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
See my website on stocks or see my blog at the following sites.  https://spbrunner.com/stocks.html https://spbrunner.blogspot.com/ Q1 2023
Artis REIT TSX: AX.UN OTC: ARESF https://www.artisreit.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 Accounting Rules
Date Date
Split (Consolidation) Split (Consolidation)
$369.5 <-12 mths -0.80%
Revenue* $191.6 $290.5 $372.5 $463.4 $500.6 $535.6 $549.2 $516.3 $512.9 $521.7 $458.9 $419.5 $372.5 $381 $380 0.01% <-Total Growth 10 Revenue
Increase 39.98% 51.66% 28.21% 24.42% 8.01% 7.00% 2.54% -5.98% -0.67% 1.71% -12.03% -8.59% -11.20% 2.28% -0.26% 0.00% <-IRR #YR-> 10 Revenue 0.01%
5 year Running Average $124.8 $172.2 $226.9 $291.0 $363.7 $432.5 $484.2 $513.0 $522.9 $527.1 $511.8 $485.9 $457.1 $430.7 $402.4 -6.32% <-IRR #YR-> 5 Revenue -27.85%
Revenue per Share $2.54 $3.27 $3.24 $3.65 $3.67 $3.86 $3.65 $3.43 $3.41 $3.78 $3.41 $3.40 $3.23 $3.30 $3.29 7.26% <-IRR #YR-> 10 5 yr Running Average 101.47%
Increase -30.41% 28.80% -0.82% 12.60% 0.61% 5.01% -5.29% -6.14% -0.46% 10.80% -9.86% -0.38% -4.94% 2.28% -0.26% -2.28% <-IRR #YR-> 5 5 yr Running Average -10.90%
5 year Running Average $3.46 $3.41 $3.42 $3.27 $3.27 $3.54 $3.62 $3.65 $3.60 $3.63 $3.54 $3.49 $3.45 $3.42 $3.33 -0.04% <-IRR #YR-> 10 Revenue per Share -0.44%
P/S (Price/Sales) Med 4.88 3.96 4.84 4.15 4.11 3.58 3.36 3.84 3.40 2.91 2.82 3.30 3.50 2.48 0.07 -1.20% <-IRR #YR-> 5 Revenue per Share -5.85%
P/S (Price/Sales) Close 5.20 4.28 4.82 4.07 3.86 3.32 3.48 4.11 2.71 3.15 3.13 3.52 2.79 2.17 2.17 0.06% <-IRR #YR-> 10 5 yr Running Average 0.61%
*Revenue in M CDN $  P/S Med 10 yr  3.45 5 yr  3.30 -37.25% Diff M/C -1.16% <-IRR #YR-> 5 5 yr Running Average -5.67%
-$372.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $372.5
-$516.3 $0.0 $0.0 $0.0 $0.0 $372.5
-$226.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $457.1
-$513.0 $0.0 $0.0 $0.0 $0.0 $457.1
-$3.24 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.23
-$3.43 $0.00 $0.00 $0.00 $0.00 $3.23
$103.40 <-12 mths -8.13%
$0.89 <-12 mths -6.32%
AFFO Amounts $122.7 $156.8 $164.6 $139.6 $124.5 $112.6
AFFO  $1.03 $1.25 $1.17 $1.28 $1.24 $1.31 $1.22 $1.05 $0.92 $1.05 $1.02 $0.96 $0.95 -18.80% <-Total Growth 10 AFFO Basic
AFFO* Diluted $1.01 $1.23 $1.15 $1.26 $1.23 $1.30 $1.22 $1.04 $0.92 $1.05 $1.02 $0.96 $0.95 $0.73 $0.80 -17.39% <-Total Growth 10 AFFO Diluted
Increase -6.50% 9.57% -2.38% 5.69% -6.15% -14.75% -11.54% 14.13% -2.86% -5.88% -1.04% -23.16% 9.59% 10 0 10 Years of Data, EPS P or N 100.00%
AFFO Yield 8.8% 7.4% 8.5% 8.7% 10.2% 9.6% 7.4% 10.0% 8.8% 9.6% 8.0% 10.5% 10.2% 11.2% -1.89% <-IRR #YR-> 10 AFFO -17.39%
5 year Running Average $1.18 $1.23 $1.23 $1.21 $1.14 $1.11 $1.05 $1.00 $0.98 $0.94 $0.89 -1.79% <-IRR #YR-> 5 AFFO -8.65%
Payout Ratio 106.93% 87.80% 93.91% 85.71% 87.80% 83.08% 88.52% 103.85% 112.50% 51.43% 52.94% 61.36% 63.16% 82.19% 75.00% -2.25% <-IRR #YR-> 8 5 yr Running Average #DIV/0!
5 year Running Average 91.84% 87.52% 87.66% 89.26% 90.63% 48.82% 51.43% 59.02% 61.22% 63.69% 67.26% -4.13% <-IRR #YR-> 5 5 yr Running Average -19.01%
Price/AFFO Median 10.52 13.66 12.03 12.27 10.63 10.07 12.64 12.62 10.48 9.43 11.67 11.89 11.21 0.30 11.78 <-Median-> 10 Price/AFFO Median
Price/AFFO High 11.75 14.96 13.37 13.30 12.14 11.23 13.63 15.62 12.16 13.40 12.60 14.39 13.34 0.00 13.34 <-Median-> 10 Price/AFFO High
Price/AFFO Low 9.29 12.36 10.68 11.24 9.12 8.92 11.65 9.62 8.79 5.45 10.74 9.40 9.08 0.00 9.51 <-Median-> 10 Price/AFFO Low
Price/AFFO Close 11.37 13.60 11.79 11.53 9.85 10.41 13.56 10.04 11.33 10.45 12.44 9.48 9.79 8.94 10.89 <-Median-> 10 Price/AFFO Close
Trailing P/AFFO Close 13.85 12.72 12.92 11.25 10.41 9.77 11.56 8.88 12.93 10.15 11.71 9.39 7.53 9.79 10.83 <-Median-> 10 Trailing P/AFFO Close
* Funds From Operations DPR 10 Yrs 84.40% 5 Yrs   61.36% P/CF 5 Yrs   in order 11.67 13.40 9.40 10.45 -16.08% Diff M/C -16.88% Diff M/C 10 DPR 75% to 95% best
-$1.15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.95
-$1.04 $0.00 $0.00 $0.00 $0.00 $0.95
-$1.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.98
-$1.21 $0.00 $0.00 $0.00 $0.00 $0.98
$156.15 <-12 mths -5.24%
$1.34 <-12 mths -3.60%
FFO Amount $56.3 $92.1 $139.8 $183.5 $193.5 $192.4 $174.3 $164.8
FFO* Basic $1.20 $1.15 $1.33 $1.50 $1.46 $1.53 $1.51 $1.43 $1.25 $1.41 $1.41 $1.34 $1.39 4.51% <-Total Growth 10 FFO Basic
FFO* Diluted  $1.20 $1.13 $1.30 $1.46 $1.42 $1.49 $1.50 $1.43 $1.25 $1.41 $1.41 $1.34 $1.39 $1.15 $1.22 6.92% <-Total Growth 10 FFO Diluted
Increase -21.57% -6% 15.04% 12.31% -2.74% 4.93% 0.67% -4.67% -12.59% 12.80% 0.00% -4.96% 3.73% -17.27% 6.09% 10 0 10 Years of Data, EPS P or N 100.00%
FFO Yield 9.1% 8.1% 8.3% 9.8% 10.0% 11.6% 11.8% 10.1% 13.5% 11.8% 13.2% 11.2% 15.4% 16.1% 17.1% 0.67% <-IRR #YR-> 10 FFO 6.92%
5 year Running Average $1.39 $1.38 $1.36 $1.32 $1.30 $1.36 $1.43 $1.46 $1.42 $1.42 $1.40 $1.37 $1.36 $1.34 $1.30 -0.57% <-IRR #YR-> 5 FFO -2.80%
Payout Ratio 90.00% 95.58% 83.08% 73.97% 76.06% 72.48% 72.00% 75.52% 82.80% 38.30% 38.30% 43.96% 43.17% 52.17% 49.18% -0.01% <-IRR #YR-> 10 5 yr Running Average -0.15%
5 year Running Average 77.70% 78.03% 79.30% 81.57% 82.95% 79.41% 75.31% 73.97% 72.99% 38.14% 38.57% 43.06% 44.12% 44.78% 46.08% -1.41% <-IRR #YR-> 5 5 yr Running Average -6.85%
Price/FFO Median 10.32 11.45 12.08 10.38 10.63 9.27 8.19 9.20 9.29 7.80 6.82 8.36 8.13 7.12 0.19 8.78 <-Median-> 10 Price/FFO Median
Price/FFO High 11.67 12.79 13.23 11.54 11.52 10.59 9.13 9.92 11.50 9.06 9.70 9.03 9.83 8.47 0.00 9.88 <-Median-> 10 Price/FFO High
Price/FFO Low 8.98 10.12 10.93 9.22 9.74 7.95 7.25 8.48 7.08 6.55 3.94 7.69 6.42 5.77 0.00 7.47 <-Median-> 10 Price/FFO Low
Price/FFO Close 11.01 12.38 12.03 10.18 9.99 8.59 8.47 9.86 7.39 8.44 7.56 8.91 6.48 6.22 5.86 8.53 <-Median-> 10 Price/FFO Close
Trailing P/FFO Close 8.63 11.66 13.84 11.43 9.71 9.01 8.52 9.40 6.46 9.52 7.56 8.47 6.72 5.14 6.22 8.77 <-Median-> 10 Trailing P/FFO Close
* Funds From Operations DPR 10 Yrs 72.24% 5 Yrs   43.17% P/CF 5 Yrs   in order 8.13 9.70 6.55 7.56 -23.52% Diff M/C -29.18% Diff M/C 10 DPR 75% to 95% best
-$1.30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.39
-$1.43 $0.00 $0.00 $0.00 $0.00 $1.39
-$1.36 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.36
-$1.46 $0.00 $0.00 $0.00 $0.00 $1.36
-$2.32 <-12 mths -1121.05%
Pre-Consolidation '06
EPS Basic -$0.07 $4.02 $3.21 $1.45 $1.36 -$1.41 $0.67 $1.43 $0.89 $0.72 $0.03 $2.87 -$0.18 -105.61% <-Total Growth 10 EPS Basic Yahoo Fin
Pre-Consolidation '06
EPS Diluted* -$0.07 $3.60 $3.14 $1.14 $1.33 -$1.41 $0.67 $1.43 $0.88 $0.72 $0.02 $2.86 -$0.19 $0.46 $0.87 -106.05% <-Total Growth 10 EPS Diluted
Increase 74.07% 5242.86% -12.78% -63.69% 16.67% -206.02% 147.52% 113.43% -38.46% -18.18% -97.22% 14200.00% -106.64% 342.11% 89.13% 8 2 10 Years of Data, EPS P or N 80.00%
Earnings Yield -0.5% 25.7% 20.1% 7.7% 9.4% -11.0% 5.3% 10.1% 9.5% 6.1% 0.2% 24.0% -2.1% 6.4% 12.2% #NUM! <-IRR #YR-> 10 Earnings per Share -106.05%
5 year Running Average -$0.25 $0.66 $1.24 $1.51 $1.83 $1.56 $0.97 $0.63 $0.58 $0.46 $0.74 $1.18 $0.86 $0.77 $0.80 -16.36% <-IRR #YR-> 5 Earnings per Share -113.29%
10 year Running Average $0.39 $0.56 $0.72 $0.66 $0.82 $0.94 $1.04 $1.14 $1.15 $1.08 $0.75 $0.68 $0.63 -3.60% <-IRR #YR-> 10 5 yr Running Average -53.06%
* Diluted ESP per share  E/P 10 Yrs 6.86% 5Yrs 6.05% 6.31% <-IRR #YR-> 5 5 yr Running Average 35.76%
-$3.14 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$0.19
-$1.43 $0.00 $0.00 $0.00 $0.00 -$0.19
-$1.24 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.86
-$0.63 $0.00 $0.00 $0.00 $0.00 $0.86
Dividend* $0.60 $0.60 Estimate Dividend*
Increase 0.00% 0.00% Estimate Increase
Payout Ratio EPS 130.43% 68.97% Estimate Payout Ratio EPS
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* $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.04 $0.54 $0.54 $0.59 $0.60 $0.60 $0.60 $0.60 -44.44% <-Total Growth 10 Dividends
Increase 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -4.17% -47.83% 0.00% 9.08% 1.86% 0.00% 0.00% 0.00% 5 2 17 Years of data, Count P, N 29.41%
Average Increases 5 Year Running 8.72% 0.57% 0.57% 0.23% 0.00% 0.00% 0.00% 0.00% -0.83% -10.40% -10.40% -8.58% -8.21% -7.38% 2.19% 2.19% -0.42% <-Median-> 10 Average Incr 5 Year Running
Dividends 5 Yr Running $1.07 $1.07 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.07 $0.96 $0.86 $0.76 $0.66 $0.57 $0.59 $0.60 -38.81% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 8.72% 8.35% 6.88% 7.13% 7.15% 7.82% 8.79% 8.21% 8.91% 4.91% 5.62% 5.26% 5.31% 7.33% 7.14% <-Median-> 10 Yield H/L Price
Yield on High  Price 7.71% 7.47% 6.28% 6.41% 6.60% 6.84% 7.88% 7.62% 7.20% 4.23% 3.95% 4.87% 4.39% 6.16% 6.51% <-Median-> 10 Yield on High  Price
Yield on Low Price 10.03% 9.45% 7.60% 8.02% 7.81% 9.11% 9.93% 8.91% 11.69% 5.85% 9.71% 5.71% 6.72% 9.05% 8.47% <-Median-> 10 Yield on Low Price
Yield on Close Price 8.18% 7.72% 6.91% 7.27% 7.62% 8.44% 8.50% 7.66% 11.20% 4.54% 5.07% 4.93% 6.66% 8.39% 8.39% 6.78% 7.44% <-Median-> 10 Yield on Close Price
Payout Ratio EPS -1543% 30.00% 34.39% 94.74% 81.20% -76.60% 161.19% 75.52% 117.61% 75.00% 2700.00% 20.60% -315.79% 130.43% 68.97% #DIV/0! 78.36% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running -426.20% 162.84% 87.04% 71.62% 59.08% 69.23% 110.88% 170.89% 184.66% 210.26% 114.92% 64.03% 77.02% 74.14% 72.86% #DIV/0! 93.95% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 115.46% 125.48% 91.29% 70.48% 71.90% 67.98% 64.47% 76.00% 72.78% 36.54% 41.23% 36.48% 49.20% 57.64% #VALUE! #DIV/0! 66.23% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 106.68% 108.02% 103.10% 96.30% 89.80% 81.00% 72.18% 69.96% 70.38% 63.48% 58.52% 52.23% 46.91% 43.06% #VALUE! #DIV/0! 70.17% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 150.33% 129.95% 101.75% 70.89% 73.21% 68.04% 69.83% 70.69% 77.15% 35.13% 41.26% 40.28% 47.82% 57.64% #VALUE! #DIV/0! 68.93% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 115.40% 114.34% 109.98% 103.78% 96.26% 83.35% 75.06% 70.49% 71.60% 63.85% 58.87% 52.72% 47.85% 43.44% #VALUE! #DIV/0! 71.05% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 7.14% 7.44% 5 Yr Med 5 Yr Cl 5.31% 5.07% 5 Yr Med Payout 75.00% 41.23% 41.26% -11.09% <-IRR #YR-> 5 Dividends -44.44%
* Dividends per share  10 Yr Med and Cur. 17.52% 12.76% 5 Yr Med and Cur. 58.04% 65.66% Last Div Inc ---> $0.4500 $0.5000 11.11% -5.71% <-IRR #YR-> 10 Dividends -44.44%
Dividends Growth 15 -3.66% <-IRR #YR-> 15 Dividends #DIV/0!
Dividends Growth 20 -1.27% <-IRR #YR-> 17 Dividends
Dividends Growth 5 -$1.08 $0.00 $0.00 $0.00 $0.00 $0.60 Dividends Growth 5
Dividends Growth 10 -$1.08 -$1.08 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.60 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 $0.60 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 $0.60 Dividends Growth 20
Historical Dividends Historical High Div 20.05% Low Div 4.20% 10 Yr High 11.52% 10 Yr Low 3.98% Med Div 7.14% Close Div 7.44% Historical Dividends
High/Ave/Median Values Curr diff Exp. -58.15%     99.80% Exp. -27.16% 110.84% Cheap 17.53% Cheap 12.76% High/Ave/Median 
Future Dividend Yield Div Yd 4.66% earning in 5.00 Years at IRR of -11.09% Div Inc. -44.44% Future Dividend Yield
Future Dividend Yield Div Yd 2.59% earning in 10.00 Years at IRR of -11.09% Div Inc. -69.14% Future Dividend Yield
Future Dividend Yield Div Yd 1.44% earning in 15.00 Years at IRR of -11.09% Div Inc. -82.85% Future Dividend Yield
Future Dividend Paid Div Paid $0.33 earning in 5 Years at IRR of -11.09% Div Inc. -44.44% Future Dividend Paid
Future Dividend Paid Div Paid $0.19 earning in 10 Years at IRR of -11.09% Div Inc. -69.14% Future Dividend Paid
Future Dividend Paid Div Paid $0.10 earning in 15 Years at IRR of -11.09% Div Inc. -82.85% Future Dividend Paid
Dividend Covering Cost Total Div $2.40 over 5 Years at IRR of -11.09% Div Cov. 33.63% Dividend Covering Cost
Dividend Covering Cost Total Div $3.41 over 10 Years at IRR of -11.09% Div Cov. 47.65% Dividend Covering Cost
Dividend Covering Cost Total Div $3.96 over 15 Years at IRR of -11.09% Div Cov. 55.44% Dividend Covering Cost
Yield if held 5 years 9.54% 7.07% 6.50% 9.94% 12.74% 8.72% 8.35% 6.88% 6.83% 3.58% 3.91% 4.79% 4.56% 5.17% 5.45% 6.24% 6.85% <-Median-> 10 Paid Median Price
Yield if held 10 years 22.86% 9.54% 7.07% 6.50% 9.53% 6.37% 4.36% 4.55% 3.82% 3.96% 3.97% 4.34% 6.50% <-Median-> 9 Paid Median Price
Yield if held 15 years 11.43% 4.77% 3.86% 3.61% 5.52% 7.08% 4.84% 4.31% <-Median-> 4 Paid Median Price
Yield if held 20 years 12.70% 5.30% #NUM! <-Median-> 0 Paid Median Price
Yield if held 25 years #DIV/0! #NUM! <-Median-> 0 Paid Median Price
Item
Cost cover if held 5 years 47.04% 35.07% 32.43% 49.70% 63.68% 43.60% 41.73% 34.38% 35.33% 31.90% 30.94% 30.79% 25.13% 24.71% 26.63% 31.09% 34.86% <-Median-> 10 Paid Median Price EPS
Cost cover if held 10 years 219.97% 94.72% 70.43% 64.93% 98.99% 120.46% 78.12% 70.97% 55.42% 54.27% 51.30% 52.58% 78.12% <-Median-> 9 Paid Median Price AFFO
Cost cover if held 15 years 321.87% 132.47% 95.20% 84.81% 125.39% 155.00% 102.25% 113.84% <-Median-> 4 Paid Median Price FFO
Cost cover if held 20 years 383.86% 158.87% #NUM! <-Median-> 0 Paid Median Price CFPS
Cost cover if held 25 years #DIV/0! #NUM! <-Median-> 0 Paid Median Price FCF 
Yr  Item Tot. Growth
Revenue Growth  $516.3 $512.9 $521.7 $458.9 $419.5 $372.5 $2,801.8 -27.85% <-Total Growth 5 Revenue Growth  -27.85%
AFFO Growth $1.04 $0.92 $1.05 $1.02 $0.96 $0.95 $5.94 -8.65% <-Total Growth 5 AFFO Growth -8.65%
Net Income Growth $234.4 $158.6 $122.7 $21.5 $389.2 -$5.3 $921.2 0.00% <-Total Growth 5 Net Income Growth 0.00%
Cash Flow Growth $214.0 $213.7 $203.9 $176.3 $199.5 $140.7 $1,148.2 -34.23% <-Total Growth 5 Cash Flow Growth -34.23%
Dividend Growth $1.08 $1.04 $0.54 $0.54 $0.59 $0.60 $4.38 -44.44% <-Total Growth 5 Dividend Growth -44.44%
Stock Price Growth $14.10 $9.24 $11.90 $10.66 $11.94 $9.01 -36.10% <-Total Growth 5 Stock Price Growth -36.10%
Revenue Growth  $372.5 $463.4 $500.6 $535.6 $549.2 $516.3 $512.9 $521.7 $458.9 $419.5 $372.5 $5,223.0 0.01% <-Total Growth 10 Revenue Growth  0.01%
AFFO Growth $1.15 $1.26 $1.23 $1.30 $1.22 $1.04 $0.92 $1.05 $1.02 $0.96 $0.95 $12.10 -17.39% <-Total Growth 10 AFFO Growth -17.39%
Net Income Growth $340.3 $191.2 $197.9 -$175.7 $115.9 $234.4 $158.6 $122.7 $21.5 $389.2 -$5.3 $1,590.8 0.00% <-Total Growth 10 Net Income Growth 0.00%
Cash Flow Growth $135.9 $194.5 $204.7 $220.6 $251.8 $214.0 $213.7 $203.9 $176.3 $199.5 $140.7 $2,155.7 3.55% <-Total Growth 10 Cash Flow Growth 3.55%
Dividend Growth $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.04 $0.54 $0.54 $0.59 $0.60 -44.44% <-Total Growth 10 Dividend Growth -44.44%
Stock Price Growth $15.64 $14.86 $14.18 $12.80 $12.70 $14.10 $9.24 $11.90 $10.66 $11.94 $9.01 -42.39% <-Total Growth 10 Stock Price Growth -42.39%
Dividends on Shares $69.12 $69.12 $69.12 $69.12 $69.12 $66.24 $34.56 $34.56 $37.70 $38.40 $38.40 $38.40 $38.40 $557.06 No of Years 10 Total Divs 12/31/12
Paid  $1,000.96 $951.04 $907.52 $819.20 $812.80 $902.40 $591.36 $761.60 $682.24 $764.16 $576.64 $457.60 $457.60 $566.40 $576.64 No of Years 10 Worth $15.64
Total $1,133.70
Graham No.AFFO $14.72 $19.89 $20.68 $21.96 $22.09 $21.73 $20.50 $18.82 $18.03 $20.42 $18.66 $19.47 $18.96 $18.08 $18.93 $0.00 -8.30% <-Total Growth 10 Graham Price AFFO
Increase 35.08% 3.97% 6.20% 0.62% -1.63% -5.66% -8.20% -4.18% 13.24% -8.64% 4.33% -2.60% -4.65% 4.68% -100.00% -2.11% <-Median-> 10 Graham Price
Price/GP Ratio Med 0.84 0.65 0.76 0.69 0.68 0.64 0.60 0.70 0.64 0.54 0.52 0.58 0.60 0.45 0.01 #DIV/0! 0.62 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 0.95 0.73 0.83 0.77 0.74 0.73 0.67 0.75 0.80 0.63 0.73 0.62 0.72 0.54 0.00 #DIV/0! 0.73 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.73 0.57 0.69 0.61 0.63 0.55 0.53 0.64 0.49 0.45 0.30 0.53 0.47 0.37 0.00 #DIV/0! 0.53 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 0.90 0.70 0.76 0.68 0.64 0.59 0.62 0.75 0.51 0.58 0.57 0.61 0.48 0.40 0.38 #DIV/0! 0.60 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -21.05% -17.33% -14.74% -33.98% -34.44% -40.63% -51.35% -21.39% -49.86% -50.39% -306.10% -22.40% -30.25% -76.15% -59.66% #DIV/0! -37.54% <-Median-> 10 Graham Price
Graham No. EPS $7.18 $34.02 $34.16 $20.89 $22.97 $21.98 $15.19 $22.07 $17.64 $16.91 $2.61 $33.60 $32.90 $14.35 $19.74 $0.00 -3.71% <-Total Growth 10 Graham Price EPS
Increase -0.43% 374.09% 0.43% -38.87% 9.99% -4.31% -30.88% 45.26% -20.08% -4.12% -84.55% 1186.04% -2.08% -56.38% 37.52% -100.00% -4.22% <-Median-> 10 Graham Price
Price/GP Ratio Med 1.73 0.38 0.46 0.73 0.66 0.63 0.81 0.60 0.66 0.65 3.68 0.33 0.34 0.57 0.65 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.95 0.42 0.50 0.81 0.71 0.72 0.90 0.64 0.81 0.76 5.23 0.36 0.42 0.68 0.74 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.50 0.34 0.42 0.64 0.60 0.54 0.72 0.55 0.50 0.55 2.13 0.31 0.27 0.46 0.55 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.84 0.41 0.46 0.71 0.62 0.58 0.84 0.64 0.52 0.70 4.08 0.36 0.27 0.50 0.36 #DIV/0! 0.63 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 84.09% -58.88% -54.22% -28.85% -38.27% -41.77% -16.41% -36.11% -47.61% -29.63% 308.04% -64.46% -72.61% -50.18% -63.77% #DIV/0! -37.19% <-Median-> 10 Graham Price
Month, Year Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Month, Year
Price Close $13.21 $13.99 $15.64 $14.86 $14.18 $12.80 $12.70 $14.10 $9.24 $11.90 $10.66 $11.94 $9.01 $7.15 $7.15 $8.85 -42.39% <-Total Growth 10 Stock Price
Increase 16.08% 5.90% 11.79% -4.99% -4.58% -9.73% -0.78% 11.02% -34.47% 28.79% -10.42% 12.01% -24.54% -20.64% 0.00% 23.78% 15.00 <-Median-> 10 CAPE (10 Yr P/E)
P/E -188.71 3.89 4.98 13.04 10.66 -9.08 18.96 9.86 10.50 16.53 533.00 4.17 -47.42 15.54 8.22 #DIV/0! -8.57% <-IRR #YR-> 5 Stock Price -36.10%
Trailing P/E -48.93 -199.86 4.34 4.73 12.44 9.62 -9.01 21.04 6.46 13.52 14.81 597.00 3.15 -37.63 15.54 10.17 -5.37% <-IRR #YR-> 10 Stock Price -42.39%
CAPE (10 Yr P/E) 28.73 22.85 18.80 20.58 16.08 13.93 12.65 11.60 11.29 11.88 16.29 16.79 16.90 #DIV/0! -3.02% <-IRR #YR-> 5 Price & Dividend -12.67%
Median 10, 5 Yrs D.  per yr 7.07% 5.55% % Tot Ret 414.35% 0.00% T P/E $11.03 $13.52 P/E:  $10.58 $10.50 1.71% <-IRR #YR-> 10 Price & Dividend 13.26%
Price 15 D.  per yr 7.88% % Tot Ret 174.58% CAPE Diff 3.61% -3.37% <-IRR #YR-> 15 Stock Price
Price  20 D.  per yr 14.48% 2.14% <-IRR #YR-> 18 Stock Price
Price & Dividend 15 4.51% <-IRR #YR-> 15 Price & Dividend
Price & Dividend 20 16.62% <-IRR #YR-> 18 Price & Dividend
Price  5 -$14.10 $0.00 $0.00 $0.00 $0.00 $9.01 Price  5
Price 10 -$15.64 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $9.01 Price 10
Price & Dividend 5 -$14.10 $1.04 $0.54 $0.54 $0.59 $9.61 Price & Dividend 5
Price & Dividend 10 -$15.64 $1.08 $1.08 $1.08 $1.08 $1.08 $1.04 $0.54 $0.54 $0.59 $9.61 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 $9.01 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 $9.01 Price  20
Price & Dividend 15 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.04 $0.54 $0.54 $0.59 $9.61 Price & Dividend 15
Price & Dividend 20 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.08 $1.04 $0.54 $0.54 $0.59 $9.61 Price & Dividend 20
Price H/L Median $12.39 $12.94 $15.71 $15.16 $15.10 $13.82 $12.29 $13.15 $11.61 $11.00 $9.62 $11.21 $11.30 $8.19 23.78% -28.05% <-Total Growth 10 Stock Price
Increase 46.05% 4.48% 21.37% -3.50% -0.40% -8.48% -11.04% 7.00% -11.71% -5.25% -12.59% 16.54% 0.85% -27.57% 8.39% -2.99% <-IRR #YR-> 5 Stock Price -14.07%
P/E -176.93 3.59 5.00 13.29 11.35 -9.80 18.34 9.20 13.19 15.28 480.75 3.92 -59.47 17.79 32.17% -3.24% <-IRR #YR-> 10 Stock Price -28.05%
Trailing P/E -45.87 -184.86 4.36 4.83 13.24 10.39 -8.72 19.63 8.12 12.50 13.35 560.25 3.95 -43.08 2.37% <-IRR #YR-> 5 Price & Dividend 11.06%
P/E on Run. 5 yr Ave -49.54 19.67 12.69 10.05 8.26 8.86 12.62 20.81 20.02 24.02 12.92 9.48 13.17 10.57 3.25% <-IRR #YR-> 10 Price & Dividend 27.37%
P/E on Run. 10 yr Ave 40.06 27.16 20.94 21.09 15.06 14.06 11.12 9.62 8.35 10.39 15.17 12.09 3.92 <-Median-> Historical Median
Median 10, 5 Yrs D.  per yr 6.48% 5.36% % Tot Ret 199.79% 225.95% T P/E 11.44 12.50 P/E:  12.27 13.19 Count 18 Years of data
-$13.15 $0.00 $0.00 $0.00 $0.00 $11.30
-$15.71 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $11.30
-$13.15 $1.04 $0.54 $0.54 $0.59 $11.90
-$15.71 $1.08 $1.08 $1.08 $1.08 $1.08 $1.04 $0.54 $0.54 $0.59 $11.90
High Months Sep May Jul Apr May Jan Jul Nov Jan Sep  Mar Nov Apr Feb -20.52% <-Total Growth 10 Stock Price
Price High $14.00 $14.45 $17.20 $16.85 $16.36 $15.78 $13.70 $14.18 $14.37 $12.77 $13.67 $12.10 $13.67 $9.74 -2.27% <-IRR #YR-> 10 Stock Price -20.52%
Increase 21.74% 3.21% 19.03% -2.03% -2.91% -3.55% -13.18% 3.50% 1.34% -11.13% 7.05% -11.49% 12.98% -28.75% -0.73% <-IRR #YR-> 5 Stock Price -3.60%
P/E -200.00 4.01 5.48 14.78 12.30 -11.19 20.45 9.92 16.33 17.74 683.50 4.23 -71.95 21.17 4.23 P/E Ratio Historical Median
Trailing P/E -51.85 -206.43 4.78 5.37 14.35 11.86 -9.72 21.16 10.05 14.51 18.99 605.00 4.78 -51.26 17.74 P/E Ratio Historical High
Median 10, 5 Yrs T P/E 13.11 14.51 P/E:  13.54 16.33
-$17.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $13.67
-$14.18 $0.00 $0.00 $0.00 $0.00 $13.67
Low Months Jul Jul Jan Sep Dec Dec Jan Feb Dec Jan Mar Mar Dec Jun -37.16% <-Total Growth 10 Stock Price
Price Low $10.77 $11.43 $14.21 $13.46 $13.83 $11.85 $10.88 $12.12 $8.85 $9.23 $5.56 $10.31 $8.93 $6.63 -4.54% <-IRR #YR-> 10 Stock Price -37.16%
Increase 97.25% 6.13% 24.32% -5.28% 2.75% -14.32% -8.19% 11.40% -26.98% 4.29% -39.76% 85.43% -13.39% -25.76% -5.93% <-IRR #YR-> 5 Stock Price -26.32%
P/E -153.86 3.18 4.53 11.81 10.40 -8.40 16.24 8.48 10.06 12.82 278.00 3.60 -47.00 14.41 3.60 P/E Ratio Historical Median
Trailing P/E -39.89 -163.29 3.95 4.29 12.13 8.91 -7.72 18.09 6.19 10.49 7.72 515.50 3.12 -34.89 -20.22 P/E Ratio Historical Low
Median 10, 5 Yrs T P/E 8.32 7.72 P/E:  10.23 10.06
-$14.21 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.93
$56.0 <-12 mths -60.28%
Free Cash Flow $24.19 $76.41 $149.30 $196.26 $203.60 $219.67 $251.25 $209.43 $213.16 $202.05 $176 $199 $141 $51 $0 -5.56% <-Total Growth 10 Free Cash Flow
Change 215.87% 95.39% 31.45% 3.74% 7.89% 14.38% -16.65% 1.78% -5.21% -12.89% 13.07% -29.15% -63.83% -99.06% -7.61% <-IRR #YR-> 5 Free Cash Flow MS -32.67%
FCF/CF from Op Ratio 25.86 88.78 126.19 128.08 135.55 138.28 149.99 147.38 149.89 136.74 134.39 123.24 115.62 48.99 #VALUE! -0.57% <-IRR #YR-> 10 Free Cash Flow MS -5.56%
Dividends paid $81.52 $95.98 $124.08 $137.09 $147.19 $148.78 $159.59 $166.20 $160.31 $77.33 $80.15 $80.62 $160.01 $69.25 $69.25 28.96% <-Total Growth 10 Dividends paid
Percentage paid 67.73% 63.52% 79.36% 75.21% 38.27% 45.54% 40.51% 113.48% 135.78% 14426.15% $0.66 <-Median-> 8 Percentage paid
5 Year Coverage 65.01% 61.18% 56.48% 59.97% 60.77% 80.93% 5 Year Coverage
Dividend Coverage Ratio 1.48 1.57 1.26 1.33 2.61 2.20 2.47 0.88 0.74 0.01 1.53 <-Median-> 8 Dividend Coverage Ratio
5 Year of Coverage 1.54 1.63 1.77 1.67 1.65 1.24 5 Year of Coverage
Market Cap $997 $1,243 $1,797 $1,886 $1,933 $1,777 $1,909 $2,123 $1,389 $1,642 $1,435 $1,475 $1,040 $825 $825 $1,021 -42.13% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 57.001 92.413 115.641 133.071 143.116 137.606 145.208 150.887 153.569 142.435 136.607 136.026 118.470 122.478 2.45% <-Total Growth 10 Diluted
Change 68.07% 62.13% 25.14% 15.07% 7.55% -3.85% 5.52% 3.91% 1.78% -7.25% -4.09% -0.43% -12.91% 3.38% 0.01 <-Median-> 10 Change
Difference Diluted/Basic 0.0% -13.6% -9.2% -8.0% -7.4% 0.0% -0.2% -0.2% -0.3% 0.0% -0.3% -4.8% -0.5% 73.8% 0.00 <-Median-> 10 Difference Diluted/Basic
Basic # of Shares in Millions 57.001 79.867 105.046 122.406 132.554 137.606 144.918 150.578 153.069 142.435 136.207 129.553 117.933 212.888 12.27% <-Total Growth 10 Basic
Change 68.07% 40.12% 31.53% 16.53% 8.29% 3.81% 5.31% 3.91% 1.65% -6.95% -4.37% -4.88% -8.97% 80.52% 0.03 <-Median-> 10 Change
Difference Basic/Outstanding 32.4% 11.3% 9.4% 3.7% 2.8% 0.9% 3.7% 0.0% -1.8% -3.1% -1.1% -4.6% -2.1% -45.8% -0.01 <-Median-> 10 Difference Basic/Outstanding
$120.1 <-12 mths -14.64%
# of Share in Millions 75.477 88.873 114.884 126.938 136.284 138.864 150.333 150.600 150.283 137.957 134.643 123.545 115.409 115.409 115.409 115.409 0.05% <-IRR #YR-> 10 Shares 0.46%
Change 101.15% 17.75% 29.27% 10.49% 7.36% 1.89% 8.26% 0.18% -0.21% -8.20% -2.40% -8.24% -6.58% 0.00% 0.00% 0.00% -5.18% <-IRR #YR-> 5 Shares -23.37%
CF fr Op $M $70.6 $76.5 $135.9 $194.5 $204.7 $220.6 $251.8 $214.0 $213.7 $203.9 $176.3 $199.5 $140.7 $120.1 <-12 mths 3.55% <-Total Growth 10 Cash Flow
Increase 71.73% 8.35% 77.69% 43.10% 5.24% 7.77% 14.15% -15.02% -0.13% -4.62% -13.50% 13.14% -29.45% -14.64% <-12 mths Stock Iss Conv Deb, SO DRIP
5 year Running Average $38.2 $50.8 $72.3 $103.7 $136.4 $166.4 $201.5 $217.1 $221.0 $220.8 $211.9 $201.5 $186.8 $168.1 <-12 mths 0.30% <-IRR #YR-> 10 CF 5 Yr Running
CFPS $0.94 $0.86 $1.18 $1.53 $1.50 $1.59 $1.68 $1.42 $1.42 $1.48 $1.31 $1.61 $1.22 $1.04 <-12 mths 3.08% <-Total Growth 10 Cash Flow per Share
Increase -14.63% -7.99% 37.46% 29.51% -1.97% 5.76% 5.44% -15.17% 0.08% 3.90% -11.37% 23.30% -24.48% -14.64% <-12 mths 0.35% <-IRR #YR-> 10 Cash Flow 3.55%
5 year Running Average $1.00 $0.99 $1.05 $1.12 $1.20 $1.33 $1.50 $1.54 $1.52 $1.52 $1.46 $1.45 $1.41 $1.33 <-12 mths -8.04% <-IRR #YR-> 5 Cash Flow -34.23%
P/CF on Med Price 13.24 15.03 13.27 9.89 10.05 8.70 7.34 9.25 8.16 7.44 7.34 6.94 9.27 7.86 <-12 mths 0.30% <-IRR #YR-> 10 Cash Flow per Share 3.08%
P/CF on Closing Price 14.12 16.25 13.22 9.70 9.44 8.06 7.58 9.92 6.50 8.05 8.14 7.39 7.39 6.87 <-12 mths -3.01% <-IRR #YR-> 5 Cash Flow per Share -14.18%
-18.53% Diff M/C 3.03% <-IRR #YR-> 10 CFPS 5 yr Running 34.80%
$127.35 <-12 mths -12.05%
Excl.Working Capital CF -$16.4 -$2.6 -$14.0 -$1.1 -$3.6 -$0.2 -$19.3 $16.1 -$12.1 $8.2 -$0.1 -$18.8 $4.1 $0.0 <-12 mths -1.81% <-IRR #YR-> 5 CFPS 5 yr Running -8.75%
CF fr Op $M less WC $54.2 $73.9 $121.9 $193.4 $201.1 $220.4 $232.5 $230.1 $201.6 $212.1 $176.2 $180.7 $144.8 $120.1 <-12 mths 18.75% <-Total Growth 10 Cash Flow less WC
Increase 35.19% 36.21% 65.09% 58.58% 3.97% 9.64% 5.48% -1.04% -12.39% 5.19% -16.90% 2.51% -19.84% -17.03% <-12 mths -13.02% <-IRR #YR-> 10 Cash Flow less WC 18.75%
5 year Running Average $34.3 $46.8 $65.9 $96.7 $128.9 $162.1 $193.9 $215.5 $217.1 $219.3 $210.5 $200.1 $183.1 $166.8 <-12 mths -8.85% <-IRR #YR-> 5 Cash Flow less WC -37.07%
CFPS Excl. WC $0.72 $0.83 $1.06 $1.52 $1.48 $1.59 $1.55 $1.53 $1.34 $1.54 $1.31 $1.46 $1.25 $1.04 <-12 mths 10.76% <-IRR #YR-> 10 CF less WC 5 Yr Run 177.80%
Increase -32.79% 15.68% 27.71% 43.53% -3.16% 7.60% -2.57% -1.21% -12.20% 14.59% -14.85% 11.72% -14.19% -17.03% <-12 mths -3.21% <-IRR #YR-> 5 CF less WC 5 Yr Run -15.05%
5 year Running Average $0.92 $0.94 $0.98 $1.04 $1.12 $1.30 $1.44 $1.53 $1.50 $1.51 $1.45 $1.44 $1.38 $1.32 <-12 mths 1.69% <-IRR #YR-> 10 CFPS - Less WC 18.21%
P/CF on Med Price 17.24 15.57 14.80 9.95 10.23 8.70 7.95 8.61 8.65 7.16 7.35 7.66 9.01 7.86 <-12 mths -3.86% <-IRR #YR-> 5 CFPS - Less WC -17.88%
P/CF on Closing Price 18.39 16.83 14.74 9.75 9.61 8.06 8.21 9.23 6.89 7.74 8.14 8.17 7.18 6.87 <-12 mths 3.49% <-IRR #YR-> 10 CFPS 5 yr Running 40.95%
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 8.43 5 yr  7.44 P/CF Med 10 yr 8.63 5 yr  7.66 -20.42% Diff M/C -2.06% <-IRR #YR-> 5 CFPS 5 yr Running -9.87%
-$1.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.22 Cash Flow per Share
-$1.42 $0.00 $0.00 $0.00 $0.00 $1.22 Cash Flow per Share
-$1.05 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.41 CFPS 5 yr Running
-$1.54 $0.00 $0.00 $0.00 $0.00 $1.41 CFPS 5 yr Running
-$121.9 $0.0 $0.0 $0.0 $0.0 -$230.1 $0.0 $0.0 $0.0 $0.0 $144.8 Cash Flow less WC
-$230.1 $0.0 $0.0 $0.0 $0.0 $144.8 Cash Flow less WC
-$65.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $183.1 CF less WC 5 Yr Run
-$215.5 $0.0 $0.0 $0.0 $0.0 $183.1 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 $1.25 CFPS - Less WC
-$1.53 $0.00 $0.00 $0.00 $0.00 $1.25 CFPS - Less WC
OPM 36.86% 26.33% 36.49% 41.97% 40.90% 41.19% 45.86% 41.45% 41.67% 39.08% 38.42% 47.56% 37.78% 31.53% 3.54% <-Total Growth 10 OPM
Increase 22.68% -28.56% 38.59% 15.02% -2.57% 0.72% 11.33% -9.61% 0.54% -6.23% -1.67% 23.77% -20.55% -16.54% Should increase  or be stable.
Diff from Median -10.8% -36.3% -11.7% 1.6% -1.0% -0.3% 11.0% 0.3% 0.9% -5.4% -7.0% 15.1% -8.6% -23.7% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 41.32% 5 Yrs 39.08% should be  zero, it is a   check on calculations
Long Term Debt 676.369 $1,567 $2,074 $2,288 $1,870 $1,706 $1,525 $1,197 $1,281 $1,255 $1,117 $1,164 $963 $998 Debt Type
Change 10.47% 131.74% 32.30% 10.32% -18.25% -8.75% -10.63% -21.52% 7.00% -2.02% -10.96% 4.18% -17.30% 3.71% -9.69% <-Median-> 10 Change Lg Term R
Ratio to Market Cap 0.68 1.26 1.15 1.21 0.97 0.96 0.80 0.56 0.92 0.76 0.78 0.79 0.93 1.21 0.86 <-Median-> 10 Debt/Market Cap Ratio Intang/GW
Assets/Current Liabilities Ratio 20.31 13.56 15.16 13.63 11.16 6.66 5.38 5.70 7.87 7.43 5.54 4.79 3.37 4.68 6.18 <-Median-> 10 Assets/Current Liabilities Liquidity
Debt to Cash Flow (Years) 9.58 20.49 15.26 11.76 9.14 7.74 6.06 5.59 5.99 6.16 6.34 5.84 6.84 8.31 6.25 <-Median-> 10 Debt to Cash Flow (Years) Liq. + CF
Liq,CF,DB
Intangibles $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 #DIV/0! <-Total Growth 10 Intangibles Debt Ratio
Goodwill $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 #DIV/0! <-Total Growth 10 Goodwill Leverage
Total $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 #DIV/0! <-Total Growth 10 Total D/E Ratio
Change 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 Change
Ratio to Market Cap 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 % of Market C.
Current Assets $129.28 $119.46 $141.24 $78.83 $75.97 $212.98 $205.84 $195.46 $456.50 $320.48 $173.60 $340.07 $406.11 $157.94 Liquidity ratio of 1.5 and up, best
Current Liabilities $105.87 $233.62 $289.03 $369.81 $490.75 $827.33 $1,021.17 $914.98 $726.26 $717.18 $877.64 $954.55 $1,350.69 $1,024.29 0.24 <-Median-> 10 Ratio
Liquidity Ratio 1.22 0.51 0.49 0.21 0.15 0.26 0.20 0.21 0.63 0.45 0.20 0.36 0.30 0.15 0.36 <-Median-> 5 Ratio
Liq. with CF aft div 1.12 0.43 0.53 0.37 0.27 0.34 0.29 0.27 0.71 0.63 0.32 0.49 0.35 0.20 0.49 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  0.24 0.19 0.18 0.18 0.18 0.31 0.28 0.27 0.58 0.63 0.32 0.49 0.29 0.20 0.49 <-Median-> 5 Ratio
Cash Dividend $132.21 $143.80 $148.78 $159.59 $166.20 $160.31 $77.33 $80.15 $80.62 $160.01 $159.71
Liq. with CF aft div 0.38 0.28 0.34 0.29 0.27 0.70 0.62 0.31 0.48 0.29 0.12 0.48 <-Median-> 5 Ratio
Curr Long Term Debt $139.07 $213.00 $280.98 $393.50 $719.77 $897.52 $809.21 $412.56 $596.11 $655.05 $801.52 $1,252.28 $945.06
Liquidity Less CLTD 1.26 1.86 0.89 0.78 1.98 1.66 1.85 1.46 2.65 0.78 2.22 4.13 1.99 2.22 <-Median-> 5 Ratio
Liq. with CF aft div 1.06 2.01 1.53 1.37 2.64 2.39 2.33 1.64 3.72 1.25 3.05 4.85 2.64 3.05 <-Median-> 5 Ratio
Cash Dividend 132.21 143.80 148.78 159.59 166.20 160.31 77.33 80.15 80.62 160.01 159.71
Less debt, plus CF aft cash D 1.59 1.41 2.65 2.41 2.30 1.63 3.69 1.21 3.00 3.93 1.49 3.00 <-Median-> 5 Ratio
Assets $2,149.9 $3,167.6 $4,381.9 $5,042.0 $5,478.9 $5,510.3 $5,492.8 $5,215.9 $5,717.2 $5,330.0 $4,859.8 $4,576.0 $4,553.9 $4,798.7 Debt Ratio of 1.5 and up, best
Liabilities $1,430.2 $1,897.8 $2,332.1 $2,557.8 $2,749.8 $2,942.6 $2,865.4 $2,610.7 $2,979.1 $2,589.3 $2,525.9 $2,120.7 $2,324.8 $2,210.9 1.97 <-Median-> 10 Ratio
Debt Ratio 1.50 1.67 1.88 1.97 1.99 1.87 1.92 2.00 1.92 2.06 1.92 2.16 1.96 2.17 1.96 <-Median-> 5 Ratio
Total Book Value $719.71 $1,270 $2,050 $2,484 $2,729 $2,568 $2,627 $2,605 $2,738 $2,741 $2,334 $2,455 $2,229 $2,588 8.75% <-Total Growth 10 Book Value
Non-Control Int. $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
Preferred Equity $152 $326 $326 $326 $326 $326 $377 $306 $292 $288 $288 $291 Carrying Val preferred from Cash flow statement
Book Value $719.71 $1,270 $1,898 $2,159 $2,403 $2,242 $2,302 $2,280 $2,361 $2,435 $2,042 $2,167 $1,941 $2,296 $2,296 $2,296 2.26% <-Total Growth 10 Book Value
Book Value per Share $9.54 $14.29 $16.52 $17.01 $17.64 $16.15 $15.31 $15.14 $15.71 $17.65 $15.17 $17.54 $16.82 $19.90 $19.90 $19.90 1.80% <-Total Growth 10 Book Value per Share
Change -0.86% 49.84% 15.63% 2.93% 3.70% -8.44% -5.17% -1.14% 3.80% 12.35% -14.08% 15.66% -4.12% 18.32% 0.00% 0.00% -53.38% P/B Ratio Current/10 Year Median 1.80%
P/B Ratio (Median) 1.30 0.91 0.95 0.89 0.86 0.86 0.80 0.87 0.74 0.62 0.63 0.64 0.67 0.41 0.01 0.00 0.88 P/B Ratio Historical Median 11.11%
P/B Ratio (Close) 1.39 0.98 0.95 0.87 0.80 0.79 0.83 0.93 0.59 0.67 0.70 0.68 0.54 0.36 0.36 0.44 0.18% <-IRR #YR-> 10 Book Value per Share
Change 17.09% -29.32% -3.32% -7.69% -7.98% -1.41% 4.63% 12.30% -36.87% 14.63% 4.26% -3.16% -21.29% -32.93% 2.13% <-IRR #YR-> 5 Book Value per Share
Leverage (A/BK) 2.99 2.49 2.14 2.03 2.01 2.15 2.09 2.00 2.09 1.94 2.08 1.86 2.04 1.85 2.04 <-Median-> 10 A/BV
Debt/Equity Ratio 1.99 1.49 1.14 1.03 1.01 1.15 1.09 1.00 1.09 0.94 1.08 0.86 1.04 0.85 1.04 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 0.77 5 yr Med 0.64 -53.38% Diff M/C 2.14 Historical 19 A/BV
-$16.52 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.82
-$15.14 $0.00 $0.00 $0.00 $0.00 $16.82
-$131.91 <-12 mths -224.99%
Comprehensive Income -$4.05 $324.47 $335.68 $218.26 $264.73 -$27.97 $95.26 $161.94 $274.75 $51.07 -$6.27 $387.70 $105.54 -68.56% <-Total Growth 10 Comprehensive Income
Increase 55.95% 8115.61% 3.46% -34.98% 21.29% -110.57% 440.56% 70.01% 69.66% -81.41% -112.29% 6279.50% -72.78% -72.78% <-Median-> 5 Comprehensive Income
5 Yr Running Average -$5.00 $62.12 $128.03 $173.03 $227.82 $223.03 $177.19 $142.44 $153.74 $111.01 $115.35 $173.84 $162.56 -10.93% <-IRR #YR-> 10 Comprehensive Income -68.56%
ROE -0.6% 25.6% 16.4% 8.8% 9.7% -1.1% 3.6% 6.2% 10.0% 1.9% -0.3% 15.8% 4.7% -8.21% <-IRR #YR-> 5 Comprehensive Income -34.83%
5Yr Median -1.8% -0.6% -0.6% 8.8% 9.7% 9.7% 8.8% 6.2% 6.2% 3.6% 3.6% 6.2% 4.7% 2.42% <-IRR #YR-> 10 5 Yr Running Average 26.97%
% Difference from NI 7.2% 1.0% -1.4% 14.2% 33.8% -84.1% -17.8% -30.9% 73.2% -58.4% -129.1% -0.4% -2093.5% 2.68% <-IRR #YR-> 5 5 Yr Running Average 14.12%
Median Values Diff 5, 10 yr -24.4% -58.4% 4.7% <-Median-> 5 Return on Equity
-$335.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $105.5
-$161.9 $0.0 $0.0 $0.0 $0.0 $105.5
-$128.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $162.6
-$142.4 $0.0 $0.0 $0.0 $0.0 $162.6
Current Liability Coverage Ratio 0.67 0.33 0.47 0.53 0.42 0.27 0.25 0.23 0.29 0.28 0.20 0.21 0.10 0.12   CFO / Current Liabilities
5 year Median 1.24 1.24 0.67 0.53 0.47 0.42 0.42 0.27 0.27 0.27 0.25 0.23 0.21 0.20 0.21 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 3.28% 2.41% 3.10% 3.86% 3.74% 4.00% 4.58% 4.10% 3.74% 3.82% 3.63% 4.36% 3.09% 2.50% CFO / Total Assets
5 year Median 2.99% 2.99% 3.10% 3.28% 3.28% 3.74% 3.86% 4.00% 4.00% 4.00% 3.82% 3.82% 3.74% 3.63% 3.7% <-Median-> 5 Return on Assets 
Return on Assets ROA -0.2% 10.1% 7.8% 3.8% 3.6% -3.2% 2.1% 4.5% 2.8% 2.3% 0.4% 8.5% -0.1% 1.1% Net  Income/Assets Return on Assets
5Yr Median -0.5% -0.2% -0.2% 3.8% 3.8% 3.8% 3.6% 3.6% 2.8% 2.3% 2.3% 2.8% 2.3% 1.1% 2.5% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE -0.5% 25.3% 16.6% 7.7% 7.3% -6.8% 4.4% 9.0% 5.8% 4.5% 0.9% 15.9% -0.2% 2.1% Net Inc/ Shareholders' equity Return on Equity
5Yr Median -1.8% -0.5% -0.5% 7.7% 7.7% 7.7% 7.3% 7.3% 5.8% 4.5% 4.5% 5.8% 4.5% 2.1% 5.1% <-Median-> 10 Return on Equity
-$297.04 <-12 mths -5510.79%
Net Income -$3.78 $321.29 $340.34 $191.16 $197.89 -$175.70 $115.94 $234.44 $158.64 $122.74 $21.54 $389.18 -$5.29 $53.09 $100.41 -101.56% <-Total Growth 10 Net Income
Increase 58.92% 8610.97% 5.93% -43.83% 3.52% -188.79% 165.99% 102.21% -32.33% -22.63% -82.45% 1706.50% -101.36% 1102.80% 89.13% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average -$4.95 $61.54 $128.37 $167.96 $209.38 $174.99 $133.92 $112.74 $106.24 $91.21 $130.66 $185.31 $137.36 $116.25 $111.78 #NUM! <-IRR #YR-> 10 Net Income -101.56%
Operating Cash Flow $70.60 $76.49 $135.92 $194.51 $204.71 $220.60 $251.82 $214.01 $213.73 $203.85 $176.33 $199.50 $140.74 #NUM! <-IRR #YR-> 5 Net Income -102.26%
Investment Cash Flow -$385.41 -$280.40 -$543.34 -$371.64 -$246.21 -$96.81 -$32.12 $5.03 -$158.35 $7.49 $165.96 $607.47 -$288.99 0.68% <-IRR #YR-> 10 5 Yr Running Ave. 2.57%
Total Accruals $311.03 $525.20 $747.76 $368.29 $239.39 -$299.49 -$103.77 $15.41 $103.26 -$88.60 -$320.75 -$417.80 $142.95 4.03% <-IRR #YR-> 5 5 Yr Running Ave. 21.83%
Total Assets $2,150 $3,168 $4,382 $5,042 $5,479 $5,510 $5,493 $5,216 $5,717 $5,330 $4,860 $4,576 $4,554 Balance Sheet Assets
Accruals Ratio 14.47% 16.58% 17.06% 7.30% 4.37% -5.44% -1.89% 0.30% 1.81% -1.66% -6.60% -9.13% 3.14% -1.66% <-Median-> 5 Ratio
EPS/CF Ratio -0.10 4.33 2.96 0.75 0.90 -0.89 0.43 0.94 0.66 0.47 0.02 1.96 -0.15 0.56 <-Median-> 10 EPS/CF Ratio
-$340.34 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$5.29
-$234.44 $0.00 $0.00 $0.00 $0.00 -$5.29
-$128.37 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $137.36
-$112.74 $0.00 $0.00 $0.00 $0.00 $137.36
Chge in Close 16.08% 5.90% 11.79% -4.99% -4.58% -9.73% -0.78% 11.02% -34.47% 28.79% -10.42% 12.01% -24.54% -20.64% 0.00% 23.78% count 19 Change in Close
up/down down down down  down up up up 11
Meet Prediction? Yes % right 2 18.18%
Financial Cash Flow $367.35 $208.80 $368.75 $169.78 $41.35 -$118.13 -$229.59 -$229.95 -$30.82 -$232.82 -$350.00 -$622.97 -$46.57 C F Statement  Financial Cash Flow
Total Accruals -$56.32 $316.40 $379.01 $198.52 $198.04 -$181.36 $125.82 $245.36 $134.08 $144.22 $29.26 $205.18 $189.52 Accruals
Accruals Ratio -2.62% 9.99% 8.65% 3.94% 3.61% -3.29% 2.29% 4.70% 2.35% 2.71% 0.60% 4.48% 4.16% 2.71% <-Median-> 5 Ratio
Cash $88.32 $94.09 $54.71 $48.22 $49.22 $66.45 $50.73 $35.83 $66.14 $42.46 $34.70 $221.47 $29.17 $37.21 <-Median-> Cash
Cash per Share $1.17 $1.06 $0.48 $0.38 $0.36 $0.48 $0.34 $0.24 $0.44 $0.31 $0.26 $1.79 $0.25 $0.32 $0.31 <-Median-> 5 Cash per Share
Percentage of Stock Price 8.86% 7.57% 3.04% 2.56% 2.55% 3.74% 2.66% 1.69% 4.76% 2.59% 2.42% 15.01% 2.81% 4.51% 2.81% 5 % of Stock Price
Notes:
July 8, 2023.  Last estimates were for 2022, 2023 and 2024 of $402M, $395M and $354M for Revenue, $1.02, $0.99 2022/3 for AFFO, 
$1.43, $1.43 2022/3 for FFO, $0.61 and $0.62 2022/3 for Dividends, $370M, -$194M 2022/3 for FCF, and $150M, $132M and $85.3M for Net Income.
July 10, 2022.  Last estimates were for 2021 and 2022 of $461M and $388M for Revenue, $1.02, $1.00 for AFFO, $1.38 and $1.37 for FFO, 
$0.58 and $0.60 for Dividends,  $151M, $155M for FCF.
July 11, 2021.  Last estimates were for 2020, 2021 and 2022 of $470M, $457M and 446M for Revenue, $0.97 and $0.99 for AFFO for 2020 and 22, 
$1.31 and $1.33 for FFO for 2020 and 22, $0.54, $0.54 and $0.54 for Dividends, $211M, $85M and $90M for FCF.
July 12, 2020.  Last estimates were for 2019 and 2020 of $527M and $493M for Revenue, $1.01 and $1.06 for AFFO, $1.36 and $1.39 for FFO and $203M for Net Income for 2019.
July 13, 2019.  Last estimates were for 2018, 2019 and 2020 of $523M, $542M and $537M for Revenue, $1.07 and 1.13 for AFFO for 2018 and 2019,
 $1.38 and 1.46 for FFO for 2018 and 2019, $1.24 and $1.31 for EPS for 2018 and 2019 and $189M and 203M for Net Income for 2018 and 2019.
July 15, 2018.  Last estimates were for 2017 and 2018 of $545M and $562M, $1.17 and $1.26 for AFFO, $1.47 and $1.53 for FFO.
July 9, 2016.  Last estimates were for 2015 and 2016 of $533M and $548M for Revenue, $1.30 and $1.35 for AFFO, $1.52 and $1.58 for FFO, $0.95 and $1.50 for EPS, $0.85 for 2015 for CFPS.
July 19, 2015.  Last estimates were for 2014 and 2015 of $498M and $512M for Revenue, $0.77, $1.02 and $1.25 for for 2014 to 2016 for EPS and $0.58 and $0.85 for CFPS.
July 13, 2014.  Last Estimates were for 2013 and 2014 of $431M and 508M for Revenue, $1.50 and $1.55 for EPS, $1.29 and $1.29 for CFPS.
2011.  With the new Accounting Rules, EPS for 2010 changed from $0.54 from a loss of $0.07.
2007.  The company was rebranded in February 2007 as Artis Real Estate Investment Trust.
2004.  This company was started in 2004 as Westfield REIT.
Sector:
Real Estate
What should this stock accomplish?
Would I buy this company and Why.
No I would not.  There is no dibvidend growth and the Liqididty Ratios have not been good.  
Why am I following this stock. 
Early in 2013, this company was mentioned as a good REIT to own.  Several people I correspond with mentioned this REIT.  However, my first view of it is not positive.  
It is also not a dividend growth stock.
Dividends
Dividends are paid monthly.  Duistributions are declared in one month and paid in the following month.
For example, the June 2014 distributions was declared for shareholders of record of June 30, 2014 and paid on June 30, 2014.
How they make their money.
Artis Real Estate Investment Trust is an unincorporated closed-end REIT based in Canada. Artis REIT's portfolio comprises properties located in Central and Western 
Canada and selects markets throughout the United States, including regions such as Alberta, British Columbia, Manitoba, Ontario, Saskatchewan, Arizona, Minnesota, 
Colorado, New York, and Wisconsin. The properties are divided into three categories: office, retail, and industrial.
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 Jul 09 2016 Jul 15 2017 Jul 15 2018 Jul 13 2019 Jul 12 2020 Jul 11 2021 Jul 10 2022 Jul 8 2022
Manji, Samir Aziz 18.216 14.74% 17.371 15.05% 17.806 15.43% 2.50%
CEO - Shares - Amount $217.495 $156.513 $127.312
Options - percentage 0.051 0.04% 0.061 0.05% 0.104 0.09% 70.16%
Options - amount $0.609 $0.550 $0.742
Shaikh, Mike 18.216 14.74%
CEO - Shares - Amount $217.495
Options - percentage 0.051 0.04%
Options - amount $0.609
Martens, Armin 0.16% 0.596 0.40% 0.659 0.44% 0.677 0.45% 0.831 0.60% 0.953 0.71%
CEO - Shares - Amount $2.815 $7.572 $9.296 $6.256 $9.888 $10.158
Options - percentage 0.69% 0.654 0.44% 0.078 0.05% 0.152 0.10% 0.580 0.42% 0.648 0.48%
Options - amount $12.192 $8.309 $1.098 $1.401 $6.899 $6.905
Koenig, Jaclyn 0.004 0.00% 0.008 0.01% 0.010 0.01% 32.58%
CFO - Shares - Amount $0.045 $0.070 $0.074
Options - percentage 0.008 0.01% 0.018 0.02% 0.036 0.03% 98.90%
Options - amount $0.095 $0.163 $0.258
Green, James 0.05% 0.065 0.04% 0.071 0.05% 0.074 0.05% 0.090 0.07% 0.098 0.07% Ceased insider May 21, 2021
CFO - Shares - Amount $0.806 $0.826 $1.001 $0.684 $1.071 $1.039
Options - percentage 0.34% 0.241 0.16% 0.289 0.19% 0.044 0.03% 0.078 0.06% 0.084 0.06%
Options - amount $6.095 $3.062 $4.076 $0.409 $0.932 $0.899
Martens, Phillip 0.003 0.00% 0.004 0.00% 0.005 0.00% 0.005 0.00% 0.007 0.01% 56.91%
Officer - Shares - Amount $0.031 $0.046 $0.056 $0.042 $0.053
Options - percentage 0.009 0.01% 0.013 0.01% 0.016 0.01% 0.019 0.02% 0.013 0.01% -29.63%
Options - amount $0.103 $0.143 $0.197 $0.169 $0.094
Johnson, David Lyall 0.00% 0.002 0.00% 0.006 0.00% 0.004 0.00% 0.005 0.00%
Officer - Shares - Amount $0.000 $0.022 $0.079 $0.040 $0.059
Options - percentage 0.05% 0.065 0.04% 0.006 0.00% 0.008 0.01% 0.009 0.01%
Options - amount $0.820 $0.828 $0.091 $0.078 $0.104
Irwin, Heather-Anne 0.003 0.00% 0.006 0.01% 0.006 0.01% -0.89%
Director - Shares - Amount $0.030 $0.058 $0.045
Options - percentage 0.005 0.00% 0.013 0.01% 0.023 0.02% 73.95%
Options - amount $0.061 $0.118 $0.163
Jack, Bruce William James 0.005 0.00% 0.005 0.00% Ceased Insider July 9, 2021
Director - Shares - Amount $0.060 $0.053
Options - percentage 0.035 0.03% 0.061 0.05%
Options - amount $0.413 $0.648
Rodney, Benjamin Ryan 0.004 0.00% 0.066 0.05% 0.075 0.06% 0.090 0.08% 20.00%
Chairman - Shares - Amt $0.043 $0.788 $0.676 $0.644
Options - percentage 0.010 0.01% 0.026 0.02% 0.048 0.04% 0.067 0.06% 39.54%
Options - amount $0.105 $0.312 $0.430 $0.476
Increase in O/S Shares 0.15% 0.200 0.14% 0.062 0.04% 0.023 0.02% 0.036 0.02% 0.092 0.07% 0.414 0.30% 0.039 0.03% 0.021 0.02%
due to SO $2.838 $2.562 $0.792 $0.324 $0.330 $1.089 $4.931 $0.467 $0.189
Book Value $2.986 $2.986 $0.774 $0.307 $0.464 $1.076 $4.455 $0.428 $0.230
Insider Buying -$0.074 -$0.085 -$0.189 -$0.433 -$2.346 -$0.721 -$21.958 -$21.958 -$5.189
Insider Selling $0.000 $0.000 $1.337 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Net Insider Selling -$0.074 -$0.085 $1.147 -$0.433 -$2.346 -$0.721 -$21.958 -$21.958 -$5.189
% of Market Cap 0.00% 0.00% 0.05% -0.03% -0.14% -0.05% -1.49% -2.11% -0.63%
Trustees 8 8 10 8 7 7 7 7
Women 0.00% 0 0.00% 0 0.00% 2 20.00% 2 25.00% 1 14.29% 4 57.14% 4 57.14% 4 57.14%
Minorities 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 0 0.00% 2 28.57% 2 28.57% 2 28.57%
Institutions/Holdings 6.13% 1 1.76% 1 1.76% 90 21.51% 3 3.60% 20 52.05% 20 19.52% 20 14.67%
Total Shares Held 0.18% 0.070 0.05% 0.070 0.05% 33.084 22.01% 0.142 0.10% 68.014 55.05% 22.752 19.71% 16.334 14.15%
Increase/Decrease -2.14% 0.001 2.03% 0.001 2.03% 0.454 1.39% -0.041 -22.60% 0.302 0.45% 0.906 4.15% 0.137 0.84%
Starting No. of Shares 0.069 0.069 32.630 0.184 67.712 21.846 16.198
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