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. Estimates Estimates Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Q1 2026 <-Estimates
See my website on stocks or see my blog at the following sites.  https://spbrunner.com/stocks.html https://spbrunner.blogspot.com/ 3/31/26 <-Estimates
H&R Real Estate Trust  TSX: HR.UN OTC: HRUFF https://www.hr-reit.com Fiscal Yr: Dec 31
Year 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 12/31/26 12/31/27 12/31/28 Value Description #Y Item Total G
Accounting Rules IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
Split/Spin-off  4 Received 1 Primasis for 4 HR
Date 31/12/2021
$980 <-12 mths 0.00%
Equity Accounted Investments $119.3 $106.7 $130.4 $150.7 $156.5 $165.4 See Newswire and Press Release on year
Total Revenue $1,137.0 $1,227.8 $1,188.3 $1,196.0 $1,168.5 $1,176.6 $1,149.5 $1,218.0 $1,172.0 $965.0 $997.8 $973.4 $980.5 $748.2 $760.6
Increase 36.12% 7.98% -3.22% 0.65% -2.30% 0.69% -2.30% 5.96% -3.78% -17.66% 3.40% -2.45% 0.73% -23.69% 1.66% -1.90% <-IRR #YR-> 10 Revenue -17.49%
5 year Running Average $771.8 $895.0 $1,009.1 $1,116.9 $1,183.5 $1,191.4 $1,175.8 $1,181.7 $1,176.9 $1,136.2 $1,100.5 $1,065.2 $1,017.7 $933.0 $892.1 -4.25% <-IRR #YR-> 5 Revenue -19.50%
Revenue per Share $4.21 $4.47 $4.25 $4.19 $4.01 $4.12 $4.01 $4.25 $4.06 $3.63 $3.81 $3.72 $3.71 $2.83 $2.87 0.09% <-IRR #YR-> 10 5 yr Running Average 0.86%
Increase -1.84% 6.10% -4.89% -1.35% -4.33% 2.68% -2.65% 5.90% -4.30% -10.68% 4.99% -2.50% -0.24% -23.69% 1.66% -2.94% <-IRR #YR-> 5 5 yr Running Average -13.87%
5 year Running Average $4.16 $4.20 $4.21 $4.28 $4.23 $4.21 $4.12 $4.12 $4.09 $4.01 $3.95 $3.89 $3.78 $3.54 $3.39 -1.36% <-IRR #YR-> 10 Revenue per Share -12.79%
P/S (Price/Sales) Med 5.41 5.00 5.32 5.00 5.54 4.90 5.51 3.46 3.43 3.38 2.85 2.72 2.92 3.69 0.00 -2.68% <-IRR #YR-> 5 Revenue per Share -12.71%
P/S (Price/Sales) Close 5.08 4.86 4.72 5.34 5.33 5.01 5.26 3.13 3.21 3.34 2.60 2.50 2.76 3.49 3.43 -1.05% <-IRR #YR-> 10 5 yr Running Average -10.00%
*Property Rental Revenue in M CDN $  P/S Med 20 yr  4.90 15 yr  5.00 10 yr  3.45 5 yr  2.92 1.18% Diff M/C -1.66% <-IRR #YR-> 5 5 yr Running Average -8.03%
Rentals from Investment Properties
-$1,188.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $980.5
-$1,218.0 $0.0 $0.0 $0.0 $0.0 $980.5
-$1,009.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,017.7
-$1,181.7 $0.0 $0.0 $0.0 $0.0 $1,017.7
-$4.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.71
-$4.25 $0.00 $0.00 $0.00 $0.00 $3.71
-$4.21 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.78
-$4.12 $0.00 $0.00 $0.00 $0.00 $3.78
Revenue* $1,137.0 $1,227.8 $1,188.3 $1,196.0 $1,168.5 $1,176.6 $1,149.5 $1,098.7 $1,065.3 $834.6 $847.1 $817.0 $815.1 $951 -31.40% <-Total Growth 10 Revenue
Increase 36.12% 7.98% -3.22% 0.65% -2.30% 0.69% -2.30% -4.42% -3.04% -21.65% 1.50% -3.56% -0.23% 16.71% -3.70% <-IRR #YR-> 10 Revenue -31.40%
5 year Running Average $771.8 $895.0 $1,009.1 $1,116.9 $1,183.5 $1,191.4 $1,175.8 $1,157.8 $1,131.7 $1,064.9 $999.0 $932.6 $875.8 $853.0 -5.80% <-IRR #YR-> 5 Revenue -25.81%
Revenue per Share $4.21 $4.47 $4.25 $4.19 $4.01 $4.12 $4.01 $3.83 $3.69 $3.14 $3.24 $3.12 $3.08 $3.60 -1.41% <-IRR #YR-> 10 5 yr Running Average -13.20%
Increase -1.84% 6.10% -4.89% -1.35% -4.33% 2.68% -2.65% -4.47% -3.57% -15.01% 3.06% -3.61% -1.19% 16.71% -5.43% <-IRR #YR-> 5 5 yr Running Average -24.36%
5 year Running Average $4.16 $4.20 $4.21 $4.28 $4.23 $4.21 $4.12 $4.03 $3.93 $3.76 $3.58 $3.40 $3.25 $3.23 -3.16% <-IRR #YR-> 10 Revenue per Share -27.50%
P/S (Price/Sales) Med 5.41 5.00 5.32 5.00 5.54 4.90 5.51 3.84 3.78 3.91 3.36 3.24 3.51 2.90 -4.26% <-IRR #YR-> 5 Revenue per Share -19.55%
P/S (Price/Sales) Close 5.08 4.86 4.72 5.34 5.33 5.01 5.26 3.47 3.53 3.86 3.06 2.98 3.32 2.74 -2.53% <-IRR #YR-> 10 5 yr Running Average -22.64%
*Property Rental Revenue in M CDN $  P/S Med 20 yr  4.95 15 yr  5.00 10 yr  3.87 5 yr  3.51 -29.18% Diff M/C -4.20% <-IRR #YR-> 5 5 yr Running Average -19.32%
-$1,188.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $815.1
-$1,098.7 $0.0 $0.0 $0.0 $0.0 $815.1
-$1,009.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $875.8
-$1,157.8 $0.0 $0.0 $0.0 $0.0 $875.8
-$4.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.08
-$3.83 $0.00 $0.00 $0.00 $0.00 $3.08
-$4.21 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.25
-$4.03 $0.00 $0.00 $0.00 $0.00 $3.25
Payout Ratio AFFO 84.15% 82.99% Estimates Payout Ratio FFO
Amount $265.4 <-12 mths -4.75% Amount
Per Share $0.95 <-12 mths -5.03% Pg 52 Per Share
TD AFFO per Unit $1.02 $1.05 $1.02 $1.05
AFFO Amount $382.0 $445.1 $439.4 $464.5 $464.2 $425.4 $398.0 $383.8 $365.8 $287.3 $313.2 $267.0 $278.6 -36.60% <-Total Growth 10 AFFO Amount See
AFFO Basic $1.47 $1.54 $1.50 $1.560 $1.520 $1.403 $1.320 $1.270 $1.212 $0.988 $1.111 $0.954 $0.995 -33.67% <-Total Growth 10 AFFO Basic Later, Scan
AFFO Diluted $1.46 $1.53 $1.49 $1.540 $1.510 $1.406 $1.314 $1.272 $1.209 $0.984 $1.111 $0.954 $0.995 $0.71 $0.72 -33.22% <-Total Growth 10 AFFO Basic
Increase 10.6% 4.8% -2.6% 3.4% -1.9% -6.9% -6.5% -3.2% -5.0% -18.6% 12.9% -14.1% 4.3% -28.6% 1.4% 10 0 10 Years of Data, AFFP, P or N 100.00%
AFFO Yield 6.82% 7.04% 7.43% 6.88% 7.07% 6.81% 6.23% 9.57% 9.27% 8.13% 11.22% 10.28% 9.73% 7.20% 7.30% -3.96% <-IRR #YR-> 10 AFFO -33.22%
5 year Running Average $1.35 $1.38 $1.45 $1.47 $1.51 $1.50 $1.45 $1.41 $1.34 $1.24 $1.18 $1.11 $1.05 $0.95 $0.90 -4.79% <-IRR #YR-> 5 AFFO -21.78%
Payout Ratio AFFO 92.47% 88.24% 90.60% 87.82% 91.39% 98.15% 105.02% 72.33% 57.07% 56.03% 53.63% 62.89% 60.30% 84.5% 83.3% -3.16% <-IRR #YR-> 10 5 yr Running Average -27.44%
5 year Running Average 74.23% 81.76% 85.58% 89.61% 90.07% 91.12% 94.25% 91.06% 133.96% 137.61% 140.02% 136.76% 140.74% 85.46% 0.00% -5.69% <-IRR #YR-> 5 5 yr Running Average -25.40%
Price/AFFO Median 15.60 14.59 15.18 13.60 14.73 14.37 16.81 11.55 11.53 12.47 9.79 10.59 10.86 14.70 0.00 12.01 <-Median-> 10 P/AFFO Med
Price/AFFO High 17.15 15.59 16.91 15.40 15.63 15.23 17.98 17.18 13.14 14.52 11.90 12.12 12.55 15.52 0.00 14.88 <-Median-> 10 P/AFFO High
Price/AFFO Low 14.05 13.59 13.46 11.81 13.83 13.50 15.64 5.92 9.93 10.42 7.68 9.07 9.18 13.89 0.00 10.17 <-Median-> 10 P/AFFO Low
Price/AFFO Close 14.66 14.20 13.46 14.53 14.15 14.69 16.06 10.45 10.79 12.31 8.91 9.73 10.28 13.89 13.69 11.55 <-Median-> 10 P/AFFO Close
Trailing P/AFFO Close 16.21 14.88 13.10 15.01 13.87 13.68 15.01 10.11 10.25 10.02 10.06 8.35 10.72 9.91 13.89 10.49 <-Median-> 10 Trailing P/AFFO Close
Median Values Historical   in order 13.99 15.50 12.63 13.80 P/AFFO 5 Yrs   in order 10.86 12.55 9.18 10.28 27.83% Diff M/C DPR 75% to 95% best
Adjusted Funds From Operations  
-$1.49 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.00
-$1.27 $0.00 $0.00 $0.00 $0.00 $1.00
-$1.45 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.05
-$1.41 $0.00 $0.00 $0.00 $0.00 $1.05
Payout Ratio FFO 71.99% 74.69% Estimates Payout Ratio FFO
Amount $323.4 <-12 mths -4.68% Amount
Per Share $1.15 <-12 mths -4.95% Per Share
TD FFO per Unit $1.17 $1.32 $1.19 $1.21
Distributable Income/Amount $472.8 $543.0 $569.9 $584.3 $560.1 $525.7 $529.1 $503.1 $461.4 $341.2 $373.4 $334.4 $339.3 -40.47% <-Total Growth 10 Distributable Income/Amount
FFO Basic $1.82 $1.88 $1.95 $1.96 $1.840 $1.740 $1.755 $1.665 $1.529 $1.173 $1.325 $1.195 $1.212 -37.85% <-Total Growth 10 FFO Basic
FFO Diluted $1.79 $1.86 $1.92 $1.93 $1.820 $1.730 $1.746 $1.668 $1.525 $1.168 $1.325 $1.195 $1.212 $0.83 $0.80 -36.88% <-Total Growth 10 FFO Diluted
Increase 8.48% 3.91% 3.23% 0.52% -5.70% -4.95% 0.92% -4.47% -8.57% -23.41% 13.44% -9.81% 1.42% -31.52% -3.61% 10 0 10 Years of Data, AFFP, P or N 100.00%
FFO Yield 8.36% 8.56% 9.58% 8.63% 8.52% 8.38% 8.27% 12.55% 11.69% 9.64% 13.38% 12.88% 11.85% 8.42% 8.11% -4.50% <-IRR #YR-> 10 FFO -36.88%
5 year Running Average $1.54 $1.63 $1.76 $1.83 $1.86 $1.85 $1.83 $1.78 $1.70 $1.57 $1.49 $1.38 $1.29 $1.15 $1.07 -6.19% <-IRR #YR-> 5 FFO -27.34%
Payout Ratio 75.42% 72.58% 70.31% 70.08% 75.82% 79.77% 79.04% 55.16% 45.25% 47.20% 44.97% 50.21% 49.50% 72.29% 75.00% -3.09% <-IRR #YR-> 10 5 yr Running Average -26.91%
5 year Running Average 65.06% 69.12% 70.49% 71.89% 72.77% 73.57% 74.81% 72.10% 105.90% 108.60% 110.97% 109.91% 115.06% 70.91% 0.00% -6.30% <-IRR #YR-> 5 5 yr Running Average -27.76%
Price/FFO Median 12.72 12.00 11.78 10.85 12.22 11.68 12.65 8.81 9.14 10.51 8.21 8.46 8.92 12.58 0.00 9.82 <-Median-> 10 Price/FFO Median
Price/FFO High 13.99 12.83 13.13 12.28 12.97 12.38 13.53 13.10 10.42 12.23 9.98 9.67 10.31 13.28 0.00 12.26 <-Median-> 10 Price/FFO High
Price/FFO Low 11.46 11.18 10.44 9.42 11.47 10.97 11.77 4.51 7.87 8.78 6.44 7.24 7.53 11.88 0.00 8.32 <-Median-> 10 Price/FFO Low
Price/FFO Close 11.96 11.68 10.44 11.59 11.74 11.94 12.08 7.97 8.55 10.37 7.47 7.77 8.44 11.88 12.33 9.46 <-Median-> 10 Price/FFO Close
Trailing P/FFO Close 12.97 12.14 10.78 11.65 11.07 11.35 12.20 7.61 7.82 7.94 8.48 7.00 8.56 8.14 11.88 8.52 <-Median-> 10 Trailing P/FFO Close
Median Values Historical   in order 10.85 12.33 9.43 11.04 P/FFO 5 Yrs   in order 8.92 10.31 7.53 8.44 33.19% Diff M/C 20.91% Diff M/C 10 DPR 75% to 95% best
Funds from Operations per share (started as Distributable Cash)
-$1.67 $0.00 $0.00 $0.00 $0.00 $1.21
-$1.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.29
-$1.78 $0.00 $0.00 $0.00 $0.00 $1.29
Difference Basic and Diluted 4.53% 0.00% 8.84% 8.98% 7.57% -0.61% 0.49% -0.18% 0.28% 0.42% 0.00% 0.00% 0.00% 0.14% <-Median-> 10 Difference Basic and Diluted
Earnings by O/S Shares $1.20 $1.55 $1.22 $1.36 $1.84 $1.18 $1.19 -$2.18 $2.09 $3.18 $0.24 -$0.46 -$2.99 Earnings by O/S Shares
EPS Basic $1.31 $1.47 $1.23 $1.38 $1.86 $1.11 $1.13 -$2.07 $2.00 $2.91 $0.2189 -$0.4277 -$2.8271 -330.06% <-Total Growth 10 EPS Basic Est. WSJ
EPS Diluted $1.25 $1.47 $1.12 $1.25 $1.72 $1.12 $1.12 -$2.07 $1.99 $2.89 $0.2189 -$0.4277 -$2.8271 $0.91 $0.94 -352.38% <-Total Growth 10 EPS Diluted
Increase -53.71% 17.85% -23.80% 11.92% 36.99% -34.98% 0.58% -284.32% -196.33% 45.08% -92.43% -295.36% 561.08% -132.19% 3.30% 7 3 10 Years of Data, EPS P or N 70.00%
Earnings Yield 5.83% 6.77% 5.59% 5.60% 8.04% 5.41% 5.32% -15.58% 15.29% 23.89% 2.21% -4.61% -27.64% 9.23% 9.53% #NUM! <-IRR #YR-> 10 Earnings per Share -352.38%
5 yr Running Ave. $1.11 $1.29 $1.27 $1.56 $1.36 $1.34 $1.27 $0.63 $0.78 $1.01 $0.83 $0.52 $0.37 $0.15 -$0.24 -6.43% <-IRR #YR-> 5 Earnings per Share -36.56%
10 year Running Average $0.89 $0.94 $0.96 $1.01 $1.18 $1.22 $1.28 $0.95 $1.17 $1.19 $1.08 $0.89 $0.50 $0.46 $0.39 -11.63% <-IRR #YR-> 10 5 yr Running Average -70.95%
* Net Income per share (Cdn GAAP) E/P 10 Yrs 5.37% 5Yrs 2.21% -10.03% <-IRR #YR-> 5 5 yr Running Average -41.05%
-$1.12 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -$2.83
$2.07 $0.00 $0.00 $0.00 $0.00 -$2.83
-$1.27 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.37
-$0.63 $0.00 $0.00 $0.00 $0.00 $0.37
Dividend* $0.60 $0.60 Estimates  Distributions*
Increase -0.42% 0.00% Estimates  Increase
Payout Ratio EPS 65.66% 63.56% Estimates Payout Ratio EPS
Special Dividends $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.24 $0.35 $0.52 $0.10 $0.15 $0.00 $0.00 $0.00 $0.05 <-Median-> 10 Special Dividends Sp Div 2022
Dividend* $1.35 $1.35 $1.35 $1.35 $1.38 $1.38 $1.38 $0.92 $0.6900 $0.5513 $0.5958 $0.6000 $0.6000 $0.6000 $0.6000 $0.6000 -55.56% <-Total Growth 10 Dividends
Increase 14.89% 0.00% 0.00% 0.19% 2.03% 0.00% 0.00% -33.33% -25.00% -20.10% 8.07% 0.70% 0.00% 0.00% 0.00% 0.00% 19 4 28 Years of data, Count P, N 67.86%
Average Increases 5 Year Running 3.72% 13.72% 11.84% 7.22% 3.42% 0.44% 0.44% -6.22% -11.26% -15.69% -14.07% -13.93% -7.26% -2.26% 1.76% 0.14% -6.74% <-Median-> 10 Average Incr 5 Year Running
5 year running Average $1.00 $1.13 $1.24 $1.32 $1.36 $1.36 $1.37 $1.28 $1.80 $1.70 $1.65 $1.51 $1.48 $0.81 19.32% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 5.93% 6.05% 5.97% 6.46% 6.21% 6.83% 6.25% 6.26% 4.95% 4.49% 5.48% 5.94% 5.55% 5.75% 6.07% <-Median 10 Yield H/L Price Item
Yield on High  Price 5.39% 5.66% 5.36% 5.70% 5.85% 6.44% 5.84% 4.21% 4.34% 3.86% 4.51% 5.19% 4.80% 5.44% 5.00% <-Median 10 Yield on High  Price EPS
Yield on Low Price 6.58% 6.49% 6.73% 7.44% 6.61% 7.27% 6.72% 12.22% 5.75% 5.38% 6.98% 6.94% 6.57% 6.09% 6.83% <-Median 10 Yield on Low Price AFFO
Yield on Close Price 6.31% 6.21% 6.73% 6.05% 6.46% 6.68% 6.54% 6.92% 5.29% 4.55% 6.02% 6.47% 5.87% 6.09% 6.09% 6.09% 6.25% <-Median 10 Yield on Close Price FFO
Payout Ratio EPS 108.23% 91.83% 120.51% 107.88% 80.35% 123.58% 122.87% -44.44% 34.60% 19.05% 272.18% -140.30% -21.22% 65.93% 63.83% #DIV/0! 57.48% <-Median 10 DPR EPS CFPS
DPR EPS 5 Yr Running 90.42% 87.43% 97.21% 84.48% 99.61% 102.01% 108.08% 204.17% 231.62% 168.31% 198.28% 289.94% 399.28% 529.45% 0.00% #DIV/0! 183.30% <-Median 10 DPR EPS 5 Yr Running FCF 
Payout Ratio CFPS 59.03% 48.43% 48.92% 90.96% 83.89% 85.31% 94.64% 61.82% 44.02% 57.47% 52.96% 57.36% 84.24% 84.24% 72.85% <-Median 10 DPR CF
DPR CF 5 Yr Running 45.06% 47.27% 47.62% 54.12% 61.85% 66.16% 76.31% 83.32% 115.60% 120.03% 124.99% 122.26% 136.65% 89.20% 99.46% <-Median 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 49.68% 46.50% 49.21% 50.46% 54.69% 54.16% 55.64% 39.11% 30.54% 32.49% 32.74% 37.06% 38.75% 38.75% 38.93% <-Median 10 DPR CF WC
DPR CF WC 5 Yr Running 42.97% 44.90% 45.45% 47.56% 49.99% 50.85% 52.73% 50.96% 73.91% 75.07% 77.74% 77.59% 82.66% 49.35% 63.32% <-Median 10 DPR CF WC 5 Yr Running
Median 5 Yr 10 Yr Med 10 Yr Cl 6.07% 6.25% 5 Yr Med 5 Yr Cl 5.48% 5.87% 5 Yr Med Payout 19.05% 57.36% 32.74% -4.00% <-IRR #YR-> 5 Dividends -34.78%
* Distributions per share  10 Yr Med and Cur. 0.23% -2.69% 5 Yr Med and Cur. 11.07% 3.75% Last Div Inc ---> $0.0458 $0.0500 9.17% -5.71% <-IRR #YR-> 10 Dividends -55.56%
Dividends Growth 15 -0.32% <-IRR #YR-> 15 Dividends -23.81%
Dividends Growth 20 -2.73% <-IRR #YR-> 20 Dividends -54.00%
Dividends Growth 25 -1.55% <-IRR #YR-> 25 Dividends -45.90%
Dividends Growth 30 0.35% <-IRR #YR-> 28 Dividends
Dividends Growth 5 -$0.92 $0.00 $0.00 $0.00 $0.00 $0.75 Dividends Growth 5
Dividends Growth 10 -$1.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.75 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 $0.75 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 $0.75 Dividends Growth 20
Dividends Growth 25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.75 Dividends Growth 25
Dividends Growth 30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.75 Dividends Growth 30
Historical Dividends Historical High Div 12.12% Low Div 4.05% 10 Yr High 11.74% 10 Yr Low 3.89% Med Div 6.21% Close Div 6.46% Historical Dividends
High/Ave/Median Values Curr diff Exp. -49.79%     50.25% Exp. -48.17% 56.43% Exp. -2.01% Exp. -5.81% High/Ave/Median 
Future Dividend Yield Div Yd 4.96% earning in 5 Years at IRR of -4.00% Div Inc. -18.48% Future Dividend Yield
Future Dividend Yield Div Yd 4.04% earning in 10 Years at IRR of -4.00% Div Inc. -33.54% Future Dividend Yield
Future Dividend Yield Div Yd 3.30% earning in 15 Years at IRR of -4.00% Div Inc. -45.82% Future Dividend Yield
Future Dividend Paid Div Paid $0.49 earning in 5 Years at IRR of -4.00% Div Inc. -18.48% Future Dividend Paid
Future Dividend Paid Div Paid $0.40 earning in 10 Years at IRR of -4.00% Div Inc. -33.54% Future Dividend Paid
Future Dividend Paid Div Paid $0.33 earning in 15 Years at IRR of -4.00% Div Inc. -45.82% Future Dividend Paid Item
Revenue Growth 
Dividend Covering Cost Total Div $2.77 over 5 Years at IRR of -4.00% Div Cov. 28.09% Dividend Covering Cost AFFO Growth
Dividend Covering Cost Total Div $4.54 over 10 Years at IRR of -4.00% Div Cov. 46.02% Dividend Covering Cost Net Income Growth
Dividend Covering Cost Total Div $5.98 over 15 Years at IRR of -4.00% Div Cov. 60.64% Dividend Covering Cost Cash Flow Growth
Dividend Growth
Yield if held 5 years 10.57% 12.16% 7.46% 6.20% 5.62% 6.06% 6.18% 4.07% 3.29% 2.48% 2.95% 2.72% 4.08% 4.30% 4.89% 5.52% 4.08% <-Median-> 10 Paid Median Price Stock Price Growth
Yield if held 10 years 9.12% 7.96% 6.92% 6.00% 6.05% 10.80% 12.43% 5.08% 3.16% 2.25% 2.62% 2.69% 2.65% 2.86% 2.70% 2.97% 4.12% <-Median-> 10 Paid Median Price
Yield if held 15 years 12.77% 12.44% 12.80% 10.48% 9.99% 9.32% 8.13% 4.71% 3.06% 2.42% 4.66% 5.41% 3.31% 2.75% 2.44% 2.63% 5.06% <-Median-> 10 Paid Median Price Revenue Growth 
Yield if held 20 years 12.35% 13.05% 12.72% 8.72% 5.35% 3.99% 4.03% 3.54% 3.07% 2.66% 2.63% 4.70% 5.35% <-Median-> 9 Paid Median Price AFFO Growth
Yield if held 25 years 4.93% 5.63% 5.53% 5.69% 4.65% 4.34% 4.05% 5.58% <-Median-> 4 Paid Median Price Net Income Growth
Yield if held 30 years 5.37% 5.67%
Cash Flow Growth
Cost covered if held 5 years 39.17% 50.75% 34.23% 30.14% 27.63% 29.91% 30.65% 28.34% 42.91% 38.27% 40.83% 34.24% 50.33% 29.14% 30.66% 29.85% 32.44% <-Median-> 10 Paid Median Price Dividend Growth
Cost covered if held 10 years 79.00% 69.52% 60.67% 52.62% 52.06% 92.49% 112.39% 69.66% 71.33% 62.31% 66.12% 64.53% 61.02% 62.31% 55.18% 56.90% 65.32% <-Median-> 10 Paid Median Price Stock Price Growth
Cost covered if held 15 years 165.41% 163.48% 170.41% 140.83% 132.86% 125.03% 109.84% 93.52% 92.49% 89.38% 157.05% 180.53% 110.50% 89.94% 77.63% 80.37% 117.77% <-Median-> 10 Paid Median Price
Cost covered if held 20 years 214.36% 229.83% 226.55% 231.20% 210.52% 194.49% 180.75% 154.41% 131.40% 110.50% 105.87% 182.46% 210.52% <-Median-> 9 Paid Median Price
Cost covered if held 25 years 290.52% 307.81% 296.25% 301.27% 242.02% 221.73% 202.68% 298.76% <-Median-> 4 Paid Median Price
Cost covered if held 30 years 324.18% 338.51%
Yr  Item Tot. Growth
Revenue Growth  $1,098.7 $1,065.3 $834.6 $847.1 $817.0 $815.1 -25.81% <-Total Growth 5 Revenue Growth  -25.81%
AFFO Growth $1.27 $1.21 $0.98 $1.11 $0.95 $1.00 $0.95 <-12 mths -5.03% -21.78% <-Total Growth 5 AFFO Growth -21.78%
Net Income Growth -$624.6 $603.4 $844.8 $61.7 -$119.7 -$791.6 0.00% <-Total Growth 5 Net Income Growth 0.00%
Cash Flow Growth $426.9 $452.1 $255.1 $294.6 $274.1 $188.4 -55.86% <-Total Growth 5 Cash Flow Growth -55.86%
Dividend Growth $0.92 $3.93 $0.90 $1.12 $0.70 $0.75 $0.60 <-12 mths -20.00% -18.48% <-Total Growth 5 Dividend Growth -18.48%
Stock Price Growth $13.29 $13.04 $12.11 $9.90 $9.28 $10.23 $9.86 <-12 mths -3.62% -23.02% <-Total Growth 5 Stock Price Growth -23.02%
Revenue Growth  $1,188.3 $1,196.0 $1,168.5 $1,176.6 $1,149.5 $1,098.7 $1,065.3 $834.6 $847.1 $817.0 $815.1 $951 <-this year 16.71% -31.40% <-Total Growth 10 Revenue Growth  -31.40%
AFFO Growth $1.49 $1.54 $1.51 $1.41 $1.31 $1.27 $1.21 $0.98 $1.11 $0.95 $1.00 $0.71 <-this year -28.64% -33.22% <-Total Growth 10 AFFO Growth -33.22%
Net Income Growth $340.1 $388.7 $536.6 $337.9 $340.3 -$624.6 $603.4 $844.8 $61.7 -$119.7 -$791.6 $264 <-this year 133.33% 0.00% <-Total Growth 10 Net Income Growth 0.00%
Cash Flow Growth $771.5 $424.2 $479.2 $462.1 $418.0 $426.9 $452.1 $255.1 $294.6 $274.1 $188.4 -75.58% <-Total Growth 10 Cash Flow Growth -75.58%
Dividend Growth $1.35 $1.35 $1.38 $1.38 $1.38 $0.92 $3.93 $0.90 $1.12 $0.70 $0.75 $0.60 <-this year -20.33% -44.44% <-Total Growth 10 Dividend Growth -44.44%
Stock Price Growth $20.05 $22.37 $21.36 $20.65 $21.10 $13.29 $13.04 $12.11 $9.90 $9.28 $10.23 $9.86 <-this year -3.62% -48.98% <-Total Growth 10 Stock Price Growth -48.98%
Dividends on Shares $67.63 $69.00 $69.00 $69.00 $46.00 $196.50 $45.07 $55.79 $34.79 $37.50 $30.00 $30.00 $30.00 $690.27 No of Years 10 Total Dividends 12/31/15
Paid  $1,002.50 $1,118.50 $1,068.00 $1,032.50 $1,055.00 $664.50 $652.00 $605.50 $495.00 $464.00 $511.50 $493.00 $493.00 $493.00 $511.50 No of Years 10 Worth $20.05
Total $1,201.77 Total Return
Graham No. FFO $30.59 $31.53 $32.47 $32.44 $31.77 $31.32 $31.07 $28.18 $23.83 $23.29 $24.31 $23.27 $20.65 $17.09 $16.77 $0.00 -36.42% <-Total Growth 10 GP using FFO
Price/GP Ratio Med 0.74 0.71 0.70 0.65 0.70 0.64 0.71 0.52 0.59 0.53 0.45 0.43 0.52 0.61 0.56 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 0.82 0.76 0.78 0.73 0.74 0.68 0.76 0.78 0.67 0.61 0.54 0.50 0.60 0.64 0.68 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.67 0.66 0.62 0.56 0.66 0.61 0.66 0.27 0.50 0.44 0.35 0.37 0.44 0.58 0.47 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 0.70 0.69 0.62 0.69 0.67 0.66 0.68 0.47 0.55 0.52 0.41 0.40 0.50 0.58 0.59 #DIV/0! 0.53 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -30.05% -31.08% -38.26% -31.04% -32.76% -34.07% -32.08% -52.84% -45.28% -48.00% -59.28% -60.13% -50.45% -42.29% -41.22% #DIV/0! -46.64% <-Median-> 10 Graham Price
Graham No. $25.54 $28.03 $24.80 $26.14 $30.86 $25.16 $24.92 $23.13 $27.25 $36.65 $9.88 $9.96 $8.77 $17.89 $18.18 $0.00 -64.62% <-Total Growth 10 Graham Price
Price/GP Ratio Med 0.89 0.80 0.91 0.80 0.72 0.80 0.89 0.64 0.51 0.33 1.10 1.01 1.23 0.58 0.80 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 0.98 0.85 1.02 0.91 0.76 0.85 0.95 0.94 0.58 0.39 1.34 1.16 1.42 0.62 0.93 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.80 0.74 0.81 0.70 0.68 0.75 0.82 0.33 0.44 0.28 0.86 0.87 1.04 0.55 0.72 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 0.84 0.78 0.81 0.86 0.69 0.82 0.85 0.57 0.48 0.33 1.00 0.93 1.17 0.55 0.54 #DIV/0! 0.83 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -16.20% -22.48% -19.16% -14.44% -30.79% -17.94% -15.32% -42.53% -52.15% -66.96% 0.18% -6.84% 16.59% -44.89% -45.77% #DIV/0! -16.63% <-Median-> 10 Graham Price
Price Close $21.40 $21.73 $20.05 $22.37 $21.36 $20.65 $21.10 $13.29 $13.04 $12.11 $9.90 $9.28 $10.23 $9.86 $9.86 $9.86 -48.98% <-Total Growth 10 Stock Price
Increase -11.20% 1.54% -7.73% 11.57% -4.51% -3.32% 2.18% -37.01% -1.88% -7.13% -18.25% -6.26% 10.24% -3.62% 0.00% 0.00% 17.12 <-Median-> 10 CAPE (10 Yr P/E)
P/E 17.16 14.78 17.90 17.84 12.44 18.49 18.79 -6.42 6.54 4.19 45.23 -21.70 -3.62 10.84 10.49 #DIV/0! -5.10% <-IRR #YR-> 5 Stock Price -23.02%
Trailing P/E 7.94 17.42 13.64 19.97 17.04 12.02 18.90 11.83 -6.30 6.07 3.42 42.39 -23.92 -3.49 10.84 10.49 -6.51% <-IRR #YR-> 10 Stock Price -48.98%
CAPE (10 Yr P/E) 21.90 21.09 20.51 19.38 16.65 17.18 16.87 22.00 17.06 15.77 16.20 18.25 30.71 30.29 33.41 #DIV/0! 7.98% <-IRR #YR-> 5 Price & Dividend 39.53%
Median 10, 5 Yrs D.  per yr 9.10% 13.08% % Tot Ret 351.09% 164% T P/E 11.93 3.42 P/E:  9.49 4.19 2.59% <-IRR #YR-> 10 Price & Dividend 26.61%
Price 15 D.  per yr 8.77% % Tot Ret 191.30% CAPE Diff -36.72% -4.19% <-IRR #YR-> 15 Stock Price -47.35%
Price  20 D.  per yr 7.93% % Tot Ret 179.88% -3.52% <-IRR #YR-> 20 Stock Price -51.17%
Price  25 D.  per yr 10.83% % Tot Ret 106.07% -0.62% <-IRR #YR-> 25 Stock Price -14.39%
Price  30 D.  per yr 11.28% % Tot Ret 99.31% 0.08% <-IRR #YR-> 29 Stock Price
Price & Dividend 15 4.59% <-IRR #YR-> 15 Price & Dividend 59.64%
Price & Dividend 20 4.41% <-IRR #YR-> 20 Price & Dividend 77.49%
Price & Dividend 25 10.21% <-IRR #YR-> 25 Price & Dividend 251.58%
Price & Dividend 30 11.36% <-IRR #YR-> 29 Price & Dividend
Price  5 -$13.29 $0.00 $0.00 $0.00 $0.00 $10.23 Price  5
Price 10 -$20.05 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.23 Price 10
Price & Dividend 5 -$13.29 $3.93 $0.90 $1.12 $0.70 $10.98 Price & Dividend 5
Price & Dividend 10 -$20.05 $1.35 $1.38 $1.38 $1.38 $0.92 $3.93 $0.90 $1.12 $0.70 $10.98 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 $10.23 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 $10.23 Price  20
Price  25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.23 Price  25
Price  30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.23 Price  30
Price & Dividend 15 $1.35 $1.35 $1.35 $1.35 $1.38 $1.38 $1.38 $0.92 $3.93 $0.90 $1.12 $0.70 $10.98 Price & Dividend 15
Price & Dividend 20 $1.35 $1.35 $1.35 $1.35 $1.38 $1.38 $1.38 $0.92 $3.93 $0.90 $1.12 $0.70 $10.98 Price & Dividend 20
Price & Dividend 25 $1.35 $1.35 $1.35 $1.35 $1.38 $1.38 $1.38 $0.92 $3.93 $0.90 $1.12 $0.70 $10.98 Price & Dividend 25
Price & Dividend 30 $1.35 $1.35 $1.35 $1.35 $1.38 $1.38 $1.38 $0.92 $3.93 $0.90 $1.12 $0.70 $10.98 Price & Dividend 30
Price Median H/L $22.78 $22.33 $22.63 $20.95 $22.24 $20.20 $22.09 $14.69 $13.95 $12.27 $10.88 $10.11 $10.81 $10.44 -52.22% <-Total Growth 10 Stock Price
Increase -7.21% -1.98% 1.34% -7.40% 6.16% -9.17% 9.36% -33.50% -5.07% -12.01% -11.37% -7.08% 6.98% -3.42% -7.12% <-IRR #YR-> 10 Stock Price -52.22%
P/E 18.26 15.19 20.20 16.71 12.95 18.09 19.67 -7.10 6.99 4.24 49.68 -23.63 -3.82 11.47 -5.95% <-IRR #YR-> 5 Stock Price -26.41%
Trailing P/E 475.75 376.63 374.15 351.11 344.49 325.54 323.35 235.15 222.67 247.98 242.04 184.44 182.06 188.09 1.17% <-IRR #YR-> 10 Price & Dividend 14.76%
P/E on Running 5 yr Average 20.58 17.32 17.75 13.45 16.33 15.12 17.45 23.39 17.96 12.13 13.07 19.37 29.19 68.02 5.89% <-IRR #YR-> 5 Price & Dividend 30.18%
P/E on Running 10 yr Average 25.58 23.82 23.58 20.81 18.84 16.54 17.29 15.44 11.95 10.34 10.03 11.30 21.65 22.46 12.95 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 8.29% 11.84% % Tot Ret 705.98% 200.95% T P/E 245.01 222.67 P/E:  9.97 4.24 Count 28 Years of data
-$22.63 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.81
-$14.69 $0.00 $0.00 $0.00 $0.00 $10.81
-$22.63 $1.35 $1.38 $1.38 $1.38 $0.92 $3.93 $0.90 $1.12 $0.70 $11.56
-$14.69 $3.93 $0.90 $1.12 $0.70 $11.56
High Months May Apr Feb Aug Mar Jan/Dec Apr Jan Jan Jun Feb Sep Jul Jan
Price High $25.04 $23.86 $25.20 $23.71 $23.60 $21.42 $23.63 $21.85 $15.89 $14.29 $13.22 $11.56 $12.49 $11.02 -50.44% <-Total Growth 10 Stock Price
Increase -3.69% -4.71% 5.62% -5.91% -0.46% -9.24% 10.32% -7.53% -27.28% -10.07% -7.49% -12.56% 8.04% -11.77% -6.78% <-IRR #YR-> 10 Stock Price -50.44%
P/E 20.07 16.23 22.50 18.91 13.74 19.18 21.04 -10.55 7.97 4.94 60.39 -27.03 -4.42 12.11 -10.58% <-IRR #YR-> 5 Stock Price -42.84%
Trailing P/E 9.29 19.13 17.14 21.17 18.82 12.47 21.16 19.45 -7.68 7.17 4.57 52.81 -29.21 -3.90 17.50 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 15.65 4.57 P/E:  10.85 4.94 22.50 P/E Ratio Historical High
-$25.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.49
-$21.85 $0.00 $0.00 $0.00 $0.00 $12.49
Low Months Aug Dec Dec Jan Aug Oct Jan Mar Jan Sep Oct Jun Apr Mar
Price Low $20.51 $20.79 $20.05 $18.19 $20.88 $18.98 $20.55 $7.53 $12.00 $10.25 $8.53 $8.65 $9.13 $9.86 -54.46% <-Total Growth 10 Stock Price
Increase -11.17% 1.37% -3.56% -9.28% 14.79% -9.10% 8.27% -63.36% 59.36% -14.58% -16.78% 1.41% 5.55% 8.00% -7.57% <-IRR #YR-> 10 Stock Price -54.46%
P/E 16.44 14.14 17.90 14.51 12.16 17.00 18.30 -3.64 6.02 3.54 38.97 -20.23 -3.23 10.84 3.93% <-IRR #YR-> 5 Stock Price 21.25%
Trailing P/E 7.61 16.67 13.64 16.24 16.65 11.05 18.40 6.70 -5.80 5.14 2.95 39.52 -21.35 -3.49 12.16 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 1.41% P/E:  9.09 3.54 3.54 P/E Ratio Historical Low
-$20.05 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $9.13
-$7.53 $0.00 $0.00 $0.00 $0.00 $9.13
Free Cash Flow Mkt Sc 373.90 405.00 219.00 253.30 234.50 $29 -$1 $4 <-Total Growth 5 Free Cash Flow Mkt Sc
Change 8.32% -45.93% 15.66% -7.42% -87.63% -103.45% 500.00% -7.42% <-Median-> 5 Change
Free Cash Flow WSJ 418.04 426.93 452.11 255.05 294.63 323.81 237.94 -43.08% <-Total Growth 6 Free Cash Flow WSJ
Change 2.13% 5.90% -43.59% 15.51% 9.91% -26.52% 4.01% <-Median-> 6 Change
Free Cash Flow MS old 2025 $467.35 $424.20 $479.24 $462.12 $418.04 $374 $405 $219 $253 Free Cash Flow MS, WSJ
Change -9.23% 12.98% -3.57% -9.54% -10.53% 8.29% -45.93% 15.53% Change -100.00%
Free Cash Flow MS $583.69 $727.71 $443.61 $406.22 $424.88 $401.96 $373.17 $374.13 $377.34 $244.37 $265.62 $231.80 $210.02 -$1 -52.66% <-Total Growth 10 Free Cash Flow MS, WSJ
Change -39.04% -8.43% 4.59% -5.39% -7.16% 0.26% 0.86% -35.24% 8.70% -12.73% -9.40% -100.48% -10.91% <-IRR #YR-> 5 Free Cash Flow MS -43.86%
FCF/CF from Op Ratio 0.95 0.57 0.96 0.89 0.87 0.89 0.88 0.83 0.96 0.90 0.85 1.11 -0.01 -7.20% <-IRR #YR-> 10 Free Cash Flow MS -52.66%
Dividends paid $364.47 $370.94 $267.65 $274.26 $290.50 $378.94 $394.18 $263.57 $227.31 $179.74 $170.56 $183.36 $188.95 $158.73 -29.40% <-Total Growth 10 Dividends paid
Percentage paid 60.33% 67.52% 68.37% 94.27% 105.63% 70.45% 60.24% 73.55% 64.21% 79.10% 89.97% 0.00% 72.00% <-Median-> 10 Percentage paid
5 Year Coverage 65.81% 78.32% 80.87% 79.66% 81.52% 75.58% 68.61% 71.47% 92.70% 5 Year Coverage
Dividend Coverage Ratio 1.66 1.48 1.46 1.06 0.95 1.42 1.66 1.36 1.56 1.26 1.11 -0.01 1.39 <-Median-> 10 Dividend Coverage Ratio
5 Year of Coverage 1.52 1.28 1.24 1.26 1.23 1.32 1.46 1.40 1.08 5 Year of Coverage
-$374 $0 $0 $0 $0 $210
-$444 $0 $0 $0 $0 $0 $0 $0 $0 $0 $210
Market Cap $5,777 $5,971 $5,606 $6,382 $6,223 $5,899 $6,049 $3,812 $3,761 $3,220 $2,592 $2,432 $2,706 $2,609 $2,609 $2,609 -51.72% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 273.450 299.464 303.651 310.072 312.433 302.605 302.978 301.687 302.605 291.999 281.815 279.933 279.990 279.990 279.990 279.990 -7.79% <-Total Growth 10 Diluted AFFO
Change 30.11% 9.51% 1.40% 2.11% 0.76% -3.15% 0.12% -0.43% 0.30% -3.50% -3.49% -0.67% 0.02% 0.00% 0.00% 0.00% -0.20% <-Median-> 10 Change AFFO
Difference Diluted/Basic AFFO -5.1% -3.5% -3.5% -3.8% -2.6% 0.6% -0.5% 0.2% -0.3% -0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.14% <-Median-> 10 Difference Diluted/Basic AFFO AFFO
Basic # of Shares in Millions 259.458 288.871 293.026 298.404 304.462 304.462 301.487 302.234 301.772 290.782 281.815 279.933 279.990 279.990 279.990 279.990 -4.45% <-Total Growth 10 Basic AFFO
Change 37.39% 11.34% 1.44% 1.84% 2.03% 0.00% -0.98% 0.25% -0.15% -3.64% -3.08% -0.67% 0.02% 0.00% 0.00% 0.00% -0.08% <-Median-> 10 Change AFFO
Difference Basic/Outstanding AFFO 4.1% -4.9% -4.6% -4.4% -4.3% -6.2% -4.9% -5.1% -4.4% -8.6% -7.1% -6.4% -5.5% -5.5% -5.5% -5.5% -5.30% <-Median-> 10 Difference Basic/Outstanding AFFO AFFO
Diluted # of Shares in Million 273.450 299.464 303.651 310.072 312.433 304.131 302.978 301.687 302.605 291.999 281.815 279.933 279.990 279.990 279.990 279.990 -7.79% <-Total Growth 10 Diluted FFO
Change 27.53% 9.51% 1.40% 2.11% 0.76% -2.66% -0.38% -0.43% 0.30% -3.50% -3.49% -0.67% 0.02% 0.00% 0.00% 0.00% -0.40% <-Median-> 10 Change FFO
Difference Diluted/Basic FFO -5.1% -3.5% -3.5% -3.8% -2.6% -0.5% -0.5% 0.2% -0.3% -0.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% -0.35% <-Median-> 10 Difference Diluted/Basic FFO FFO
Basic # of Shares in Millions 259.458 288.871 293.026 298.404 304.462 302.605 301.487 302.234 301.772 290.782 281.815 279.933 279.990 279.990 279.990 279.990 -4.45% <-Total Growth 10 Basic FFO
Change FFO 37.39% 11.34% 1.44% 1.84% 2.03% -0.61% -0.37% 0.25% -0.15% -3.64% -3.08% -0.67% 0.02% 0.00% 0.00% 0.00% -0.26% <-Median-> 10 Change FFO
Difference Basic/Outstanding FFO 4.1% -4.9% -4.6% -4.4% -4.3% -5.6% -4.9% -5.1% -4.4% -8.6% -7.1% -6.4% -5.5% -5.5% -5.5% -5.5% -5.30% <-Median-> 10 Difference Basic/Outstanding FFO FFO
Diluted # of Shares in Million 273.450 299.464 303.651 310.072 312.433 302.605 302.978 301.687 302.605 291.999 281.815 279.933 279.990 279.990 -7.79% <-Total Growth 10 Diluted none aft '10
Change 27.53% 9.51% 1.40% 2.11% 0.76% -3.15% 0.12% -0.43% 0.30% -3.50% -3.49% -0.67% 0.02% 0.00% -0.20% <-Median-> 10 Change
Difference Diluted/Basic -9.4% -3.5% -8.8% -9.0% -7.6% 0.6% -0.5% 0.2% -0.3% -0.4% 0.0% 0.0% 0.0% 0.0% -0.14% <-Median-> 10 Difference Diluted/Basic
Basic # of Shares in Millions 247.717 288.871 276.796 282.216 288.787 304.462 301.487 302.234 301.772 290.782 281.815 279.933 279.990 279.990 1.15% <-Total Growth 10 Basic
Change 35.06% 16.61% -4.18% 1.96% 2.33% 5.43% -0.98% 0.25% -0.15% -3.64% -3.08% -0.67% 0.02% 0.00% -0.07% <-Median-> 10 Change
Difference Basic/Outstanding 9.0% -4.9% 1.0% 1.1% 0.9% -6.2% -4.9% -5.1% -4.4% -8.6% -7.1% -6.4% -5.5% -5.5% -5.30% <-Median-> 10 Difference Basic/Outstanding
Unitholders' Equity
# of Share in Millions 269.97 274.77 279.61 285.28 291.32 285.68 286.69 286.86 288.44 265.88 261.87 262.02 264.56 264.56 264.56 264.56 -0.55% <-IRR #YR-> 10 Shares -5.38%
Change 38.68% 1.78% 1.76% 2.03% 2.12% -1.94% 0.35% 0.06% 0.55% -7.82% -1.51% 0.06% 0.97% 0.00% 0.00% 0.00% -1.61% <-IRR #YR-> 5 Shares -7.78%
CF fr Op $M $617.39 $765.92 $771.54 $424.20 $479.24 $462.12 $418.04 $426.93 $452.11 $255.05 $294.63 $274.07 $188.43 $188.43 <-12 mths -75.58% <-Total Growth 10 Cash Flow
Increase 11.98% 24.06% 0.73% -45.02% 12.98% -3.57% -9.54% 2.13% 5.90% -43.59% 15.51% -6.98% -31.25% 0.00% <-12 mths Deb Conv. DRIP, S. Issues SO
5 year Running Average $420.1 $516.5 $622.2 $626.1 $611.7 $580.6 $511.0 $442.1 $447.7 $402.9 $369.4 $340.6 $292.9 $240.1 <-12 mths -52.93% <-Total Growth 10 CF 5 Yr Running
CFPS $2.29 $2.79 $2.76 $1.49 $1.65 $1.62 $1.46 $1.49 $1.57 $0.96 $1.13 $1.05 $0.71 $0.71 <-12 mths -74.19% <-Total Growth 10 Cash Flow per Share
Increase -19.25% 21.89% -1.01% -46.11% 10.63% -1.67% -9.86% 2.06% 5.32% -38.80% 17.29% -7.03% -31.91% 0.00% <-12 mths -13.15% <-IRR #YR-> 10 Cash Flow -75.58%
5 year Running Average $2.22 $2.38 $2.60 $2.43 $2.19 $2.06 $1.79 $1.54 $1.56 $1.42 $1.32 $1.24 $1.08 $0.91 <-12 mths -15.09% <-IRR #YR-> 5 Cash Flow -55.86%
P/CF on Med Price 9.96 8.01 8.20 14.09 13.52 12.49 15.15 9.87 8.90 12.79 9.67 9.66 15.18 14.66 <-12 mths -12.67% <-IRR #YR-> 10 Cash Flow per Share -74.19%
P/CF on Closing Price 9.36 7.80 7.27 15.04 12.98 12.77 14.47 8.93 8.32 12.62 8.80 8.87 14.36 13.84 <-12 mths -13.70% <-IRR #YR-> 5 Cash Flow per Share -52.14%
9.53% Diff M/C -8.40% <-IRR #YR-> 10 CFPS 5 yr Running -58.42%
Excl.Working Capital CF $116.29 $31.82 -$4.52 $340.48 $255.82 $265.82 $293.06 $247.90 $199.62 $196.14 $181.89 $150.13 $221.24 $221.24 <-12 mths -6.81% <-IRR #YR-> 5 CFPS 5 yr Running -29.70%
CF fr Op $M WC $733.68 $797.74 $767.02 $764.68 $735.05 $727.94 $711.10 $674.83 $651.73 $451.19 $476.51 $424.20 $409.67 $409.67 <-12 mths -46.59% <-Total Growth 10 Cash Flow less WC
Increase 35.24% 8.73% -3.85% -0.30% -3.87% -0.97% -2.31% -5.10% -3.42% -30.77% 5.61% -10.98% -3.42% 0.00% <-12 mths -6.08% <-IRR #YR-> 10 Cash Flow less WC -46.59%
5 year Running Average $446.8 $548.9 $653.8 $721.1 $759.6 $758.5 $741.2 $722.7 $700.1 $643.4 $593.1 $535.7 $482.7 $434.2 <-12 mths -9.50% <-IRR #YR-> 5 Cash Flow less WC -39.29%
CFPS Excl. WC $2.72 $2.90 $2.74 $2.68 $2.52 $2.55 $2.48 $2.35 $2.26 $1.70 $1.82 $1.62 $1.55 $1.55 <-12 mths -2.99% <-IRR #YR-> 10 CF less WC 5 Yr Run -26.18%
Increase -2.48% 6.83% -5.51% -2.29% -5.87% 0.99% -2.66% -5.16% -3.95% -24.90% 7.23% -11.03% -4.35% 0.00% <-12 mths -7.76% <-IRR #YR-> 5 CF less WC 5 Yr Run -33.22%
5 year Running Average $2.33 $2.51 $2.73 $2.77 $2.71 $2.68 $2.60 $2.52 $2.43 $2.27 $2.12 $1.95 $1.79 $1.65 <-12 mths -5.56% <-IRR #YR-> 10 CFPS - Less WC -43.55%
P/CF on Med Price 8.38 7.69 8.25 7.82 8.81 7.93 8.91 6.24 6.17 7.23 5.98 6.24 6.98 6.74 <-12 mths -8.02% <-IRR #YR-> 5 CFPS - Less WC -34.17%
P/CF on Closing Price 7.87 7.48 7.31 8.35 8.47 8.10 8.51 5.65 5.77 7.14 5.44 5.73 6.61 6.37 <-12 mths -4.13% <-IRR #YR-> 10 CFPS 5 yr Running -34.39%
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 12.64 5 yr  9.67 P/CF Med 10 yr 7.11 5 yr  6.24 -10.39% Diff M/C -6.60% <-IRR #YR-> 5 CFPS 5 yr Running -28.93%
for WC using Change in other non-cash operating items
-279.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 264.558 Shares
-286.863 0.000 0.000 0.000 0.000 264.558 Shares
-$771.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $188.4 Cash Flow
-$426.9 $0.0 $0.0 $0.0 $0.0 $188.4 Cash Flow
-$2.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.71 Cash Flow per Share
-$1.49 $0.00 $0.00 $0.00 $0.00 $0.71 Cash Flow per Share
-$2.60 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.08 CFPS 5 yr Running
-$1.54 $0.00 $0.00 $0.00 $0.00 $1.08 CFPS 5 yr Running
-$767.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $409.7 Cash Flow less WC
-$674.8 $0.0 $0.0 $0.0 $0.0 $409.7 Cash Flow less WC
-$653.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $482.7 CF less WC 5 Yr Run
-$722.7 $0.0 $0.0 $0.0 $0.0 $482.7 CF less WC 5 Yr Run
-$2.74 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.55 CFPS - Less WC
-$2.35 $0.00 $0.00 $0.00 $0.00 $1.55 CFPS - Less WC
-$2.73 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.79 CFPS 5 yr Running
-$2.52 $0.00 $0.00 $0.00 $0.00 $1.79 CFPS 5 yr Running
Interest paid -$299.533 -$258.328 -$268.156 -$273.701 -$247.723 -$227.301 -$171.242 -$169.73 -$152.81 -$157.66 for 2016?
Change in other non-cash operating items -$116.29 -$31.82 $4.52 and Google
Strightlining of Contractual rent -$7.828 -$0.876 -$5.077
Accrued rents Rec -$12.700 -$16.565 -$25.244 -$6.587 -$11.50 -$17.72 -$12.26
Prepaid Expenses & Sundry assets -$69.808 $0.008 $7.693 -$25.000 -$9.125 -$3.674 $6.029 -$11.03 $20.58 -$5.01
Accts Rec $1.687 -$2.728 $3.338 $1.041 -$8.258 $6.185 $0.812 -$0.59 $0.22 -$0.61
Accts Pay & accrued liab $34.998 $6.109 -$3.615 $17.296 $33.770 $50.416 -$25.151 $10.95 -$0.39 -$45.71
                         
Sum -$116.29 -$31.82 $4.52 -$340.484 -$255.815 -$265.817 -$293.064 -$247.901 -$199.618 -$196.139 -$181.887 -$150.127 -$221.242
Google -->TD -$116.29 -$31.82 $4.52 -$340.48 -$255.81 -$266 -$293 -$248 -$200 -$196 -$182 -$150 -$221
Difference $0.00 $0.00 $0.00 $0.00 $0.00 $0 $0 $0 $0 $0 $0 $0 $0
TD -$32 $5 -$340 -$256
Difference $0 $0 $0 $0
OPM 54.30% 62.38% 64.93% 35.47% 41.01% 39.28% 36.37% 38.86% 42.44% 30.56% 34.78% 33.55% 23.12% 19.81% -64.40% <-Total Growth 10 OPM
Increase -17.74% 14.88% 4.08% -45.37% 15.64% -4.24% -7.41% 6.85% 9.22% -27.99% 13.81% -3.54% -31.09% -14.31% Should increase  or be stable.
Diff from Ave. 51.2% 73.7% 80.8% -1.3% 14.2% 9.4% 1.3% 8.2% 18.2% -14.9% -3.2% -6.6% -35.6% -44.9% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 35.92% 5 Yrs 33.55% should be  zero, it is a   check on calculations
$578 <-12 mths -6.85%
EBITDA Mkt Sc $649.4 $633.6 $601.7 $627.0 $608.8 $620.2 $430.80 $408.00 <-Total Growth 5 EBITDA Mkt Sc
Change -2.43% -5.03% 4.20% -2.90% 1.87% -30.54% -5.29% -2.43% <-Median-> 5 Change
Margin 59.11% 59.48% 72.09% 74.01% 74.52% 76.09% 45.29% #DIV/0! 73.05% <-Median-> 6 Margin
REITs Proportionate Share
Adjusted EBITDA from Company $737.47 $683.75 $525.28 $561.64 $507.54 $501.60 $504.51 <-Total Growth 5 Adjusted EBITDA
Change -7.28% -23.18% 6.92% -9.63% -1.17% 0.58% -7.28% <-Median-> 5 Change
Margin 67.12% 64.18% 62.93% 66.30% 62.12% 61.54% 53.03% 63.56% <-Median-> 6 Margin
Debt Long Term $6,429.9 $5,854.0 $6,088.0 $5,493.04 $5,811.42 $5,763.51 $6,375.86 $6,368.32 $3,894.91 $3,922.53 $3,686.83 $3,537.38 $3,501.89 $3,501.89 from G&M Fr TD 2014 Fr statements after
CF/Debt Ratio 0.10 0.13 0.13 0.08 0.08 0.08 0.07 0.07 0.12 0.07 0.08 0.08 0.05 0.05 0.08 <-Median-> 10 CF/Debt Ratio
Long Term Debt $6,088.04 $5,493.04 $5,811.42 $5,763.51 $6,375.86 $6,368.32 $3,894.91 $3,922.53 $3,686.83 $3,537.38 $3,501.89 $3,501.89 -42.48% <-Total Growth 10 Debt Type
Change -9.77% 5.80% -0.82% 10.62% -0.12% -38.84% 0.71% -6.01% -4.05% -1.00% 0.00% -0.91% <-Median-> 10 Change Lg Term R
Debt/Market Cap Ratio 1.09 0.86 0.93 0.98 1.05 1.67 1.04 1.22 1.42 1.45 1.29 1.34 1.14 <-Median-> 10 Debt/Market Cap Ratio Lg Term R, A
Assets/Current Liabilities Ratio 80.97 71.47 72.64 72.33 61.13 41.42 34.57 46.11 36.18 40.48 47.58 47.58 46.85 <-Median-> 10 Assets/Current Liabilities Ratio Intang/GW
Debt to Cash Flow (Years) 7.89 12.95 12.13 12.47 15.25 14.92 8.62 15.38 12.51 12.91 18.58 18.58 12.93 <-Median-> 10 Debt to Cash Flow (Years) Liquidity
Liq. + CF
Real Estate Assets $12,671.49 $11,598.98 $9,062.53 $9,680.10 $8,886.36 $9,007.46 $7,155.64 $7,155.64 -43.53% <-Total Growth 6 Real Estate Assets Debt Ratio
Change -8.46% -21.87% 6.81% -8.20% 1.36% -20.56% 0.00% -8.33% <-Median-> 6 Change Leverage
Long Term Debt $6,375.86 $6,368.32 $3,894.91 $3,922.53 $3,686.83 $3,537.38 $3,501.89 $3,501.89 $3,894.91 <-Median-> 7 Long Term Debt D/E Ratio
Covering Assets/Long Term Debt R 0.50 0.55 0.43 0.41 0.41 0.39 0.49 0.49 0.43 <-Median-> 7 Covering Assets/Long Term Debt R
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
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
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
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
Intangible/Market Cap Ratio 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 Intangible/Market Cap Ratio
Current Assets $82.5 $35.8 $92.6 $165.3 $270.1 $201.1 $672.7 $424.6 $390.0 $271.4 $350.0 $203.8 $192.0 $192.0 Liq ratio of 1.5 and up, best From
Current Liabilities $168.0 $144.2 $172.8 $198.1 $200.4 $203.1 $236.9 $322.4 $303.8 $247.5 $297.9 $262.4 $191.4 $191.4 1.14 <-Median-> 10 Ratio G&M
Liquidity 0.49 0.25 0.54 0.83 1.35 0.99 2.84 1.32 1.28 1.10 1.17 0.78 1.00 1.00 1.10 <-Median-> 5 Ratio
Liq. with CF aft div 2.00 2.99 2.82 1.03 1.73 1.32 2.93 1.82 2.12 1.53 1.64 1.22 1.16 1.16 1.53 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  0.76 2.99 1.05 1.02 0.42 1.32 2.87 1.16 2.12 1.53 1.64 1.22 0.88 1.16 1.53 <-Median-> 5 Ratio
Assets $13,583.0 $13,368.4 $13,990.3 $14,155.0 $14,558.9 $14,691.0 $14,483.3 $13,355.4 $10,501.1 $11,412.6 $10,777.6 $10,620.5 $9,108.3 $9,108.3 Debt Ratio of 1.5 and up, best
Liabilities $7,309.2 $6,840.7 $7,165.4 $7,242.4 $7,379.1 $7,490.9 $7,439.4 $7,284.1 $5,727.3 $5,925.3 $5,585.3 $5,341.7 $4,972.6 $4,972.6 1.94 <-Median-> 10 Ratio
Debt Ratio 1.86 1.95 1.95 1.95 1.97 1.96 1.95 1.83 1.83 1.93 1.93 1.99 1.83 1.83 1.93 <-Median-> 5 Ratio
Total Book Value $6,273.8 $6,527.7 $6,824.9 $6,912.7 $7,179.8 $7,200.1 $7,043.9 $6,071.4 $4,773.8 $5,487.3 $5,192.4 $5,278.7 $4,135.7 $4,135.7 Total Book Value
Non-Contro. Int. $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 NCI
Book Value $6,273.8 $6,527.7 $6,824.9 $6,912.7 $7,179.8 $7,200.1 $7,043.9 $6,071.4 $4,773.8 $5,487.3 $5,192.4 $5,278.7 $4,135.7 $4,135.7 $4,135.7 $4,135.7 -39.40% <-Total Growth 10 Book Value
Book Value per Share $23.24 $23.76 $24.41 $24.23 $24.65 $25.20 $24.57 $21.16 $16.55 $20.64 $19.83 $20.15 $15.63 $15.63 $15.63 $15.63 -35.95% <-Total Growth 10 Book Value per Share
Change 0.38% 2.23% 2.75% -0.73% 1.71% 2.26% -2.51% -13.86% -21.80% 24.70% -3.92% 1.61% -22.41% 0.00% 0.00% 0.00% -38.50% P/B Ratio Current/Historical Median
P/B Ratio (Median) 0.98 0.94 0.93 0.86 0.90 0.80 0.90 0.69 0.84 0.59 0.55 0.50 0.69 0.67 0.00 0.00 1.03 P/B Ratio Historical Median
P/B Ratio (Close) 0.92 0.91 0.82 0.92 0.87 0.82 0.86 0.63 0.79 0.59 0.50 0.46 0.65 0.63 0.63 0.63 -4.36% <-IRR #YR-> 10 Book Value per Share -35.95%
Change -11.54% -0.67% -10.20% 12.39% -6.12% -5.46% 4.81% -26.88% 25.47% -25.52% -14.91% -7.74% 42.07% -3.62% 0.00% 0.00% -5.88% <-IRR #YR-> 5 Book Value per Share -26.14%
Leverage (A/BK) 2.17 2.05 2.05 2.05 2.03 2.04 2.06 2.20 2.20 2.08 2.08 2.01 2.20 2.20 2.07 <-Median-> 10 A/BV
Debt/Equity Ratio 1.17 1.05 1.05 1.05 1.03 1.04 1.06 1.20 1.20 1.08 1.08 1.01 1.20 1.20 1.07 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 0.75 5 yr Med 0.59 -15.65% Diff M/C 2.20 Historical Leverage (A/BK)
-$24.41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.63
-$21.16 $0.00 $0.00 $0.00 $0.00 $15.63
Comprehensive Income $377.10 $515.19 $567.61 $350.38 $536.60 $532.79 $214.96 -$711.22 $574.33 $1,166.39 -$69.51 $273.58 -$1,011.14 -278.14% <-Total Growth 10 Comprehensive Income
Increase -23.64% 36.62% 10.17% -38.27% 53.15% -0.71% -59.65% -430.86% 180.75% 103.09% -105.96% 493.57% -469.60% 103.09% <-Median-> 5 Comprehensive Income
5 Yr Running Average $217.87 $305.84 $386.22 $460.83 $469.37 $500.51 $440.47 $184.70 $229.49 $355.45 $234.99 $246.71 $186.73 #NUM! <-IRR #YR-> 10 Comprehensive Income -278.14%
ROE 6.0% 7.9% 8.3% 5.1% 7.5% 7.4% 3.1% -11.7% 12.0% 21.3% -1.3% 5.2% -24.4% 7.29% <-IRR #YR-> 5 Comprehensive Income -42.17%
5Yr Median 6.0% 7.9% 7.9% 7.9% 7.5% 7.5% 7.4% 5.1% 7.4% 7.4% 3.1% 5.2% 5.2% -7.01% <-IRR #YR-> 10 5 Yr Running Average -51.65%
% Difference from NI 16.5% 21.3% 66.9% -9.9% 0.0% 57.7% -36.8% 13.9% -4.8% 38.1% -212.7% -328.5% 27.7% 0.22% <-IRR #YR-> 5 5 Yr Running Average 1.10%
Median Values Diff 5, 10 yr -2.4% -4.8% 5.2% <-Median-> 5 Return on Equity
-$567.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 -$1,011.1
$711.2 $0.0 $0.0 $0.0 $0.0 -$1,011.1
-$386.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $186.7
-$184.7 $0.0 $0.0 $0.0 $0.0 $186.7
Current Liability Coverage Ratio 4.37 5.53 4.44 3.86 3.67 3.58 3.00 2.09 2.15 1.82 1.60 1.62 2.14 2.14   CFO / Current Liabilities
5 year Median 2.43 3.07 4.37 4.37 4.37 3.86 3.67 3.58 3.00 2.15 2.09 1.82 1.82 1.82 214.3% <-Median-> 10 Current Liability Cov Ratio
Asset Efficiency Ratio 5.40% 5.97% 5.48% 5.40% 5.05% 4.96% 4.91% 5.05% 6.21% 3.95% 4.42% 3.99% 4.50% 4.50% CFO / Total Assets
5 year Median 5.37% 5.40% 5.48% 5.40% 5.40% 5.40% 5.05% 5.05% 5.05% 4.96% 4.91% 4.42% 4.42% 4.42% 4.9% <-Median-> 10 Return on Assets 
Return on Assets ROA 2.38% 3.18% 2.43% 2.75% 3.69% 2.30% 2.35% -4.68% 5.75% 7.40% 0.57% -1.13% -8.69% 2.90% Net  Income/Assets Return on Assets
5Yr Median 2.38% 3.12% 2.43% 2.75% 2.75% 2.75% 2.43% 2.35% 2.35% 2.35% 2.35% 0.57% 0.57% 0.57% 2.3% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 5.16% 6.51% 4.98% 5.62% 7.47% 4.69% 4.83% -10.29% 12.64% 15.40% 1.19% -2.27% -19.14% 6.38% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 5.72% 6.51% 5.16% 5.62% 5.62% 5.62% 4.98% 4.83% 4.83% 4.83% 4.83% 1.19% 1.19% 1.19% 4.8% <-Median-> 10 Return on Equity
-$1,264 <-12 mths -59.70%
Net Income $323.6 $424.7 $340.1 $388.7 $536.6 $337.9 $340.3 -$624.6 $603.4 $844.8 $61.7 -$119.7 -$791.6 $263.8 $266.6 -332.71% <-Total Growth 10 Net Income
Increase -36.40% 31.21% -19.90% 14.29% 38.03% -37.03% 0.70% -283.54% -196.62% 40.00% -92.70% -294.06% 561.21% -133.33% 1.06% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $213.2 $280.8 $314.4 $397.2 $402.8 $405.6 $388.7 $195.8 $238.7 $300.4 $245.1 $153.1 $119.7 $51.8 -$63.8 #NUM! <-IRR #YR-> 10 Net Income -332.71%
Operating Cash Flow $617.4 $765.9 $771.5 $424.2 $479.2 $462.1 $418.0 $426.9 $452.1 $255.1 $294.6 $274.1 $188.4 4.85% <-IRR #YR-> 5 Net Income -26.74%
Investment Cash Flow -$271.6 $131.7 -$290.8 -$1.2 -$625.6 $175.2 -$5.4 -$183.2 $1,495.8 $226.0 $112.9 $173.2 -$59.2 -9.20% <-IRR #YR-> 10 5 Yr Running Ave. -61.92%
Total Accruals -$22.14 -$472.92 -$140.59 -$34.20 $682.99 -$299.39 -$72.34 -$868.24 -$1,344.48 $363.82 -$345.80 -$566.94 -$920.81 -9.37% <-IRR #YR-> 5 5 Yr Running Ave. -38.85%
Total Assets $13,583.0 $13,368.4 $13,990.3 $14,155.0 $14,558.9 $14,691.0 $14,483.3 $13,355.4 $10,501.1 $11,412.6 $10,777.6 $10,620.5 $9,108.3 Balance Sheet Assets
Accruals Ratio -0.16% -3.54% -1.00% -0.24% 4.69% -2.04% -0.50% -6.50% -12.80% 3.19% -3.21% -5.34% -10.11% -5.34% <-Median-> 5 Ratio
EPS/CF Ratio 0.46 0.51 0.41 0.47 0.68 0.44 0.45 -0.88 0.88 1.70 0.12 -0.26 -1.83 0.45 <-Median-> 10 EPS/CF Ratio
-$340.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 -$791.6
$624.6 $0.0 $0.0 $0.0 $0.0 -$791.6
-$314.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $119.7
-$195.8 $0.0 $0.0 $0.0 $0.0 $119.7
Change in Close -11.20% 1.54% -7.73% 11.57% -4.51% -3.32% 2.18% -37.01% -1.88% -7.13% -18.25% -6.26% 10.24% -3.62% 0.00% 0.00% Count 30 Years of data
up/down down up up up up Count 15 50.00%
Meet Prediction? Yes Yes Yes % right Count 7 46.67%
Financial Cash Flow -$449.35 -$901.71 -$466.20 -$413.22 $14.66 -$626.52 -$417.07 -$229.47 -$1,886.64 -$528.26 -$420.26 -$420.26 -$177.46 C F Statement  Financial CF
Total Accruals $427.21 $428.78 $325.62 $379.01 $668.34 $327.13 $344.72 -$638.78 $542.16 $892.08 $74.47 -$146.67 -$743.35 Accruals
Accruals Ratio 3.15% 3.21% 2.33% 2.68% 4.59% 2.23% 2.38% -4.78% 5.16% 7.82% 0.69% -1.38% -8.16% 0.69% <-Median-> 5 Ratio
Cash $27.88 $23.76 $38.29 $48.02 $42.28 $53.07 $48.64 $62.86 $124.14 $76.89 $64.11 $100.35 $52.14 $52.14 Cash
Cash per Share $0.10 $0.09 $0.14 $0.17 $0.15 $0.19 $0.17 $0.22 $0.43 $0.29 $0.24 $0.38 $0.20 $0.20 $0.29 <-Median-> 5 Cash per Share
Percentage of Stock Price 0.48% 0.40% 0.68% 0.75% 0.68% 0.90% 0.80% 1.65% 3.30% 2.39% 2.47% 4.13% 1.93% 2.00% 2.47% <-Median-> 5 % of Stock Price
ROE on AFFO 6.1% 6.8% 6.4% 6.7% 6.5% 5.9% 5.7% 6.3% 7.7% 5.2% 6.0% 5.1% 6.7% 6.7% AFFO/Shareholders' equity ROE
5Yr Median 10.1% 6.8% 6.4% 6.4% 6.5% 6.5% 6.4% 6.3% 6.3% 5.9% 6.0% 6.0% 6.0% 6.0% 6.0% <-Median-> 5 ROE
ROE on FFO 7.5% 8.3% 8.4% 8.5% 7.8% 7.3% 7.5% 8.3% 9.7% 6.2% 7.2% 6.3% 8.2% 8.2% FFO/Shareholders' equity ROE
5Yr Median 11.6% 8.3% 8.3% 8.3% 8.3% 8.3% 7.8% 7.8% 7.8% 7.5% 7.5% 7.2% 7.2% 7.2% 7.2% <-Median-> 5 ROE
Adj Funds from Operations $382.0 $445.1 $439.4 $464.5 $464.2 $425.4 $398.0 $383.8 $365.8 $287.3 $313.2 $267.0 $278.6 $278.6 -36.60% <-Total Growth 10 AFFO 
Increase 47.71% 16.52% -1.27% 5.72% -0.07% -8.36% -6.44% -3.58% -4.69% -21.46% 8.99% -14.76% 4.35% 0.00% -4.45% <-IRR #YR-> 10 Net Income
5 Yr Running Average $256.0 $300.3 $352.5 $397.9 $439.0 $447.7 $438.3 $427.2 $407.5 $372.1 $349.6 $323.4 $302.4 $284.9 -6.21% <-IRR #YR-> 5 Net Income
Funds from Operations $472.8 $543.0 $569.9 $584.3 $560.1 $525.7 $529.1 $503.1 $461.4 $341.2 $373.4 $334.4 $339.3 $339.3 -40.47% <-Total Growth 10 FFO 
Increase 43.72% 14.84% 4.97% 2.52% -4.14% -6.14% 0.65% -4.92% -8.29% -26.05% 9.43% -10.43% 1.45% 0.00% -5.05% <-IRR #YR-> 10 Net Income
5 Yr Running Average $298.1 $361.7 $437.3 $499.8 $546.0 $556.6 $553.8 $540.5 $515.9 $472.1 $441.6 $402.7 $369.9 $345.5 -7.58% <-IRR #YR-> 5 Net Income
-$439.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $278.6
-$383.8 $0.0 $0.0 $0.0 $0.0 $278.6
-$569.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $339.3
-$503.1 $0.0 $0.0 $0.0 $0.0 $339.3
Taxes
Foreign 11.65% 12.47% 7.34% 17.95% 12.40% 21.72% 24.02% 38.18% 23.09% 47.99% 46.60% 43.95% 70.03% 31.10% <-Median-> 10 Foreign
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% <-Median-> 10 Dividends
Cap Gain 6.53% 46.52% 13.95% 48.99% 22.78% 3.48% 44.66% 36.72% 46.51% 0.00% 4.49% 12.29% 1.72% 17.54% <-Median-> 10 Cap Gain
Other Income 31.44% 30.96% 38.12% 25.23% 33.77% 41.48% 31.32% 25.10% 30.40% 52.01% 48.92% 43.75% 28.26% 32.54% <-Median-> 10 Other Income
Ret of Cap. 50.37% 10.05% 40.58% 7.83% 31.05% 33.32% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% <-Median-> 10 Ret of Cap.
Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Notes:
March 22, 2026.  Last estimate was for 2025, 2026 of $936M, $692.9M Total Revenue, $951M, 2025 Revenue, $1.02, $0.99 AFFO, $1.18, $1.16 FFO, 
$1.17, $1.21 EPS, $0.60, $0.60 Dividends, $29M, $38M FCF, $583.4M, $589.2M EBITDA, $523.71, $504.51M EBITDA company, $339.1M, $350.6M Net Income.
March 6, 2024.  Last estimates were for 2024 and 2025 of $927M, $951M Revenue, $0.99, $1.02 AFFO, $1.16, $1.19 FFO, $1.16, $1.18 EPS, 
$0.60, $0.60 Dividends, -$173M, $9M FCF, $329M, $339M Net Income.
March 9, 2024.  Last estimates were for 2023 and 2024 of $969M, $986M for Revenue, $1.07, $1.08 for AFFO, $1.23. $1.24 for FFO, $1.20, $1.19 for EPS, 
$0.60, $0.61 for dividends, $120M, $137M for FCF, $332M, $335M for Net Income.
March 11, 2023.  Last estimates were for 2022 and 2023 of $903M, $921M for Revenue, $1.08, $1.12 for AFFO, $1.17 and $1.21 for FFO, $1.37 and $1.40 for EPS, 
$0.52 and $0.53 for dividends, $184M, $196M for FCF.
This company had a spinoff Primaris REIT, so decreased dividend to account for the dividend given by Primaris. January 5, 2022 worth $12.56 so 3.14 per HR share.  
Dividend is 0.0667*12 or $0.80 per PMZ.UN share and (0.80/4) $0.20 per HR share.
March 13, 2022.  Last estimates were for 2021 and 2022 of $1197M, $1242M for Revenue, 41.45, $1.72 for AFFO, $1.62 and $1.87 for FFO, $0.75 and $1.70 for EPS, $0.69 
and $0.70 for Dividends, $247M, $248M for FCF and $553M for Net Income for 2021.
March 7, 2021. Last estimates were for 2020 and 2021of $1270M and $1340M for Revenue, $1.64 and 1.71 for AFFO, $1.78 and $1.85 for FFO, 
$1.78 and $1.82 for EPS, $1.38 and $1.38 for Dividends, $203M and $121M for FCF.
March 7, 2020.  Last estimates were for 2019 and 2020 of $1299M and $1357M for Revenue, $1.69 and $1.78 for AFFO, $1.82 and $1.91 for FFO, $1.77 and $1.85 for EPS.
March 6, 2019.  Last estimates were for 2018 and 2019 of $1220M and $1251M for Revenue, $1.71 and $1.65 for AFFO, $1.84 and $1.76 for FFO, $1.51 and $1.72 for EPS.
March 3, 2018.  Last estimates were for 2017 and 2018 of $1144M, $1177M for Revenue, $1.75 and $1.78 for AFFO, $1.89 and $1.92 for FFO, $1.51 and $1.70 for EPS.
March 3, 2017.  Last estimates were for 2016 and 2017 of $1336M and $1360M for Revenue, $1.71 and $1.75 for AFFO, $1.91 and $1.96 for FFO, $1.50 and $1.96 for EPS
March 6, 2016.  Last estimates were for 2015 and 2016 of $1344M and $1356Mfor Revenue, $1.66 and $1.75 for AFFO, $1.85 and $1.95 for FFO, $1.76 and $1.82 for EPS.
March 14, 2015.  Last estimates were for 2014, 2015 and 2016 of $1326M, $1344M and $1336M for Revenue, $1.65, $1.66 and $1.75 AFFO, $1.86, $1.85 and $1.95 for FFO, $1.46, $1.76 and $1.82 for EPS.
December 7, 2014.  Last estimates were for 2013, 2014 and 2015 of $1181.46M, $1269.44M and $1298M for Revenue, $1.44, $1.57 and $1.59 for AFFO, $1.76, $1.80 and $1.81 for FFO, $2.20 CFPS for 2013.
I got EPS for 2014, 2015 and 2016 from TD Waterhouse Earnings.  These are basic rather than diluted earnings.
December 8, 2013.  Last estimates were for 2012 and 2013 of $829.56M and $924.7M for Revenue, $1.34 and $1.56 (and $1.73 for 2014) for AFFO, $1.62 and $1.75 for FFO and $.24 and $.24 for EPS.
Dec 2, 2012.  Last estimates were for 2011 and 2012 of $646M and $778M for Revenue, $1.51 and $1.56 for FFO, $0.29 and $0.23 for EPS.
Dec 4, 2011.  Last estimates I got for 2010 and 2011 were $1.27 and $1.51 for FFO, $.54 and $.58 for EPS.  Company lost money in March 2011 and this accts for low EPS for 2011.
Concerning earning estimates.  It would appear that a tax write off will increase the earnings for 2010 up to about $1.22, which does not really reflect what they will earn.  I have lowered estimate
Nov 29, 2010.  When I last looked at this stock, I got 2009 and 2010 estimates of $1.47 for 1.53 for FFO, $.50 and $.52 for earnings $1.21 and $1.08 for Cash Flow.
In 2008, This REIT announced it will reduce its monthly cash distributions to unitholders by half to $0.06 per unit commencing with the January 2009 distribution. The cash flow retained from the reduced 
distribution will be used to finance construction of The Bow, an H&R's development project in Calgary.  The Bow is a 58 story office tower.
2006.  Does not seem like a bad stock.  Return over last 5 years is good.  OPM is really down in 2005 and this does not look good.
1996.  H&R was founded in 1996 by Thomas J. Hofstedter.  IPO on the Toronto Stock Exchange.
Sector:
Real Estate
What should this stock accomplish?
This stock should provide a good dividend and growth at or above the rate of inflation.
Would I buy this company and Why.
I would consider this company if I was looking for another REIT or Real Estate Investment.
Why am I following this stock. 
Before I started blogging, I was following a number of REITs and this is one I had followed.  It also used to be on a dividend list I followed. 
Dividends
Dividends are paid monthly.  Dividend generally are for shareholders of record in mid month to be paid at the end of the month.
For example, the dividend for shareholders of record for November 15, 2013 was paid on November 29, 2013.
How they make their money.
H&R Real Estate Investment Trust is a real estate investment trust principally involved in the ownership of properties in Canada and the U.S. 
The REIT has four reportable operating segments- Residential, Industrial, Office and Retail, in two geographical locations -Canada and the United States
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. 4.769
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 2018 Mar 06 2019 Mar 07 2020 Mar 07 2021 Mar 13 2022 Mar 11 2023 Mar 9 2024 Mar 6 2025 Mar 21 2026
Hofstedter, Thomas J. 1.25% 3.570 1.25% 3.572 1.25% 3.638 1.26% 3.500 1.32% 4.769 1.82% 4.769 1.82% 3.501 1.32% 3.451 1.30% signed off as Chair -1.44%
CEO and Chairman - Shares - Amount $73.714 $75.320 $47.478 $47.440 $42.388 $47.217 $44.260 $35.818 $34.026
Options - percentage 0.05% 5.653 1.97% 6.392 2.23% 6.461 2.24% 7.602 2.86% 6.911 2.64% 0.431 0.16% 5.157 1.95% 0.522 0.20% -89.87%
Options - amount $3.012 $119.268 $84.947 $84.253 $92.055 $68.414 $4.000 $52.761 $5.149
Reuters Options Value
Froom, Larry 0.05% 0.160 0.06% 0.154 0.05% 0.147 0.05% 0.141 0.05% 0.145 0.06% 0.146 0.06% 0.136 0.05% 0.134 0.05% -1.44%
CFO - Shares - Amount $3.087 $3.373 $2.045 $1.911 $1.708 $1.437 $1.351 $1.395 $1.325
Options - percentage 0.00% 0.094 0.03% 1.844 0.64% 1.897 0.66% 2.145 0.81% 2.287 0.87% 2.330 0.89% 1.722 0.65% 0.294 0.11% -82.91%
Options - amount $0.000 $1.975 $24.513 $24.734 $25.982 $22.638 $21.627 $17.614 $2.901
Fried, Cheryl 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.010 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% #DIV/0!
Officer - Shares - Amount $0.000 $0.000 $0.000 $0.000 $0.121 $0.000 $0.000 $0.000 $0.000
Options - percentage 0.18% 0.511 0.18% 0.386 0.13% 0.393 0.14% 0.425 0.16% 0.462 0.18% 0.468 0.18% 0.206 0.08% 0.080 0.03% -61.31%
Options - amount $10.342 $10.778 $5.127 $5.131 $5.150 $4.579 $4.347 $2.109 $0.786
Kestenbert, Robyn 0.120 0.05% 0.120 0.05% 0.119 0.04% 0.117 0.04% Next officer with units -1.44%
Officer - Shares - Amount $1.192 $1.118 $1.217 $1.156
Options - percentage 1.116 0.43% 1.137 0.43% 0.718 0.27% 0.169 0.06% -76.40%
Options - amount $11.051 $10.548 $7.346 $1.671
Morrow, Juli 0.025 0.01% 0.024 0.01% 0.031 0.01% 0.031 0.01% 0.029 0.01% 0.049 0.02% 66.76%
Director - Shares - Amount $0.321 $0.287 $0.310 $0.290 $0.301 $0.484
Options - percentage 0.018 0.01% 0.026 0.01% 0.027 0.01% 0.039 0.01% 0.037 0.01% 0.056 0.02% 51.68%
Options - amount $0.232 $0.309 $0.266 $0.361 $0.374 $0.547
Chasson, Jennifer Alyse 0.002 0.00% 0.002 0.00% 0.002 0.00% 0.002 0.00% -1.41%
Director - Shares - Amount $0.023 $0.022 $0.022 $0.021
Options - percentage 0.016 0.01% 0.027 0.01% 0.025 0.01% 0.042 0.02% 63.96%
Options - amount $0.155 $0.251 $0.260 $0.411
Abramsky, Leonard 0.020 0.01% 0.019 0.01% 0.022 0.01% 16.29%
Lead Trustee - Shares - Amt $0.186 $0.192 $0.215
Options - percentage 0.016 0.01% 0.015 0.01% 0.028 0.01% 93.85%
Options - amount $0.144 $0.149 $0.279
Brand, Lindsay 0.001 0.00% 0.001 0.00% 0.002 0.00% 27.32%
Director - Shares - Amount $0.012 $0.012 $0.015
Options - percentage 0.016 0.01% 0.015 0.01% 0.028 0.01% 93.85%
Options - amount $0.144 $0.149 $0.279
H&R Portfolio Limited Partnership
10% Holder
Increase in O/S Shares 0.22% 0.030 0.01% 1.012 0.35% 0.173 0.06% 1.577 0.55% 0.318 0.12% 0.130 0.05% 0.148 0.06% 0.010 0.00%
due to SO $13.962 $0.629 $21.362 $2.297 $20.955 $3.857 $1.290 $1.373 $0.100 Units Issued
Book Value $14.132 $0.637 $20.826 $2.267 $25.653 $3.902 $1.695 $1.413 $0.099 9,788
Insider Buying -$1.099 -$0.549 -$0.715 -$3.753 -$7.509 -$0.525 -$0.398 -$0.052 -$0.199 2,532,542
Insider Selling $2.223 $1.259 $3.284 $1.213 $0.000 $4.163 $0.000 $0.000 $0.000 2,542,330
Net Insider Selling $1.124 $0.710 $2.569 -$2.540 -$7.509 $3.639 -$0.398 -$0.052 -$0.199 $10.13
% of Market Cap 0.02% 0.01% 0.07% -0.07% -0.23% 0.14% -0.02% 0.00% -0.01%
Directors 8 8 8 9 8 10 10 10
Women 13% 1 13% 1 13% 1 13% 3 33% 3 38% 3 30% 4 40% 4 40%
Minorities 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 26.75% 79 6.36% 20 3.93% 20 23.67% 20 18.44% 20 20.96% 20 18.87% 20 20.01% 20 17.58%
Total Shares Held 27.14% 18.157 6.33% 11.231 3.92% 67.913 23.55% 52.410 19.71% 55.732 21.28% 49.413 18.86% 52.549 19.86% 46.503 17.58%
Increase/Decrease 1.38% -10.012 -35.54% -4.389 -28.10% -0.807 -1.17% -0.595 -1.12% -0.661 -1.17% -1.105 -2.19% 2.480 4.95% -0.533 -1.13%
Starting No. of Shares 28.169 15.620 Top 20 MS 68.721 Top 20 MS 53.005 Top 20 MS 56.392 Top 20 MS 50.519 Top 20 MS 50.069 Top 20 MS 47.036 Top 20 MS
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