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Smart REIT TSX: SRU.UN OTC: CWYUF www.smartreit.ca Fiscal Yr: Dec 31 Q2 2017
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 Total G
Accounting Rules C GAAP IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
$722.2 <-12 mths -0.42%
Revenue* $201.1 $310.6 $379.5 $434.8 $461.6 $494.4 $544.9 $546.0 $571.2 $607.8 $668.7 $725.3 $742 $792 133.47% <-Total Growth 10 Revenue
Increase 128.71% 54.44% 22.17% 14.55% 6.17% 7.11% 10.21% 0.21% 4.60% 6.41% 10.01% 8.47% 2.31% 6.74% 8.85% <-IRR #YR-> 10 Revenue 133.47%
5 year Running Average $61.4 $123.2 $198.4 $282.8 $357.5 $416.2 $463.0 $496.3 $523.6 $552.9 $587.7 $623.8 $663.0 $707.1 5.88% <-IRR #YR-> 5 Revenue 33.10%
Revenue per Share $2.90 $3.45 $4.12 $4.57 $4.65 $4.34 $4.41 $4.14 $4.26 $4.47 $4.36 $4.68 $4.81 $5.13 17.61% <-IRR #YR-> 10 5 yr Running Average 406.17%
Increase 9.50% 19.04% 19.50% 11.02% 1.59% -6.51% 1.48% -6.12% 2.96% 4.90% -2.55% 7.35% 2.80% 6.74% 6.14% <-IRR #YR-> 5 5 yr Running Average 34.72%
5 year Running Average $1.98 $2.15 $2.85 $3.54 $3.94 $4.23 $4.42 $4.42 $4.36 $4.32 $4.33 $4.38 $4.51 $4.69 3.10% <-IRR #YR-> 10 Revenue per Share 35.66%
P/S (Price/Sales) Med 7.38 7.68 6.28 3.50 3.11 5.12 5.69 6.93 6.38 5.88 6.92 7.24 1.19% <-IRR #YR-> 5 Revenue per Share 6.08%
P/S (Price/Sales) Close 8.20 8.01 5.95 2.48 4.20 5.38 6.07 7.00 5.91 6.11 6.93 6.91 6.26 5.87 7.40% <-IRR #YR-> 10 5 yr Running Average 104.11%
*Rental Income in M CDN $ P/S Med 10 yr 6.08 5 yr 6.92 3.11% Diff M/C -0.17% <-IRR #YR-> 5 5 yr Running Average -0.86%
-$310.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $725.3
-$544.9 $0.0 $0.0 $0.0 $0.0 $725.3
-$123.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $623.8
-$463.0 $0.0 $0.0 $0.0 $0.0 $623.8
$2.06 <-12 mths -1.90%
Diluted AFFO $1.75 $1.84 $2.00 $2.10
AFFO $1.44 $1.56 $1.66 $1.70 $1.57 $1.54 $1.65 $1.71 $1.76 $1.86 $1.99 $2.10 $1.97 $2.08 34.62% <-Total Growth 10 AFFO
Increase 11.6% 8.3% 6.4% 2.4% -7.6% -1.9% 6.9% 4.1% 2.6% 5.6% 7.1% 5.5% -6.2% 5.6% 3.02% <-IRR #YR-> 10 AFFO 34.62%
AFFO Yield 6.1% 5.7% 6.8% 15.0% 8.0% 6.6% 6.1% 5.9% 7.0% 6.8% 6.6% 6.5% 6.5% 6.9% 4.99% <-IRR #YR-> 5 AFFO 27.58%
5 year Running Average $1.53 $1.59 $1.61 $1.62 $1.63 $1.65 $1.70 $1.79 $1.88 $1.94 $2.00 2.64% <-IRR #YR-> 8 5 yr Running Average #DIV/0!
Payout Ratio FFO 95.14% 94.28% 91.57% 91.06% 98.60% 100.52% 94.05% 90.32% 88.00% 83.79% 80.85% 78.97% 86.30% 81.73% 3.03% <-IRR #YR-> 5 5 yr Running Average 16.08%
5 year Running Average 93.16% 94.03% 95.08% 95.02% 94.74% 94.06% 90.98% 87.09% 84.07% 83.42% 82.26% 94.03% <-Median-> 9 Payout 5 yr Running Average
Price/AFFO Median 14.84 16.98 15.57 9.41 9.20 14.44 15.24 16.74 15.45 14.13 15.15 16.11 16.15 0.00 15.45 <-Median-> 10 P/AFFO Med
Price/AFFO High 17.60 19.12 17.89 13.84 12.64 16.38 16.60 18.13 17.24 15.15 16.26 18.35 17.24 0.00 17.24 <-Median-> 10 P/AFFO High
Price/AFFO Low 12.08 14.83 13.25 4.99 5.76 12.51 13.89 15.34 13.67 13.12 14.04 13.88 15.07 0.00 13.88 <-Median-> 10 P/AFFO Low
Price/AFFO Close 16.49 17.69 14.75 6.68 12.43 15.18 16.26 16.89 14.30 14.69 15.17 15.38 15.28 14.48 15.17 <-Median-> 10 P/AFFO Close
Trailing P/AFFO Close 18.40 19.17 15.70 6.84 11.48 14.89 17.38 17.59 14.68 15.52 16.25 16.23 14.34 15.28 15.61 <-Median-> 10 Trailing P/AFFO Close
Median Values DPR 10 Yrs 90.69% 5 Yrs 83.79% P/CF 5 Yrs in order 15.45 17.24 13.88 15.17 -1.10% Diff M/C -1.10% Diff M/C 10 DPR 75% to 95% best
Adjusted Funds from Operations per share (DI to '04)
$2.20 <-12 mths -1.79%
Diluted FFO $1.85 $1.95 $2.10 $2.23
Distri Inc or FFO $1.57 $1.67 $1.75 $1.81 $1.67 $1.35 $1.70 $1.79 $1.86 $1.96 $2.11 $2.24 $2.21 $2.33 34.13% <-Total Growth 10 FFO
Increase 18.05% 6.37% 4.79% 3.26% -7.58% -19.16% 26.15% 4.93% 3.86% 5.44% 7.82% 6.16% -1.34% 5.43% 2.98% <-IRR #YR-> 10 FFO 34.13%
FFO Yield 6.6% 6.1% 7.1% 15.9% 8.6% 5.8% 6.4% 6.2% 7.4% 7.2% 7.0% 6.9% 7.3% 7.7% 5.63% <-IRR #YR-> 5 FFO 31.53%
5 year Running Average $1.07 $1.32 $1.51 $1.63 $1.69 $1.65 $1.66 $1.66 $1.67 $1.73 $1.88 $1.99 $2.07 $2.17 4.17% <-IRR #YR-> 10 5 yr Running Average 50.53%
Payout Ratio DI 87.26% 88.07% 86.86% 85.67% 92.69% 114.67% 90.90% 86.63% 83.41% 79.55% 76.26% 74.03% 76.92% 72.96% 3.74% <-IRR #YR-> 5 5 yr Running Average 20.17%
5 year Running Average 81.71% 89.13% 87.69% 88.07% 92.58% 93.14% 93.06% 92.52% 89.55% 82.97% 79.60% 77.82% 75.82% 89.34% <-Median-> 10 Payout 5 yr Running Average
P/FFO re Med Price 13.61 15.86 14.77 8.86 8.65 16.48 14.73 16.05 14.65 13.42 14.28 15.11 14.40 0.00 14.69 <-Median-> 10 P/FFO Med
P/FFO re Hi Price 16.15 17.86 16.97 13.02 11.89 18.68 16.04 17.39 16.34 14.38 15.33 17.21 15.37 0.00 16.19 <-Median-> 10 P/FFO High
P/FFO re Low Price 11.08 13.86 12.57 4.70 5.41 14.27 13.42 14.72 12.96 12.46 13.24 13.01 13.43 0.00 12.98 <-Median-> 10 P/FFO Low
P/FFO re Close price 15.12 16.53 13.99 6.28 11.68 17.31 15.72 16.20 13.56 13.95 14.31 14.42 13.62 12.92 14.15 <-Median-> 10 P/FFO Close
Trailing P/FFO 17.85 17.58 14.66 6.49 10.80 13.99 19.83 17.00 14.08 14.71 15.43 15.30 13.44 13.62 14.69 <-Median-> 10 Trailing P/FFO Close
Median Values DPR 10 Yrs 86.15% 5 Yrs 79.55% P/CF 5 Yrs in order 14.65 16.34 13.01 14.31 -6.98% Diff M/C -7.25% Diff M/C 10 DPR 75% to 95% best
* Funds From Operations
$2.52 <-12 mths 1.80%
EPS Basic $0.55 $0.26 $0.33 $0.95 $0.24 $0.11 $1.49 $7.11 $2.38 $1.95 $2.18 $2.49 857.69% <-Total Growth 10 EPS Basic
EPS Diluted* $0.55 $0.26 $0.33 $0.95 $0.24 $0.11 $1.48 $7.08 $2.33 $1.94 $2.15 $2.48 $2.52 <-12 mths 853.85% <-Total Growth 10 EPS Diluted
Increase 8.70% -52.73% 26.92% 187.88% -74.74% -54.44% 1255% 378% -67.11% -16.80% 11.05% 15.35% 1.80% <-12 mths 25.30% <-IRR #YR-> 10 Earnings per Share 853.85%
Earnings Yield 2.32% 0.94% 1.35% 8.37% 1.23% 0.47% 5.53% 24.44% 9.25% 7.09% 7.12% 7.68% 8.38% <-12 mths 10.86% <-IRR #YR-> 5 Earnings per Share 67.45%
5 year Running Average $0.77 $0.71 $0.59 $0.52 $0.47 $0.38 $0.62 $1.97 $2.25 $2.59 $2.99 $3.19 $2.28 <-12 mths 16.16% <-IRR #YR-> 10 5 yr Running Average 347.17%
10 year Running Average $0.50 $0.58 $0.58 $0.58 $0.67 $1.28 $1.38 $1.53 $1.69 $1.91 $2.13 <-12 mths 38.70% <-IRR #YR-> 5 5 yr Running Average 413.40%
* Diluted net Income per share E/P 10 Yrs 7.11% 5Yrs 7.68%
-$0.26 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.48
-$1.48 $0.00 $0.00 $0.00 $0.00 $2.48
-$0.71 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.19
-$0.62 $0.00 $0.00 $0.00 $0.00 $3.19
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 <-Median-> 10 Special Dividends
Dividend* $1.37 $1.47 $1.52 $1.55 $1.55 $1.55 $1.55 $1.55 $1.55 $1.56 $1.61 $1.658 $1.70 $1.70 $1.70 12.75% <-Total Growth 10 Dividends
Increase 12.51% 7.36% 3.34% 1.84% 0.00% 0.00% 0.00% 0.00% 0.00% 0.57% 3.35% 3.07% 2.51% 0.00% 0.00% Count 14 Years of data
Dividends 5 Yr Running $1.08 $1.35 $1.43 $1.49 $1.53 $1.54 $1.55 $1.55 $1.55 $1.56 $1.58 $1.61 $1.64 $1.67 46.64% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 6.41% 5.55% 5.88% 9.67% 10.72% 6.96% 6.17% 5.40% 5.69% 5.93% 5.34% 4.90% 5.34% 5.90% <-Median-> 10 Yield H/L Price
Yield on High Price 5.40% 4.93% 5.12% 6.58% 7.80% 6.14% 5.67% 4.98% 5.11% 5.53% 4.97% 4.30% 5.01% 5.33% <-Median-> 10 Yield on High Price
Yield on Low Price 7.87% 6.36% 6.91% 18.23% 17.12% 8.03% 6.77% 5.89% 6.44% 6.39% 5.76% 5.69% 5.73% 6.60% <-Median-> 10 Yield on Low Price
Yield on Close Price 5.77% 5.33% 6.21% 13.64% 7.93% 6.62% 5.78% 5.35% 6.15% 5.70% 5.33% 5.14% 5.65% 5.65% 5.65% 5.97% <-Median-> 10 Yield on Close Price
Payout Ratio EPS 249.09% 565.70% 460.61% 162.95% 645.00% 1415.79% 104.52% 21.88% 66.52% 80.41% 74.84% 66.87% 67.34% #VALUE! #DIV/0! 92.47% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 151.25% 229.20% 274.52% 320.03% 404.10% 247.94% 78.53% 68.90% 59.93% 52.17% 49.60% 70.70% #VALUE! #DIV/0! 153.87% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 134.36% 143.41% 87.07% 102.16% 107.73% 125.89% 95.93% 95.67% 88.01% 94.41% 83.38% 81.32% 81.00% 95.04% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 128.31% 117.71% 112.01% 110.58% 109.80% 102.26% 104.40% 101.08% 98.47% 91.14% 88.05% 85.19% 103.33% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 111.91% 139.33% 92.87% 90.18% 96.32% 122.60% 104.71% 83.77% 91.42% 88.25% 84.86% 78.06% 81.00% 90.80% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 130.49% 118.14% 106.22% 102.99% 104.89% 100.14% 97.82% 98.11% 96.31% 89.98% 84.93% 84.29% 99.12% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 5 Yr Med 5 Yr Cl 5.40% 5.35% 5 Yr Med Payout 66.87% 88.01% 84.86% 1.21% <-IRR #YR-> 10 Dividends 12.75%
* Dividends per share 5 Yr Med and Cur. 4.62% 5.59% Last Div Inc ---> $0.1375 $0.1417 3.0% 1.39% <-IRR #YR-> 5 Dividends 7.13%
-$1.47 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.66
-$1.55 $0.00 $0.00 $0.00 $0.00 $1.66
Historical Dividends Historical High Div 17.57% Low Div 2.58% Ave Div 10.08% Med Div 5.93% Close Div 5.78% Historical Dividends
High/Ave/Median Values Curr diff Exp. -67.87% 118.84% Exp. -43.96% Exp. -4.79% Exp. -2.36% High/Ave/Median
Future Dividend Yield Div Yd 6.58% earning in 5 Years at IRR of 3.10% Div Inc. 16.49% Future Dividend Yield
Future Dividend Yield Div Yd 7.66% earning in 10.00 Years at IRR of 3.10% Div Inc. 35.70% Future Dividend Yield
Future Dividend Yield Div Yd 8.93% earning in 15.00 Years at IRR of 3.10% Div Inc. 58.08% Future Dividend Yield
Yield if held 5 yrs 86.71% 93.68% 25.98% 13.32% 9.53% 7.24% 5.84% 5.99% 9.67% 10.78% 7.23% 6.61% 5.93% 6.25% 6.47% 8.38% <-Median-> 10 Paid Median Price
Yield if held 10 yrs 102.18% 86.00% 97.97% 98.60% 26.46% 13.32% 9.58% 7.53% 6.26% 6.58% 10.62% 11.77% 26.46% <-Median-> 9 Paid Median Price
Yield if held 15 yrs 102.18% 86.49% 101.84% 105.63% 29.06% 14.62% 10.46% 102.01% <-Median-> 4 Paid Median Price
Yield if held 20 yrs 112.21% 94.45% #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 5 years 248.75% 344.02% 115.03% 61.30% 45.89% 35.72% 29.12% 29.94% 48.36% 53.64% 35.11% 31.57% 28.14% 30.25% 31.86% 40.80% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 559.02% 556.51% 731.97% 835.23% 247.34% 127.88% 93.57% 72.26% 59.02% 61.17% 99.75% 111.57% 247.34% <-Median-> 9 Paid Median Price
Cost covered if held 15 years 1069.91% 987.00% 1226.26% 1339.70% 385.32% 198.63% 145.07% 1148.08% <-Median-> 4 Paid Median Price
Cost covered if held 20 years 1612.76% 1451.85% #NUM! <-Median-> 0 Paid Median Price
Graham No. with FFO $23.19 $24.93 $24.69 $24.77 $22.76 $20.35 $25.89 $30.66 $31.68 $32.69 $33.79 $35.48 $35.51 $36.46 $0.00 42.31% <-Total Growth 10 Graham Price with FFO
Price/GP Ratio Med 0.92 1.06 1.05 0.65 0.63 1.09 0.97 0.94 0.86 0.80 0.89 0.95 0.90 0.91 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.09 1.20 1.20 0.95 0.87 1.24 1.06 1.01 0.96 0.86 0.96 1.09 0.96 0.99 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.75 0.93 0.89 0.34 0.40 0.95 0.88 0.86 0.76 0.75 0.83 0.82 0.84 0.82 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.02 1.11 0.99 0.46 0.86 1.15 1.03 0.94 0.79 0.84 0.89 0.91 0.85 0.83 #DIV/0! 0.90 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 3.98% 27.13% -1.85% -74.72% -37.71% 52.22% 3.66% -2.81% -18.38% -16.57% -10.56% -8.54% -14.22% #VALUE! #DIV/0! -9.55% <-Median-> 10 Graham Price
Graham No. $13.73 $9.84 $10.72 $17.96 $8.63 $5.79 $24.14 $61.01 $35.47 $32.51 $34.11 $37.33 $37.95 #VALUE! $0.00 279.50% <-Total Growth 10 Graham Price
Price/GP Ratio Med 1.56 2.69 2.41 0.89 1.67 3.84 1.04 0.47 0.77 0.81 0.88 0.91 0.84 0.90 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.85 3.03 2.77 1.31 2.30 4.36 1.13 0.51 0.85 0.87 0.95 1.03 0.89 1.08 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.27 2.35 2.05 0.47 1.05 3.33 0.95 0.43 0.68 0.75 0.82 0.78 0.78 0.80 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.73 2.81 2.28 0.63 2.26 4.04 1.11 0.47 0.71 0.84 0.89 0.86 0.79 #VALUE! #DIV/0! 0.87 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 72.93% 180.56% 128.44% -36.80% 126.07% 303.60% 10.90% -52.55% -29.07% -16.03% -11.50% -13.51% -20.66% #VALUE! #DIV/0! -12.50% <-Median-> 10 Graham Price
pre-cons Feb 02
pre-cons Nov 02
Price Close $23.74 $27.60 $24.49 $11.35 $19.51 $23.37 $26.77 $28.95 $25.16 $27.30 $30.19 $32.29 $30.11 $30.11 $30.11 16.99% <-Total Growth 10 Stock Price
Increase 26.61% 16.26% -11.27% -53.65% 71.89% 19.78% 14.55% 8.14% -13.09% 8.51% 10.59% 6.96% -6.75% 0.00% 0.00% 1.58% <-IRR #YR-> 10 Stock Price 16.99%
P/E 43.16 106.15 74.21 11.95 81.29 213.74 18.08 4.09 10.81 14.10 14.04 13.02 11.93 #VALUE! #DIV/0! 3.82% <-IRR #YR-> 5 Stock Price 20.62%
Trailing P/E 46.92 50.18 94.19 34.39 20.54 97.38 244.84 19.55 3.56 11.73 15.59 15.02 12.14 11.93 #VALUE! 6.88% <-IRR #YR-> 10 Price & Dividend
Median 10, 5 Yrs D. per yr 5.30% 5.50% % Tot Ret 77.01% 59.02% Price Inc 8.14% P/E: 14.07 13.02 9.32% <-IRR #YR-> 5 Price & Dividend
-$27.60 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $32.29
-$26.77 $0.00 $0.00 $0.00 $0.00 $32.29
-$27.60 $1.52 $1.55 $1.55 $1.55 $1.55 $1.55 $1.55 $1.56 $1.61 $33.95
-$26.77 $1.55 $1.55 $1.56 $1.61 $33.95
Price H/L Median $21.38 $26.49 $25.85 $16.01 $14.45 $22.25 $25.09 $28.69 $27.19 $26.26 $30.14 $33.84 $31.82 27.77% <-Total Growth 10 Stock Price
Increase 31.54% 23.91% -2.40% -38.09% -9.75% 54.00% 12.79% 14.33% -5.23% -3.40% 14.78% 12.28% -5.97% 2.48% <-IRR #YR-> 10 Stock Price 27.77%
P/E 38.86 101.87 78.33 16.85 60.19 203.45 16.94 4.05 11.68 13.56 14.02 13.65 12.60 6.17% <-IRR #YR-> 5 Stock Price 34.87%
Trailing P/E 42.24 48.15 99.42 48.50 15.21 92.69 229.47 19.37 3.84 11.28 15.57 15.74 12.83 7.81% <-IRR #YR-> 10 Price & Dividend
P/E on Run. 5 yr Ave 27.68 37.08 44.02 30.83 31.00 58.87 40.33 14.55 12.10 10.16 10.07 10.60 13.93 11.80% <-IRR #YR-> 5 Price & Dividend
P/E on Run. 10 yr Ave 52.04 27.68 24.72 38.68 37.55 22.42 19.66 17.21 17.88 17.74 14.96 13.83 P/E Ratio Historical Median
Median 10, 5 Yrs D. per yr 5.33% 5.63% % Tot Ret 68.25% 47.75% Price Inc 12.28% P/E: 15.43 13.56 Count 19 Years of data
-$26.49 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $33.84
-$25.09 $0.00 $0.00 $0.00 $0.00 $33.84
-$26.49 $1.52 $1.55 $1.55 $1.55 $1.55 $1.55 $1.55 $1.56 $1.61 $35.50
-$25.09 $1.55 $1.55 $1.56 $1.61 $35.50
High Months Sep Sep Jan Jan Sep Sep Nov Aug May Nov Nov Jul Feb
pre-cons Feb 9 02
pre-cons Nov 4 02
Price High $25.35 $29.83 $29.70 $23.52 $19.85 $25.22 $27.32 $31.07 $30.32 $28.14 $32.35 $38.54 $33.96 29.20% <-Total Growth 10 Stock Price
Increase 34.34% 17.67% -0.44% -20.81% -15.60% 27.05% 8.33% 13.73% -2.41% -7.19% 14.96% 19.13% -11.88% 2.59% <-IRR #YR-> 10 Stock Price 29.20%
P/E 46.09 114.73 90.00 24.76 82.71 230.66 18.45 4.39 13.03 14.54 15.05 15.54 13.45 7.12% <-IRR #YR-> 5 Stock Price 41.07%
Trailing P/E 50.10 54.24 114.23 71.27 20.89 105.08 249.87 20.98 4.29 12.09 16.71 17.93 13.69 15.29 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 13.73% P/E: 16.99 14.54 84.17 P/E Ratio Historical High
-$29.83 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $38.54
-$27.32 $0.00 $0.00 $0.00 $0.00 $38.54
Low Months Apr Jun Nov Nov Mar Feb Aug Mar Oct Jan Jan Jan Sep
pre-cons Feb 9 02
pre-cons Nov 4 02
Price Low $17.40 $23.14 $22.00 $8.49 $9.04 $19.27 $22.86 $26.30 $24.05 $24.38 $27.93 $29.14 $29.68 25.93% <-Total Growth 10 Stock Price
Increase 27.66% 32.99% -4.93% -61.41% 6.48% 113.16% 18.63% 15.05% -8.56% 1.37% 14.56% 4.33% 1.85% 2.33% <-IRR #YR-> 10 Stock Price 25.93%
P/E 31.64 89.00 66.67 8.94 37.67 176.24 15.44 3.72 10.34 12.59 12.99 11.75 11.76 4.97% <-IRR #YR-> 5 Stock Price 27.47%
Trailing P/E 34.39 42.07 84.62 25.73 9.52 80.29 209.08 17.76 3.40 10.48 14.43 13.55 11.97 12.17 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 4.33% P/E: 12.79 11.75 6.48 P/E Ratio Historical Low
-$23.14 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $29.14
Debt Long Term $1,447.4 $1,963.4 $2,298.7 $2,619.8 $2,726.7 $2,666.6 $2,701.8 $2,645.6 $3,068.4 $3,001.7 $3,790.5 $3,837.8 $3,850.4 Debt Long Term
Change 141.20% 35.65% 17.08% 13.97% 4.08% -2.20% 1.32% -2.08% 15.98% -2.17% 26.28% 1.25% 0.33% 2.70% <-Median-> 10 Change
CF/Debt Ratio 4.89% 4.71% 7.00% 5.50% 5.24% 5.25% 7.38% 8.07% 7.69% 7.47% 7.82% 8.24% 8.42% 7.43% <-Median-> 10 CF/Debt Ratio
Long Term Debt $3,001.7 $3,790.5 $3,837.8 $3,850.4 Debt
Change 26.28% 1.25% 0.33% 13.76% <-Median-> 2 Change
Debt/Market Cap Ratio 0.81 0.82 0.77 0.83 0.81 <-Median-> 3 % of Market C.
Goodwill & Intangibles yes---> $0.00 $0.00 $0.00 $53.13 $51.80 $51.13 Intangibles Goodwill
Change -2.51% -1.29% -2.51% <-Median-> 1 Change
Intangible/Market Cap Ratio 0.00 0.00 0.00 0.01 0.01 0.01 0.00 <-Median-> 5 Intangible/Market Cap Ratio
Market Cap in $M $1,649.3 $2,487.7 $2,256.7 $1,079.1 $1,939 $2,660 $3,310 $3,820 $3,373 $3,713 $4,635 $5,009 $4,649 $4,649 $4,649 101.35% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 106.50 119.43 126.97 136.04 138.34 148.30 155.54 156.92 30.24% <-Total Growth 6 Diluted
Change 12.14% 6.31% 7.15% 1.69% 7.20% 4.89% 0.88% 6.73% <-Median-> 6 Change
Differnce to Average -7.6% -0.4% -0.5% -2.1% -2.2% -1.1% -0.4% -0.4% -1.15% <-Median-> 7 Difference Convertible Deb
Basic # of Shares in Millions 49.40 78.48 91.18 93.87 97.09 98.41 118.93 126.39 133.16 135.36 146.59 154.94 156.26 97.43% <-Total Growth 10 Average
Change 88.62% 58.87% 16.18% 2.95% 3.43% 1.36% 20.85% 6.27% 5.35% 1.66% 8.30% 5.69% 0.85% 5.52% <-Median-> 10 Change
Difference 40.6% 14.8% 1.1% 1.3% 2.3% 15.7% 4.0% 4.4% 0.7% 0.5% 4.7% 0.1% -1.2% 1.82% <-Median-> 10 Difference
$324.0 <-12 mths 2.43%
Trust Units 76.918 78.713 82.981 97.987 107.251 114.138 115.723 117.045 128.674 130.132 129.418 129.418 129.418 69.18% <-Total Growth 9 Trust Units
LP Units 14.473 15.608 15.628 15.853 16.387 17.830 18.347 18.959 24.852 24.992 24.969 24.969 24.969 72.68% <-Total Growth 9 LP Units
LP II Units 0.757 0.757 0.757 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 -100.00% <-Total Growth 9 LP II Units
# of Share in Millions 69.475 90.133 92.147 95.078 99.365 113.839 123.638 131.969 134.070 136.004 153.526 155.124 154.387 154.387 154.387 5.58% <-IRR #YR-> 10 Shares 72.10%
Change 108.87% 29.73% 2.23% 3.18% 4.51% 14.57% 8.61% 6.74% 1.59% 1.44% 12.88% 1.04% -0.47% 0.00% 0.00% 4.64% <-IRR #YR-> 5 Shares 25.47%
Cash Flow from Operations $M $70.839 $92.439 $160.87 $144.07 $142.79 $139.98 $199.51 $213.54 $235.82 $224.27 $296.25 $316.34 $324.0 <-12 mths 242.21% <-Total Growth 10 Cash Flow
Increase 101.61% 30.49% 74.03% -10.44% -0.89% -1.97% 42.53% 7.04% 10.43% -4.90% 32.09% 6.78% 2.43% <-12 mths SO, DRIP Conv Deb. Exch. Def Units
5 year Running Average $23.4 $41.9 $73.8 $100.7 $122.2 $136.0 $157.4 $168.0 $186.3 $202.6 $233.9 $257.2 $279.3 <-12 mths 513.49% <-Total Growth 10 CF 5 Yr Running
CFPS $1.02 $1.03 $1.75 $1.52 $1.44 $1.23 $1.61 $1.62 $1.76 $1.65 $1.93 $2.04 $2.10 <-12 mths 98.84% <-Total Growth 10 Cash Flow per Share
Increase -3.47% 0.58% 70.23% -13.20% -5.17% -14.43% 31.23% 0.28% 8.70% -6.25% 17.02% 5.68% 2.91% <-12 mths 13.09% <-IRR #YR-> 10 Cash Flow 242.21%
5 year Running Average $0.60 $0.84 $1.14 $1.27 $1.35 $1.39 $1.51 $1.48 $1.53 $1.57 $1.71 $1.80 $1.90 <-12 mths 9.66% <-IRR #YR-> 5 Cash Flow 58.56%
P/CF on Med Price 20.96 25.82 14.81 10.56 10.05 18.09 15.55 17.73 15.46 15.92 15.62 16.59 15.16 <-12 mths 7.11% <-IRR #YR-> 10 Cash Flow per Share 98.84%
P/CF on Closing Price 23.28 26.91 14.03 7.49 13.58 19.01 16.59 17.89 14.30 16.56 15.65 15.83 14.35 <-12 mths 4.79% <-IRR #YR-> 5 Cash Flow per Share 26.38%
-7.94% Diff M/C 7.89% <-IRR #YR-> 10 CFPS 5 yr Running 113.69%
Excl.Working Capital CF $14.22 $2.71 -$10.05 $19.14 $16.91 $3.76 -$16.73 $30.31 -$8.81 $15.66 -$5.14 $13.20 $0.00 <-12 mths 3.59% <-IRR #YR-> 5 CFPS 5 yr Running 19.28%
CF fr Op $M WC $85.1 $95.2 $150.8 $163.2 $159.7 $143.7 $182.8 $243.9 $227.0 $239.9 $291.1 $329.5 $324.0 <-12 mths 246.33% <-Total Growth 10 Cash Flow less WC
Increase 137.60% 11.87% 58.51% 8.21% -2.15% -9.99% 27.16% 33.42% -6.91% 5.69% 21.33% 13.20% -1.68% <-12 mths 13.23% <-IRR #YR-> 10 Cash Flow less WC 246.33%
5 year Running Average $25.9 $44.9 $75.0 $106.0 $130.8 $142.5 $160.0 $178.7 $191.4 $207.5 $236.9 $266.3 $282.3 <-12 mths 12.51% <-IRR #YR-> 5 Cash Flow less WC 80.30%
CFPS Excl. WC $1.22 $1.06 $1.64 $1.72 $1.61 $1.26 $1.48 $1.85 $1.69 $1.76 $1.90 $2.12 $2.10 <-12 mths 19.49% <-IRR #YR-> 10 CF less WC 5 Yr Run 493.27%
Increase 13.76% -13.77% 55.04% 4.88% -6.37% -21.44% 17.08% 25.00% -8.37% 4.19% 7.48% 12.04% -1.21% <-12 mths 10.72% <-IRR #YR-> 5 CF less WC 5 Yr Run 66.38%
5 year Running Average $0.64 $0.83 $1.14 $1.34 $1.45 $1.46 $1.54 $1.58 $1.58 $1.61 $1.74 $1.87 $1.92 <-12 mths 7.24% <-IRR #YR-> 10 CFPS - Less WC 101.23%
P/CF on Med Price 17.46 25.09 15.79 9.32 8.99 17.62 16.97 15.52 16.06 14.89 15.90 15.93 15.16 <-12 mths 7.52% <-IRR #YR-> 5 CFPS - Less WC 43.70%
P/CF on Closing Price 19.39 26.14 14.96 6.61 12.14 18.51 18.11 15.67 14.86 15.47 15.92 15.20 14.35 <-12 mths 8.46% <-IRR #YR-> 10 CFPS 5 yr Running 125.30%
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 15.58 5 yr 15.92 P/CF Med 10 yr 15.84 5 yr 15.90 -9.45% Diff M/C 3.90% <-IRR #YR-> 5 CFPS 5 yr Running 21.09%
-$1.03 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.04 Cash Flow per Share
-$1.61 $0.00 $0.00 $0.00 $0.00 $2.04 Cash Flow per Share
-$0.84 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.80 CFPS 5 yr Running
-$1.51 $0.00 $0.00 $0.00 $0.00 $1.80 CFPS 5 yr Running
-$95.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $329.5 Cash Flow less WC
-$182.8 $0.0 $0.0 $0.0 $0.0 $329.5 Cash Flow less WC
-$44.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $266.3 CF less WC 5 Yr Run
-$160.0 $0.0 $0.0 $0.0 $0.0 $266.3 CF less WC 5 Yr Run
-$1.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.12 CFPS - Less WC
-$1.48 $0.00 $0.00 $0.00 $0.00 $2.12 CFPS - Less WC
OPM 35.2% 29.8% 42.4% 33.1% 30.9% 28.3% 36.6% 39.1% 41.3% 36.9% 44.3% 43.6% 46.58% <-Total Growth 10 OPM
Increase -11.85% -15.51% 42.44% -21.82% -6.65% -8.47% 29.32% 6.82% 5.57% -10.63% 20.08% -1.55% Should increase or be stable.
Diff from Ave -6.5% -21.0% 12.6% -12.0% -17.9% -24.8% -2.8% 3.8% 9.6% -2.0% 17.6% 15.8% 0.01 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 37.66% 5 Yrs 41.04% should be zero, it is a check on calculations
Current Assets $67.4 $46.3 $62.7 $38.8 $125.1 $50.0 $101.3 $164.8 $170.0 Liquidity ratio of 1.5 and up, best
Current Liabilities $441.4 $352.0 $377.9 $372.4 $470.5 $569.6 $404.1 $720.5 $702.2 0.16 <-Median-> 8 Ratio
Liquidity Ratio 0.15 0.13 0.17 0.10 0.27 0.09 0.25 0.23 0.24 0.23 <-Median-> 5 Ratio
Liquidity with CF after dividend 0.13 0.03 0.19 0.13 0.33 0.11 0.37 0.31 0.33 0.31 <-Median-> 5 Ratio
Liquidity with CF after cash dividend 0.58 0.43 0.46 0.51 <-Median-> 2 Ratio
Less current LT Debt 1.35 1.83 1.78 1.59 <-Median-> 2 Ratio
Liquidity CF re Inv+Div 0.09 0.02 0.11 0.12 0.18 0.09 0.17 0.28 0.33 0.17 <-Median-> 5 Ratio
Current Long Term Debt $337.3 $237.4 $228.6 $251.8 $322.3 $427.7 $229.8 $550.6 $519.9
Net Liabilities $104.2 $114.6 $149.3 $120.6 $148.2 $141.9 $174.2 $169.9 $182.3
Liquidity Less CLTD 0.65 0.40 0.42 0.32 0.84 0.35 0.58 0.97 0.93 0.58 <-Median-> 5 Ratio
Liquidity with CF after dividend 0.54 0.09 0.47 0.40 1.03 0.44 0.86 1.32 1.27 0.86 <-Median-> 5 Ratio
Distribution in Cash $161.8 $169.7 $169.7
Assets $2,564.1 $3,583.9 $3,893.7 $4,194.4 $4,236.8 $4,373.5 $5,955.5 $6,480.4 $7,071.3 $7,107.4 $8,505.0 $8,738.9 $8,843.0 Debt Ratio of 1.5 and up, best
Liability $1,506.1 $2,090.5 $2,465.0 $2,757.5 $2,864.2 $2,819.9 $3,402.0 $2,840.9 $3,266.8 $3,201.0 $4,022.4 $4,074.9 $4,103.5 1.93 <-Median-> 10 Ratio
Debt Ratio 1.70 1.71 1.58 1.52 1.48 1.55 1.75 2.28 2.16 2.22 2.11 2.14 2.16 2.16 <-Median-> 5 Ratio
Total Book Value $1,058 $1,493 $1,429 $1,437 $1,373 $1,554 $2,553 $3,639 $3,804 $3,906 $4,483 $4,664 $4,740 $4,740 $4,740
NCI $0.00 $2 $2 $2 $2 $2 $391 $554 $583 $606 $789 $789 $825 $825 $825
Book Value $1,058 $1,491 $1,426 $1,435 $1,370 $1,552 $2,162 $3,086 $3,222 $3,300 $3,693 $3,874 $3,914 $3,914 $3,914 159.85% <-Total Growth 10 Book Value
Book Value per Share $15.23 $16.54 $15.48 $15.09 $13.79 $13.63 $17.49 $23.38 $24.03 $24.26 $24.06 $24.98 $25.36 $25.36 $25.36 50.99% <-Total Growth 10 Book Value per Share
Change 29.39% 8.63% -6.43% -2.53% -8.59% -1.18% 28.31% 33.71% 2.77% 0.97% -0.86% 3.83% 1.52% 0.00% 0.00% -6.78% P/B Ratio Current/10 Year Median
P/B Ratio (Median) 1.56 1.67 1.58 0.75 1.41 1.71 1.53 1.24 1.05 1.13 1.26 1.29 1.19 1.26 P/B Ratio Historical Median
P/B Ratio (Close) 1.56 1.67 1.58 0.75 1.41 1.71 1.53 1.24 1.05 1.13 1.26 1.29 1.19 1.19 1.19 4.21% <-IRR #YR-> 10 Book Value per Share 50.99%
Change -2.14% 7.03% -5.17% -52.45% 88.05% 21.22% -10.72% -19.12% -15.43% 7.46% 11.55% 3.01% -8.14% 0.00% 0.00% 7.39% <-IRR #YR-> 5 Book Value per Share 42.83%
Leverage (A/BK) 2.42 2.40 2.73 2.92 3.09 2.81 2.33 1.78 1.86 1.82 1.90 1.87 1.87 2.11 <-Median-> 10 A/BV
Debt/Equity Ratio 1.42 1.40 1.73 1.92 2.09 1.81 1.33 0.78 0.86 0.82 0.90 0.87 0.87 1.11 <-Median-> 10 Debt/Eq Ratio
Shareholders Equity (Assets less liabilities) P/BV 10 yr Med 1.27 5 yr Med 1.24 -6.78% Diff M/C
-$16.54 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $24.98
-$17.49 $0.00 $0.00 $0.00 $0.00 $24.98
Net Rental Income $135.28 $196.78 $245.04 $274.58 $294.30 $317.95 $338.93 $358.69 $374.27 $394.78 $436.93 $474.86 141% <-Total Growth 10 Net Rental Income
Change 139.39% 45.46% 24.52% 12.06% 7.18% 8.04% 6.60% 5.83% 4.34% 5.48% 10.68% 8.68% 7.61% <-Median-> 10 Change
EBITDA $102.71 $143.31 $196.91 $236.18 $246.79 $243.94 $491.51 $746.94 $375.30 $393.90 $429.50 $461.84 222% <-Total Growth 10 EBITDA (fr TD Bank)
$329.67 <-12 mths 2.31%
Total Comprehensive Income $206.79 $1,044.94 $316.62 $263.71 $319.49 $386.14 #DIV/0! <-Total Growth 5 Total Comprehensive Income
NCI $29.91 $146.56 $43.85 $37.17 $50.32 $63.90
Shareholders $26.75 $20.77 $30.50 $89.65 $23.29 $11.65 $176.88 $898.38 $272.78 $226.54 $269.17 $322.23 1451.43% <-Total Growth 10 Comprehensive Income
Increase -22.36% 46.82% 193.98% -74.03% -49.99% 1418.93% 407.91% -69.64% -16.95% 18.82% 19.71% 18.82% <-Median-> 5 Comprehensive Income
5 Yr Running Average $38.19 $35.17 $66.39 $239.97 $276.59 $317.24 $368.75 $397.82 31.54% <-IRR #YR-> 10 Comprehensive Income 1451.43%
ROE 2.5% 1.4% 2.1% 6.2% 1.7% 0.8% 8.2% 29.1% 8.5% 6.9% 7.3% 8.3% 12.75% <-IRR #YR-> 5 Comprehensive Income 82.18%
5Yr Median 2.1% 1.7% 2.1% 6.2% 8.2% 8.2% 8.2% 8.3% 39.76% <-IRR #YR-> 7 5 Yr Running Average #DIV/0!
% 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% 43.06% <-IRR #YR-> 5 5 Yr Running Average 499.21%
Median Values Diff 5, 10 yr 0.0% 0.0% 8.3% <-Median-> 5 Return on Equity
-$20.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $322.2
-$176.9 $0.0 $0.0 $0.0 $0.0 $322.2
-$38.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $397.8
-$66.4 $0.0 $0.0 $0.0 $0.0 $397.8
Current Liability Coverage Ratio 0.36 0.41 0.48 0.65 0.48 0.42 0.72 0.46 CFO / Current Liabilities
5 year Median 0.48 0.48 0.48 0.48 0.48 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 3.32% 2.65% 3.87% 3.89% 3.77% 3.29% 3.07% 3.76% 3.21% 3.38% 3.42% 3.77% CFO / Total Assets
5 year Median 3.32% 3.32% 3.47% 3.53% 3.77% 3.77% 3.77% 3.76% 3.29% 3.29% 3.38% 3.42% 3.4% <-Median-> 5 Return on Assets
Return on Assets ROA 1.0% 0.6% 0.8% 2.1% 0.5% 0.3% 3.0% 13.9% 3.9% 3.2% 3.2% 3.7% Net Income/Assets Return on Assets
5Yr Median 1.3% 1.3% 1.0% 1.0% 0.8% 0.6% 0.8% 2.1% 3.0% 3.2% 3.2% 3.7% 3.1% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 2.5% 1.4% 2.1% 6.2% 1.7% 0.8% 8.2% 29.1% 8.5% 6.9% 7.3% 8.3% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 3.4% 2.8% 2.5% 2.5% 2.1% 1.7% 2.1% 6.2% 8.2% 8.2% 8.2% 8.3% 7.1% <-Median-> 10 Return on Equity
$329.67 <-12 mths 2.31%
Net Income $206.79 $1,044.94 $316.62 $263.71 $319.49 $386.14
NCI $29.91 $146.56 $43.85 $37.17 $50.32 $63.90
Shareholders $26.75 $20.77 $30.50 $89.65 $23.29 $11.65 $176.88 $898.38 $272.78 $226.54 $269.17 $322.23 1451.43% <-Total Growth 10 Net Income
Increase 99.42% -22.36% 46.82% 193.98% -74.03% -49.99% 1418.93% 407.91% -69.64% -16.95% 18.82% 19.71% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $10.2 $14.3 $20.1 $36.2 $38.2 $35.2 $66.4 $240.0 $276.6 $317.2 $368.7 $397.8 31.54% <-IRR #YR-> 10 Net Income 1451.43%
Operating Cash Flow $70.84 $92.44 $160.87 $144.07 $142.79 $139.98 $199.51 $213.54 $235.82 $224.27 $296.25 $316.34 12.75% <-IRR #YR-> 5 Net Income 82.18%
Investment Cash Flow -$787.89 -$554.56 -$534.59 -$283.35 -$161.67 -$274.29 -$274.29 -$12.95 -$369.70 -$97.66 -$508.28 -$90.61 39.49% <-IRR #YR-> 10 5 Yr Running Ave. 2688.12%
Total Accruals $743.80 $482.89 $404.22 $228.93 $42.17 $145.95 $251.66 $697.79 $406.66 $99.93 $481.20 $96.51 43.06% <-IRR #YR-> 5 5 Yr Running Ave. 499.21%
Total Assets $2,564.1 $3,583.9 $3,893.7 $4,194.4 $4,236.8 $4,373.5 $5,955.5 $6,480.4 $7,071.3 $7,107.4 $8,505.0 $8,738.9 Balance Sheet Assets
Accruals Ratio 29.01% 13.47% 10.38% 5.46% 1.00% 3.34% 4.23% 10.77% 5.75% 1.41% 5.66% 1.10% 5.66% <-Median-> 5 Ratio
EPS/CF Ratio 0.45 0.25 0.20 0.55 0.15 0.09 1.00 3.83 1.37 1.10 1.13 1.17 1.05 <-Median-> 10 EPS/CF Ratio
-$20.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $322.2
-$176.9 $0.0 $0.0 $0.0 $0.0 $322.2
-$14.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $397.8
-$66.4 $0.0 $0.0 $0.0 $0.0 $397.8
Chge in Close 26.61% 16.26% -11.27% -53.65% 71.89% 19.78% 14.55% 8.14% -13.09% 8.51% 10.59% 6.96% -6.75% 0.00% 0.00% Count 20 Years of data
up/down/neutral down down down down down down down down Count 14 70.00%
Any Predictions? % right Count 1 7.14%
Financial Cash Flow $799.10 $592.25 $175.97 $141.62 $21.98 $115.61 $115.61 -$93.64 $217.14 -$206.58 $213.12 -$223.97 C F Statement Financial CF
Total Accruals -$55.29 -$109.37 $228.25 $87.32 $20.19 $30.35 $136.05 $791.42 $189.52 $306.51 $268.08 $320.47 Accruals
Accruals Ratio -2.16% -3.05% 5.86% 2.08% 0.48% 0.69% 2.28% 12.21% 2.68% 4.31% 3.15% 3.67% 3.67% <-Median-> 5 Ratio
Cash $89.67 $219.81 $22.05 $24.39 $27.49 $8.79 $21.01 $16.96 $100.22 $20.25 $21.34 $23.09 $21.79 Cash
Cash per Share $1.29 $2.44 $0.24 $0.26 $0.28 $0.08 $0.17 $0.13 $0.75 $0.15 $0.14 $0.15 $0.14 $0.15 <-Median-> 5 Cash per Share
Percentage of Stock Price 5.44% 8.84% 0.98% 2.26% 1.42% 0.33% 0.63% 0.44% 2.97% 0.55% 0.46% 0.46% 0.47% 0.46% <-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:
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.
Unfortunately, this stock is no longer on the Dividend Achiever's List.
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.
Smart REIT is the largest owner of large-format unenclosed retail properties 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 %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M
On Sep 01 2014 Mar 3 2012 Aug 24 2013 Sep 01 2014 Sep 18 2015 Sep 11 2016 Sep 10 2017
Thomas, John Huw 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00%
CEO - Shares - Amount $0.000 $0.000 $0.000 $0.000 $0.000
Options - percentage 0.009 0.01% 0.026 0.02% 0.050 0.03% 0.135 0.09% 0.139 0.09%
Options - amount $0.215 $0.704 $1.499 $4.345 $4.172
Sweeney, Peter Edmund 0.000 0.00% 0.000 0.00% 0.000 0.00%
CFO - Shares - Amount $0.000 $0.000 $0.000
Options - percentage 0.023 0.01% 0.034 0.02% 0.037 0.02%
Options - amount $0.687 $1.100 $1.119
Calabrese, Mario 0.000 0.00% 0.014 0.01% used to be CFO
CFO - Shares - Amount $0.000 $0.369
Options - percentage 0.007 0.01% 0.00%
Options - amount $0.172 $0.000
Gobin, Rudy 0.011 0.01% 0.011 0.01% 0.001 0.00% 0.001 0.00%
Officer - Shares - Amount $0.277 $0.332 $0.032 $0.030
Options - percentage 0.081 0.06% 0.123 0.08% 0.117 0.08% 0.132 0.09%
Options - amount $2.041 $3.707 $3.773 $3.964
McRae, Keith Nolan 0.071 0.05% Only one with substantial
Officer - Shares - Amount $2.148 Units among officers
Options - percentage 0.035 0.02%
Options - amount $1.062
Charlebois, Marc Yves Joseph 0.160 0.12%
Officer - Shares - Amount $4.368
Options - percentage 0.000 0.00%
Options - amount $0.000
Delf, Kenneth William 0.005 0.00%
Director - Shares - Amount $0.123
Options - percentage 0.007 0.01%
Options - amount $0.194
McVicar, Jamie Marshall 0.053 0.04% 0.053 0.03% 0.053 0.03% 0.053 0.03%
Director - Shares - Amount $1.443 $1.596 $1.707 $1.591
Options - percentage 0.063 0.05% 0.069 0.04% 0.056 0.04% 0.058 0.04%
Options - amount $1.724 $2.079 $1.806 $1.751
Pshebniski, Kevin Brent 0.017 0.01% 0.027 0.02% 0.027 0.02% 0.027 0.02%
Director - Shares - Amount $0.424 $0.823 $0.880 $0.821
Options - percentage 0.059 0.04% 0.084 0.05% 0.066 0.04% 0.074 0.05%
Options - amount $1.492 $2.530 $2.119 $2.233
Young, Michael D'Arcy 0.176 0.13% 0.148 0.10% 0.175 0.11% 0.175 0.11%
Director - Shares - Amount $4.801 $4.464 $5.662 $5.280
Options - percentage 0.053 0.04% 0.065 0.04% 0.011 0.01% 0.021 0.01%
Options - amount $1.449 $1.970 $0.339 $0.623
Goldhar, Mitchell 0.030 0.03% 13.733 11.73% 13.733 8.94% 13.766 8.87% 13.783 8.93% T Shown as 10% Holder
Chairman - Shares - Amt $0.762 $374.905 $414.593 $444.491 $415.002 T
LP - percentage 38.010 28.35% 37.190 196.16% 44.875 29.23% 45.703 29.46% 45.365 29.24% LP Limited Partnership
LP - amount $956.336 $1,015.273 $1,354.770 $1,475.760 $1,365.935 LP Limited Partnership
SVU - percentage 22.069 19.07% 22.051 18.84% 25.123 16.36% 26.252 16.92% 26.639 17.25% SV Special Voting Units
SVU- amount $555.248 $601.988 $758.452 $847.684 $802.093 SV Special Voting Units
Options - percentage 8.231 6.05% 8.274 5.39% 8.279 5.34% 63.014 40.82%
Options - amount $224.708 $249.777 $267.330 $1,897.354
$2,527.815 54.54% $2,767.935 55.26% $2,583.030 55.57%
Increase in O/S Shares 2.013 1.53% 0.733 0.55% 0.481 0.35% 0.190 0.12% 0.177 0.11%
due to SO $58.285 $18.438 $13.141 $5.729 $5.702
Book Value $56.683 $19.177 $12.439 $5.433 $5.688
Insider Buying $0.000 $0.000 $0.000
Insider Selling $0.000 $0.481 $0.000
Net Insider Selling $0 $0.000 $0.481 $0.000 Yes 0, 2017
% of Market Cap 0.00% 0.00% 0.01% 0.00%
Directors 7 7 7 7 7
Women 0 0% 0 0% 0 0% 0 0% 0 0%
Minorities 0 0% 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 86 32.09% 106 32.32% 139 32.42% 156 34.16%
Total Shares Held 44.684 33.86% 35.473 26.46% 37.383 27.49% 40.246 26.21% 41.994 27.07% 44.769 29.00%
Increase/Decrease 3 Mths 0.624 1.42% -1.484 -4.02% -0.269 -0.71% -0.980 -2.38% -3.565 -7.82% 0.335 0.75%
Starting No. of Shares 44.060 36.957 37.652 Reuters 41.226 45.559 44.434
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