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.
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/ 9/30/11 3Q 2011
Calloway Real Estate Inv Trust www.callowayreit.com CWT.UN Fiscal Yr: Dec 31
Year 3/30/00 3/31/01 3/31/02 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/30/12 #Y
Accting Rules C GAAP IFRS IFRS
Statement Date Mar Dec Dec
Revenue* $0.771 $1.286 $1.233 $3.610 $12.8 $87.9 $201.1 $310.6 $379.5 $434.8 $461.6 $494.4 $507.9 $544.1 38355.92% <-Total Growth 10 Revenues
Increase 70.20% 66.86% -4.07% 192.67% 255.65% 585.06% 128.71% 54.44% 22.17% 14.55% 6.17% 7.11% 2.72% 7.13% 81.34% <-IRR #YR-> 10 Revenues
Rev per Share $1.65 $2.75 $2.64 $0.61 $1.14 $2.64 $2.90 $3.45 $4.12 $4.57 $4.65 $4.30 $4.26 $4.56 19.71% <-IRR #YR-> 5 Revenues
P/S (Price/Sales) 1.09 0.57 0.60 15.99 12.10 7.09 8.20 8.01 5.95 2.48 4.20 5.43 6.33 5.91 4.58% <-IRR #YR-> 10 Rev Per share
*Revenue in M CDN $  P/S 10 yr  6.52 5 yr  5.43 8.24% <-IRR #YR-> 5 Rev Per share
-$1.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $494.4
-$201.1 $0.0 $0.0 $0.0 $0.0 $494.4
Yr 2011 Yr 2012
Distri Inc or FFO $0.80 $1.24 $1.37 $1.47 $1.56 $1.81 $1.70 $1.67 $1.65 $1.68 $1.76 33.06% <-Total Growth 7 FFO
Increase 55.58% 10.48% 7.01% 6.62% 16.06% -6.28% -1.76% -1.20% 1.82% 4.76%
Payout Ratio DI 24.1% 92.8% 88.9% 93.5% 94.1% 83.8% 91.1% 92.7% 93.8% 92.1% 88.0% 92.69% <-Median-> 9 FFO Payout
P/FFO 12.17 11.09 13.69 16.19 17.66 13.50 6.68 11.68 14.16 16.05 15.32 4.17% <-IRR #YR-> 7 FFO
Trailing P/FFO 17.25 15.12 17.33 18.83 15.67 6.26 11.48 13.99 16.35 16.05 2.39% <-IRR #YR-> 5 FFO
Funds from Operations per share Payout 92.69% P/E: Y-T 13.50 13.99
EPS* $0.18 $0.38 $1.24 $0.97 $1.29 $0.51 $0.55 $0.26 $0.33 $0.95 $0.24 $0.11 $1.77 <-12 mths -71.19% <-Total Growth 10 Earnings
Increase 33.33% 112.50% 223.53% -21.88% 33.68% -60.78% 8.70% -52.73% 26.92% 187.88% -74.74% -54.17% 1507% -11.70% <-IRR #YR-> 10 Earnings
Earnings Yield 10.0% 24.2% 78.2% 9.9% 9.4% 2.7% 2.3% 0.9% 1.3% 8.4% 1.2% 0.5% 6.6% -27.52% <-IRR #YR-> 5 Earnings
* ESP per share (Cdn GAAP) E/P 10 Yrs 2.51% 5Yrs 1.23%
-$0.38 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.11
-$0.55 $0.00 $0.00 $0.00 $0.00 $0.11
Div* $0.19 $1.15 $1.22 $1.37 $1.47 $1.52 $1.55 $1.55 $1.55 $1.55 $1.55 34.52% <-Total Growth 7 Dividends
Increase 500.00% 5.81% 12.51% 7.36% 3.34% 1.84% 0.00% 0.00% 0.00% 0.00% 4.58% <-Median-> 8 Dividends
Yield H/L Pr. 3.28% 9.90% 7.49% 6.41% 5.55% 5.88% 9.67% 10.72% 6.96% 6.96% <-Median-> 9 Dividends
Yield on High  Pr. 1.94% 8.22% 6.45% 5.40% 4.93% 5.12% 6.58% 7.80% 6.14% 6.14% <-Median-> 9 Dividends
Yield on Low Pr. 10.66% 12.44% 8.93% 7.87% 6.36% 6.91% 18.23% 17.12% 8.03% 8.93% <-Median-> 9 Dividends
Yield on Cl Pr. 1.98% 8.37% 6.49% 5.77% 5.33% 6.21% 13.64% 7.93% 6.62% 5.74% 5.74% 6.49% <-Median-> 9 Dividends
Payout Ratio EPS 19.9% 89.2% 240.7% 249.1% 565.7% 460.6% 162.9% 645.0% 1407.3% 87.6% #VALUE! 249.09% <-Median-> 9 DPR EPS
Payout Ratio CF 80.4% 132.4% 115.3% 134.4% 143.4% 87.1% 102.2% 107.7% 127.1% 98.0% 133.4% 115.28% <-Median-> 9 DPR CF
Payout Ratio CF NC 240.3% 163.6% 113.2% 111.9% 139.3% 92.9% 90.2% 96.3% 123.8% 98.0% 133.4% 113.15% <-Median-> 9 DPR CF NC
Median 5 Yrs Div Yd 6.65% 5 7.71% 10 Yield  6.96% 6.62% Payout 565.70% 107.73% 4.33% <-IRR #YR-> 7 Dividends
* Dividends per share  3.0% Years 3.0% Years Last Div Inc ---> $0.13 $0.13 0.0% 2.47% <-IRR #YR-> 5 Dividends
-$1.15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.55
-$1.37 $0.00 $0.00 $0.00 $0.00 $1.55
H/LYield held 5 yrs 67.65% 86.71% 93.68% 25.98% 13.32% 9.53% 7.24% 5.84% 5.99% 25.98% <-Median-> 7 Dividends
H/LYield held 10 yrs 102.18% 86.00% 97.97% 98.60% 26.46% 97.97% <-Median-> 3 Dividends
Graham Price $2.74 $4.23 $9.01 $13.68 $16.51 $11.58 $13.73 $9.85 $10.73 $17.97 $8.78 $5.79 $26.51 #VALUE! 36.88% <-Total Growth 10 Graham Price
Prem /Disc.Med H/L -34.31% -62.63% -82.57% -57.23% -29.57% 40.38% 55.70% 169.02% 140.92% -10.95% 64.48% 284.33% 48.04% <-Median-> 10 Graham Price
Prem/Disc. High -34.31% -62.63% -75.13% -27.63% -15.18% 63.01% 84.66% 202.99% 176.80% 30.86% 126.03% 335.73% 73.84% <-Median-> 10 Graham Price
Prem/Disc. Low -34.31% -62.63% -90.01% -86.84% -43.96% 17.74% 26.75% 135.04% 105.04% -52.76% 2.94% 232.93% 10.34% <-Median-> 10 Graham Price
Prem/Disc. Cl -52.22% -167.63% -470.07% -41.02% -20.04% 38.26% 42.17% 64.33% 56.19% -58.35% 54.99% 75.23% 1.69% #VALUE! 40.22% <-Median-> 10 Graham Price
pre-cons Feb 02 $0.90 $0.79 $0.79
pre-cons Nov 02 $1.80 $1.58 $1.58
Price Cl $1.80 $1.58 $1.58 $9.70 $13.75 $18.75 $23.74 $27.60 $24.49 $11.35 $19.51 $23.37 $26.97 $26.97 1379.11% <-Total Growth 10 Stock Price
Increase 168.66% -12.22% 0.00% 513.92% 41.75% 36.36% 26.61% 16.26% -11.27% -53.65% 71.89% 19.78% 15.40% 0.00% 30.92% <-IRR #YR-> 10 Stock Price
P/E 10.02 4.14 1.28 10.05 10.66 37.06 43.16 106.15 74.21 11.95 81.29 212.45 15.26 #VALUE! -0.31% <-IRR #YR-> 5 Stock Price
Trailing P/E 13.36 8.79 4.14 7.85 14.25 14.53 46.92 50.18 94.19 34.39 20.54 97.38 245.18 15.26 50.28% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs 19.37% 6.46% Div %  Ret. Price Inc 16.26% P/E:  40.11 81.29 6.15% <-IRR #YR-> 5 Price & Div
-$1.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $23.37
-$23.74 $0.00 $0.00 $0.00 $0.00 $23.37
-$1.58 $0.00 $0.19 $1.15 $1.22 $1.37 $1.47 $1.52 $1.55 $1.55 $24.92
-$23.74 $1.47 $1.52 $1.55 $1.55 $24.92
Price H/L Median $1.80 $1.58 $1.57 $5.85 $11.63 $16.25 $21.38 $26.49 $25.85 $16.01 $14.45 $22.25 1307.91% <-Total Growth 10 Stock Price
Increase 18.81% -12.22% -0.63% 272.61% 98.72% 39.78% 31.54% 23.91% -2.40% -38.09% -9.75% 54.00% 30.27% <-IRR #YR-> 10 Stock Price
P/E 10.02 4.14 1.27 6.06 9.01 32.11 38.86 101.87 78.33 16.85 60.19 202.23 0.80% <-IRR #YR-> 5 Stock Price
Trailing P/E 13.36 8.79 4.11 4.74 12.05 12.60 42.24 48.15 99.42 48.50 15.21 92.69 49.98% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs 19.70% 7.03% Div %  Ret. Price Inc -2.40% P/E:  35.49 78.33 7.83% <-IRR #YR-> 5 Price & Div
-$1.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $22.25
-$21.38 $0.00 $0.00 $0.00 $0.00 $22.25
-$1.58 $0.00 $0.19 $1.15 $1.22 $1.37 $1.47 $1.52 $1.55 $1.55 $23.79
-$21.38 $1.47 $1.52 $1.55 $1.55 $23.79
Hi Mths Sep Dec Dec Dec Sep Sep Jan Jan Sep Sep
pre-cons Feb 9 02 $0.90 $0.79 $1.12
pre-cons Nov 4 02 $1.80 $1.58 $2.24
Price Hi $1.80 $1.58 $2.24 $9.90 $14.00 $18.87 $25.35 $29.83 $29.70 $23.52 $19.85 $25.22 1496.20% <-Total Growth 10 Stock Price
Increase -23.73% -12.22% 41.77% 341.96% 41.41% 34.79% 34.34% 17.67% -0.44% -20.81% -15.60% 27.05% 31.92% <-IRR #YR-> 10 Stock Price
P/E 10.02 4.14 1.81 10.26 10.85 37.29 46.09 114.73 90.00 24.76 82.71 229.27 -0.10% <-IRR #YR-> 5 Stock Price
Trailing P/E 13.36 8.79 5.87 8.01 14.51 14.63 50.10 54.24 114.23 71.27 20.89 105.08
Median 10, 5 Yrs Price Inc -0.44% P/E:  41.69 90.00
-$1.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $25.22
-$25.35 $0.00 $0.00 $0.00 $0.00 $25.22
Low Mths Aug Jan Apr May Apr Jun Nov Nov Mar Feb
pre-cons Feb 9 02 $0.90 $0.79 $0.45 $0.90
pre-cons Nov 4 02 $1.80 $1.58 $0.90 $1.80
Price Low $1.80 $1.58 $0.90 $1.80 $9.25 $13.63 $17.40 $23.14 $22.00 $8.49 $9.04 $19.27 1119.62% <-Total Growth 10 Stock Price
Increase 168.66% -12.22% -43.04% 100.00% 413.89% 47.35% 27.66% 32.99% -4.93% -61.41% 6.48% 113.16% 28.42% <-IRR #YR-> 10 Stock Price
P/E 10.02 4.14 0.73 1.87 7.17 26.94 31.64 89.00 66.67 8.94 37.67 175.18 2.06% <-IRR #YR-> 5 Stock Price
Trailing P/E 13.36 8.79 2.36 1.46 9.59 10.57 34.39 42.07 84.62 25.73 9.52 80.29
Median 10, 5 Yrs Price Inc 6.48% P/E:  29.29 66.67
-$1.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.27
Market Cap $0.84 $0.74 $0.74 $57.73 $155.34 $623.68 $1,649.3 $2,487.7 $2,256.7 $1,079.1 $1,939 $2,686 $3,217 $3,217
# of Sh in M 0.468 0.468 0.468 5.952 11.298 33.263 69.475 90.133 92.147 95.078 99.365 114.940 119.276 119.276 Unit Equity Shares
Increase 162.50% 0.00% 0.00% 1172.99% 89.83% 194.42% 108.87% 29.73% 2.23% 3.18% 4.51% 15.67% 3.77% 0.00% 22.70% <-Median-> 10 Shares
CF fr Op $M $0.182 $0.404 -$0.080 $1.419 $9.821 $35.136 $70.839 $92.439 $160.87 $144.07 $142.79 $139.98 $188.46 $138.36 34538.24% <-Total Growth 10 Cash Flow
OPS $0.39 $0.86 -$0.17 $0.24 $0.87 $1.06 $1.02 $1.03 $1.75 $1.52 $1.44 $1.22 $1.58 $1.16 40.89% <-Total Growth 10 Cash Flow
Non-Cash CF $0.04 -$0.11 $0.13 -$0.94 -$1.88 $0.66 $14.22 $2.71 -$10.05 $19.14 $16.91 $3.76 $0.00 $0.00 3.49% <-IRR #YR-> 10 Cash Flow
OPS non-cash $0.47 $0.63 $0.12 $0.08 $0.70 $1.08 $1.22 $1.06 $1.64 $1.72 $1.61 $1.25 $1.58 $1.16 3.62% <-IRR #YR-> 5 Cash Flow
P/O on Cl 3.8 2.5 13.5 121.5 19.5 17.4 19.4 26.1 15.0 6.6 12.1 18.7 17.1 23.3 7.11% <-IRR #YR-> 10 CF non-cash
*Operational Cash Flow per share P/CF 10 Yrs 26.99 5 Yrs 15.71 0.43% <-IRR #YR-> 5 CF non-cash
-$0.86 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.22
-$1.02 $0.00 $0.00 $0.00 $0.00 $1.22
-$0.63 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.25
-$1.22 $0.00 $0.00 $0.00 $0.00 $1.25
OPM 23.6% 31.4% -6.5% 39.3% 76.5% 40.0% 35.2% 29.8% 42.4% 33.1% 30.9% 28.3% should be zero, it is a check on calculations
Diff from Ave -32.3% -9.9% -118.5% 12.6% 119.2% 14.5% 0.9% -14.7% 21.4% -5.1% -11.4% -18.9% -0.02 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 34.90% 5 Yrs 32.91%
Curr Assets $322.7 $237.6 $34.6 Liquidity ratio of 1.5 and up, best Assets
Curr Liab. $100.8 $109.0 $105.8 2.69 <-Median-> 2 Liabilities
Liquity 3.20 2.18 0.33 2.69 <-Median-> 2 Ratio
Assets $6.683 $7.595 $6.028 $108.7 $228.9 $1,014.6 $2,564.1 $3,583.9 $3,893.7 $4,194.4 $4,236.8 $4,373.5 $5,913.3 A/L ratio of 1.5 and up, best Assets
Liab. $5.815 $6.622 $4.664 $57.4 $122.9 $623.1 $1,506.1 $2,090.5 $2,465.0 $2,757.5 $2,817.7 $2,817.7 $3,415.9 1.60 <-Median-> 10 Liabilities
Liquity 1.15 1.15 1.29 1.89 1.86 1.63 1.70 1.71 1.58 1.52 1.50 1.55 1.73 1.55 <-Median-> 5 Ratio
Non-Control Int $2 $2 $389
Book Value $0.868 $0.973 $1.365 $51 $106 $392 $1,058 $1,493 $1,429 $1,437 $1,419 $1,556 $2,108 159778% <-Total Growth 10 Book Value
BV per share $1.86 $2.08 $2.92 $8.62 $9.39 $11.77 $15.23 $16.57 $15.51 $15.11 $14.28 $13.54 $17.67 550.31% <-Total Growth 10 Book Value
Change -57.60% 12.08% 40.24% 195.22% 8.92% 25.39% 29.39% 8.80% -6.42% -2.53% -5.50% -5.23% 30.57% 1.1420 Current/Historical Book Value
P/BV (CL) 0.97 0.76 0.54 1.13 1.46 1.59 1.56 1.67 1.58 0.75 1.37 1.73 1.53 20.59% <-IRR #YR-> 10 Book Value
Change 533.64% -21.68% -28.70% 107.96% 30.14% 8.75% -2.14% 6.86% -5.18% -52.45% 81.89% 26.39% -11.61% -2.33% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 7.70 7.81 4.42 2.12 2.16 2.59 2.42 2.40 2.73 2.92 2.99 2.81 2.81 2.66 <-Median-> 10 A/BV
Debt/Equity Ratio 6.70 6.81 3.42 1.12 1.16 1.59 1.42 1.40 1.73 1.92 1.99 1.81 1.62 1.66 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.51 5 yr Med 1.58
-$2.08 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $13.54
-$15.23 $0.00 $0.00 $0.00 $0.00 $13.54
ROE 1.4% 2.1% 6.2% 1.6% 0.7% 1.64% <-Median-> 5 Compreh. Inc
Comprehensive Inc $20.77 $30.50 $89.65 $23.29 $11.65 Compreh. Inc
ROE 9.6% 9.4% 21.5% 2.8% 8.5% 3.4% 2.5% 1.4% 2.1% 6.2% 1.6% 0.7% 10.0% Net Income/Shareholders' equity
5Yr Median 9.4% 9.4% 8.5% 3.4% 2.8% 2.5% 2.5% 2.1% 1.6% 2.1%
Net Income $0.08 $0.09 $0.29 $1.44 $8.96 $13.42 $26.75 $20.77 $30.50 $89.65 $23.29 $11.65 $210.87 <-12 mths 12642.65% <-Total Growth 10 Net Income
Oper C. F. $0.18 $0.40 -$0.08 $1.42 $9.82 $35.14 $70.84 $92.44 $160.87 $144.07 $142.79 $139.98 C F Statement  Oper C. F.
Invest. C. F -$3.96 -$1.04 $1.86 -$72.35 -$15.30 -$694.74 -$787.89 -$554.56 -$534.59 -$283.35 -$161.67 -$274.29 C F Statement  Invest. C. F
Total Accruals $3.86 $0.73 -$1.48 $72.37 $14.44 $673.02 $743.80 $482.89 $404.22 $228.93 $42.17 $145.95 Accruals
Total Assets $6.7 $7.6 $6.0 $108.7 $228.9 $1,014.6 $2,564.1 $3,583.9 $3,893.7 $4,194.4 $4,236.8 $4,373.5 Balance Sheet Assets
Accruals Ratio 57.79% 9.58% -24.60% 66.57% 6.31% 66.33% 29.01% 13.47% 10.38% 5.46% 1.00% 3.34% Ratio
up/down/neutral
Chge in Close 168.66% -12.22% 0.00% 513.92% 41.75% 36.36% 26.61% 16.26% -11.27% -53.65% 71.89% 19.78%
Any Predictions?
Fin. C. F -$3.62 $0.00 -$1.82 $67.40 $5.64 $666.40 $799.10 $592.25 $175.97 $141.62 $21.98 $115.61 C F Statement  Fin. C. F
Total Accruals $7.48 $0.73 $0.33 $4.98 $8.80 $6.62 -$55.29 -$109.37 $228.25 $87.32 $20.19 $30.35 Accruals
Accruals Ratio 111.93% 9.58% 5.53% 4.58% 3.84% 0.65% -2.16% -3.05% 5.86% 2.08% 0.48% 0.69% Ratio
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.
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
How they make their money.
Calloway REIT is the largest owner of large-format unenclosed retail properties in Canada.
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.
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