This report is for educational purposes only, and not to provide investment advice.  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.
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
Melcor Developments Inc					TSX:	MRD	OTC:	MODVF	https://www.melcor.ca/			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
Cost of Sales	$168.9	$162.9	$142.7	$134.0	$141.6	$142.2	$111.2	$128.6	$175.5	$123.5	$172.9	$192.1	$220.9					54.84%	<-Total Growth	10	Cost of Sales
Change	4.18%	-3.59%	-12.40%	-6.04%	5.62%	0.45%	-21.82%	15.66%	36.47%	-29.64%	40.01%	11.12%	14.98%					8.37%	<-Median->	10	Change
Ratio of Revenue	0.56	0.52	0.54	0.55	0.55	0.53	0.53	0.57	0.56	0.51	0.55	0.55	0.54					0.55	<-Median->	10	Ratio of Revenue
General and Admin											$22.9	$30.0	$29.4								General and Admin
Change											#DIV/0!	30.78%	-2.11%								Change
Ratio											0.07	0.09	0.07								Ratio
Total											$195.8	$222.1	$250.3								Total
Change											#DIV/0!	13.43%	12.67%								Change
Ratio											0.62	0.64	0.61								Ratio
Revenue*	$303.7	$313.0	$263.3	$242.5	$258.0	$267.4	$208.0	$226.8	$315.6	$241.7	$315.2	$349.5	$410.5	$410.5	<-12 mths			55.92%	<-Total Growth	10	Revenue
Increase	10.48%	3.05%	-15.88%	-7.92%	6.39%	3.68%	-22.23%	9.06%	39.15%	-23.41%	30.40%	10.87%	17.47%	0.00%	<-12 mths			4.54%	<-IRR #YR->	10	Revenue	55.92%
5 year Running Average	$225.7	$261.0	$275.1	$279.5	$276.1	$268.8	$247.8	$240.5	$255.2	$251.9	$261.5	$289.8	$326.5	$345.5	<-12 mths			12.60%	<-IRR #YR->	5	Revenue	81.00%
Revenue per Share	$9.88	$9.45	$7.92	$7.27	$7.66	$8.02	$6.26	$6.83	$9.58	$7.74	$10.28	$11.51	$13.64	$13.64	<-12 mths			1.73%	<-IRR #YR->	10	5 yr Running Average	18.71%
Increase	8.51%	-4.38%	-16.18%	-8.24%	5.32%	4.74%	-21.95%	9.06%	40.27%	-19.21%	32.89%	11.94%	18.50%	0.00%	<-12 mths			6.30%	<-IRR #YR->	5	5 yr Running Average	35.76%
5 year Running Average	$7.45	$8.44	$8.74	$8.73	$8.44	$8.06	$7.43	$7.21	$7.67	$7.68	$8.14	$9.19	$10.55	$11.36	<-12 mths			5.58%	<-IRR #YR->	10	Revenue per Share	72.14%
P/S (Price/Sales) Med	1.87	2.49	2.00	2.14	2.02	1.75	2.05	1.37	1.25	1.78	1.13	1.07	0.97	1.24	<-12 mths			14.84%	<-IRR #YR->	5	Revenue per Share	99.78%
P/S (Price/Sales) Close	2.03	2.08	1.84	1.99	2.00	1.53	2.13	1.38	1.49	1.38	1.10	1.12	1.12	1.35	<-12 mths			1.90%	<-IRR #YR->	10	5 yr Running Average	20.67%
*Revenue in M CDN $					P/S Med	20 yr	1.87	15 yr	1.78	10 yr	1.56	5 yr	1.13		-13.76%	Diff M/C		7.92%	<-IRR #YR->	5	5 yr Running Average	46.37%
			-$263.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$410.5
								-$226.8	$0.0	$0.0	$0.0	$0.0	$410.5
			-$275.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$326.5
								-$240.5	$0.0	$0.0	$0.0	$0.0	$326.5
			-$7.92	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.64
								-$6.83	$0.00	$0.00	$0.00	$0.00	$13.64
			-$8.74	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.55
								-$7.21	$0.00	$0.00	$0.00	$0.00	$10.55
Funds From Operations	$57.9	$85.5	$54.3	$42.56	$59.0	$56.1	$38.3	$51.4	$81.3	$60.9	$84.5	$93.8	$122.1					125.05%	<-Total Growth	10	Funds From Operations
FFO per Share Calc.	$1.90	$2.70	$1.64	$1.28	$1.77	$1.68	$1.15	$1.55	$2.46	$1.88	$2.73	$3.08	$4.04								FFO per Share
FFO*	$1.90	$2.70	$1.64	$1.28	$1.77	$1.68	$1.15	$1.55	$2.46	$1.88	$2.73	$3.08	$4.04	$4.04	<-12 mths			146.34%	<-Total Growth	10	FFO
Increase	-14.41%	42.11%	-39.26%	-21.95%	38.28%	-5.08%	-31.55%	34.78%	58.71%	-23.58%	45.21%	12.82%	31.17%	0.00%	<-12 mths			10	0	10	Years of Data, EPS P or N	100.00%
FFO Yield	9.48%	13.74%	11.26%	8.83%	11.57%	13.67%	8.63%	16.45%	17.28%	17.65%	24.25%	23.88%	26.51%	21.99%	<-12 mths			9.43%	<-IRR #YR->	10	FFO	146.34%
5 year Running Average		$2.09	$2.05	$1.95	$1.86	$1.81	$1.50	$1.49	$1.72	$1.74	$1.95	$2.34	$2.84	$3.15	<-12 mths			21.12%	<-IRR #YR->	5	FFO	160.65%
Payout Ratio	26.32%	21.48%	36.59%	37.50%	29.38%	30.95%	43.48%	21.94%	17.89%	30.85%	23.44%	14.29%	11.88%	14.85%	<-12 mths			3.31%	<-IRR #YR->	10	5 yr Running Average	38.44%
5 year Running Average		26.60%	29.56%	31.93%	34.23%	29.77%	34.84%	31.76%	26.95%	27.29%	25.59%	20.85%	18.18%	19.59%	<-12 mths			13.81%	<-IRR #YR->	5	5 yr Running Average	90.98%
Price/FFO Median	9.75	8.73	9.65	12.13	8.72	8.36	11.15	6.05	4.86	7.33	4.26	3.98	3.28	4.18	<-12 mths			6.69	<-Median->	10	Price/FFO Median
Price/FFO High	10.89	10.15	11.77	15.08	9.54	9.46	12.17	8.48	6.16	9.44	4.48	4.35	3.75	4.61	<-12 mths			8.96	<-Median->	10	Price/FFO High
Price/FFO Low	8.60	7.31	7.54	9.19	7.90	7.26	10.13	3.61	3.56	5.23	4.04	3.62	2.81	3.75	<-12 mths			4.64	<-Median->	10	Price/FFO Low
Price/FFO Close	10.55	7.28	8.88	11.33	8.64	7.32	11.58	6.08	5.79	5.66	4.12	4.19	3.77	4.55	<-12 mths			5.93	<-Median->	10	Price/FFO Close
Trailing P/FFO Close	9.03	10.34	5.39	8.84	11.95	6.94	7.93	8.19	9.19	4.33	5.99	4.73	4.95	4.55	<-12 mths			7.44	<-Median->	10	Trailing P/FFO Close
Median Values	Historical	in order	7.49	9.33	6.14	7.30	P/FFO	5 Yrs	in order	4.26	4.48	3.62	4.19		6.64%	Diff M/C		-32.02%	Diff M/C	10	DPR 75% to 95% best
* Funds From Operations
			-$1.64	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.04
								-$1.55	$0.00	$0.00	$0.00	$0.00	$4.04
			-$2.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.84
								-$1.49	$0.00	$0.00	$0.00	$0.00	$2.84
Difference Basic and Diluted	5.86%	3.77%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.36%	0.49%	0.91%	0.52%					0.00%	<-Median->	10	Difference Basic and Diluted
EPS Basic	$3.24	$3.18	$2.29	$1.04	$1.15	$1.92	$1.13	$0.34	$1.70	$2.75	$2.04	$1.10	$1.92					-16.16%	<-Total Growth	10	EPS Basic
Pre-split '06
																		Real Estate	co. EPS seem up		with IFRS Accting
EPS Diluted*	$3.05	$3.06	$2.29	$1.04	$1.15	$1.92	$1.13	$0.34	$1.70	$2.74	$2.03	$1.09	$1.91	$1.91	<-12 mths			-16.59%	<-Total Growth	10	EPS Diluted
Increase	-7.29%	0.33%	-25.16%	-54.59%	10.58%	66.96%	-41.15%	-69.91%	400.00%	61.18%	-25.91%	-46.31%	75.23%	0.00%	<-12 mths			10	0	10	Years of Data, EPS P or N	100.00%
Earnings Yield	15.2%	15.6%	15.7%	7.2%	7.5%	15.6%	8.5%	3.6%	11.9%	25.7%	18.0%	8.4%	12.5%	10.4%	<-12 mths			-1.80%	<-IRR #YR->	10	Earnings per Share	-16.59%
5 year Running Average	$2.23	$2.69	$2.85	$2.55	$2.12	$1.89	$1.51	$1.12	$1.25	$1.57	$1.59	$1.58	$1.89	$1.94	<-12 mths			41.22%	<-IRR #YR->	5	Earnings per Share	461.76%
10 year Running Average	$1.83	$2.07	$2.17	$2.09	$2.00	$2.06	$2.10	$1.98	$1.90	$1.84	$1.74	$1.54	$1.51	$1.59	<-12 mths			-4.01%	<-IRR #YR->	10	5 yr Running Average	-33.59%
* Diluted ESP per share									E/P	10 Yrs	10.21%	5Yrs	12.53%					11.16%	<-IRR #YR->	5	5 yr Running Average	69.71%
			-$2.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.91
								-$0.34	$0.00	$0.00	$0.00	$0.00	$1.91
			-$2.85	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.89
								-$1.12	$0.00	$0.00	$0.00	$0.00	$1.89
Dividend*														$0.60					Estimates		Dividend*
Increase														25.00%					Estimates		Increase
Payout Ratio EPS														31.41%					Estimates		Payout Ratio EPS
My dividends extra	$0.50
My dividends	$0.50			$0.48
Pre-split '06																					Pre-split '06
Special Dividend	$0.50	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.35	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
melcor																					Pre-split '06
Dividend*	$0.50	$0.58	$0.60	$0.48	$0.52	$0.52	$0.50	$0.34	$0.44	$0.58	$0.64	$0.44	$0.48	$0.60	$0.60	$0.60		-20.00%	<-Total Growth	10	Div Reg
Increase Reg	11.11%	16.00%	3.45%	-20.00%	8.33%	0.00%	-3.85%	-32.00%	29.41%	31.82%	10.34%	-31.25%	9.09%	25.00%	0.00%	0.00%		24	6	35	Years of data, Count P, N	68.57%
Average Increases 5 Year Running	7.48%	18.78%	11.47%	4.61%	3.78%	1.56%	-2.41%	-9.50%	0.38%	5.08%	7.15%	1.66%	9.88%	9.00%	2.64%	0.57%		2.72%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.49	$0.56	$0.61	$0.62	$0.64	$0.54	$0.52	$0.47	$0.46	$0.48	$0.50	$0.49	$0.52	$0.62	$0.62	$0.61		-14.85%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	2.70%	2.46%	3.79%	3.09%	3.37%	3.70%	3.90%	3.63%	3.68%	4.21%	5.50%	3.59%	3.62%	3.55%				3.66%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	2.42%	2.12%	3.11%	2.49%	3.08%	3.27%	3.57%	2.59%	2.90%	3.27%	5.23%	3.29%	3.17%	3.22%				3.22%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	3.06%	2.94%	4.85%	4.08%	3.72%	4.27%	4.29%	6.07%	5.03%	5.90%	5.80%	3.95%	4.23%	3.96%				4.28%	<-Median->	10	Yield on Low Price	FFO
Yield on Close Price	2.49%	2.95%	4.12%	3.31%	3.40%	4.23%	3.75%	3.61%	3.09%	5.45%	5.68%	3.41%	3.15%	3.27%	3.27%	4.29%		3.51%	<-Median->	10	Yield on Close Price	CFPS
Payout Ratio EPS	32.79%	18.95%	26.20%	46.15%	45.22%	27.08%	44.25%	100.00%	25.88%	21.17%	31.53%	40.37%	25.13%	49.74%	#VALUE!	#DIV/0!		35.95%	<-Median->	10	DPR EPS	FCF
DPR EPS 5 Yr Running	21.95%	20.67%	21.25%	24.43%	30.03%	28.54%	34.79%	42.29%	37.18%	30.40%	31.49%	30.89%	27.24%	31.92%	#VALUE!	#DIV/0!		30.64%	<-Median->	10	DPR EPS 5 Yr Running
Payout Ratio CFPS	47.53%	27.57%	60.36%	23.20%	236.54%	56.25%	53.20%	21.27%	19.92%	98.76%	40.21%	13.55%	15.44%	30.56%				31.70%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	23.29%	26.43%	60.96%	30.07%	289.31%	58.41%	55.75%	29.52%	21.00%	81.05%	31.41%	15.03%	16.60%	19.88%				30.74%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	53.92%	23.13%	38.11%	39.76%	30.43%	32.07%	45.41%	22.31%	18.02%	31.09%	23.28%	14.23%	12.47%	24.67%				26.86%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	26.42%	22.17%	38.49%	51.52%	37.21%	33.30%	47.59%	30.97%	19.01%	25.51%	18.19%	15.78%	13.40%	16.05%				28.24%	<-Median->	10	DPR CF WC 5 Yr Running
Median 5 Yrs	10 Yr Med	10 Yr Cl	3.66%	3.51%	5 Yr Med	5 Yr Cl	3.68%	3.41%	5 Yr Med	Payout	25.88%	19.92%	18.02%					7.14%	<-IRR #YR->	5	Dividends	41.18%
* Dividends per share	10 Yr Med	and Cur.	-10.65%	-6.95%	5 Yr Med	and Cur.	-11.29%	-4.24%	Last Div Inc --->		$0.13	$0.15	15.38%					-2.21%	<-IRR #YR->	10	Dividends	-20.00%
Dividends Growth 15																		2.13%	<-IRR #YR->	15	Dividends	50.00%
Dividends Growth 20																		5.99%	<-IRR #YR->	20	Dividends	220.00%
Dividends Growth 25																		8.01%	<-IRR #YR->	25	Dividends	585.71%
Dividends Growth 30																		9.68%	<-IRR #YR->	30	Dividends
Dividends Growth 35																		11.70%	<-IRR #YR->	35	Dividends
Dividends Growth 5								-$0.34	$0.00	$0.00	$0.00	$0.00	$0.48								Dividends Growth 5
Dividends Growth 10			-$0.60	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.48								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	$0.48								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	$0.48								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	$0.48								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	$0.48								Dividends Growth 30
Dividends Growth 35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.48								Dividends Growth 35
Historical Dividends	Historical	High Div	6.11%	Low Div	1.34%	10 Yr High	6.05%	10 Yr Low	2.50%	Med Div	2.99%	Close Div	2.95%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-46.54%		143.75%	Exp.	-46.01%		30.65%	Cheap	9.24%	Cheap	10.85%								High/Ave/Median
Future Dividend Yield					Div Yd	4.61%	earning in	5	Years	at IRR of	7.14%	Div Inc.	41.18%								Future Dividend Yield
Future Dividend Yield					Div Yd	6.51%	earning in	10	Years	at IRR of	7.14%	Div Inc.	99.31%								Future Dividend Yield
Future Dividend Yield					Div Yd	9.19%	earning in	15	Years	at IRR of	7.14%	Div Inc.	181.38%								Future Dividend Yield
Future Dividend Paid					Div Paid	$0.85	earning in	5	Years	at IRR of	7.14%	Div Inc.	41.18%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.20	earning in	10	Years	at IRR of	7.14%	Div Inc.	99.31%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.69	earning in	15	Years	at IRR of	7.14%	Div Inc.	181.38%								Future Dividend Paid
Dividend Covering Cost					Total Div	$3.46	over	5	Years	at IRR of	7.14%	Div Cov.	18.84%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$7.50	over	10	Years	at IRR of	7.14%	Div Cov.	40.82%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$13.20	over	15	Years	at IRR of	7.14%	Div Cov.	71.85%								Dividend Covering Cost
I am earning GC					Div Gr	140.00%	2/8/08	# yrs ->	17	2008	$17.38	Cap Gain	5.70%								I am earning GC
I am earning Div					org yield	1.44%	2/29/16	Trading	Div G Yrly	11.47%	Div start	$0.25	-1.44%	3.45%							I am earning Div
I am earning GC					Div Gr	140.00%	4/8/08	# yrs ->	17	2008	$15.94	Cap Gain	15.24%								I am earning GC
I am earning Div					org yield	1.57%	29-Feb-16	Pension	Div G Yrly	11.72%	Div start	$0.25	-1.57%	3.76%							I am earning Div
Yield if held 5 years	4.33%	7.49%	4.77%	3.51%	3.49%	2.81%	2.12%	2.15%	2.83%	3.76%	4.56%	3.43%	5.12%	5.02%	4.35%	5.15%		3.46%	<-Median->	10	Paid Median Price
Yield if held 10 years	11.76%	11.66%	7.02%	2.84%	2.21%	4.50%	6.46%	2.70%	3.22%	3.89%	3.46%	1.87%	3.03%	3.86%	3.89%	4.27%		3.12%	<-Median->	10	Paid Median Price
Yield if held 15 years	27.03%	32.40%	32.21%	19.79%	15.07%	12.24%	10.05%	3.98%	2.61%	2.47%	5.54%	5.68%	3.82%	4.38%	4.02%	3.24%		5.61%	<-Median->	10	Paid Median Price
Yield if held 20 years	41.67%	53.33%	59.26%	38.55%	32.45%	28.11%	27.93%	18.26%	18.14%	16.81%	15.06%	8.84%	5.61%	3.56%	2.55%	5.19%		18.20%	<-Median->	10	Paid Median Price
Yield if held 25 years			65.93%	44.04%	48.94%	43.33%	45.98%	33.58%	35.34%	36.19%	34.59%	24.58%	25.77%	24.74%	17.39%	14.12%		35.77%	<-Median->	10	Paid Median Price
Yield if held 30 years								37.36%	40.37%	54.59%	53.33%	40.46%	47.41%	48.19%	37.44%	32.43%		43.93%	<-Median->	6	Paid Median Price
Yield if held 35 years													52.75%	55.05%	56.47%	50.00%
Cost covered if held 5 years	21.19%	35.92%	24.10%	22.73%	21.31%	14.58%	11.12%	14.91%	14.94%	15.42%	17.80%	19.03%	27.53%	25.86%	22.56%	26.37%		16.61%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	92.71%	88.44%	55.56%	29.21%	21.50%	44.55%	69.77%	42.86%	39.68%	37.27%	28.08%	21.47%	31.21%	34.84%	35.57%	39.66%		34.24%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	251.89%	283.80%	295.84%	239.59%	180.58%	156.24%	141.11%	83.16%	42.96%	31.63%	66.18%	101.29%	63.38%	62.26%	58.11%	44.65%		92.22%	<-Median->	10	Paid Median Price
Cost covered if held 20 years	454.17%	547.13%	643.95%	551.81%	436.19%	397.84%	430.17%	422.55%	335.26%	249.57%	215.06%	190.15%	113.33%	61.27%	44.87%	92.73%		366.55%	<-Median->	10	Paid Median Price
Cost covered if held 25 years			746.15%	665.14%	724.71%	679.17%	788.05%	877.04%	738.15%	584.71%	532.97%	566.48%	561.07%	462.68%	339.71%	287.29%		672.15%	<-Median->	10	Paid Median Price
Cost covered if held 30 years								1005.49%	877.98%	948.71%	887.50%	1012.41%	1131.85%	986.35%	778.78%	698.92%		977.10%	<-Median->	6	Paid Median Price
Cost covered if held 35years													1289.01%	1161.47%	1241.41%	1143.33%
																				Yr	Item	Tot. Growth
Revenue Growth								$226.8	$315.6	$241.7	$315.2	$349.5	$410.5					81.00%	<-Total Growth	5	Revenue Growth	81.00%
FFO Growth								$1.55	$2.46	$1.88	$2.73	$3.08	$4.04					160.65%	<-Total Growth	5	FFO Growth	160.65%
Net Income Growth								$11.5	$56.3	$89.4	$63.0	$33.5	$58.0					406.10%	<-Total Growth	5	Net Income Growth	406.10%
Cash Flow Growth								$53.1	$72.8	$18.4	$48.8	$98.6	$93.6					76.14%	<-Total Growth	5	Cash Flow Growth	76.14%
Dividend Growth								$0.34	$0.44	$0.58	$0.64	$0.44	$0.48	$0.60	<-12 mths	25.00%		41.18%	<-Total Growth	5	Dividend Growth	41.18%
Stock Price Growth								$9.42	$14.24	$10.65	$11.26	$12.90	$15.24	$18.37	<-12 mths	20.54%		61.78%	<-Total Growth	5	Stock Price Growth	61.78%
Revenue Growth			$263.3	$242.5	$258.0	$267.4	$208.0	$226.8	$315.6	$241.7	$315.2	$349.5	$410.5	$411	<-this year	0.00%		55.92%	<-Total Growth	10	Revenue Growth	55.92%
FFO Growth			$1.64	$1.28	$1.77	$1.68	$1.15	$1.55	$2.46	$1.88	$2.73	$3.08	$4.04					146.34%	<-Total Growth	10	FFO Growth	146.34%
Net Income Growth			$76.0	$34.4	$38.5	$64.3	$37.7	$11.5	$56.3	$89.4	$63.0	$33.5	$58.0	$58	<-this year	0.00%		-23.62%	<-Total Growth	10	Net Income Growth	-23.62%
Cash Flow Growth			$33.0	$69.0	$7.4	$30.8	$31.2	$53.1	$72.8	$18.4	$48.8	$98.6	$93.6					183.23%	<-Total Growth	10	Cash Flow Growth	183.23%
Dividend Growth			$0.60	$0.48	$0.52	$0.52	$0.50	$0.34	$0.44	$0.58	$0.64	$0.44	$0.48	$0.60	<-this year	25.00%		-20.00%	<-Total Growth	10	Dividend Growth	-20.00%
Stock Price Growth			$14.56	$14.50	$15.30	$12.29	$13.32	$9.42	$14.24	$10.65	$11.26	$12.90	$15.24	$14.00	<-this year	-8.14%		4.67%	<-Total Growth	10	Stock Price Growth	4.67%
Dividends on Shares				$33.12	$35.88	$35.88	$34.50	$23.46	$30.36	$40.02	$44.16	$30.36	$33.12	$65.55	$41.40	$41.40		$340.86	No of Years	10	Total Dividends	12/31/15
Paid			$1,004.64	$1,000.50	$1,055.70	$848.01	$919.08	$649.98	$982.56	$734.85	$776.94	$890.10	$1,051.56	$1,267.53	$1,267.53	$966.00		$1,051.56	No of Years	10	Worth	$14.56
Total																		$1,392.42			Total
Dividends on Shares									$47.08	$62.06	$68.48	$47.08	$51.36	$101.65	$64.20	$64.20		$276.06	No of Years	5	Total Dividends	12/31/20
Paid								$1,007.94	$1,523.68	$1,139.55	$1,204.82	$1,380.30	$1,630.68	$1,965.59	$1,965.59	$1,498.00		$1,630.68	No of Years	5	Worth	$9.42
Total																		$1,906.74			Total
Graham No. FFO	$32.71	$40.66	$32.95	$29.31	$34.53	$34.79	$29.00	$33.63	$43.30	$39.94	$49.23	$53.25	$61.88	$61.88	#VALUE!	$0.00		87.79%	<-Total Growth	10	Graham Price FFO
Price/GP Ratio Med	0.57	0.58	0.48	0.53	0.45	0.40	0.44	0.28	0.28	0.35	0.24	0.23	0.21	0.27				0.31	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.63	0.67	0.59	0.66	0.49	0.46	0.48	0.39	0.35	0.44	0.25	0.25	0.24	0.30				0.42	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.50	0.49	0.38	0.40	0.40	0.35	0.40	0.17	0.20	0.25	0.22	0.21	0.18	0.24				0.24	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.61	0.48	0.44	0.49	0.44	0.35	0.46	0.28	0.33	0.27	0.23	0.24	0.25	0.30				0.30	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-38.71%	-51.68%	-55.82%	-50.53%	-55.69%	-64.67%	-54.08%	-71.99%	-67.11%	-73.33%	-77.13%	-75.78%	-75.37%	-70.31%	#VALUE!	#DIV/0!		-69.55%	<-Median->	10	Graham Price
Graham No. EPS	$41.45	$43.29	$38.94	$26.42	$27.83	$37.19	$28.75	$15.75	$35.99	$48.22	$42.45	$31.68	$42.55	$42.55	#VALUE!	$0.00		9.27%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	0.45	0.54	0.41	0.59	0.55	0.38	0.45	0.59	0.33	0.29	0.27	0.39	0.31	0.40				0.38	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.50	0.63	0.50	0.73	0.61	0.43	0.49	0.83	0.42	0.37	0.29	0.42	0.36	0.44				0.43	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.39	0.46	0.32	0.45	0.50	0.33	0.41	0.36	0.24	0.20	0.26	0.35	0.27	0.36				0.34	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.48	0.45	0.37	0.55	0.55	0.33	0.46	0.60	0.40	0.22	0.27	0.41	0.36	0.43	#VALUE!	#DIV/0!		0.40	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-51.63%	-54.61%	-62.61%	-45.11%	-45.03%	-66.95%	-53.67%	-40.19%	-60.44%	-77.91%	-73.47%	-59.28%	-64.18%	-56.83%	#VALUE!	#DIV/0!		-59.86%	<-Median->	10	Graham Price
Price Close	$20.05	$19.65	$14.56	$14.50	$15.30	$12.29	$13.32	$9.42	$14.24	$10.65	$11.26	$12.90	$15.24	$18.37	$18.37	$14.00		4.67%	<-Total Growth	10	Stock Price
Increase	27.30%	-2.00%	-25.90%	-0.41%	5.52%	-19.67%	8.38%	-29.28%	51.17%	-25.21%	5.73%	14.56%	18.14%	20.54%	0.00%	-23.79%		7.61	<-Median->	10	CAPE (10 Yr P/E)
P/E	6.57	6.42	6.36	13.94	13.30	6.40	11.79	27.71	8.38	3.89	5.55	11.83	7.98	9.62	#VALUE!	#DIV/0!		10.10%	<-IRR #YR->	5	Stock Price	61.78%
Trailing P/E	6.09	6.44	4.76	6.33	14.71	10.69	6.94	8.34	41.88	6.26	4.11	6.35	13.98	9.62	9.62	#VALUE!		0.46%	<-IRR #YR->	10	Stock Price	4.67%
CAPE (10 Yr P/E)	7.39	7.22	7.03	7.11	7.19	7.35	7.31	7.46	7.86	7.82	7.77	8.32	8.58	8.35	#VALUE!	#DIV/0!		14.70%	<-IRR #YR->	5	Price & Dividend	91.91%
Median 10, 5 Yrs		D.  per yr	3.32%	4.60%	% Tot Ret	87.90%	31.31%	T P/E	$7.64	$6.35	P/E:	$10.08	$7.98					3.78%	<-IRR #YR->	10	Price & Dividend	13.96%
Price 15		D.  per yr	3.57%		% Tot Ret	95.38%						CAPE Diff	26.30%					0.17%	<-IRR #YR->	15	Stock Price	2.63%
Price  20		D.  per yr	3.59%		% Tot Ret	73.92%												1.27%	<-IRR #YR->	20	Stock Price	28.61%
Price  25		D.  per yr	8.17%		% Tot Ret	48.63%												8.63%	<-IRR #YR->	25	Stock Price	691.69%
Price  30		D.  per yr	12.93%		% Tot Ret	57.81%												9.43%	<-IRR #YR->	30	Stock Price
Price  35		D.  per yr	8.17%		% Tot Ret	49.26%												8.42%	<-IRR #YR->	35	Stock Price
Price & Dividend 15																		3.75%	<-IRR #YR->	15	Price & Dividend	204.58%
Price & Dividend 20																		4.85%	<-IRR #YR->	20	Price & Dividend	345.06%
Price & Dividend 25																		16.80%	<-IRR #YR->	25	Price & Dividend	4120.78%
Price & Dividend 30																		22.36%	<-IRR #YR->	30	Price & Dividend
Price & Dividend 35																		16.59%	<-IRR #YR->	35	Price & Dividend
Price  5								-$9.42	$0.00	$0.00	$0.00	$0.00	$15.24								Price  5
Price 10			-$14.56	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.24								Price 10
Price & Dividend 5								-$9.42	$0.44	$0.58	$0.64	$0.44	$15.72								Price & Dividend 5
Price & Dividend 10			-$14.56	$0.48	$0.52	$0.52	$0.50	$0.34	$0.44	$0.58	$0.64	$0.44	$15.72								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	$15.24								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	$15.24								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	$15.24								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	$15.24								Price  30
Price  35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.24								Price  35
Price & Dividend 15	$1.00	$0.58	$0.60	$0.48	$0.52	$0.52	$0.50	$0.34	$0.44	$0.58	$0.64	$0.44	$15.72								Price & Dividend 15
Price & Dividend 20	$1.00	$0.58	$0.60	$0.48	$0.52	$0.52	$0.50	$0.34	$0.44	$0.58	$0.64	$0.44	$15.72								Price & Dividend 20
Price & Dividend 25	$1.00	$0.58	$0.60	$0.48	$0.52	$0.52	$0.50	$0.34	$0.44	$0.58	$0.64	$0.44	$15.72								Price & Dividend 25
Price & Dividend 30	$1.00	$0.58	$0.60	$0.48	$0.52	$0.52	$0.50	$0.34	$0.44	$0.58	$0.64	$0.44	$15.24								Price & Dividend 30
Price & Dividend 35	$1.00	$0.58	$0.60	$0.48	$0.52	$0.52	$0.50	$0.34	$0.44	$0.58	$0.64	$0.44	$15.24								Price & Dividend 35
Price Median H/L	$18.52	$23.57	$15.83	$15.53	$15.44	$14.05	$12.83	$9.37	$11.95	$13.79	$11.64	$12.27	$13.26	$16.89	-23.79%			-16.27%	<-Total Growth	10	Stock Price
Increase	24.13%	27.24%	-32.82%	-1.90%	-0.61%	-9.01%	-8.69%	-26.94%	27.53%	15.36%	-15.56%	5.41%	8.03%	27.42%	3.27%			-1.76%	<-IRR #YR->	10	Stock Price
P/E	6.07	7.70	6.91	14.93	13.42	7.32	11.35	27.56	7.03	5.03	5.73	11.26	6.94	8.84	-20.52%			7.18%	<-IRR #YR->	5	Stock Price
Trailing P/E	5.63	7.73	5.17	6.78	14.84	12.21	6.68	8.29	35.15	8.11	4.25	6.04	12.16	8.84				1.61%	<-IRR #YR->	10	Price & Dividend
P/E on Running 5 yr Average	8.30	8.76	5.55	6.10	7.29	7.42	8.52	8.40	9.58	8.80	7.33	7.77	7.00	8.72				12.04%	<-IRR #YR->	5	Price & Dividend
P/E on Running 10 yr Average	10.14	11.38	7.31	7.44	7.71	6.81	6.11	4.72	6.30	7.48	6.69	7.95	8.81	10.61				7.21	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	3.37%	4.85%	% Tot Ret	209.55%	40.32%	T P/E	8.20	8.11	P/E:	9.29	6.94						Count	35	Years of data
			-$15.83	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.26
								-$9.37	$0.00	$0.00	$0.00	$0.00	$13.26
			-$15.83	$0.48	$0.52	$0.52	$0.50	$0.34	$0.44	$0.58	$0.64	$0.44	$13.74
								-$9.37	$0.44	$0.58	$0.64	$0.44	$13.74
High Months	Nov	Jul	Jan	Jan	Apr	May	Apr	Jan	Oct	Apr	Sep	Oct	Sep Dec	Mar
Pre-split '06
Price High	$20.70	$27.40	$19.30	$19.30	$16.89	$15.90	$14.00	$13.14	$15.15	$17.74	$12.24	$13.39	$15.15	$18.64				-21.50%	<-Total Growth	10	Stock Price
Increase	29.05%	32.37%	-29.56%	0.00%	-12.49%	-5.86%	-11.95%	-6.14%	15.30%	17.10%	-31.00%	9.40%	13.14%	23.04%				-2.39%	<-IRR #YR->	10	Stock Price
P/E	6.79	8.95	8.43	18.56	14.69	8.28	12.39	38.65	8.91	6.47	6.03	12.28	7.93	9.76				2.89%	<-IRR #YR->	5	Stock Price
Trailing P/E	6.29	8.98	6.31	8.43	16.24	13.83	7.29	11.63	44.56	10.44	4.47	6.60	13.90	9.76				8.42	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	11.03	10.44	P/E:	10.60	7.93					14.69	P/E Ratio		Historical High
			-$19.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.15
								-$13.14	$0.00	$0.00	$0.00	$0.00	$15.15
Low Months	Jan	Feb	Dec	Jan	Feb	Dec	Aug	Mar	Jan	Sep	Dec	Jan	Apr	Jan
Pre-split '06
Price Low	$16.34	$19.73	$12.36	$11.76	$13.98	$12.19	$11.65	$5.60	$8.75	$9.83	$11.04	$11.15	$11.36	$15.14				-8.09%	<-Total Growth	10	Stock Price
Increase	18.41%	20.75%	-37.35%	-4.85%	18.88%	-12.80%	-4.43%	-51.93%	56.25%	12.34%	12.31%	1.00%	1.88%	33.27%				-0.84%	<-IRR #YR->	10	Stock Price
P/E	5.36	6.45	5.40	11.31	12.16	6.35	10.31	16.47	5.15	3.59	5.44	10.23	5.95	7.93				15.20%	<-IRR #YR->	5	Stock Price
Trailing P/E	4.97	6.47	4.04	5.14	13.44	10.60	6.07	4.96	25.74	5.78	4.03	5.49	10.42	7.93				6.12	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	5.93	5.78	P/E:	8.29	5.44					4.23	P/E Ratio		Historical Low
			-$12.36	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.36
								-$5.60	$0.00	$0.00	$0.00	$0.00	$11.36
Free Cash Flow WSJ			$29.40	$68.13	$6.78	$30.29	$30.29	$59.48	$69.02	$15.55	$48.09	$96.90	$91.88					212.51%	<-Total Growth	10	Free Cash Flow
Change				131.72%	-90.05%	346.69%	-0.01%	96.38%	16.04%	-77.46%	209.20%	101.51%	-5.19%					56.21%	<-Median->	10	Change
Free Cash Flow MS old			$29.40	$68.13	$6.78	$30.03	$30.29	$52.06	$71.60	$17.62	$48.09
Change				131.72%	-90.05%	342.84%	0.86%	71.89%	37.53%	-75.39%	172.93%
Free Cash Flow MS	$62.58	$52.35	$44.39	$23.32	$8.43	$37.18	$12.98	$41.88	$68.17	$38.22	$65.44	$83.69	$107.88	$14.0				143.03%	<-Total Growth	10	Free Cash Flow
Change	98.60%	-16.35%	-15.21%	-47.47%	-63.85%	341.04%	-65.09%	222.65%	62.77%	-43.93%	71.22%	27.89%	28.90%	-87.02%				20.83%	<-IRR #YR->	5	Free Cash Flow MS	157.59%
FCF/CF from Op Ratio	0.97	0.75	1.34	0.34	1.14	1.21	0.42	0.79	0.94	2.08	1.34	0.85	1.15	0.15				9.29%	<-IRR #YR->	10	Free Cash Flow MS	143.03%
Dividends paid	$30.67	$18.57	$19.91	$15.97	$17.36	$17.35	$16.63	$11.27	$14.53	$18.66	$19.92	$13.40	$14.49	$18.06				-27.26%	<-Total Growth	10	Dividends paid
Percentage paid	49.01%	35.47%	44.86%	68.47%	205.95%	46.67%	128.14%	26.91%	21.32%	48.83%	30.43%	16.01%	13.43%	129.01%				$0.39	<-Median->	10	Percentage paid
5 Year Coverage			48.55%	46.09%	53.64%	53.82%	69.06%	63.48%	45.75%	39.54%	35.74%	26.15%	22.29%	27.33%							5 Year Coverage
Dividend Coverage Ratio	2.04	2.82	2.23	1.46	0.49	2.14	0.78	3.72	4.69	2.05	3.29	6.25	7.45	0.78				2.71	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage			2.06	2.17	1.86	1.86	1.45	1.58	2.19	2.53	2.80	3.82	4.49	3.66							5 Year of Coverage
								-$42	$0	$0	$0	$0	$108
			-$44	$0	$0	$0	$0	$0	$0	$0	$0	$0	$108
Market Cap	$616.12	$650.72	$483.88	$483.59	$515.45	$409.83	$442.56	$312.98	$469.36	$332.80	$345.26	$391.74	$458.76	$552.98	$552.98	$421.44		-5.19%	<-Total Growth	10	Market Cap
Pre-split '06
Diluted	32.95	33.30	33.17	33.25	33.38	33.39	33.34	33.28	33.22	32.60	31.10	30.68	30.43	30.43				-8.25%	<-Total Growth	10	Diluted
Change	1.20%	1.05%	-0.38%	0.25%	0.39%	0.04%	-0.17%	-0.18%	-0.17%	-1.86%	-4.61%	-1.36%	-0.80%	0.00%				-0.18%	<-Median->	10	Change
Difference Diluted and Basic	8.16%	5.00%	0.16%	0.01%	0.06%	0.00%	0.04%	0.04%	0.55%	0.47%	0.53%	0.63%	0.77%	0.77%				0.26%	<-Median->	10	Change
Pre-split '06
Basic # of Shares in Millions	30.46	31.71	33.12	33.25	33.36	33.39	33.32	33.26	33.04	32.45	30.94	30.49	30.20	30.20				-8.80%	<-Total Growth	10	Basic
Change	1.14%	4.10%	4.42%	0.40%	0.34%	0.10%	-0.21%	-0.19%	-0.67%	-1.77%	-4.67%	-1.46%	-0.94%	0.00%				-0.44%	<-Median->	10	Change
Difference	0.9%	4.4%	0.4%	0.3%	1.0%	-0.1%	-0.3%	-0.1%	-0.2%	-3.7%	-0.9%	-0.4%	-0.3%	-0.3%				-0.27%	<-Median->	10	Difference
Pre-split '06
# of Share in Millions	30.73	33.12	33.23	33.35	33.69	33.35	33.23	33.23	32.96	31.25	30.66	30.37	30.10	30.10	30.10	30.10		-0.98%	<-IRR #YR->	10	Shares
Change	1.81%	7.77%	0.36%	0.35%	1.02%	-1.02%	-0.36%	0.00%	-0.80%	-5.20%	-1.88%	-0.96%	-0.87%	0.00%	0.00%	0.00%		-1.95%	<-IRR #YR->	5	Shares
CF fr Op $Millon	$64.7	$69.7	$33.0	$69.0	$7.4	$30.8	$31.2	$53.1	$72.8	$18.4	$48.8	$98.6	$93.6	$93.6	<-12 mths			183.23%	<-Total Growth	10	Cash Flow
Increase	84.25%	7.75%	-52.58%	108.85%	-89.27%	316.24%	1.29%	70.11%	37.09%	-74.80%	165.97%	102.07%	-5.13%	0.00%	<-12 mths			SO	Buy Back		Debenture Conv.
5 year Running Average	$41.7	$47.2	$41.6	$54.3	$48.8	$42.0	$34.3	$38.3	$39.1	$41.3	$44.9	$58.3	$66.4	$66.4	<-12 mths			59.78%	<-Total Growth	10	CF 5 Yr Running
CFPS	$2.10	$2.10	$0.99	$2.07	$0.22	$0.92	$0.94	$1.60	$2.21	$0.59	$1.59	$3.25	$3.11	$3.11	<-12 mths			212.69%	<-Total Growth	10	Cash Flow per Share
Increase	80.97%	-0.01%	-52.75%	108.12%	-89.37%	320.52%	1.66%	70.11%	38.19%	-73.42%	171.05%	104.03%	-4.29%	0.00%	<-12 mths			10.97%	<-IRR #YR->	10	Cash Flow	183.23%
5 year Running Average	$1.37	$1.52	$1.31	$1.69	$1.50	$1.26	$1.03	$1.15	$1.18	$1.25	$1.39	$1.85	$2.15	$2.15	<-12 mths			11.99%	<-IRR #YR->	5	Cash Flow	76.14%
P/CF on Med Price	8.80	11.20	15.92	7.51	70.21	15.19	13.65	5.86	5.41	23.47	7.31	3.78	4.26	5.43	<-12 mths			12.08%	<-IRR #YR->	10	Cash Flow per Share	212.69%
P/CF on Closing Price	9.53	9.34	14.65	7.01	69.60	13.29	14.17	5.89	6.45	18.14	7.07	3.97	4.90	5.91	<-12 mths			14.22%	<-IRR #YR->	5	Cash Flow per Share	94.42%
															-20.24%	Diff M/C		5.08%	<-IRR #YR->	10	CFPS 5 yr Running	64.14%
Excl.Working Capital CF	-$7.7	$13.4	$19.3	-$28.7	$50.2	$23.2	$5.4	-$2.5	$7.6	$39.9	$35.5	-$4.7	$22.3	$22.3	<-12 mths			13.31%	<-IRR #YR->	5	CFPS 5 yr Running	86.80%
CF fr Op $M WC	$57.0	$83.0	$52.3	$40.3	$57.6	$54.1	$36.6	$50.6	$80.5	$58.3	$84.3	$93.9	$115.9	$115.9	<-12 mths			121.54%	<-Total Growth	10	Cash Flow less WC
Increase	-14.85%	45.71%	-37.00%	-23.05%	43.00%	-6.08%	-32.35%	38.41%	58.93%	-27.55%	44.58%	11.41%	23.44%	0.00%	<-12 mths			8.28%	<-IRR #YR->	10	Cash Flow less WC	121.54%
5 year Running Average	$52.9	$63.4	$62.7	$59.9	$58.0	$57.5	$48.2	$47.8	$55.9	$56.0	$62.1	$73.5	$86.6	$93.7	<-12 mths			18.02%	<-IRR #YR->	5	Cash Flow less WC	128.94%
CFPS Excl. WC	$1.85	$2.51	$1.57	$1.21	$1.71	$1.62	$1.10	$1.52	$2.44	$1.87	$2.75	$3.09	$3.85	$3.85	<-12 mths			3.29%	<-IRR #YR->	10	CF less WC 5 Yr Run	38.16%
Increase	-16.37%	35.21%	-37.22%	-23.32%	41.56%	-5.12%	-32.10%	38.41%	60.21%	-23.58%	47.34%	12.50%	24.52%	0.00%	<-12 mths			12.60%	<-IRR #YR->	5	CF less WC 5 Yr Run	81.03%
5 year Running Average	$1.75	$2.05	$1.99	$1.87	$1.77	$1.72	$1.44	$1.43	$1.68	$1.71	$1.94	$2.33	$2.80	$3.08	<-12 mths			9.36%	<-IRR #YR->	10	CF - Less WC	144.59%
P/CF on Med Price	9.99	9.40	10.06	12.86	9.03	8.66	11.65	6.15	4.89	7.39	4.23	3.97	3.44	4.39	<-12 mths			20.37%	<-IRR #YR->	5	CF - Less WC	152.69%
P/CF on Closing Price	10.81	7.84	9.25	12.01	8.95	7.58	12.10	6.18	5.83	5.71	4.10	4.17	3.96	4.77	<-12 mths			3.47%	<-IRR #YR->	10	5 yr Running	40.65%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	7.41	5 yr	5.41	P/CF Med	10 yr	6.77	5 yr	4.23		-29.52%	Diff M/C		14.34%	<-IRR #YR->	5	5 yr Running	95.44%
			-33.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	30.1								Shares
								-33.2	0.0	0.0	0.0	0.0	30.1								Shares
			-$33.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$93.6								Cash Flow
								-$53.1	$0.0	$0.0	$0.0	$0.0	$93.6								Cash Flow
			-$0.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.11								Cash Flow per Share
								-$1.60	$0.00	$0.00	$0.00	$0.00	$3.11								Cash Flow per Share
			-$1.31	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.15								CFPS 5 yr Running
								-$1.15	$0.00	$0.00	$0.00	$0.00	$2.15								CFPS 5 yr Running
			-$52.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$115.9								Cash Flow less WC
								-$50.6	$0.0	$0.0	$0.0	$0.0	$115.9								Cash Flow less WC
			-$62.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$86.6								CF less WC 5 Yr Run
								-$47.8	$0.0	$0.0	$0.0	$0.0	$86.6								CF less WC 5 Yr Run
			-$1.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.85								CFPS - Less WC
								-$1.52	$0.00	$0.00	$0.00	$0.00	$3.85								CFPS - Less WC
			-$1.99	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.80								CFPS 5 yr Running
								-$1.43	$0.00	$0.00	$0.00	$0.00	$2.80								CFPS 5 yr Running
Agreements receivable		$10.19	$15.59	$33.73	-$13.71	$3.46	$50.08	$3.07	-$54.40	$30.507	-$28.838	-$31.342	-$41.493
Development activities		-$14.58	-$4.79	$15.01	$1.15	-$22.64	-$14.30	$16.66	$35.08	-$44.646	$12.063	$40.500	$21.233
Payment of tenant incentives and direct leasing costs			-$6.80	-$6.36	-$5.94	-$8.28	-$10.16	-$7.70	-$8.05	-$15.097	-$13.311	-$9.287	-$4.708
Change in restricted cash			$0.07	-$9.75				-$7.41	$2.59	$2.063	$0.000	$0.791	$1.023
Purchase of land investory				$1.04	-$42.58	-$7.82	-$12.50		-$3.04	-$4.247	-$4.800	$0.000	-$2.656
Operating Assets and Liab.		-$8.99	-$23.35	-$4.93	$10.91	$12.03	-$18.48	-$2.13	$20.17	-$8.527	-$0.591	$4.059	$4.255
Sum		-$13.38	-$19.29	$28.74	-$50.17	-$23.25	-$5.35	$2.49	-$7.65	-$39.947	-$35.477	$4.721	-$22.346
Google		-$13.38	-$19.29	$29	-$50	-$23	-$5	$2	-$8	-$40	-$35	$5	-$22
Difference		$0.00	$0.00	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
OPM	21.28%	22.26%	12.55%	28.46%	2.87%	11.53%	15.01%	23.42%	23.07%	7.59%	15.48%	28.22%	22.79%	22.79%				81.65%	<-Total Growth	10	OPM
Increase	66.77%	4.56%	-43.63%	126.81%	-89.91%	301.48%	30.26%	55.98%	-1.48%	-67.10%	103.96%	82.26%	-19.24%	0.00%					Should increase		or be stable.
Diff from Ave	11.2%	16.3%	-34.4%	48.7%	-85.0%	-39.8%	-21.5%	22.4%	20.6%	-60.3%	-19.1%	47.5%	19.1%	19.1%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	19.14%	5 Yrs	22.79%					should be	zero, it is a		check on calculations
EBITDA			$98.7	$89.2	$92.9	$103.0	$75.6	$81.4	$120.0	$96.6	$121.0	$129.0						-100.00%	<-Total Growth	9	EBITDA	Fr Mkt Scn
Change				-9.56%	4.10%	10.88%	-26.60%	7.63%	47.47%	-19.51%	25.27%	6.61%						6.61%	<-Median->	9	Change
Margin			37.47%	36.80%	36.01%	38.51%	36.35%	35.87%	38.02%	39.95%	38.38%	36.91%						36.91%	<-Median->	9	Margin
Assets Real Estate				$1,651.0	$1,705.2	$1,791.6	$1,895.9	$1,810.1	$1,844.6	$1,874.3	$1,812.9	$1,752.4	$1,624.4	$1,624.4				-1.61%	<-Total Growth	9	Assets RE
Debt				$794.5	840.295	$835.6	$914.2	$834.6	$884.7	$870.5	$774.1	$774.1	$774.1	$774.1				-2.57%	<-Total Growth	9	Debt
Change					5.76%	-0.56%	9.41%	-8.71%	6.00%	-1.60%	-11.08%	0.00%	0.00%	0.00%				0.00%	<-Median->	9	Change
Debt/Assets Ratio				0.48	0.49	0.47	0.48	0.46	0.48	0.46	0.43	0.44	0.48	0.48				0.47	<-Median->	10	Debt/Assets Ratio
Long Term Debt	$574.3	$621.3	$631.0	$608.6	$658.3	$659.6	$751.4	$721.8	$716.9	$740.4	$670.2	$611.3	$548.7	$548.7				-13.04%	<-Total Growth	10	Debt	Type
Change	17.08%	8.18%	1.56%	-3.55%	8.16%	0.20%	13.92%	-3.94%	-0.68%	3.27%	-9.48%	-8.78%	-10.24%	0.00%				-2.11%	<-Median->	10	Change	Lg Term R+A
Debt/Market Cap Ratio	0.93	0.95	1.30	1.26	1.28	1.61	1.70	2.31	1.53	2.22	1.94	1.56	1.20	0.99				1.58	<-Median->	10	Debt/Market Cap Ratio	Lg Term R
Assets/Current Liabilities Ratio	24.04	30.38	45.18	53.64	38.30	37.86	42.40	53.21	37.47	40.47	42.37	35.45	37.19	37.19				39.39	<-Median->	10	Assets/Current Liabilities Ratio	Intang/GW
Debt to Cash Flow (Years)	8.88	8.92	19.10	8.82	88.88	21.40	24.06	13.59	9.84	40.34	13.73	6.20	5.86	5.86				13.66	<-Median->	10	Debt to Cash Flow (Years)	Liquidity
																						Liq. + CF
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
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	$228.48	$208.19	$224.34	$174.96	$181.39	$164.07	$130.23	$125.58	$202.90	$196.83	$176.11	$235.82	$288.24	$288.24				from Google Finance
Current Liabilities	$71.87	$61.33	$41.88	$35.27	$51.98	$53.43	$49.44	$37.61	$56.41	$53.55	$49.50	$59.49	$55.15	$55.15				3.58	<-Median->	10	Ratio
Liquidity	3.18	3.39	5.36	4.96	3.49	3.07	2.63	3.34	3.60	3.68	3.56	3.96	5.23	5.23				3.68	<-Median->	5	Ratio
Liq. with CF aft div	3.65	4.22	5.67	6.46	3.30	3.32	2.93	4.45	4.63	3.68	4.15	5.40	6.66	6.40				4.63	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.15	1.28	5.67	4.51	2.11	1.92	1.11	3.04	3.53	3.68	4.15	5.40	6.66	6.40				4.15	<-Median->	5	Ratio
Assets	$1,727.9	$1,863.3	$1,892.0	$1,892.0	$1,991.0	$2,023.1	$2,096.0	$2,001.3	$2,113.9	$2,167.1	$2,097.5	$2,108.6	$2,051.1	$2,051.14				Debt Ratio of 1.5 and up, best
Liabilities	$958.7	$962.0	$914.0	$897.3	$982.4	$955.5	$1,015.8	$923.9	$997.5	$988.7	$887.9	$865.9	$783.1	$783.06				2.14	<-Median->	10	Ratio
Debt Ratio	1.80	1.94	2.07	2.11	2.03	2.12	2.06	2.17	2.12	2.19	2.36	2.44	2.62	2.62				2.36	<-Median->	5	Ratio
Total Book Value	$769.23	$901.34	$977.97	$994.72	$1,008.59	$1,067.57	$1,080.26	$1,077.43	$1,116.47	$1,178.34	$1,209.58	$1,242.63	$1,268.07	$1,268.07				29.66%	<-Total Growth	10	Book Value
Non-Cont. 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							Non-Cont. Int
Book Value	$769.23	$901.34	$977.97	$994.72	$1,008.59	$1,067.57	$1,080.26	$1,077.43	$1,116.47	$1,178.34	$1,209.58	$1,242.63	$1,268.07	$1,268.07	$1,268.07	$1,268.07		29.66%	<-Total Growth	10	Book Value
BV per share	$25.03	$27.22	$29.43	$29.83	$29.94	$32.01	$32.51	$32.43	$33.87	$37.71	$39.45	$40.92	$42.13	$42.13	$42.13	$42.13		43.15%	<-Total Growth	10	Book Value
Change	9.36%	8.73%	8.12%	1.36%	0.38%	6.94%	1.56%	-0.26%	4.45%	11.32%	4.61%	3.73%	2.95%	0.00%	0.00%	0.00%		-32.76%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	0.74	0.87	0.54	0.52	0.52	0.44	0.39	0.29	0.35	0.37	0.30	0.30	0.31	0.40	-0.01	0.00		0.65	P/B Ratio		Historical Median
P/B Ratio (Close)	0.80	0.72	0.49	0.49	0.51	0.38	0.41	0.29	0.42	0.28	0.29	0.32	0.36	0.44	0.44	0.33		3.65%	<-IRR #YR->	10	Book Value	43.15%
Change	16.40%	-9.86%	-31.47%	-1.74%	5.12%	-24.88%	6.72%	-29.09%	44.72%	-32.82%	1.06%	10.45%	14.76%	20.54%	0.00%	-23.79%		5.37%	<-IRR #YR->	5	Book Value	29.90%
Leverage (A/BK)	2.25	2.07	1.93	1.90	1.97	1.90	1.94	1.86	1.89	1.84	1.73	1.70	1.62	1.62				1.88	<-Median->	10	A/BV
Debt/Equity Ratio	1.25	1.07	0.93	0.90	0.97	0.90	0.94	0.86	0.89	0.84	0.73	0.70	0.62	0.62				0.88	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	0.36	5 yr Med	0.31		21.41%			1.90	Historical		Leverage (A/BK)
			-$29.43	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$42.13
								-$32.43	$0.00	$0.00	$0.00	$0.00	$42.13
Return on Assets Comp. Income	6.0%	5.8%	5.5%	1.6%	1.5%	3.8%	1.4%	0.4%	2.6%	4.7%	2.8%	2.4%	2.1%					Net Income/Assets			ROA
5Yr Median	6.0%	6.0%	6.0%	5.8%	5.5%	3.8%	1.6%	1.5%	1.5%	2.6%	2.6%	2.6%	2.6%					2.6%	<-Median->	5	ROA
Comprehensive Income	$104.36	$107.36	$103.79	$30.92	$30.28	$76.45	$30.13	$8.55	$55.57	$101.09	$58.04	$49.91	$43.95
NCI	$0.22	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Shareholders	$104.14	$107.36	$103.79	$30.92	$30.28	$76.45	$30.13	$8.55	$55.57	$101.09	$58.04	$49.91	$43.95					-57.66%	<-Total Growth	10	Comprehensive Income
Increase	1.25%	3.10%	-3.33%	-70.21%	-2.05%	152.47%	-60.59%	-71.64%	550.28%	81.93%	-42.59%	-14.02%	-11.94%					-11.94%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$71.09	$88.17	$100.01	$89.81	$75.30	$69.76	$54.32	$35.27	$40.20	$54.36	$50.68	$54.63	$61.71					-8.23%	<-IRR #YR->	10	Comprehensive Income	-57.66%
ROE	13.5%	11.9%	10.6%	3.1%	3.0%	7.2%	2.8%	0.8%	5.0%	8.6%	4.8%	4.0%	3.5%					38.75%	<-IRR #YR->	5	Comprehensive Income	414.32%
5Yr Median	13.5%	13.5%	13.5%	11.9%	10.6%	7.2%	3.1%	3.0%	3.0%	5.0%	4.8%	4.8%	4.8%					-4.71%	<-IRR #YR->	10	5 Yr Running Average	-38.30%
% Difference from NI	5.5%	6.6%	36.6%	-10.2%	-21.4%	19.0%	-20.2%	-25.5%	-1.3%	13.1%	-7.8%	48.9%	-24.3%					11.84%	<-IRR #YR->	5	5 Yr Running Average	74.98%
										Diff	5, 10 yr	-9.0%	-1.3%					4.8%	<-Median->	5	Return on Equity
			-$104	$0	$0	$0	$0	$0	$0	$0	$0	$0	$44
								-$9	$0	$0	$0	$0	$44
			-$100.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$61.7
								-$35.3	$0.0	$0.0	$0.0	$0.0	$61.7
Current Liability Coverage Ratio	0.79	1.35	1.25	1.14	1.11	1.01	0.74	1.35	1.43	1.09	1.70	1.58	2.10	2.10							CFO / Current Liabilities
5 year Median	0.79	1.16	1.25	1.16	1.14	1.14	1.11	1.11	1.11	1.09	1.35	1.43	1.58	1.70				124.4%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	3.30%	4.46%	2.77%	2.13%	2.89%	2.67%	1.75%	2.53%	3.81%	2.69%	4.02%	4.45%	5.65%	5.65%							CFO / Total Assets
5 year Median	4.43%	4.46%	4.43%	3.30%	2.89%	2.77%	2.67%	2.53%	2.67%	2.67%	2.69%	3.81%	4.02%	4.45%				2.8%	<-Median->	10	Return on Assets
Return on Assets ROA	5.71%	5.41%	4.01%	1.82%	1.93%	3.18%	1.80%	0.57%	2.66%	4.12%	3.00%	1.59%	2.83%	2.83%				Net	Income/Assets		Return on Assets
5Yr Median	5.71%	5.71%	5.71%	5.41%	4.01%	3.18%	1.93%	1.82%	1.93%	2.66%	2.66%	2.66%	2.83%	2.83%				2.3%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	12.83%	11.17%	7.77%	3.46%	3.82%	6.02%	3.49%	1.06%	5.04%	7.58%	5.21%	2.70%	4.58%	4.58%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	12.83%	12.83%	12.83%	11.17%	7.77%	6.02%	3.82%	3.49%	3.82%	5.04%	5.04%	5.04%	5.04%	4.58%				4.2%	<-Median->	10	Return on Equity
Net Income	$98.62	$100.72	$75.96	$34.43	$38.53	$64.27	$37.74	$11.46	$56.31	$89.35	$62.98	$33.53	$58.02
NCI	-$0.05	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Shareholders	$98.67	$100.72	$75.96	$34.43	$38.53	$64.27	$37.74	$11.46	$56.31	$89.35	$62.98	$33.53	$58.02	$58.02	<-12 mths			-23.62%	<-Total Growth	10	Net Income	Estimates
Increase	-6.18%	2.07%	-24.58%	-54.67%	11.88%	66.83%	-41.28%	-69.62%	391.20%	58.68%	-29.52%	-46.76%	73.05%	0.00%	<-12 mths			EPS/CF Ratio should not be higher than 1.00				see above
5 Yr Running Average	$70.70	$86.20	$92.38	$82.99	$69.66	$62.78	$50.19	$37.29	$41.66	$51.83	$51.57	$50.73	$60.04	$60.38	<-12 mths			-2.66%	<-IRR #YR->	10	Net Income
Operating Cash Flow	$64.65	$69.66	$33.04	$69.00	$7.41	$30.83	$31.23	$53.12	$72.82	$18.35	$48.81	$2.69	$2.69					38.31%	<-IRR #YR->	5	Net Income
Investment Cash Flow	-$155.41	-$139.98	$30.80	-$15.30	-$29.34	-$38.83	-$80.53	-$17.41	-$17.68	$18.33	$4.64	$4.64	$85.21					-4.22%	<-IRR #YR->	10	5 Yr Running Ave.
Total Accruals	$189.43	$171.03	$12.12	-$19.27	$60.46	$72.27	$87.04	-$24.24	$1.17	$52.67	$9.54	$26.21	-$29.87					10.00%	<-IRR #YR->	5	5 Yr Running Ave.
Total Assets	$1,727.9	$1,863.3	$1,892.0	$1,892.0	$1,991.0	$2,023.1	$2,096.0	$2,001.3	$2,113.9	$2,167.1	$2,097.5	$2,108.6	$2,051.1						Balance Sheet		Assets
Accruals Ratio	10.96%	9.18%	0.64%	-1.02%	3.04%	3.57%	4.15%	-1.21%	0.06%	2.43%	0.45%	1.24%	-1.46%					0.45%	<-Median->	5	Ratio
EPS/CF Ratio	1.64	1.22	1.45	0.86	0.67	1.18	1.03	0.22	0.70	1.47	0.74	0.35	0.50					0.72	<-Median->	10	EPS/CF Ratio
			-$76	$0	$0	$0	$0	$0	$0	$0	$0	$0	$58
								-$11	$0	$0	$0	$0	$58
			-$92	$0	$0	$0	$0	$0	$0	$0	$0	$0	$60
								-$37	$0	$0	$0	$0	$60
Change in Close	27.30%	-2.00%	-25.90%	-0.41%	5.52%	-19.67%	8.38%	-29.28%	51.17%	-25.21%	5.73%	14.56%	18.14%	20.54%	0.00%	-23.79%			Count	31	Years of data
up/down	down	down	down																Count	20	64.52%
Meet Prediction?		yes																% right	Count	2	10.00%
Financial Cash Flow	$107.90	$60.25	-$34.62	-$61.36	$26.69	-$8.91	$59.86	-$43.22	-$24.56	-$17.26	-$99.00	-$82.09	-$157.28						C F Statement		Financial CF
Total Accruals	$81.53	$110.79	$46.74	$42.10	$33.77	$81.18	$27.19	$18.97	$25.72	$69.93	$108.53	$108.29	$127.41								Accruals
Accruals Ratio	4.72%	5.95%	2.47%	2.23%	1.70%	4.01%	1.30%	0.95%	1.22%	3.23%	5.17%	5.14%	6.21%					5.14%	<-Median->	5	Ratio
Cash	$28.97	$19.01	$48.67	$39.89	$42.51	$26.73	$36.98	$29.20	$59.92	$80.47	$34.69	$54.34	$74.88	$74.88							Cash
Cash per Share	$0.94	$0.57	$1.46	$1.20	$1.26	$0.80	$1.11	$0.88	$1.82	$2.57	$1.13	$1.79	$2.49	$2.49				$1.82	<-Median->	5	Cash per Share
Percentage of Stock Price	4.70%	2.92%	10.06%	8.25%	8.25%	6.52%	8.36%	9.33%	12.77%	24.18%	10.05%	13.87%	16.32%	13.54%				13.87%	<-Median->	5	% of Stock Price
Notes:
April 6, 2026.  Last estimates were for 2025 of Revenue, $1.81 EPS, $0.44, $0.48 2025/6 Dividends, $14M FCF, $61M Net Income.
March 26, 2025.  Last estimates were for 2024, 2025 of $292M, $287M Revenue, $1.79, $1.81 EPS, $0.44, $0.48 Dividends, $55M, $56M Net Income.
March 30, 2024. Last estimates were for 2023,2024 of $313M, $322M for Revenue, $1.94, $1.98 for EPS, $0.66, $0.68 for Dividends, $18M, $14M for FCF and $64.10M and $65.4M for Net Income.
March 31, 2023.  Last estimates were for 2022, 2023 and 2024 of $360M, $376M and $423M for Revenue, $1.78, $1.90 and $2.85 for EPS,
$0.56 and $0.62 2022/3 for Dividends, $16m and $16M 2022/3 for FCF, $59.3M, $63.3M and $94M for Net Income.
March 27, 2022.  Last estimates were for 2021 and 2022 of $274M, $311M for Revenue, $0.94 and $1.33 for EPS, $0.40 and $0.50 for Dividends, $16M and $19M for FCF.
March 28, 2021.  Last estimates were for 2020 and 2021 of $281M, $292M for Revenue, $1.22 and $1.40 for EPS, $0.48 and $0.52 for Dividends, -1M and $3M for FCF, and $55M for Net Income for 2020.
Narch 22, 2020.  Last estimates were for 2019 of $282M for Revenue, $1.64 for EPS and $55M for Net Income.
March 9, 2019.  Last estimates were for 2018 of $253M for Revenue and $1.34 for EPS
March 24, 2018.  Last estimates were for 2017 and 2018 of $215M and $220M for Revenue, $1.15 and $1.20 for EPS and $38.3M and $40.1M for Net Income.
March 19, 2017.  Last estimates were for 2016 and 2017 of $231M and $238M Revenue, $1.60 and $1.74 EPS and $70.3M and $58.3M for Net Income.
March 18, 2016.  Last estimates were for 2015 and 2016 of $410.3M and 368.1M for Revenue, $2.44 and $2.27 EPS.
March 14, 2015, Last estimates were for 2014 and 2015 of $430M and 440M for Revenue, $2.12 for EPS for 2014
March 25, 2014.  Last estimates I got were for 2013 and 2014 of $276M and $280M for Revenue, $1.82 and $1.81 EPS.
April 19, 2013.  Last estimates were for 2012 of Revenue at $238M, EPS of $1.82.
April 19, 2012.  Last Estimates I got were for 2011 and 2012 of $1.60 and $1.82 for EPS.  For 2011 EPS is much higher mostly due to IFSR accounting.
Apr 14, 2011.  When last I looked I got estimates for 2010 and 2011 of $1.23 and $1.44 for earnings.
Apr 10, 2010.  When I last looked at this stock, I got 2009 and 2010 earnings of $.40 and $.60.
Jul 4, 2009. Even though Dividends for this stock has been decreased, there is insider buying.  Insider buying by CFO (lots), Other Officers and Directors (lots).  I will hold for now.
This stock has been taken off the Dividend Achievers List as of June 15th.  When I looked at this in Mar 2009, I got earnings estimates for 2009 and 2010 of $.65 and $.98.  They have both been lowered.
Mar 2009. AR 2008.  Estimate for 2009 for EPS of $1.64 obtained in Sep 2008.  The real EPS was quite a bit less at $1.31.  There are few analysts covering this stock.  Estimates March 2009 are EPS $.65 for 2009
and $.98 for 2010.  Dividend has been cut from .50 to .34.  These shares are trading below Book Value.  Currently rated as a Buy, but there are long term Bearish technical issues.
So far my investment has been a disaster, but I willing to hold my shares for now. I made a couple of small investments in this stock, so I do not have much at stake. There is lots of insider buying currently going on.
May 2008.  I should have paid more attention to my analysis - Accural Ratio was pointing strongly to a downturn in price. An price is down about 25% this year.
AP 2007.  Only one Analyst following this stock and rates it as a strong buy.  It has done well. Dividends are increasing nicely.  Hold for now.
I bought this when I sold ONEX. Got to diversify into Real Estate.  It was on Mike's list.  Trading account costs are so low because I bought more in 2009 at a much lower price.
Stock Increased in January 2013
Jan 8 2013. Melcor Developments Ltd. ("Melcor" or the "Company") (TSX:MRD) today announced that it has commenced a strategic process to advance its business interests through the creation of a Real
Estate Investment Trust ("REIT") in which the Company would maintain a significant interest. The Company is considering vending a substantial portion of its income-producing assets into this
new vehicle. This process would provide capital to the Company, and allow it to grow and continue to pursue numerous value creating opportunities in strong western Canadian economies.
This company has been paying dividends since 1969.
Melcor has been focused on real estate since 1923. The company has built over 90 communities across Western Canada and today manages over 3.3 million of commercial real estate
assets and 1,286 residential rental units. Melcor is committed to building communities that enrich quality of life - communities where people live, work, shop and play.  Melcor's headquarters are located in
Edmonton, Alberta, with regional offices throughout Alberta and in British Columbia and Arizona. Melcor has been a public company since 1968 and trades on the Toronto Stock Exchange (TSX:MRD).
Timothy Melton and Andres Melton control more than 50% of voting shares of Meton Holdings Ltd.
Company said in March 2018 "With the dividend declared today, we are now in our 30th consecutive year of dividend payments. Since becoming a public company in 1968, we have paid dividends in all but three years.'
Company founded in 1923.
Sector:
Real Estate
What should this stock accomplish?
It should provide diversification and long term dividends and capital gains.
Would I buy this company and Why.
I bought this for diversification.  However, it is an Alberta real estate company so it is bought to have its ups and downs.
Why am I following this stock.
I own this stock.
Why I bought this stock.
This was one of the stocks on Mike Higgs' list of good dividend growth stocks.  So I looked into it and bought it.
I bought this stock first in 2008 and then some more in 2009.  It is a little followed real estate company from Western Canada.
Dividends
In 2015 dividends were changed to quarterly, payable in cycle 3 of March, June, September and December. Dividends are declared for sharesholders of record and paid in the same month.
For example, the dividend payable on March 31, 2015 was declared for shareholders of record of March 17, 2015.
Dividends are paid semi-annually near the end of June and December each year.
How they make their money
Melcor Developments Ltd is a real estate development company. It develops and manages mixed-use residential communities, business
and industrial parks, office buildings, retail commercial centers, and golf courses.
Search Edmonton Journal for news on this company.
http://www.edmontonjournal.com
Melton Holdings Ltd.
It would seem that the Melton family owns just over 50% of this company.  Melton are related parties to Melcor by virtue of a commonality of certain directors, officers and/or shareholders.
Melton, Timothy Charles
Melton, Andrew John
Young, Ralph Barclay CEO
This group also owns debentures in this company.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2018	Mar 16	2019	Mar 22	2020	Mar 26	2021	Mar 27	2022	Mar 31	2023	Mar 30	2024	Mar 26	2025			Apr 6	2026		Appointed April 2017
Rayburn, Darin Anthony	0.13%	0.044	0.13%	0.047	0.14%	0.051	0.16%														Melton, Timothy Charles
CEO - Shares - Amount	$0.514		$0.587		$0.445		$0.729														CEO in 2022
Options - percentage	0.26%	0.137	0.41%	0.194	0.58%	0.212	0.64%
Options - amount	$1.082		$1.825		$1.827		$3.019
Stefura, Naomi Marie	0.03%	0.009	0.03%	0.010	0.03%	0.011	0.03%	0.018	0.06%	0.026	0.08%	0.040	0.13%	0.054	0.18%			0.071	0.24%			32.94%
CFO - Shares - Amount	$0.111		$0.124		$0.096		$0.157		$0.192		$0.291		$0.510		$0.818				$1.310
Options - percentage	0.20%	0.098	0.30%	0.000	0.00%	0.149	0.45%	0.127	0.41%	0.123	0.40%	0.092	0.30%	0.052	0.17%			0.056	0.19%			6.46%
Options - amount	$0.830		$1.308		$0.000		$2.127		$1.357		$1.386		$1.184		$0.799				$1.025
Melton, Graeme	0.10%	0.025	0.08%	0.024	0.07%	0.022	0.07%	0.023	0.07%	0.025	0.08%	0.040	0.13%	0.032	0.11%			0.041	0.14%			25.32%
Officer - Shares - Amount	$0.416		$0.333		$0.224		$0.307		$0.247		$0.282		$0.510		$0.495				$0.748		Last report Jan 26
Options - percentage	0.10%	0.039	0.12%	0.047	0.14%	0.051	0.15%	0.045	0.14%	0.040	0.13%	0.092	0.30%	0.020	0.07%			0.017	0.06%			-15.17%
Options - amount	$0.408		$0.519		$0.443		$0.721		$0.479		$0.452		$1.184		$0.304				$0.311
Margiotta, Leah								0.004	0.01%	0.006	0.02%	0.008	0.03%	0.009	0.03%			0.013	0.04%		Last report Jan 26	45.08%
Officer - Shares - Amount									$0.044		$0.070		$0.100		$0.134				$0.234
Options - percentage								0.000	0.00%	0.009	0.03%	0.014	0.04%	0.018	0.06%			0.017	0.06%			-6.77%
Options - amount									$0.000		$0.102		$0.176		$0.277				$0.311
Melton, Kathleen														0.043	0.14%			0.041	0.14%		Officer and Director	-4.54%
Officer - Shares - Amount															$0.655				$0.753		Last Rpt  May 2025
Options - percentage														0.000	0.00%			0.000	0.00%			#DIV/0!
Options - amount															$0.000				$0.000
Young, Ralph Barclay	3.96%	1.320	3.97%	1.318	3.97%	1.318	4.00%	1.311	4.20%	1.311	4.28%	1.311	4.32%	1.311	4.36%			1.311	4.36%			0.00%
Director- Shares - Amount	$16.226		$17.585		$12.418		$18.771		$13.964		$14.764		$16.914		$19.983				$24.087		Retiring July 2, 2013
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%		was CEO, now Director	#DIV/0!
Options - amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.000
Clanachan, Gordon James	0.02%	0.008	0.02%	0.010	0.03%	0.011	0.03%
Director - Shares - Amount	$0.098		$0.107		$0.094		$0.157
Options - percentage	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%
Options - amount	$0.000		$0.000		$0.000		$0.000
Melton, Andrew John	0.49%	0.164	0.49%	0.164	0.49%	0.182	0.55%	0.210	0.67%	0.229	0.75%	0.229	0.75%	0.229	0.76%			0.244	0.81%			6.73%
Director - Shares - Amount	$1.994		$2.183		$1.544		$2.589		$2.232		$2.578		$2.953		$3.489				$4.489
Options - percentage	0.24%	0.143	0.43%	0.094	0.28%	0.096	0.29%	0.062	0.20%	0.052	0.17%	0.025	0.08%	0.035	0.12%			0.012	0.04%			-64.17%
Options - amount	$0.971		$1.905		$0.886		$1.361		$0.661		$0.588		$0.322		$0.529				$0.229
Melton, Timothy Charles	5.81%	1.941	5.84%	1.941	5.84%	2.073	6.29%	2.170	6.94%	2.302	7.51%	2.798	9.21%	2.391	7.94%			2.438	8.10%			1.97%
Chairman and CEO - Shares - Amt	$23.814		$25.854		$18.284		$29.519		$23.108		$25.915		$36.097		$36.443				$44.794
Options - percentage	0.23%	0.105	0.32%	0.141	0.43%	0.152	0.46%	0.143	0.46%	0.126	0.41%	0.080	0.26%	0.042	0.14%			0.039	0.13%			-7.05%
Options - amount	$0.946		$1.401		$1.332		$2.170		$1.519		$1.421		$1.037		$0.644				$0.721
Melton Holdings Ltd.												15.688	51.66%	15.688	52.12%						Holdings of 10/03/2017	0.88%
Shares - Amount													$202.380		$239.090
Debensures
Increase in O/S Shares	0.11%	0.014	0.04%	0.001	0.00%	0.001	0.00%	0.115	0.35%	0.065	0.21%	0.126	0.41%	0.619	2.04%			0.080	0.27%		Average	0.65%
due to SO 2013	$0.590		$0.175		$0.008		$0.006		$1.633		$0.695		$1.419		$7.982				$1.219
Book Value	$0.592		$0.217		$0.008		$0.008		$1.577		$0.789		$0.831		$1.153				$0.809
Insider Buying	-$0.043		-$0.133		-$0.065		-$1.098		-$1.406		-$1.760		-$0.226		-$0.421				-$0.523
Insider Selling	$0.026		$0.013		$0.153		$0.031		$0.245		$0.084		$0.618		$0.151				$0.016
Net Insider Selling	-$0.018		-$0.120		$0.088		-$1.067		-$1.160		-$1.676		$0.392		-$0.269				-$0.508
% of Market Cap	0.00%		-0.03%		0.03%		-0.23%		-0.35%		-0.49%		0.10%		-0.06%				-0.09%
Directors		9		9		8		10		9		8		8				8
Women	22%	2	22%	2	22%	2	25%	4	40%	4	44%	3	38%	3	38%			3	38%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	15.53%	10	15.53%	17	61.72%	20	61.82%	20	8.45%	20	4.73%	20	7.99%	20	7.82%			20	9.16%
Total Shares Held	15.56%	4.723	14.21%	20.541	61.82%	20.455	62.06%	2.784	8.91%	1.477	4.82%	2.449	8.06%	2.376	7.89%			2.752	9.14%
Increase/Decrease	-0.99%	0.089	1.91%	0.116	0.57%	-0.265	-1.28%	0.038	1.37%	-6.147	-80.63%	-0.144	-5.56%	0.026	1.12%			-0.036	-1.30%
Starting No. of Shares	Reuters	4.634	Reuters	20.425	Top 20 MS	20.720	Top 20 MS	2.747	Top 20 MS	7.624	Top 20 MS	2.593	Top 20 MS	2.350	Top 20 MS			2.788	Top 20 MS
Institutions/Holdings	45.73%	17	17.45%
Amt	$235.740		$77.240
Total Shares Held	50.98%	5.000	14.99%
Amt	$208.930		$61.450
Increase/Decrease	13.33%	0.000	0.00%
Starting No. of Shares	Morningstar	5.000	Morningstar
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