59% -11.60% 25.63% -3.19% -6.46% Should increase  or be stable.
Diff from Ave -34.6% -15.5% -9.7% -4.7% -14.8% 2.3% 0.7% 11.1% 2.6% -1.0% -12.5% 9.9% 6.4% -0.5% 0.02 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 43.31% 5 Yrs 43.77% should be  zero, it is a   check on calculations
Adjusted EBITDA $461.8 $467.1 $494.6 $506.0 $503.0 $491.8 $504.9 $517.5 $527.4 #DIV/0! <-Total Growth 6 Adjusted EBITDA
Change 1.14% 5.90% 2.29% -0.59% -2.24% 2.67% 2.50% 1.91% 1.71% <-Median-> 6 Change
EBITDA Margin 69.07% 64.40% 67.39% 64.03% 62.37% 62.94% 64.67% 64.32% 61.90% 64.40% <-Median-> 7 EBITDA Margin
Net Rental Income $317.95 $338.93 $358.69 $374.27 $394.78 $436.93 $474.86 $472.93 $497.22 $504.90 $460.71 $485.80 $502.60 $512.71 40% <-Total Growth 10 Net Rental Income
Change 8.04% 6.60% 5.83% 4.34% 5.48% 10.68% 8.68% -0.41% 5.14% 1.55% -8.75% 5.45% 3.46% 2.01% 4.74% <-Median-> 10 Change
EBITDA $243.94 $491.51 $746.94 $375.30 $393.90 $429.50 $461.84 $467.06 $494.6 $506.5 $458.7 $479.8 $488.2 $533.0 $531.0 $550.0 -35% <-Total Growth 10 EBITDA (fr TD Bank) 2nd Adj
Covering Assets $5,655.77 $6,134.85 $6,615.8 $6,696.85 $8,016.2 $8,242.4 $8,733.3 $8,905.1 $9,050.1 $8,850.4 $9,847.1 $10,208.1 $10,366.5 66.39% <-Total Growth 10 Covering Assets Type
Change 8.47% 7.84% 1.22% 19.70% 2.82% 5.96% 1.97% 1.63% -2.21% 11.26% 3.67% 1.55% 3.24% <-Median-> 10 Change Lg Term R
Debt/Assets Ratio 0.44 0.39 0.42 0.38 0.44 0.40 0.44 0.40 0.45 0.49 0.42 0.44 0.45 0.43 <-Median-> 10 Debt/Assets Ratio Lg Term A
Long Term Debt $2,473.19 $2,393.79 $2,746.2 $2,574.0 $3,560.7 $3,287.2 $3,815.8 $3,530.0 $4,110.5 $4,355.9 $4,176.1 $4,524.0 $4,645.8 88.99% <-Total Growth 10 Debt Intang/GW
Change -3.21% 14.72% -6.27% 38.33% -7.68% 16.08% -7.49% 16.45% 5.97% -4.13% 8.33% 2.69% 7.15% <-Median-> 10 Change Liquidity
Debt/Market Cap Ratio 0.75 0.63 0.81 0.69 0.77 0.66 0.78 0.72 0.78 1.11 0.76 0.99 1.11 0.77 <-Median-> 10 Debt/Market Cap Ratio Liq. + CF
Assets/Current Liabilities Ratio 15.76 17.40 15.03 12.48 21.05 12.13 15.14 11.87 29.82 9.78 12.12 16.24 19.03 13.75 <-Median-> 10 Assets/Current Liab Ratio Liq CF DT
Current Liabilities/Asset Ratio 0.06 0.06 0.07 0.08 0.05 0.08 0.07 0.08 0.03 0.10 0.08 0.06 0.05 0.07 <-Median-> 10 Current Liab/Asset Ratio Debt Ratio
Debt to Cash Flow (Years) 12.40 11.21 11.65 11.48 12.02 10.39 10.81 10.05 11.89 14.72 11.24 12.20 12.65 11.56 <-Median-> 10 Debt to Cash Flow (Years) Leverage
D/E Ratio
Debt Long Term $2,666.6 $2,473.2 $2,393.8 $2,746.2 $2,574.0 $3,560.7 $3,287.2 $3,815.8 $3,530.0 $4,110.5 $4,355.9 $4,176.1 $4,524.0 $4,645.8 Debt Long Term
Change -2.20% -7.25% -3.21% 14.72% -6.27% 38.33% -7.68% 16.08% -7.49% 16.45% 5.97% -4.13% 8.33% 2.69% 7.15% <-Median-> 10 Change
Debt/Market Cap Ratio 1.00 0.75 0.63 0.81 0.69 0.77 0.66 0.78 0.72 0.78 1.11 0.76 0.99 1.11 77.33% <-Median-> 10 Debt/Market Cap Ratio
Assets/Current Liabilities Ratio 12.43 15.76 17.40 15.03 12.48 21.05 12.13 15.14 11.87 29.82 9.78 12.12 16.24 19.03 1375.41% <-Median-> 10 Assets/Current Liab Ratio
Debt to Cash Flow (Years) 19.05 12.40 11.21 11.65 11.48 12.02 10.39 10.81 10.05 11.89 14.72 11.24 12.20 12.65 1156.12% <-Median-> 10 Debt to Cash Flow (Years)
CF/Debt Ratio 0.05 0.08 0.09 0.09 0.09 0.08 0.10 0.09 0.10 0.08 0.07 0.09 0.08 0.08 8.65% <-Median-> 10 CF/Debt Ratio
Intangibles (0 before 2015) $39.15 $37.82 $36.49 $35.15 $33.82 $32.49 $31.16 $39.94 2.02% <-Total Growth 7 Intangibles
Goodwill $13.98 $13.98 $13.98 $13.98 $13.98 $13.98 $13.98 $13.98 0.00% <-Total Growth 7 Goodwill
Total $53.13 $51.80 $50.46 $49.13 $47.80 $46.47 $45.14 $53.92 $43.14 1.49% <-Total Growth 7 Total
Change -2.51% -2.57% -2.64% -2.71% -2.78% -2.86% 19.45% -19.99% -2.64% <-Median-> 7 Change
Intangible/Market Cap Ratio 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 <-Median-> 8 Intangible/Market Cap Ratio
Current Assets $46.3 $62.7 $38.8 $125.1 $50.0 $101.3 $164.8 $252.5 $140.0 $179.3 $1,012.7 $223.4 $276.1 $401.1 Liquidity ratio of 1.5 and up, best
Current Liabilities $352.0 $377.9 $372.4 $470.5 $569.6 $404.1 $720.5 $619.6 $797.1 $333.0 $1,096.8 $931.5 $720.4 $621.9 0.26 <-Median-> 10 Ratio
Liquidity Ratio 0.13 0.17 0.10 0.27 0.09 0.25 0.23 0.41 0.18 0.54 0.92 0.24 0.38 0.64 0.38 <-Median-> 5 Ratio
Liquidity with CF after dividend 0.03 0.19 0.13 0.33 0.11 0.37 0.31 0.54 0.26 0.66 0.91 0.30 0.46 0.73 0.46 <-Median-> 5 Ratio
Liquidity with CF after cash dividend 0.58 0.43 0.70 0.40 1.01 0.96 0.35 0.53 0.81 0.53 <-Median-> 5 Ratio
Less current LT Debt 1.35 1.83 2.11 1.46 1.54 4.32 1.29 1.45 1.95 1.46 <-Median-> 5 Ratio
Liquidity CF re  Inv+Div  0.02 0.11 0.12 0.18 0.09 0.17 0.28 0.48 0.23 0.28 0.79 0.21 0.39 0.73 0.28 <-Median-> 5 Ratio
Current Long Term Debt (LTD) $237.4 $228.6 $251.8 $322.3 $427.7 $229.8 $550.6 $415.1 $580.5 $115.4 $854.3 $678.4 $459.3 $364.6
Net Liabilities $114.6 $149.3 $120.6 $148.2 $141.9 $174.2 $169.9 $204.5 $216.6 $217.6 $242.5 $253.1 $261.1 $257.3
Liquidity Less Current LTD 0.40 0.42 0.32 0.84 0.35 0.58 0.97 1.23 0.65 0.82 4.18 0.88 1.06 1.56 0.88 <-Median-> 5 Ratio
Liquidity with CF after dividend 0.09 0.47 0.40 1.03 0.44 0.86 1.32 1.64 0.97 1.01 4.10 1.11 1.27 1.76 1.11 <-Median-> 5 Ratio
Distribution in Cash  $151.6 $153.2 $161.8 $169.7 $174.6 $174.6 $189.6 $259.9 $267.6 $267.6 $267.6
Assets $4,373.5 $5,955.5 $6,480.4 $7,071.3 $7,107.4 $8,505.0 $8,738.9 $9,380.2 $9,459.6 $9,928.5 $10,724.5 $11,293.2 $11,702.2 $11,833.3 Debt Ratio of 1.5 and up, best
Liability $2,819.9 $3,402.0 $2,840.9 $3,266.8 $3,201.0 $4,022.4 $4,074.9 $4,552.8 $4,451.3 $4,560.7 $5,557.5 $5,451.9 $5,539.1 $5,545.6 2.12 <-Median-> 10 Ratio
Debt Ratio 1.55 1.75 2.28 2.16 2.22 2.11 2.14 2.06 2.13 2.18 1.93 2.07 2.11 2.13 2.11 <-Median-> 5 Ratio
Total Book Value $1,554 $2,553 $3,639 $3,804 $3,906 $4,483 $4,664 $4,827 $5,008 $5,368 $5,167 $5,841 $6,163 $6,288 $6,288 $6,288 69.34% <-Total Growth 10 Total Book Value
NCI $2 $391 $554 $583 $606 $789 $789 $833 $860 $876 $850 $963 $1,037 $1,068 $1,068 $1,068 87.25% <-Total Growth 10 NCI
Book Value $1,552 $2,162 $3,086 $3,222 $3,300 $3,693 $3,874 $3,994 $4,148 $4,492 $4,317 $4,878 $5,126 $5,220 $5,220 $5,220 66.13% <-Total Growth 10 Book Value
Book Value per Share $13.63 $17.49 $23.38 $24.03 $24.26 $24.06 $24.98 $25.34 $25.99 $26.55 $25.38 $28.66 $30.11 $30.66 $30.66 $30.66 28.78% <-Total Growth 10 Book Value per Share
Change -1.18% 28.31% 33.71% 2.77% 0.97% -0.86% 3.83% 1.45% 2.56% 2.17% -4.42% 12.94% 5.06% 1.80% 0.00% 0.00% -30.39% P/B Ratio Current/10 Year Median
P/B Ratio (Median) 1.63 1.43 1.23 1.13 1.08 1.25 1.35 1.24 1.17 1.24 0.94 0.83 0.95 0.83 0.00 0.00 1.24 P/B Ratio Historical Median
P/B Ratio (Close) 1.71 1.53 1.24 1.05 1.13 1.26 1.29 1.22 1.19 1.18 0.91 1.12 0.89 0.80 0.80 0.80 2.56% <-IRR #YR-> 10 Book Value per Share 28.78%
Change 21.22% -10.72% -19.12% -15.43% 7.46% 11.55% 3.01% -5.64% -2.74% -0.92% -22.63% 23.50% -20.82% -10.10% 0.00% 0.00% 3.51% <-IRR #YR-> 5 Book Value per Share 18.84%
Leverage (A/BK) 2.81 2.33 1.78 1.86 1.82 1.90 1.87 1.94 1.89 1.85 2.08 1.93 1.90 1.88 1.89 <-Median-> 10 A/BV
Debt/Equity Ratio 1.81 1.33 0.78 0.86 0.82 0.90 0.87 0.94 0.89 0.85 1.08 0.93 0.90 0.88 0.89 <-Median-> 10 Debt/Eq Ratio
Shareholders Equity (Assets less liabilities) P/BV 10 yr Med 1.15 5 yr Med 0.95 -30.39% Diff M/C
-$23.38 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $30.11
-$25.34 $0.00 $0.00 $0.00 $0.00 $30.11
$311.88 <-12 mths -39.56%
Total Comprehensive Income $206.79 $1,044.94 $316.62 $263.71 $319.49 $386.14 $355.93 $402.95 $374.20 $89.94 $987.68 $635.97 -39.14% <-Total Growth 10 Total Comprehensive Income
NCI $29.91 $146.56 $43.85 $37.17 $50.32 $63.90 $63.90 $68.42 $60.16 $14.65 $159.70 $119.92 NCI
Shareholders $11.65 $176.88 $898.38 $272.78 $226.54 $269.17 $322.23 $292.02 $334.53 $314.05 $75.29 $827.98 $516.05 -42.56% <-Total Growth 10 Comprehensive Income
Increase -49.99% 1418.93% 407.91% -69.64% -16.95% 18.82% 19.71% -9.37% 14.56% -6.12% -76.03% 999.74% -37.67% -6.12% <-Median-> 5 Comprehensive Income
5 Yr Running Average $35.17 $66.39 $239.97 $276.59 $317.24 $368.75 $397.82 $276.55 $288.90 $306.40 $267.62 $368.77 $413.58 -5.39% <-IRR #YR-> 10 Comprehensive Income -42.56%
ROE 0.8% 8.2% 29.1% 8.5% 6.9% 7.3% 8.3% 7.3% 8.1% 7.0% 1.7% 17.0% 10.1% 12.06% <-IRR #YR-> 5 Comprehensive Income 76.72%
5Yr Median 1.7% 2.1% 6.2% 8.2% 8.2% 8.2% 8.3% 7.3% 7.3% 7.3% 7.3% 7.3% 8.1% 5.59% <-IRR #YR-> 10 5 Yr Running Average 72.35%
% Difference from NI 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 8.38% <-IRR #YR-> 5 5 Yr Running Average 49.55%
Median Values Diff 5, 10 yr 0.0% 0.0% 8.1% <-Median-> 5 Return on Equity
-$898.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $516.0
-$292.0 $0.0 $0.0 $0.0 $0.0 $516.0
-$240.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $413.6
-$276.5 $0.0 $0.0 $0.0 $0.0 $413.6
Current Liability Coverage Ratio 0.41 0.48 0.65 0.48 0.42 0.72 0.46 0.75 0.62 1.45 0.41 0.50 0.66 0.59   CFO / Current Liabilities
5 year Median 0.48 0.48 0.48 0.48 0.48 0.62 0.72 0.62 0.62 0.62 0.59 0.62 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 3.29% 3.07% 3.76% 3.21% 3.38% 3.42% 3.77% 4.97% 5.19% 4.87% 4.15% 4.12% 4.05% 3.10% CFO / Total Assets
5 year Median 3.77% 3.77% 3.76% 3.29% 3.29% 3.38% 3.42% 3.42% 3.77% 4.87% 4.87% 4.87% 4.15% 4.12% 4.2% <-Median-> 5 Return on Assets 
Return on Assets ROA 0.27% 2.97% 13.86% 3.86% 3.19% 3.16% 3.69% 3.11% 3.54% 3.16% 0.70% 7.33% 4.41% 3.76% Net  Income/Assets Return on Assets
5Yr Median 0.58% 0.78% 2.14% 2.97% 3.19% 3.19% 3.69% 3.19% 3.19% 3.16% 3.16% 3.16% 3.54% 3.76% 3.4% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 0.75% 8.18% 29.11% 8.47% 6.86% 7.29% 8.32% 7.31% 8.06% 6.99% 1.74% 16.97% 10.07% 8.51% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 1.70% 2.14% 6.25% 8.18% 8.18% 8.18% 8.32% 7.31% 7.31% 7.31% 7.31% 7.31% 8.06% 8.51% 7.7% <-Median-> 10 Return on Equity
$311.88 <-12 mths -39.56%
Net Income $206.79 $1,044.94 $316.62 $263.71 $319.49 $386.14 $355.93 $402.95 $374.20 $89.94 $987.68 $635.97
NCI $29.91 $146.56 $43.85 $37.17 $50.32 $63.90 $63.90 $68.42 $60.16 $14.65 $159.70 $119.92
Shareholders $11.65 $176.88 $898.38 $272.78 $226.54 $269.17 $322.23 $292.02 $334.53 $314.05 $75.29 $827.98 $516.05 $444 $351 $354 -42.56% <-Total Growth 10 Net Income
Increase -49.99% 1418.93% 407.91% -69.64% -16.95% 18.82% 19.71% -9.37% 14.56% -6.12% -76.03% 999.74% -37.67% -13.88% -21.07% 0.97% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $35.2 $66.4 $240.0 $276.6 $317.2 $368.7 $397.8 $276.5 $288.9 $306.4 $267.6 $368.8 $413.6 $435.6 $442.9 $498.7 -5.39% <-IRR #YR-> 10 Net Income -42.56%
Operating Cash Flow $139.98 $199.51 $213.54 $235.82 $224.27 $296.25 $316.34 $353.08 $351.25 $345.61 $295.99 $371.62 $370.76 12.06% <-IRR #YR-> 5 Net Income 76.72%
Investment Cash Flow -$274.29 -$274.29 -$12.95 -$369.70 -$97.66 -$508.28 -$90.61 -$80.87 -$135.06 -$448.52 -$157.39 -$413.17 -$121.39 5.59% <-IRR #YR-> 10 5 Yr Running Ave. 72.35%
Total Accruals $145.95 $251.66 $697.79 $406.66 $99.93 $481.20 $96.51 $19.81 $118.33 $416.96 -$63.31 $869.53 $266.68 8.38% <-IRR #YR-> 5 5 Yr Running Ave. 49.55%
Total Assets $4,373.5 $5,955.5 $6,480.4 $7,071.3 $7,107.4 $8,505.0 $8,738.9 $9,380.2 $9,459.6 $9,928.5 $10,724.5 $11,293.2 $11,702.2 Balance Sheet Assets
Accruals Ratio 3.34% 4.23% 10.77% 5.75% 1.41% 5.66% 1.10% 0.21% 1.25% 4.20% -0.59% 7.70% 2.28% 2.28% <-Median-> 5 Ratio
EPS/CF Ratio 0.09 1.00 3.83 1.37 1.10 1.13 1.17 0.76 0.67 0.64 0.17 1.74 1.03 1.06 <-Median-> 10 EPS/CF Ratio
-$898.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $516.0
-$292.0 $0.0 $0.0 $0.0 $0.0 $516.0
-$240.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $413.6
-$276.5 $0.0 $0.0 $0.0 $0.0 $413.6
Chge in Close 19.78% 14.55% 8.14% -13.09% 8.51% 10.59% 6.96% -4.27% -0.26% 1.23% -26.05% 39.47% -16.81% -8.48% 0.00% 0.00% Count 26 Years of data
up/down/neutral down down down down Count 15 57.69%
Any Predictions? Yes % right Count 2 13.33%
Financial Cash Flow $115.61 $115.61 -$93.64 $217.14 -$206.58 $213.12 -$223.97 -$132.61 -$349.45 $128.84 $600.62 -$690.81 -$276.35 C F Statement  Financial CF
Total Accruals $30.35 $136.05 $791.42 $189.52 $306.51 $268.08 $320.47 $152.42 $467.79 $288.12 -$663.94 $1,560.34 $543.03 Accruals
Accruals Ratio 0.69% 2.28% 12.21% 2.68% 4.31% 3.15% 3.67% 1.62% 4.95% 2.90% -6.19% 13.82% 4.64% 4.64% <-Median-> 5 Ratio
Cash $8.79 $21.01 $16.96 $100.22 $20.25 $21.34 $23.09 $162.70 $29.44 $55.37 $794.59 $62.24 $35.26 $44.79 Cash
Increase -68.04% 139.11% -19.24% 490.80% -79.79% 5.35% 8.23% 604.54% -81.90% 88.07% 1334.96% -92.17% -43.35% 27.05%
Cash per Share $0.08 $0.17 $0.13 $0.75 $0.15 $0.14 $0.15 $1.03 $0.18 $0.33 $4.67 $0.37 $0.21 $0.26 $0.33 <-Median-> 5 Cash per Share
Percentage of Stock Price 0.33% 0.63% 0.44% 2.97% 0.55% 0.46% 0.46% 3.34% 0.60% 1.05% 20.24% 1.14% 0.77% 1.07% 1.05% <-Median-> 5 % of Stock Price
EBITDA - Earnings before interest, taxes, depreciation and amortization. Prior to 2010, I am using figures from G&M.  NOI is Net Operation Income.
Notes:
August 27, 2023.  Last estimates were for 2022, 2023 and 2024 of $793M, $811M and $838M for Revenue, $1.88, $1.79 and $1.78 for AFFO, 
$2.04, $2.23 and $1.99 for FFO, $3.91, $2.08 and $2.12 for EPS, $1.85, $1.85 and $1.85 for Dividends, $13M, $53M and $55M for FCF, and $672M, $358M and $364M for Net Income.
August 30, 2022.  Last estimates were for 2021 and 2022 of $787M and $776M for Revenue, $1.79 and $1.90 for ACFO, 
$2.12 and $2.16 for FFO, $1.88 and $1.97 for EPS, $1.85, $1.85 and $1.85 for dividends, -$720M and $51M for FCF.
August 28, 2021.  Last estimates were for 2020, 2021 and 2022 of $788M, $780M Revenue for 2020-21, $1.72, $1.96 and $2.03 for AFFO, 
$2.14, 2.39 and 2.25 for FFO, $2.24 for EPS for 2020, $1.85, $1.85 and $1.86 for Div. $372M, -$290M and $14M for FCF.
September 5, 2020.  Last estimates were for 2019, 2020 and 2021 of $796M, $835M and $845M for Revenue, $2.01, $2.09 and 2.15 for ACFO, 
$2.14, $2.43 and $2.58 for FFO, $2.07 and $2.24 for EPS for 2019 and 2020, $1.81, $1.86 and $1.88 for Dividends.
September 9, 2018.  Last estimates were for 2017 and 2018 of $742M and $792M for Revenue,  $1.97 and $2.08 for AFFO, and $2.21 and $2.33 for FFO.
September 10, 2017.  Last estimates were 2016, 2017 and 2018 of $746 and $775 for Revenue for 2016 and 2017, $$1.90, $1.97 and $2.08 for AFFO, $2.22, $2.21 and $2.33 for FFO, $2.17 for EPS for 2016
September 11, 2016.  Last estimates were for 2015 and 2016 of $678M and $740M for Revenue, $1.85 and 1.91 for AFFO, $2.05 and $2.11 for FFO, $2.09 and 2.17 for EPS.
September 18, 2015.  Last estimates were for 2014 and 2016 of $614M and $626M for Revenue, $1.74, $1.85 and $1.81 for AFFO, $1.86, $2.05 and $2.11 for FFO for 2014 to 2016, $1.94 and $2.01 for EPS.
In second quarter of 2015 they changed their name from Calloway Real Estate Trust to Smart REIT.  TSX symbol changed from CWT.UN to SRU.UN
September 1, 2014.  Last estimates were for 2013 and 2014 of $573M and $602M for Revenue, $1.64 and $1.74 (and $1.81 for 2015) for EPS.
In 2013 annual report they again gave EPS.
August 24, 2013.  Last estimates were for 2012 and 2013 of $541.5M and $573.6M for Revenue, $1.60 and f$1.72 for AFFO, $1.80 and $1.93 for FFO, $1.89 and $2.05 for EPS and $1.18 and $1.27 for CFPS
Mar 3, 2012.  Last Estimates were for 2011 and 2012 at $507 and $544 for Rev., $1.68 and $1.76 for FFO and $1.67 and $1.73 for CF.
Nov 3, 2011.  Last estimates I got were for 2010 and 2011 of $1.65 and $1.69 FFO, $.35 and $.42 for EPS and $1.60 and $1.67 for CF.
It is obvious that new account rules affects what their net income or earnings are. They have stopped providing EPS.  I used Net Income divided by Basic and Diluted shares outstanding.
Sep 2, 2010.  When I last looked, I got estimates for 2010 and 2011 of $.35 and $.43 for earnings, $1.65 and $1.69 for distributable cash and $1.60 and $1.67 for CF.
Jun 7, 2010.  When I last looked at this stock, I got estimates for 2009 and 2010 of $1.69 and $1.65 FFO, $.40 and $.44 Earnings and $1.70 and $1.65 for CF.
Jun 2009 put values in spreadsheet.  I am unsure about the stock prices from 1999 to 2002.  The places I get prices from did not seem to get the 1 for 2 consolidation of Feb 2002, 
but seemed to get the 1 for 11.2294 consoldation of Nov 2002.  They lately really slowed down the dividend increases. Payout rates seem too high.
They changed their reporting month from Mary 31 to December 31 in 2002.  They also changed to an income trust in March 2002. In Dec 2002 reported for 9 months, but I have included Mar 2002 (as best as I could).
They paid only two months of distributions in 2002.
Was Calloway Properties prior to 2002
What I do not like about this stock is the complicated ownership structure.  
The LP Units are classified as non-controlling interests in the consolidated balance sheets.
Each special voting unit entitles the holder to the number of votes at any meeting of unitholders of the Trust that is equal to the number of Trust Units into which the exchangeable
security is exchangeable or convertible.  (There are still Special Voting Units in 2013.)
Sector:
Real Estate
What should this stock accomplish?
This stock should pay a good dividend, above 4% and have dividend increases above the rate of inflation.
Would I buy this company and Why.
This would not be my first choice for a REIT.  I do not like their vulnerablity in connections with their Liquidity Ratio.
That would be a no.
Why am I following this stock. 
Once you have 5 or 6 stocks, you might want to consider a REIT for diversification.  REITs are an easy way to investment in real estate.  
I am therefore following a few REIT stocks and in 2009 I decided to look at a few on the Dividend Achiever's List.
It is not always on this list because of periods of flat dividends.
Dividends
Divdends are paid monthly.  The dividends are declared in one month and paid in the following month.
For example, the July 2014 distribution was declared for unitholders of record of July 31, 2014 and was paid on August 15, 2014.
How they make their money.
SmartCentres Real Estate Investment Trust is a Canadian fully integrated commercial and residential REIT.  The company is developing complete, connected, mixed-use communities on 
its existing retail properties, under its wholly-owned residential sub-brand, SmartLiving. The Trust develops, leases, constructs, owns, and manages shopping centres, office buildings, high-rise 
and low-rise condominiums and rental residences, seniors' housing, townhome units, self-storage rental facilities, and industrial facilities in Canada.   
Mr. Mitchell Goldhar serves as Trustee of Calloway Real Estate Investment Trust. Mitchell Goldhar is the owner of SmartCentres, a private shopping centre development company in 
Toronto, Ontario. Mr. Goldhar has been in the real estate development business for over 25 years. Since opening the first new Canadian Wal-Mart store in Barrie, Ontario in 1994, 
Mr. Goldhar has developed over 200 shopping centres across Canada (including the development of 159 Wal-Mart stores). Mr. Goldhar is a graduate of York University with a 
Bachelors of Political Science (1985). He teaches at the University of Toronto, Rotman School of Management and is a Director Emeritus of The Hospital for Sick Children, after 
serving his 9 year term on the board. Mr. Goldhar is also a member of the Board of Directors of Indigo Books & Music Inc. Trustee of Calloway Real Estate Investment Trust since 
July 8, 2005.
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.
Shares; '%, Value $M %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Change
Date 2015 Sep 11 2016 Sep 10 2017 Sep 9 2018 Sep 1 2019 Sep 5 2019 Aug 28 2021 Aug 30 2022 Aug 27 2023
Forde, Peter Charles 0.002 0.00% 0.002 0.00% 0.002 0.00% 0.008 0.00% See Below Goldhar is Chair  #DIV/0!
CEO - Shares - Amount $0.050 $0.051 $0.038 $0.246 and CEO
Options - percentage 0.099 0.06% 0.049 0.03% 0.128 0.08% 0.300 0.18% #DIV/0!
Options - amount $3.053 $1.537 $2.952 $9.658
Slan, Peter 0.001 0.00% appreas first 2023
CFO - Shares - Amount $0.024
Options - percentage 0.069 0.04%
Options - amount $1.693
Sweeney, Peter Edmund 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% ceased insider Dec 2022 #DIV/0!
CFO - Shares - Amount $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Options - percentage 0.01% 0.034 0.02% 0.037 0.02% 0.065 0.04% 0.028 0.02% 0.025 0.01% 0.125 0.07% 0.134 0.08% -100.00%
Options - amount $0.687 $1.100 $1.148 $1.989 $0.873 $0.573 $4.035 $3.588
Gobin, Rudy 0.01% 0.001 0.00% 0.001 0.00% 0.005 0.00% 0.004 0.00% 0.020 0.01% 0.030 0.02% 0.030 0.02% 0.040 0.02% 33.33%
Officer - Shares - Amount $0.332 $0.032 $0.031 $0.154 $0.128 $0.462 $0.966 $0.803 $0.980
Options - percentage 0.08% 0.117 0.08% 0.132 0.08% 0.158 0.10% 0.174 0.10% 0.172 0.10% 0.283 0.17% 0.300 0.18% 0.328 0.19% 9.67%
Options - amount $3.707 $3.773 $4.069 $4.883 $5.430 $3.958 $9.098 $8.021 $8.051
Pambianchi, Mauro 0.005 0.00% Ceased insider Dec 2022
Officer - Shares - Amount $0.134
Options - percentage 0.077 0.05%
Options - amount $2.058
Bustard, Paula 0.000 0.00% 0.000 0.00% #DIV/0!
Officer - Shares - Amount $0.000 $0.000
Options - percentage 0.121 0.07% 0.135 0.08% 11.86%
Options - amount $3.241 $3.319
McVicar, Jamie Marshall 0.03% 0.053 0.03% 0.053 0.03% 0.053 0.03% 0.021 0.01% 0.020 0.01% 0.020 0.01% 0.020 0.01% 0.020 0.01% 0.00%
Director - Shares - Amount $1.596 $1.707 $1.634 $1.629 $0.648 $0.462 $0.644 $0.536 $0.490
Options - percentage 0.04% 0.056 0.04% 0.058 0.04% 0.062 0.04% 0.073 0.04% 0.083 0.05% 0.089 0.05% 0.101 0.06% 0.108 0.06% 6.79%
Options - amount $2.079 $1.806 $1.797 $1.913 $2.275 $1.909 $2.881 $2.708 $2.646
Pshebniski, Kevin Brent 0.02% 0.027 0.02% 0.027 0.02% 0.027 0.02% 0.027 0.02% 0.027 0.02% Ceased insider Jun 2021
Director - Shares - Amount $0.823 $0.880 $0.843 $0.841 $0.851 $0.629
Options - percentage 0.05% 0.066 0.04% 0.074 0.05% 0.084 0.05% 0.098 0.06% 0.087 0.05%
Options - amount $2.530 $2.119 $2.292 $2.588 $3.056 $1.999
Young, Michael D'Arcy 0.10% 0.175 0.11% 0.175 0.11% 0.174 0.11% 0.174 0.10% 0.174 0.10% 0.163 0.10% 0.163 0.10% 0.163 0.10% 0.00%
Director - Shares - Amount $4.464 $5.662 $5.420 $5.371 $5.437 $4.021 $5.234 $4.354 $3.985
Options - percentage 0.04% 0.011 0.01% 0.021 0.01% 0.030 0.02% 0.045 0.03% 0.057 0.03% 0.080 0.05% 0.071 0.04% 0.081 0.05% 14.86%
Options - amount $1.970 $0.339 $0.639 $0.930 $1.399 $1.315 $2.577 $1.897 $1.995
Goldhar, Mitchell 8.94% 13.766 8.87% 13.783 8.74% 13.783 8.63% 13.836 8.18% 14.774 8.68% 15.032 8.83% 15.032 8.83% 15.284 8.98% T Shown as 10% Holder 1.67%
Chairman - Shares - Amt $414.593 $444.491 $426.028 $424.926 $431.817 $340.976 $483.882 $402.559 $374.603 T Trust Units
LP - percentage 29.23% 45.703 29.46% 45.365 28.78% 45.635 28.59% 46.691 27.60% 46.269 27.20% 46.522 27.33% 46.149 27.11% 46.177 27.12% LP Limited Partnership 0.06%
LP - amount $1,354.770 $1,475.760 $1,402.227 $1,406.923 $1,457.228 $1,067.885 $1,497.556 $1,235.872 $1,131.804 LP Limited Partnership
SVU - percentage 16.36% 26.252 16.92% 26.639 16.90% 27.957 17.51% 30.926 18.28% 31.297 18.40% 30.094 17.68% 32.013 18.81% 31.752 18.65% SV Special Voting Units -0.82%
SVU- amount $758.452 $847.684 $823.404 $861.917 $965.185 $722.330 $968.724 $857.317 $778.241 SV Special Voting Units
Options - percentage 5.39% 8.279 5.34% 63.014 39.98% 9.077 5.69% 8.178 4.83% 8.178 4.81% 9.921 5.83% 9.328 5.48% 8.950 5.26% Shown also as CEO 2022 -4.05%
Options - amount $249.777 $267.330 $1,947.765 $279.850 $255.237 $188.750 $319.369 $249.802 $219.374
54.54% $2,767.935 55.26% $2,651.659 54.42% $2,693.765 54.74% $2,854.231 54.05% $2,131.191 54.28% $2,950.162 53.85% $2,495.748 54.74% $2,284.647 50.11%
Increase in O/S Shares 0.35% 0.190 0.12% 0.177 0.11% 0.051 0.03% 0.114 0.07% 0.074 0.04% 0.354 0.21% 0.007 0.00% 0.042 0.02%
due to SO  $13.141 $5.729 $5.702 $1.585 $3.509 $2.316 $11.045 $0.215 $1.132
Book Value $12.439 $5.433 $5.688 $1.352 $3.436 $2.315 $6.880 $0.198 $1.279
Insider Buying $0.000 $0.000 $0.000 -$0.115 $0.000 -$0.435 -$0.354 $0.000 -$6.666
Insider Selling $0.000 $0.481 $0.000 $0.000 $0.036 $0.024 $0.339 $0.000 $0.000
Net Insider Selling $0.000 $0.481 $0.000 -$0.115 $0.036 -$0.411 -$0.015 $0.000 -$6.666 Yes 0, 2017, 2022
% of Market Cap 0.00% 0.01% 0.00% 0.00% 0.00% -0.01% 0.00% 0.00% -0.16%
Directors 7 7 7 7 8 8 8 8
Women 0% 0 0% 0 0% 0 0% 0 0% 0 0% 3 38% 3 38% 3 38%
Minorities 0% 0 0% 0 0% 0 0% 0 0% 0 0% 1 13% 1 13% 1 13%
Institutions/Holdings 32.32% 139 32.42% 156 34.16% 168 37.74%
Total Shares Held 26.21% 41.994 27.07% 44.769 28.40% 50.460 31.61%
Increase/Decrease 3 Mths -2.38% -3.565 -7.82% 0.335 0.75% 0.151 0.30%
Starting No. of Shares 45.559 44.434 50.309
Institutions/Holdings - Top 20 20 20 20.73% 20 17.11% 20 15.31% 20 12.56%
Total Shares Held 35.220 20.82% 35.222 20.70% 29.110 17.11% 26.065 15.32% 21.389 12.56%
Increase/Decrease 3 Mths -1.498 -4.08% -0.855 -2.37% -3.031 -9.43% -1.235 -4.52% -0.798 -3.60%
Starting No. of Shares 36.719 36.078 Top 20 MS 32.140 Top 20 MS 27.300 Top 20 MS 22.187 Top 20 MS
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