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. Q1 2024 <-Estimates
See my website on stocks or see my blog at the following sites.  https://spbrunner.com/stocks.html https://spbrunner.blogspot.com/ 3/31/24 <-Estimates
RioCan Real Estate TSX: REI.UN OTC: RIOCF https://riocan.com/ Fiscal Yr: Dec 31
Year 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 12/31/26 Value Description #Y Item Total G
Accting Rules IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS
Split Date
Split  
$1,152 <-12 mths 2.48% Estimates 12 mths
Rental Revenue $1,110.16 $1,093.74 $1,090.73 $1,066.56 $1,074.19 $1,091.11 Rental Revenue
Residential Inventory Sales $22.26 $208.97 $36.35 $93.73 $118.66 $13.79 Residential Inventory Sales
Property Mge and other Fees $15.42 $23.63 $16.58 $14.77 $21.00 $18.98 Property Mge and other Fees
Revenue* $947.00 $1,091.00 $1,121.00 $1,204.00 $1,087.74 $1,133.33 $1,155.22 $1,147.84 $1,326.33 $1,143.66 $1,175.06 $1,213.85 $1,123.87 $1,160 $1,352 0.26% <-Total Growth 10 Revenue
Increase 6.8% 15.2% 2.7% 7.4% -9.7% 4.2% 1.9% -0.6% 15.5% -13.8% 2.7% 3.3% -7.4% 3.2% 16.6% 0.03% <-IRR #YR-> 10 Revenue 0.26%
5 year Running Average $815.15 $889 $961 $1,050 $1,090 $1,127 $1,140 $1,146 $1,170 $1,181 $1,190 $1,201 $1,197 $1,163 $1,205 -0.42% <-IRR #YR-> 5 Revenue -2.09%
Revenue per Share $3.39 $3.64 $3.69 $3.81 $3.37 $3.47 $3.57 $3.76 $4.17 $3.60 $3.79 $4.04 $3.74 $3.86 $4.50 2.22% <-IRR #YR-> 10 5 yr Running Average 24.54%
Increase -0.6% 7.1% 1.4% 3.4% -11.5% 2.9% 2.8% 5.4% 11.0% -13.8% 5.4% 6.5% -7.4% 3.2% 16.6% 0.87% <-IRR #YR-> 5 5 yr Running Average 4.45%
5 year Running Average $3.36 $3.40 $3.45 $3.59 $3.58 $3.60 $3.58 $3.60 $3.67 $3.71 $3.78 $3.87 $3.87 $3.81 $3.99 0.15% <-IRR #YR-> 10 Revenue per Share 1.46%
P/S (Price/Sales) Med 7.25 7.56 7.20 6.90 7.98 7.60 7.09 6.47 6.16 5.58 5.20 5.45 5.33 4.80 0.00 -0.12% <-IRR #YR-> 5 Revenue per Share -0.58%
P/S (Price/Sales) Close 7.79 7.58 6.72 6.94 7.02 7.67 6.83 6.33 6.41 4.65 6.05 5.23 4.98 4.68 4.01 1.15% <-IRR #YR-> 10 5 yr Running Average 12.12%
*Rental Revenue in M CDN $  P/S Med 20 yr  6.46 15 yr  6.47 10 yr  6.32 5 yr  5.45 -25.98% Diff M/C 1.47% <-IRR #YR-> 5 5 yr Running Average 7.59%
-$1,121 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,124
-$1,148 $0 $0 $0 $0 $1,124
-$961 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,197
-$1,146 $0 $0 $0 $0 $1,197
-$3.69 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.74
-$3.76 $0.00 $0.00 $0.00 $0.00 $3.74
-$3.45 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.87
-$3.60 $0.00 $0.00 $0.00 $0.00 $3.87
$453.89 <-12 mths -1.22%
$1.51 <-12 mths -1.31% Estimates 12 mths
Payout Ratio AFFO 75.51% 73.12% Estimates Payout Ratio AFFO
ACFO/AFFO amount $484.19 $588.46 $527.35 $525.34 $462.78 $443.66 $461.38 $459.48 $445.13 $468.15
Divided by units $1.49 $1.80 $1.68 $1.71 $1.46 $1.40 $1.51 $1.53
AFFO Basic $1.29 $1.39 $1.48 $1.51 $1.57 $1.47 $1.80 $1.68 $1.71 $1.32 $1.45 $1.52 $1.53
AFFO Diluted $1.29 $1.39 $1.48 $1.51 $1.57 $1.47 $1.80 $1.68 $1.71 $1.32 $1.45 $1.52 $1.53 $1.47 $1.54 3.38% <-Total Growth 10 AFFO 2017 TD
Increase -0.77% 7.75% 6.47% 2.03% 3.97% -6.37% 22.45% -6.67% 1.79% -22.81% 9.85% 4.83% 0.66% -3.92% 4.76% 0.33% <-IRR #YR-> 10 AFFO 3.38%
AFFO Yield 4.88% 5.04% 5.97% 5.71% 6.63% 5.52% 7.39% 7.06% 6.39% 7.88% 6.32% 7.19% 8.22% 8.14% 8.53% -1.85% <-IRR #YR-> 5 AFFO -8.93%
5 year Running Average $1.26 $1.28 $1.31 $1.39 $1.45 $1.48 $1.57 $1.61 $1.65 $1.60 $1.59 $1.54 $1.51 $1.46 $1.50 1.40% <-IRR #YR-> 10 5 yr Running Average 14.96%
Payout Ratio AFFO 106.98% 99.28% 95.10% 93.38% 89.81% 95.92% 78.33% 85.57% 84.21% 109.09% 68.97% 66.45% 69.93% 75.17% 72.08% -1.28% <-IRR #YR-> 5 5 yr Running Average -6.23%
5 year Running Average 108.20% 107.84% 105.76% 99.82% 96.51% 94.58% 90.01% 88.14% 86.36% 89.44% 84.52% 82.39% 79.15% 77.16% 70.51% 88.79% <-Median-> 10 Payout 5 yr Running Average
Price/AFFO Median 19.08 19.77 17.93 17.40 17.14 17.94 14.05 14.50 15.04 15.23 13.59 14.48 13.02 12.61 0.00 14.77 <-Median-> 10 P/AFFO Med
Price/AFFO High 20.85 21.01 19.94 18.58 19.17 20.42 15.00 15.27 16.25 21.02 15.86 17.11 15.23 13.05 0.00 16.68 <-Median-> 10 P/AFFO High
Price/AFFO Low 17.31 18.53 15.91 16.23 15.12 15.46 13.11 13.72 13.82 9.43 11.32 11.86 10.81 12.16 0.00 13.41 <-Median-> 10 P/AFFO Low
Price/AFFO Close 20.49 19.83 16.74 17.50 15.09 18.12 13.53 14.17 15.65 12.69 15.82 13.90 12.17 12.28 11.72 14.63 <-Median-> 10 P/AFFO Close
Trailing P/AFFO Close 20.33 21.36 17.82 17.86 15.69 16.96 16.57 13.22 15.93 9.80 17.38 14.57 12.25 11.80 12.28 15.81 <-Median-> 10 Trailing P/AFFO Close
Median Values DPR 10 Yrs 84.89% 5 Yrs   69.93% P/CF 5 Yrs   in order 14.48 16.25 11.32 13.90 -15.22% Diff M/C -16.84% Diff M/C 10 DPR 75% to 95% best
* Adjusted Funds From Operations
-$1.48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.53
-$1.68 $0.00 $0.00 $0.00 $0.00 $1.53
-$1.31 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.51
-$1.61 $0.00 $0.00 $0.00 $0.00 $1.51
$538.44 <-12 mths 1.35%
$1.79 <-12 mths 1.13% Estimates 12 mths
Payout Ratio FFO 62.01% 55.20% Estimates Payout Ratio FFO
FFO Annual Statement
FFO Amount $547.88 $584.60 $580.22 $575.85 $507.39 $506.99 $524.68 $531.28 $543.01 $619.54 pag 38/88
FFO Basic $1.43 $1.52 $1.56 $1.65 $1.95 $1.68 $1.79 $1.85 $1.87 $1.60 $1.60 $1.71 $1.77
FFO Diluted $1.43 $1.52 $1.56 $1.65 $1.95 $1.68 $1.79 $1.85 $1.87 $1.60 $1.60 $1.71 $1.77 $1.79 $2.04 13.46% <-Total Growth 10 FFO
Increase -1.38% 6.29% 2.63% 5.77% 18.18% -13.85% 6.55% 3.35% 1.08% -14.44% 0.00% 6.87% 3.51% 1.13% 13.97% 1.27% <-IRR #YR-> 10 FFO 13.46%
FFO Yield 5.41% 5.52% 6.30% 6.24% 8.23% 6.31% 7.35% 7.77% 6.99% 9.55% 6.97% 8.09% 9.51% 9.92% 11.30% -0.88% <-IRR #YR-> 5 FFO -4.32%
5 year Running Average $1.41 $1.42 $1.43 $1.52 $1.62 $1.67 $1.73 $1.78 $1.83 $1.76 $1.74 $1.73 $1.71 $1.69 $1.78 1.79% <-IRR #YR-> 10 5 yr Running Average 19.41%
Payout Ratio FFO 96.50% 90.79% 90.22% 85.45% 72.31% 83.93% 78.77% 77.70% 77.01% 90.00% 62.50% 59.06% 60.45% 61.73% 54.41% -0.84% <-IRR #YR-> 5 5 yr Running Average -4.15%
5 year Running Average 96.57% 97.18% 96.75% 91.43% 86.16% 83.94% 81.66% 79.34% 77.76% 81.20% 77.24% 73.32% 69.71% 66.41% 59.43% 80.27% <-Median-> 10 Payout 5 yr Running Average
Price/FFO Median 17.21 18.08 17.01 15.93 13.80 15.70 14.13 13.16 13.75 12.56 12.32 12.87 11.25 10.35 0.00 13.46 <-Median-> 10 Price/FFO Median
Price/FFO High 18.81 19.21 18.92 17.00 15.43 17.87 15.08 13.87 14.86 17.34 14.38 15.20 13.16 10.72 0.00 15.14 <-Median-> 10 Price/FFO High
Price/FFO Low 15.62 16.94 15.10 14.85 12.17 13.53 13.18 12.46 12.64 7.78 10.26 10.54 9.34 9.99 0.00 12.32 <-Median-> 10 Price/FFO Low
Price/FFO Close 18.48 18.13 15.88 16.02 12.15 15.85 13.61 12.86 14.31 10.47 14.34 12.36 10.52 10.08 8.85 13.24 <-Median-> 10 Price/FFO Close
Trailing P/FFO Close 18.23 19.27 16.30 16.94 14.36 13.66 14.50 13.30 14.46 8.96 14.34 13.21 10.89 10.20 10.08 14.00 <-Median-> 10 Trailing P/FFO Close
Median Values DPR 10 Yrs 77.35% 5 Yrs   62.50% P/CF 5 Yrs   in order 12.56 14.86 10.26 12.36 -19.73% Diff M/C -25.07% Diff M/C 10 DPR 75% to 95% best
FFO (Funds from Operations) and Distri Inc available can be as important as EPS
-$1.56 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.77
-$1.85 $0.00 $0.00 $0.00 $0.00 $1.77
-$1.43 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.71
-$1.78 $0.00 $0.00 $0.00 $0.00 $1.71
$0.13 <-12 mths 0.00% Estimates 12 mths
EPS Basic $3.26 $4.59 $2.30 $2.11 $0.40 $2.51 $2.18 $1.68 $2.52 -$0.20 $1.89 $0.77 $0.13 -94.35% <-Total Growth 10 EPS Basic Est. Reuters Stock Report
Pre-split 1998
EPS* $3.25 $4.57 $2.29 $2.10 $0.40 $2.51 $2.18 $1.68 $2.52 -$0.20 $1.89 $0.77 $0.13 $1.76 $2.02 -94.32% <-Total Growth 10 EPS Diluted
Increase 166.4% 40.6% -49.9% -8.3% -81.0% 527.5% -13.1% -22.9% 50.0% -107.9% -1045.0% -59.3% -83.1% 1253.8% 14.8% 9 1 10 Years of Data, EPS P or N 90.00%
Earnings Yield 12.3% 16.6% 9.2% 7.9% 1.7% 9.4% 8.9% 7.1% 9.4% -1.2% 8.2% 3.6% 0.7% 9.8% 11.2% -24.94% <-IRR #YR-> 10 Earnings per Share -94.32%
5 year Running Average $1.16 $2.04 $2.36 $2.69 $2.52 $2.37 $1.90 $1.77 $1.86 $1.74 $1.61 $1.33 $1.02 $0.87 $1.31 -40.06% <-IRR #YR-> 5 Earnings per Share -92.26%
10 year Running Average $1.04 $1.38 $1.50 $1.63 $1.60 $1.77 $1.97 $2.07 $2.27 $2.13 $1.99 $1.61 $1.40 $1.36 $1.53 -8.04% <-IRR #YR-> 10 5 yr Running Average -56.77%
* EPS per share  E/P 10 Yrs 7.50% 5Yrs 3.64% -10.44% <-IRR #YR-> 5 5 yr Running Average -42.39%
-$2.29 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.13
-$1.68 $0.00 $0.00 $0.00 $0.00 $0.13
-$2.36 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.02
-$1.77 $0.00 $0.00 $0.00 $0.00 $1.02
Distributions* $1.11 $1.13 Estimates  Distributions*
Increase 3.74% 1.44% Estimates  Increase
Payout Ratio EPS 63.07% 55.74% Estimates Payout Ratio EPS
Special Dividend $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.00% <-Median-> 10 Special Dividend
Distributions* $1.38 $1.38 $1.41 $1.41 $1.41 $1.41 $1.41 $1.44 $1.44 $1.44 $1.00 $1.01 $1.07 $1.11 $1.11 $1.11 -23.98% <-Total Growth 10 Distributions*
Increase 0.00% 0.00% 1.99% 0.18% 0.00% 0.00% 0.00% 1.95% 0.17% 0.00% -30.56% 1.00% 5.94% 3.27% 0.45% 0.00% 21 1 29 Years of data
Average Increases 5 Year Running 1.25% 0.78% 0.69% 0.43% 0.43% 0.43% 0.43% 0.43% 0.42% 0.42% -5.69% -5.49% -4.69% -4.07% -3.98% 2.13% 0.43% <-Median-> 10 Average Incr 5 Year Running
5 year running Average $1.37 $1.38 $1.39 $1.39 $1.40 $1.40 $1.41 $1.42 $1.42 $1.43 $1.35 $1.27 $1.19 $1.13 $1.06 $1.08 140.05% <-Median-> 10 5 year running Average
Yield H/L Price 5.61% 5.02% 5.31% 5.37% 5.24% 5.35% 5.57% 5.90% 5.60% 7.16% 5.07% 4.59% 5.37% 5.96% 5.37% <-Median-> 10 Yield H/L Price Item
Yield on High  Price 5.13% 4.73% 4.77% 5.03% 4.69% 4.70% 5.22% 5.60% 5.18% 5.19% 4.35% 3.88% 4.59% 5.76% 4.86% <-Median-> 10 Yield on High  Price EPS
Yield on Low Price 6.18% 5.36% 5.98% 5.75% 5.94% 6.20% 5.98% 6.24% 6.09% 11.57% 6.09% 5.60% 6.47% 6.18% 6.09% <-Median-> 10 Yield on Low Price AFFO
Yield on Close Price 5.22% 5.01% 5.68% 5.33% 5.95% 5.29% 5.79% 6.04% 5.38% 8.60% 4.36% 4.78% 5.75% 6.12% 6.15% 6.15% 5.56% <-Median-> 10 Yield on Close Price FFO
Payout Ratio EPS 42.46% 30.20% 61.46% 67.14% 352.50% 56.18% 64.68% 85.57% 57.14% -720.00% 52.91% 131.17% 823.08% 62.78% 54.95% #DIV/0! 65.91% <-Median-> 10 DPR EPS CFPS
DPR EPS 5 Yr Running 117.92% 67.45% 58.61% 51.81% 55.41% 59.12% 74.34% 79.79% 76.51% 82.13% 83.36% 95.01% 116.63% 129.31% 80.59% #DIV/0! 78.15% <-Median-> 10 DPR EPS 5 Yr Running FCF 1
Payout Ratio CFPS 108.20% 93.27% 104.90% 88.40% 74.63% 101.12% 128.93% 108.56% 80.44% 82.74% 63.17% 59.94% 83.39% 86.12% #VALUE! #DIV/0! 83.07% <-Median-> 10 DPR CF FCF 2
DPR CF 5 Yr Running 103.92% 101.32% 104.34% 97.88% 92.17% 91.14% 96.36% 97.00% 94.87% 97.21% 89.33% 77.90% 73.75% 74.26% #VALUE! #DIV/0! 93.52% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 111.97% 91.22% 92.64% 88.23% 75.06% 126.35% 88.52% 90.70% 89.33% 96.23% 66.65% 56.96% 65.00% 86.12% #VALUE! #DIV/0! 88.37% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 104.73% 101.88% 103.32% 96.45% 90.26% 92.04% 91.47% 91.08% 91.31% 96.43% 86.40% 79.42% 74.24% 73.06% #VALUE! #DIV/0! 91.20% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 5.37% 5.56% 5 Yr Med 5 Yr Cl 5.37% 5.38% 5 Yr Med Payout 57.14% 80.44% 66.65% -5.73% <-IRR #YR-> 5 Dividends -25.57%
* Distributons per share  10 Yr Med and Cur. 14.55% 10.53% 5 Yr Med and Cur. 14.49% 14.28% Last Div Inc ---> $0.0900 $0.0925 2.78% -2.70% <-IRR #YR-> 10 Dividends -23.98%
Dividends Growth 15 -1.59% <-IRR #YR-> 15 Dividends -21.32%
Dividends Growth 20 -0.32% <-IRR #YR-> 20 Dividends -6.14%
Dividends Growth 25 0.48% <-IRR #YR-> 25 Dividends 12.63%
Dividends Growth 30 3.19% <-IRR #YR-> 29 Dividends
Dividends Growth 10 -$1.41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.07 Dividends Growth 10
Historical Dividends Historical High Div 12.26% Low Div 4.60% 10 Yr High 11.06% 10 Yr Low 3.93% Med Div 6.54% Close Div 6.18% Historical Dividends
High/Ave/Median Values Curr diff Exp. -49.84%     33.69% Exp. -44.40% 56.48% Exp. -5.97% Exp. -0.46% High/Ave/Median 
Future Dividend Yield Div Yd 4.58% earning in 5 Years at IRR of -5.73% Div Inc. -25.57% Future Dividend Yield
Future Dividend Yield Div Yd 3.41% earning in 10 Years at IRR of -5.73% Div Inc. -44.59% Future Dividend Yield
Future Dividend Yield Div Yd 2.54% earning in 15 Years at IRR of -5.73% Div Inc. -58.76% Future Dividend Yield
Future Dividend Paid Div Paid $0.83 earning in 5 Years at IRR of -5.73% Div Inc. -25.57% Future Dividend Paid
Future Dividend Paid Div Paid $0.61 earning in 10 Years at IRR of -5.73% Div Inc. -44.59% Future Dividend Paid
Future Dividend Paid Div Paid $0.46 earning in 15 Years at IRR of -5.73% Div Inc. -58.76% Future Dividend Paid
Dividend Covering Cost Total Div $4.95 over 5 Years at IRR of -5.73% Div Cov. 27.42% Dividend Covering Cost
Dividend Covering Cost Total Div $7.81 over 10 Years at IRR of -5.73% Div Cov. 43.25% Dividend Covering Cost
Dividend Covering Cost Total Div $9.93 over 15 Years at IRR of -5.73% Div Cov. 55.03% Dividend Covering Cost
I am earning GC Div Gr 31.55% 1/8/98 # yrs -> 26 1998 $10.95 Cap Gain 64.84% I am earning GC
I am earning Div org yield 7.67% 12/31/14 RRSP Div G Yrly 1.63% Div start $0.84 -7.67% 10.09% I am earning Div
I am earning GC Div Gr 3.76% 4/6/00 # yrs -> 24 2000 $8.35 Cap Gain 116.17% I am earning GC
I am earning Div org yield 12.75% 12/31/14 Trading Div G Yrly 0.25% Div start $1.07 -12.75% 13.23% I am earning Div
I am earning GC Div Gr -14.34% 6/14/06 # yrs -> 18 2006 $21.43 Cap Gain -15.77% I am earning GC
I am earning Div org yield 6.02% 12/31/14 Pension Div G Yrly -1.79% Div start $1.29 -6.02% 5.16% I am earning Div
Yield if held 5 years 5.87% 5.78% 8.09% 9.03% 6.87% 5.73% 5.13% 5.42% 5.48% 5.35% 3.79% 3.99% 4.39% 4.30% 5.52% 5.63% 5.38% <-Median-> 10 Paid Median Price
Yield if held 10 years 12.90% 11.22% 10.14% 8.57% 7.04% 6.00% 5.90% 8.26% 9.22% 7.02% 4.06% 3.68% 4.03% 4.20% 4.12% 4.21% 6.51% <-Median-> 10 Paid Median Price
Yield if held 15 years 18.40% 14.15% 14.82% 15.33% 16.35% 13.18% 11.46% 10.36% 8.75% 7.19% 4.25% 4.23% 6.15% 7.07% 5.41% 4.51% 9.56% <-Median-> 10 Paid Median Price
Yield if held 20 years 24.52% 27.12% 18.80% 14.46% 15.13% 15.65% 16.70% 9.35% 8.21% 7.71% 6.72% 5.54% 4.72% 15.39% <-Median-> 10 Paid Median Price
Yield if held 25 years 25.04% 27.69% 13.33% 10.36% 11.26% 12.01% 12.87% 10.37% 13.33% <-Median-> 5 Paid Median Price
Cost covered if held 5 years 29.04% 28.81% 39.80% 44.54% 34.06% 28.51% 25.65% 26.68% 27.05% 26.52% 25.51% 25.01% 24.47% 21.88% 26.34% 27.42% 26.60% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 120.29% 106.87% 96.64% 82.64% 68.53% 58.89% 58.32% 80.47% 90.04% 68.85% 55.84% 48.68% 49.14% 48.45% 46.19% 46.00% 63.71% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 237.09% 188.58% 198.36% 208.85% 226.70% 185.87% 164.17% 147.63% 125.85% 104.14% 87.51% 84.82% 114.71% 126.06% 94.66% 77.80% 136.74% <-Median-> 10 Paid Median Price
Cost covered if held 20 years 403.55% 462.29% 330.66% 260.86% 272.86% 286.11% 309.46% 248.74% 215.61% 190.57% 160.05% 130.56% 110.50% 279.48% <-Median-> 10 Paid Median Price
Cost covered if held 25 years 527.16% 599.55% 420.36% 325.76% 335.60% 347.25% 370.85% 299.26% 420.36% <-Median-> 5 Paid Median Price
Yr  Item Tot. Growth
Revenue Growth  $1,147.8 $1,326.3 $1,143.7 $1,175.1 $1,213.8 $1,123.9 $1,152 <-12 mths 2.48% -2.09% <-Total Growth 5 Revenue Growth  -2.09%
AFFO Growth $1.68 $1.71 $1.32 $1.45 $1.52 $1.53 $1.51 <-12 mths -1.31% -8.93% <-Total Growth 5 AFFO Growth -8.93%
Net Income Growth $528.1 $775.8 -$64.8 $596.3 $236.8 $38.8 $66 <-12 mths 70.36% -92.65% <-Total Growth 5 Net Income Growth -92.65%
Cash Flow Growth $404.0 $568.7 $553.0 $490.4 $506.1 $385.5 -4.58% <-Total Growth 5 Cash Flow Growth -4.58%
Dividend Growth $1.44 $1.44 $1.44 $1.00 $1.01 $1.07 $1.11 <-12 mths 3.27% -25.57% <-Total Growth 5 Dividend Growth -25.57%
Stock Price Growth $23.80 $26.76 $16.75 $22.94 $21.13 $18.62 $18.05 <-12 mths -3.06% -21.76% <-Total Growth 5 Stock Price Growth -21.76%
Revenue Growth  $1,121.0 $1,204.0 $1,087.7 $1,133.3 $1,155.2 $1,147.8 $1,326.3 $1,143.7 $1,175.1 $1,213.8 $1,123.9 $1,160 <-this year 3.21% 0.26% <-Total Growth 10 Revenue Growth  0.26%
AFFO Growth $1.48 $1.51 $1.57 $1.47 $1.80 $1.68 $1.71 $1.32 $1.45 $1.52 $1.53 $1.47 <-this year -3.92% 3.38% <-Total Growth 10 AFFO Growth 3.38%
Net Income Growth $709.0 $663.0 $141.8 $830.7 $715.3 $528.1 $775.8 -$64.8 $596.3 $236.8 $38.8 $525 <-this year 1254.05% -94.53% <-Total Growth 10 Net Income Growth -94.53%
Cash Flow Growth $408.0 $504.0 $609.3 $455.4 $354.0 $404.0 $568.7 $553.0 $490.4 $506.1 $385.5 -5.51% <-Total Growth 10 Cash Flow Growth -5.51%
Dividend Growth $1.41 $1.41 $1.41 $1.41 $1.41 $1.44 $1.44 $1.44 $1.00 $1.01 $1.07 $1.11 <-this year 3.74% -23.98% <-Total Growth 10 Dividend Growth -23.98%
Stock Price Growth $24.77 $26.43 $23.69 $26.63 $24.36 $23.80 $26.76 $16.75 $22.94 $21.13 $18.62 $18.05 <-this year -3.06% -24.83% <-Total Growth 10 Stock Price Growth -24.83%
Dividends on Shares $57.81 $57.81 $57.81 $57.81 $58.94 $59.04 $59.04 $41.00 $41.41 $43.87 $45.31 $45.51 $45.51 $534.54 No of Years 10 Total Dividends 12/31/13
Worth $1,015.57 $1,083.63 $971.29 $1,091.83 $998.76 $975.80 $1,097.16 $686.75 $940.54 $866.33 $763.42 $740.05 $740.05 $740.05 $763.42 No of Years 10 Worth $24.77
Total $1,297.96 Total  
Graham Price AFFO $23.02 $26.19 $27.68 $28.59 $28.97 $28.22 $31.44 $30.53 $31.44 $26.89 $28.86 $29.67 $29.19 $28.61 $29.29 $0.00 0.77% <-Total Growth 10 Graham Price AFFO
Price/GP Ratio Med 1.07 1.05 0.96 0.92 0.93 0.93 0.80 0.80 0.82 0.75 0.68 0.74 0.68 0.65 0.80 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.17 1.11 1.07 0.98 1.04 1.06 0.86 0.84 0.88 1.03 0.80 0.88 0.80 0.67 0.88 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.97 0.98 0.85 0.86 0.82 0.81 0.75 0.76 0.75 0.46 0.57 0.61 0.57 0.62 0.75 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.15 1.05 0.89 0.92 0.82 0.94 0.77 0.78 0.85 0.62 0.79 0.71 0.64 0.63 0.62 #DIV/0! 0.79 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 14.05% 5.00% -10.24% -7.23% -16.35% -5.28% -22.58% -21.00% -14.22% -34.25% -19.54% -27.13% -33.67% -33.46% -33.34% #DIV/0! -20.27% <-Median-> 10 Graham Price
Graham Price FFO $24.24 $27.39 $28.42 $29.89 $32.28 $30.17 $31.35 $32.03 $32.87 $29.60 $30.32 $31.46 $31.40 $31.58 $33.71 $0.00 10.49% <-Total Growth 10 Graham Price FFO
Price/GP Ratio Med 1.02 1.00 0.93 0.88 0.83 0.87 0.81 0.76 0.78 0.68 0.65 0.70 0.63 0.59 0.77 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.11 1.07 1.04 0.94 0.93 1.00 0.86 0.80 0.85 0.94 0.76 0.83 0.74 0.61 0.85 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.92 0.94 0.83 0.82 0.74 0.75 0.75 0.72 0.72 0.42 0.54 0.57 0.53 0.57 0.72 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.09 1.01 0.87 0.88 0.73 0.88 0.78 0.74 0.81 0.57 0.76 0.67 0.59 0.57 0.54 #DIV/0! 0.75 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 9.03% 0.63% -12.84% -11.57% -26.62% -11.73% -22.30% -25.70% -18.60% -43.42% -24.34% -32.85% -40.70% -42.84% -46.45% #DIV/0! -25.02% <-Median-> 10 Graham Price
Graham Price EPS $36.55 $47.49 $34.43 $33.72 $14.62 $36.88 $34.60 $30.53 $38.16 $32.17 $32.95 $21.11 $8.51 $31.31 $33.54 $0.00 -75.29% <-Total Growth 10 Graham Price EPS
Price/GP Ratio Med 0.67 0.58 0.77 0.78 1.84 0.72 0.73 0.80 0.67 0.62 0.60 1.04 2.34 0.59 0.76 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 0.74 0.61 0.86 0.83 2.06 0.81 0.78 0.84 0.73 0.86 0.70 1.23 2.74 0.61 0.84 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.61 0.54 0.68 0.73 1.62 0.62 0.68 0.76 0.62 0.39 0.50 0.85 1.94 0.57 0.70 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 0.72 0.58 0.72 0.78 1.62 0.72 0.70 0.78 0.70 0.52 0.70 1.00 2.19 0.58 0.54 #DIV/0! 0.75 <-Median-> 10 Price/GP Ratio
Prem/Disc Close -27.68% -41.97% -28.06% -21.61% 62.02% -27.79% -29.59% -22.04% -29.88% -47.94% -30.39% 0.07% 118.82% -42.35% -46.19% #DIV/0! -24.91% <-Median-> 10 Graham Price
Price Close $26.43 $27.56 $24.77 $26.43 $23.69 $26.63 $24.36 $23.80 $26.76 $16.75 $22.94 $21.13 $18.62 $18.05 $18.05 $18.05 -24.83% <-Total Growth 10 Stock Price
Increase 20.14% 4.28% -10.12% 6.70% -10.37% 12.41% -8.52% -2.30% 12.44% -37.41% 36.96% -7.89% -11.88% -3.06% 0.00% 0.00% 12.70 <-Median-> 10 CAPE (10 Yr P/E)
P/E 8.13 6.03 10.82 12.59 59.23 10.61 11.17 14.17 10.62 -83.75 12.14 27.44 143.23 10.26 8.94 #DIV/0! -4.79% <-IRR #YR-> 5 Stock Price -21.76%
Trailing P/E 21.66 8.48 5.42 11.54 11.28 66.58 9.71 10.92 15.93 6.65 -114.70 11.18 24.18 138.85 10.26 8.94 -2.81% <-IRR #YR-> 10 Stock Price -24.83%
CAPE (10 Yr P/E) 19.07 15.39 14.77 14.17 14.48 13.18 11.96 11.87 11.11 11.60 12.22 14.70 16.53 16.33 14.23 #DIV/0! 0.73% <-IRR #YR-> 5 Price & Dividend 9.32%
Median 10, 5 Yrs D.  per yr 5.98% 5.52% % Tot Ret 188.99% 760.51% T P/E 11.23 11.18 P/E:  12.36 12.14 3.16% <-IRR #YR-> 10 Price & Dividend 33.49%
Price  15 D.  per yr 8.95% % Tot Ret 81.09% CAPE Diff -19.26% 2.09% <-IRR #YR-> 15 Stock Price 36.31%
Price  20 D.  per yr 8.13% % Tot Ret 89.17% 0.99% <-IRR #YR-> 20 Stock Price 21.70%
Price  25 D.  per yr 10.66% % Tot Ret 79.36% 2.77% <-IRR #YR-> 25 Stock Price 98.09%
Price  30 D.  per yr 10.49% % Tot Ret 75.99% 3.31% <-IRR #YR-> 30 Stock Price 166.00%
Price & Dividend 15 11.03% <-IRR #YR-> 15 Price & Dividend 192.42%
Price & Dividend 20 9.11% <-IRR #YR-> 20 Price & Dividend 202.03%
Price & Dividend 25 13.43% <-IRR #YR-> 25 Price & Dividend 447.36%
Price & Dividend 30 13.80% <-IRR #YR-> 30 Price & Dividend 669.74%
Price  5 -$23.80 $0.00 $0.00 $0.00 $0.00 $18.62 Price  5
Price 10 -$24.77 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $18.62 Price 10
Price & Dividend 5 -$23.80 $1.44 $1.44 $1.00 $1.01 $19.69 Price & Dividend 5
Price & Dividend 10 -$24.77 $1.41 $1.41 $1.41 $1.41 $1.44 $1.44 $1.44 $1.00 $1.01 $19.69 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 $18.62 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 $18.62 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 $18.62 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 $18.62 Price  30
Price & Dividend 15 $1.38 $1.38 $1.41 $1.41 $1.41 $1.41 $1.41 $1.44 $1.44 $1.44 $1.00 $1.01 $19.69 Price & Dividend 15
Price & Dividend 20 $1.38 $1.38 $1.41 $1.41 $1.41 $1.41 $1.41 $1.44 $1.44 $1.44 $1.00 $1.01 $19.69 Price & Dividend 20
Price & Dividend 25 $1.38 $1.38 $1.41 $1.41 $1.41 $1.41 $1.41 $1.44 $1.44 $1.44 $1.00 $1.01 $19.69 Price & Dividend 25
Price & Dividend 30 $1.38 $1.38 $1.41 $1.41 $1.41 $1.41 $1.41 $1.44 $1.44 $1.44 $1.00 $1.01 $19.69 Price & Dividend 30
Price Median H/L $24.62 $27.48 $26.53 $26.28 $26.92 $26.38 $25.30 $24.36 $25.71 $20.10 $19.71 $22.02 $19.92 $18.53 -24.92% <-Total Growth 10 Stock Price
Increase 19.99% 11.62% -3.44% -0.94% 2.42% -2.01% -4.09% -3.72% 5.56% -21.82% -1.94% 11.69% -9.52% -6.98% -2.82% <-IRR #YR-> 10 Stock Price -24.92%
P/E 7.57 6.01 11.59 12.51 67.29 10.51 11.60 14.50 10.20 -100.50 10.43 28.59 153.23 10.53 -3.94% <-IRR #YR-> 5 Stock Price -18.21%
Trailing P/E 20.18 8.45 5.81 11.48 12.82 65.94 10.08 11.17 15.30 7.98 -98.55 11.65 25.87 142.54 2.76% <-IRR #YR-> 10 Price & Dividend 29.53%
P/E on Running 5 yr Average 21.26 13.47 11.22 9.78 10.67 11.11 13.34 13.73 13.84 11.57 12.21 16.53 19.49 21.30 1.36% <-IRR #YR-> 5 Price & Dividend 12.16%
P/E on Running 10 yr Average 23.78 19.90 17.65 16.16 16.84 14.93 12.85 11.77 11.32 9.44 9.88 13.64 14.25 13.59 12.67 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 5.58% 5.30% % Tot Ret 202.52% 389.04% T P/E 11.56 11.65 P/E:  12.06 10.43 Count 29 Years of data
-$26.53 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.92
-$24.36 $0.00 $0.00 $0.00 $0.00 $19.92
-$26.53 $1.41 $1.41 $1.41 $1.41 $1.44 $1.44 $1.44 $1.00 $1.01 $20.99
-$24.36 $1.44 $1.44 $1.00 $1.01 $20.99
High Months Jul Jul Apr May Apr Jul Feb Sep Dec Feb Jul Mar Feb Jan
Price High $26.90 $29.20 $29.51 $28.05 $30.09 $30.02 $27.00 $25.66 $27.79 $27.75 $23.00 $26.00 $23.30 $19.18 -21.04% <-Total Growth 10 Stock Price
Increase 15.45% 8.55% 1.06% -4.95% 7.27% -0.23% -10.06% -4.96% 8.30% -0.14% -17.12% 13.04% -10.38% -17.68% -2.34% <-IRR #YR-> 10 Stock Price -21.04%
P/E 8.28 6.39 12.89 13.36 75.23 11.96 12.39 15.27 11.03 -138.75 12.17 33.77 179.23 10.90 -1.91% <-IRR #YR-> 5 Stock Price -9.20%
Trailing P/E 22.05 8.98 6.46 12.25 14.33 75.05 10.76 11.77 16.54 11.01 -115.00 13.76 30.26 147.54 15.27 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 13.00 13.76 P/E:  12.87 12.17 33.72 P/E Ratio Historical High
-$29.51 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $23.30
-$25.66 $0.00 $0.00 $0.00 $0.00 $23.30
Low Months Jan Feb/Jun Aug Jan Feb Jan Sep Apr Jan Mar Jan Sep Oct Feb
Price Low $22.33 $25.75 $23.55 $24.51 $23.74 $22.73 $23.59 $23.05 $23.63 $12.45 $16.42 $18.03 $16.54 $17.88 -29.77% <-Total Growth 10 Stock Price
Increase 25.94% 15.32% -8.54% 4.08% -3.14% -4.25% 3.78% -2.29% 2.52% -47.31% 31.89% 9.81% -8.26% 8.10% -3.47% <-IRR #YR-> 10 Stock Price -29.77%
P/E 6.87 5.63 10.28 11.67 59.35 9.06 10.82 13.72 9.38 -62.25 8.69 23.42 127.23 10.16 -6.42% <-IRR #YR-> 5 Stock Price -28.24%
Trailing P/E 18.30 7.92 5.15 10.70 11.30 56.83 9.40 10.57 14.07 4.94 -82.10 9.54 21.48 137.54 13.72 P/E Ratio Historical Median
Median 10, 5 Yrs T P/E 10.64 9.54 P/E:  11.25 9.38 8.38 P/E Ratio Historical Low
-$23.55 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.54
-$23.05 $0.00 $0.00 $0.00 $0.00 $16.54
Free Cash Flow MS Prior to 2022/3 $330 $495 $222 $240.99 $546.90 $330.72 $284.85 $344.43 $495.41 $491.00 $412 $405
Free Cash Flow In 2022 MS $330 $260 $222 $240.99 $359.84 $81.29 -$27.39 -$17.93 $31.80 $35.22 $26.52 $113.15 -$5.48 -$94 $24 -102.47% <-Total Growth 10 Free Cash Flow Used MS
Change -14.62% 8.55% 49.32% -77.41% -133.69% 34.54% 277.36% 10.75% -24.70% 326.66% -104.84% -1615.33% 125.53% -21.11% <-IRR #YR-> 5 Free Cash Flow MS 69.44%
FCF/CF from Op Ratio 0.93 0.59 0.54 0.48 0.59 0.18 -0.08 -0.04 0.06 0.06 0.05 0.22 -0.01 -0.24 #VALUE! #NUM! <-IRR #YR-> 10 Free Cash Flow MS -102.47%
Dividends paid (ln235 below) $371.0 $419.0 $450.0 $447.0 $465.9 $465.9 $435.7 $452.2 $443.0 $457.5 $317.5 $309.4 $309.4 $332.0 $333.5 -31.24% <-Total Growth 10 Dividends paid as does 
Percentage paid 129.48% 573.16% -1590.62% -2521.86% 1392.93% 1299.04% 1197.20% 273.46% 0.00% 0.00% 1389.60% $2.73 <-Median-> 9 Percentage paid Mkt Scr
5 Year Coverage 529.13% 2188.79% 4367.09% 1048.72% 912.88% 2288.63% 2495.46% 5 Year Coverage with both
Dividend Coverage Ratio 0.77 0.17 -0.06 -0.04 0.07 0.08 0.08 0.37 -0.02 -0.28 0.07 0.08 <-Median-> 9 Dividend Coverage Ratio
5 Year of Coverage 0.19 0.05 0.02 0.10 0.11 0.04 0.04 5 Year of Coverage
$18 $0 $0 $0 $0 -$5
-$222 $0 $0 $0 $0 $0 $0 $0 $0 $0 -$5
Free Cash Flow WSJ $466.62 $398.44 $413.19 $585.11 $563.20 $474.95 $419.22 -$5.48 -$94.00 $24.00 -101.38% <-Total Growth 7 Free Cash Flow WSJ
Change -14.61% 3.70% 41.61% -3.74% -15.67% -11.73% -101.31% -1615.33% 125.53% #NUM! <-IRR #YR-> 5 Free Cash Flow MS -101.33%
FCF/CF from Op Ratio 1.02 1.13 1.02 1.03 1.02 0.97 0.83 -0.01 -0.24 #VALUE! #NUM! <-IRR #YR-> 7 Free Cash Flow MS #DIV/0!
Dividends paid  $465.92 $435.67 $452.17 $442.95 $457.52 $317.50 $309.42 $309.42 $332.00 $333.51 -28.98% <-Total Growth 7 Dividends paid as does 
Percentage paid 99.85% 109.34% 109.44% 75.70% 81.24% 66.85% 73.81% 0.00% 0.00% 1389.60% $0.78 <-Median-> 8 Percentage paid Mkt Scr
5 Year Coverage 99.85% 104.22% 105.91% 96.42% 92.90% 86.48% 80.61% 90.17% 127.10% 195.66% 5 Year Coverage with both
Dividend Coverage Ratio 1.00 0.91 0.91 1.32 1.23 1.50 1.35 -0.02 -0.28 0.07 1.12 <-Median-> 8 Dividend Coverage Ratio
5 Year of Coverage 1.08 1.16 1.24 1.11 0.79 0.51 5 Year of Coverage
-$413 $0 $0 $0 $0 -$5
-$467 $0 $0 $0 $0 $0 $0 -$5
Market Cap $7,377 $8,271 $7,532 $8,352 $7,640 $8,698 $7,886 $7,261 $8,502 $5,322 $7,107 $6,347 $5,594 $5,423 $5,423 $5,423 -25.72% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 267.017 291.298 303.260 308.672 319.983 325.665 326.929 314.024 307.779 317.725 317.284 306.247 300.479 300.479 300.479 300.479 -0.92% <-Total Growth 10 Diluted
Change 7.51% 9.09% 4.11% 1.78% 3.66% 1.78% 0.39% -3.95% -1.99% 3.23% -0.14% -3.48% -1.88% 0.00% 0.00% 0.00% 0.12% <-Median-> 10 Change
Difference Diluted/Basic -0.5% -0.5% -0.3% -0.2% -0.2% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% -0.1% 0.0% 0.0% 0.0% 0.0% -0.03% <-Median-> 10 Difference Diluted/Basic
Average # of Sh in M 265.580 289.950 302.324 307.910 319.492 325.386 326.805 313.936 307.683 317.725 317.201 306.069 300.392 300.392 300.392 300.392 -0.64% <-Total Growth 10 Average
Change 7.69% 9.18% 4.27% 1.85% 3.76% 1.84% 0.44% -3.94% -1.99% 3.26% -0.16% -3.51% -1.85% 0.00% 0.00% 0.00% 0.14% <-Median-> 10 Change
Difference Basic/Outstanding 5.1% 3.5% 0.6% 2.6% 0.9% 0.4% -0.9% -2.8% 3.3% 0.0% -2.3% -1.9% 0.0% 0.0% 0.0% 0.0% 0.01% <-Median-> 10 Difference Basic/Outstanding
# of Share in M 279.113 300.099 304.075 315.986 322.483 326.615 323.734 305.097 317.710 317.748 309.797 300.359 300.455 300.455 300.455 300.455 -0.12% <-IRR #YR-> 10 Units -1.19%
Change 7.43% 7.52% 1.32% 3.92% 2.06% 1.28% -0.88% -5.76% 4.13% 0.01% -2.50% -3.05% 0.03% 0.00% 0.00% 0.00% -0.31% <-IRR #YR-> 5 Units -1.52%
CF fr Op $Millon $356.00 $444.00 $408.00 $504.00 $609.26 $455.42 $354.03 $404.01 $568.73 $552.98 $490.40 $506.12 $385.52 $386 <- 12 mths -5.51% <-Total Growth 10 Cash Flow
Increase -3.26% 24.72% -8.11% 23.53% 20.88% -25.25% -22.26% 14.12% 40.77% -2.77% -11.32% 3.21% -23.83% 0.00% <- 12 mths S Iss. DRIP, SO Buy Backs
5 year Running Average $319 $354 $370 $416 $464 $484 $466 $465 $478 $467 $474 $504 $501 $464 <- 12 mths 35.41% <-Total Growth 10 CF 5 Yr Running
CFPS $1.28 $1.48 $1.34 $1.60 $1.89 $1.39 $1.09 $1.32 $1.79 $1.74 $1.58 $1.69 $1.28 $1.28 <- 12 mths -4.37% <-Total Growth 10 Cash Flow per Share
Increase -9.95% 16.00% -9.31% 18.87% 18.45% -26.19% -21.57% 21.09% 35.18% -2.78% -9.04% 6.45% -23.85% 0.00% <- 12 mths -0.57% <-IRR #YR-> 10 Cash Flow -5.51%
5 year Running Average $1.31 $1.36 $1.33 $1.42 $1.52 $1.54 $1.46 $1.46 $1.50 $1.47 $1.51 $1.62 $1.62 $1.51 <- 12 mths -0.93% <-IRR #YR-> 5 Cash Flow -4.58%
P/CF on Med Price 19.30 18.57 19.77 16.48 14.25 18.92 23.13 18.39 14.36 11.55 12.45 13.06 15.52 14.44 <- 12 mths -0.45% <-IRR #YR-> 10 Cash Flow per Share -4.37%
P/CF on Closing Price 20.72 18.63 18.46 16.57 12.54 19.10 22.28 17.97 14.95 9.62 14.49 12.54 14.51 14.07 <- 12 mths -0.63% <-IRR #YR-> 5 Cash Flow per Share -3.10%
-5.86% Diff M/C 1.98% <-IRR #YR-> 10 CFPS 5 yr Running 21.72%
Excl.Working Capital CF -$12.00 $10.00 $54.00 $1.00 -$3.51 -$90.95 $161.66 $79.55 -$56.57 -$77.52 -$25.60 $26.47 $109.10 $0 <- 12 mths 2.07% <-IRR #YR-> 5 CFPS 5 yr Running 10.76%
CF fr Op $M WC $344.0 $454.0 $462.0 $505.0 $605.7 $364.5 $515.7 $483.6 $512.2 $475.5 $464.8 $532.6 $494.6 $385.5 <- 12 mths 7.06% <-Total Growth 10 Cash Flow less WC
Increase -1.99% 31.98% 1.76% 9.31% 19.95% -39.83% 41.49% -6.23% 5.92% -7.17% -2.24% 14.59% -7.13% -22.06% <- 12 mths 0.68% <-IRR #YR-> 10 Cash Flow less WC 7.06%
5 year Running Average $315 $352 $375 $423 $474 $478 $491 $495 $496 $470 $490 $494 $496 $471 <- 12 mths 0.45% <-IRR #YR-> 5 Cash Flow less WC 2.29%
CFPS Excl. WC $1.23 $1.51 $1.52 $1.60 $1.88 $1.12 $1.59 $1.58 $1.61 $1.50 $1.50 $1.77 $1.65 $1.28 <- 12 mths 2.83% <-IRR #YR-> 10 CF less WC 5 Yr Run 32.25%
Increase -8.77% 22.75% 0.43% 5.19% 17.53% -40.59% 42.75% -0.50% 1.71% -7.18% 0.27% 18.19% -7.16% -22.06% <- 12 mths 0.04% <-IRR #YR-> 5 CF less WC 5 Yr Run 0.21%
5 year Running Average $1.30 $1.35 $1.34 $1.44 $1.55 $1.52 $1.54 $1.55 $1.56 $1.48 $1.56 $1.59 $1.61 $1.54 <- 12 mths 0.81% <-IRR #YR-> 10 CFPS - Less WC 8.35%
P/CF on Med Price 19.97 18.16 17.46 16.44 14.33 23.64 15.88 15.37 15.95 13.43 13.14 12.42 12.10 14.44 <- 12 mths 0.76% <-IRR #YR-> 5 CFPS - Less WC 3.87%
P/CF on Closing Price 21.44 18.22 16.30 16.54 12.61 23.86 15.29 15.02 16.60 11.19 15.29 11.92 11.31 14.07 <- 12 mths 1.82% <-IRR #YR-> 10 CFPS 5 yr Running 19.73%
*Operational Cash Flow per share and Price/OCF per share (P/O) using closing price CF/-WC P/CF Med 10 yr 14.94 5 yr  13.06 P/CF Med 10 yr 14.85 5 yr  13.14 -5.26% Diff M/C 0.65% <-IRR #YR-> 5 CFPS 5 yr Running 3.32%
OPM 37.59% 40.70% 36.40% 41.86% 56.01% 40.18% 30.65% 35.20% 42.88% 48.35% 41.73% 41.70% 34.30% 33.23% -5.75% <-Total Growth 10 OPM
Increase -9.39% 8.26% -10.57% 15.01% 33.80% -28.26% -23.74% 14.85% 21.83% 12.76% -13.69% -0.09% -17.73% -3.11% Should increase  or be stable.
Diff from Ave. -9.9% -2.4% -12.8% 0.3% 34.3% -3.7% -26.5% -15.6% 2.8% 15.9% 0.0% 0.0% -17.8% -20.3% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 41.71% 5 Yrs 41.73% should be zero,  it is a check  on calculations
EBITDA (Adjusted) $702.1 $746.1 $626.3 $649.8 $694.9 $771.8 $759.1 $761.2 $691.2 $705.1 $704.1 $735.7 6.44% <-Total Growth 10 EBITDA from MD&A Statements
Increase 6.27% -16.07% 3.76% 6.94% 11.06% -1.65% 0.28% -9.20% 2.02% -0.14% 4.48% 1.15% <-Median-> 10 Increase
Margin 64.35% 66.56% 52.02% 59.74% 61.31% 66.81% 66.13% 57.39% 60.43% 60.01% 58.01% 65.46% 60.22% <-Median-> 10 Margin
Distributions $419.0 $450.0 $447.0 $465.9 $465.9 $435.7 $452.2 $443.0 $457.5 $317.5 $309.4 $309.4 -32.37% <-Total Growth 10 Distributions
Distri. % of EBITDA 59.68% 60.31% 71.38% 71.70% 67.05% 56.45% 59.57% 58.19% 66.20% 45.03% 43.94% 42.06% 0.59 <-Median-> 10 % of EBITDA
$739 <-12 mths 3.01%
EBITDA $627.5 $709.1 $743.6 $759.1 $814.1 $763.3 $768.7 $707.3 $737.8 $666.6 $685.9 $679.7 $717.0 $763.9 $851.5 7.56% <-Total Growth 10 EBITDA from WebBroker
Increase 8.94% 13.01% 4.87% 2.08% 7.25% -6.24% 0.71% -7.99% 4.31% -9.65% 2.90% -0.90% 5.49% 6.54% 11.47% Increase
Distributions $371.0 $419.0 $450.0 $447.0 $465.9 $465.9 $435.7 $452.2 $443.0 $457.5 $317.5 $309.4 $309.4 $332.0 $333.5 -32.37% <-Total Growth 10 Distributions
Distri. % of EBITDA 59.13% 59.09% 60.52% 58.89% 57.23% 61.04% 56.68% 63.93% 60.04% 68.64% 46.29% 45.52% 43.15% 43.46% 39.17% 0.58 <-Median-> 10 % of EBITDA
CF/Debt Ratio 7.07% 7.74% 6.85% 7.82% 9.88% 8.06% 6.00% 6.88% 9.16% 5.01% 8.20% 8.12% 5.91% 5.91% 7.94% <-Median-> 10 CF/Debt Ratio
Debt Long, Short $5,034.0 $5,738.0 $5,959.0 $6,444.0 $6,164.7 $5,653.59 $5,899.30 $5,874.03 $6,207.99 $11,042.85 $5,980.21 $6,231.86 $6,525.27 $6,525.27 Debt Lg, Short
Change 14.15% 13.98% 3.85% 8.14% -4.33% -8.29% 4.35% -0.43% 5.69% 77.88% -45.85% 4.21% 4.71% 0.00% 4.28% <-Median-> 10 Change
Debt/Market Cap Ratio 0.68 0.69 0.79 0.77 0.81 0.65 0.75 0.81 0.73 2.07 0.84 0.98 1.17 1.20
Assets/Current Liabilities Ratio 47.02 31.65 58.32 40.21 37.57 33.68 49.57 114.35 160.48 152.39 121.64 39.17 112.37 112.37 80.97 <-Median-> 10 Assets/Current Liabilities Ratio
Debt to Cash Flow (Years) 14.14 12.92 14.61 12.79 10.12 12.41 16.66 14.54 10.92 19.97 12.19 12.31 16.93 16.93 12.60 <-Median-> 10 Debt to Cash Flow (Years)
Long Term Debt $6,164.74 $4,947.96 $4,994.87 $4,960.90 $5,304.10 $5,252.31 $5,324.71 $5,601.23 $5,981.87 $5,981.87 Long Term Debt Type
Change -19.74% 0.95% -0.68% 6.92% -0.98% 1.38% 5.19% 6.80% 0.00% 1.16% <-Median-> 8 Change Lg Term R
Debt/Market Cap Ratio 0.81 0.57 0.63 0.68 0.62 0.99 0.75 0.88 1.07 1.10 0.75 <-Median-> 9 Debt/Market Cap Ratio Intang/GW
Assets/Current Liabilities Ratio 37.57 33.68 49.57 114.35 160.48 152.39 121.64 39.17 112.37 112.37 Assets/Current Liabilities Ratio Liquidity
Current Liabilities/Asset Ratio 0.03 0.03 0.02 0.01 0.01 0.01 0.01 0.03 0.01 0.01 Current Liabilities/Asset Ratio Liq. + CF
Debt to Cash Flow (Years) 10.12 10.86 14.11 12.28 9.33 9.50 10.86 11.07 15.52 15.52 Debt to Cash Flow (Years) Debt Ratio
Leverage
Intangibles $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 #DIV/0! <-Total Growth 10 Intangibles D/E Ratio
Goodwill $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 #DIV/0! <-Total Growth 10 Goodwill
Total $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 #DIV/0! <-Total Growth 10 Total Yes, 0
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% <-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 <-Median-> 10 Intangible/Market Cap Ratio
Current Assets $358.0 $400.0 $184.0 $329.0 $534.7 $462.9 $294.6 $226.8 $319.9 $422.1 $326.7 $345.7 $370.9 $370.9 Liq ratio of 1.5 and up, best Fr. G&M
Current Liabilities $229.0 $409.0 $232.0 $365.0 $425.8 $420.9 $290.0 $122.5 $94.6 $100.2 $124.8 $385.5 $132.1 $132.1 1.55 <-Median-> 10 Ratio
Liquidity 1.56 0.98 0.79 0.90 1.26 1.10 1.02 1.85 3.38 4.21 2.62 0.90 2.81 2.81 2.81 <-Median-> 5 Ratio
Liq. with CF aft div 1.44 1.05 0.71 1.06 1.62 1.09 0.66 1.57 4.56 5.17 4.07 1.42 3.29 3.21 4.07 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  0.26 0.32 0.32 0.44 0.56 1.09 0.66 1.57 4.56 0.91 4.07 1.18 1.31 3.21 1.31 <-Median-> 5 Ratio
Assets $10,767 $12,943 $13,530 $14,677 $15,996 $14,174 $14,377 $14,004 $15,188 $15,268 $15,177 $15,102 $14,842 $14,842.3 Debt Ratio of 1.5 and up, best
Liabilities $5,325 $6,063 $6,258 $6,809 $8,070 $6,164 $6,332 $6,337 $6,883 $7,533 $7,266 $7,373 $7,405 $7,404.5 2.12 <-Median-> 10 Ratio
Debt Ratio 2.02 2.13 2.16 2.16 1.98 2.30 2.27 2.21 2.21 2.03 2.09 2.05 2.00 2.00 2.05 <-Median-> 5 Ratio
Total Book Value $5,442.0 $6,880.0 $7,272.0 $7,868.0 $7,926.8 $8,009.9 $8,044.7 $7,666.4 $8,305.2 $7,735.0 $7,911.3 $7,728.9 $7,437.8 $7,437.8 2.28% <-Total Growth 10 Total Book Value
Preferred $265.0 $265.0 $265.0 $265.5 $265.5 $144.8 $144.8 $144.8 $144.8 $0.0 $0.0 $0.0 $0.0 $0.0 Preferred
Non-Control. Int $79.0 $33.0 $11.0 $0.0 $0.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Non-Control. Int
Book Value $5,098.0 $6,582.0 $6,996.0 $7,602.5 $7,660.6 $7,865.1 $7,899.9 $7,521.6 $8,160.5 $7,735.0 $7,911.3 $7,728.9 $7,437.8 $7,437.8 $7,438 $7,438 6.31% <-Total Growth 10 Book Value
Book Value per share $18.27 $21.93 $23.01 $24.06 $23.76 $24.08 $24.40 $24.65 $25.69 $24.34 $25.54 $25.73 $24.76 $24.76 $24.76 $24.76 7.60% <-Total Growth 10 Book Value
Increase 120.62% 20.08% 4.90% 4.57% -1.27% 1.37% 1.34% 1.03% 4.19% -5.23% 4.91% 0.76% -3.80% 0.00% 0.00% 0.00% -41.11% P/B Ratio Current/Historical Median
P/B Ratio (Median) 1.35 1.25 1.15 1.09 1.13 1.10 1.04 0.99 1.00 0.83 0.77 0.86 0.80 0.75 0.00 0.00 1.24 P/B Ratio Historical Median
P/B Ratio (Close) 1.45 1.26 1.08 1.10 1.00 1.11 1.00 0.97 1.04 0.69 0.90 0.82 0.75 0.73 0.73 0.73 0.73% <-IRR #YR-> 10 Book Value 7.60%
Change -45.55% -13.16% -14.32% 2.03% -9.22% 10.89% -9.73% -3.29% 7.92% -33.96% 30.55% -8.59% -8.40% -3.06% 0.08% <-IRR #YR-> 5 Book Value 0.41%
Leverage (A/BK) 1.98 1.88 1.86 1.87 2.02 1.77 1.79 1.83 1.83 1.97 1.92 1.95 2.00 2.00 1.89 <-Median-> 10 A/BV
Debt/Equity Ratio 0.98 0.88 0.86 0.87 1.02 0.77 0.79 0.83 0.83 0.97 0.92 0.95 1.00 1.00 0.89 <-Median-> 10 Debt/Eq Ratio
Book Value is Asset less Liabilities P/BV 10 Yrs 0.94 5 Yrs 0.84 -22.16% Diff M/C 2.00 Historical Leverage (A/BK)
Comprehensive Income $864.0 $1,371.0 $756.0 $760.0 $352.6 $574.0 $716.8 $523.1 $762.8 -$115.8 $640.2 $325.7 $27.7
NCI $12.0 $14.0 $4.0 $1.0 $0.7 $0.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
Shareholders $852.0 $1,357.0 $752.0 $759.0 $351.9 $573.9 $716.8 $523.1 $762.8 -$115.8 $640.2 $325.7 $27.7 -96.32% <-Total Growth 10 Comprehensive Income
Increase 197.90% 59.27% -44.58% 0.93% -53.63% 63.07% 24.90% -27.02% 45.82% -115.19% 652.63% -49.13% -91.50% -49.13% <-Median-> 5 Comprehensive Income
5 Yr Running Average $286.9 $551.8 $672.8 $801.2 $814.4 $758.8 $630.7 $585.0 $585.7 $492.2 $505.4 $427.2 $328.1 -28.12% <-IRR #YR-> 10 Comprehensive Income -96.32%
ROE 16.7% 20.6% 10.7% 10.0% 4.6% 7.3% 9.1% 7.0% 9.3% -1.5% 8.1% 4.2% 0.4% -44.45% <-IRR #YR-> 5 Comprehensive Income -94.71%
5Yr Median 8.4% 13.3% 13.3% 13.3% 10.7% 10.0% 9.1% 7.3% 7.3% 7.3% 8.1% 7.0% 4.2% -6.93% <-IRR #YR-> 10 5 Yr Running Average -51.23%
% Difference from NI 4.2% 5.5% 10.2% 18.5% 156.9% -29.6% 2.1% 1.0% 0.1% 78.8% 7.4% 37.6% -28.7% -10.92% <-IRR #YR-> 5 5 Yr Running Average -43.91%
Median Values Diff 5, 10 yr 4.7% 7.4% 4.2% <-Median-> 5 Return on Equity
Current Liability Coverage Ratio 1.50 1.11 1.99 1.38 1.42 0.87 1.78 3.95 5.41 4.75 3.72 1.38 3.74 2.92   CFO / Current Liabilities
5 year Median 1.50 1.39 1.39 1.39 1.42 1.38 1.42 1.42 1.78 3.95 3.95 3.95 3.74 3.72 275.2% <-Median-> 10 Current Liability Cov Ratio
Asset Efficiency Ratio 3.19% 3.51% 3.41% 3.44% 3.79% 2.57% 3.59% 3.45% 3.37% 3.11% 3.06% 3.53% 3.33% 2.60% CFO / Total Assets
5 year Median 5.12% 4.50% 3.51% 3.44% 3.44% 3.44% 3.44% 3.45% 3.45% 3.37% 3.37% 3.37% 3.33% 3.11% 3.4% <-Median-> 10 Return on Assets 
Return on Assets ROA 8.11% 10.38% 5.24% 4.52% 0.89% 5.86% 4.98% 3.77% 5.11% -0.42% 3.93% 1.57% 0.26% 3.54% Net  Income/Assets Return on Assets
5Yr Median 2.75% 4.42% 5.24% 5.24% 5.24% 5.24% 4.98% 4.52% 4.98% 4.98% 3.93% 3.77% 1.57% 1.57% 3.9% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 16.04% 19.53% 9.75% 8.43% 1.79% 10.37% 8.89% 6.89% 9.34% -0.84% 7.54% 3.06% 0.52% 7.06% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 8.39% 13.79% 13.79% 13.79% 9.75% 9.75% 8.89% 8.43% 8.89% 8.89% 7.54% 6.89% 3.06% 3.06% 7.2% <-Median-> 10 Return on Equity
$66.10 <-12 mths 70.36% Last 12 mths
Net Income $884.0 $1,359.0 $713.0 $664.0 $142.4 $830.8 $715.3 $528.1 $775.8 -$64.8 $596.3 $236.8 $38.8 Net Income
NCI $11.0 $15.0 $4.0 $1.0 $0.7 $0.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 NCI
Shareholders $873.0 $1,344.0 $709.0 $663.0 $141.8 $830.7 $715.3 $528.1 $775.8 -$64.8 $596.3 $236.8 $38.8 $525.4 $595.5 -94.53% <-Total Growth 10 Net Income
Increase 188.12% 53.95% -47.25% -6.49% -78.62% 486.01% -13.90% -26.17% 46.91% -108.35% -1020.55% -60.30% -83.61% 1254.05% 13.34% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $293.8 $556.2 $668.6 $778.4 $746.2 $737.7 $612.0 $575.8 $598.3 $557.0 $510.2 $414.5 $316.6 $266.5 $398.6 -25.21% <-IRR #YR-> 10 Net Income -94.53%
Operating Cash Flow $356.0 $444.0 $408.0 $504.0 $609.3 $455.4 $354.0 $404.0 $568.7 $553.0 $490.4 $506.1 $385.5 -40.68% <-IRR #YR-> 5 Net Income -92.65%
Investment Cash Flow -$1,018.0 -$935.0 -$278.0 -$522.0 -$802.4 $1,193.6 $85.9 $543.2 $579.7 -$469.3 $94.4 -$79.7 -$200.1 -7.20% <-IRR #YR-> 10 5 Yr Running Ave. -52.65%
Total Accruals $1,535.0 $1,835.0 $579.0 $681.0 $334.9 -$818.3 $275.3 -$419.1 -$372.6 -$148.4 $11.5 -$189.7 -$146.6 -11.27% <-IRR #YR-> 5 5 Yr Running Ave. -45.02%
Total Assets $10,767.0 $12,943.0 $13,530.0 $14,677.0 $15,996.5 $14,173.8 $14,376.6 $14,003.8 $15,188.3 $15,267.7 $15,177.5 $15,101.9 $14,842.3 Balance Sheet Assets
Accruals Ratio 14.26% 14.18% 4.28% 4.64% 2.09% -5.77% 1.92% -2.99% -2.45% -0.97% 0.08% -1.26% -0.99% -0.99% <-Median-> 5 Ratio
EPS/CF Ratio 2.64 3.02 1.51 1.31 0.21 2.25 1.37 1.06 1.56 -0.13 1.26 0.43 0.08 1.16 <-Median-> 10 EPS/CF Ratio
Change in Close 20.14% 4.28% -10.12% 6.70% -10.37% 12.41% -8.52% -2.30% 12.44% -37.41% 36.96% -7.89% -11.88% -3.06% 0.00% 0.00% Count 29 Years of data
up/down Down Down Down Up Count 16 55.17%
Meet Prediction? Yes % right Count 5 31.25%
Financial Cash Flow $647 $597 -$266 $35 $220.2 -$1,678.0 -$424.1 -$942.8 $29.8 $61.7 -$745.5 -$418.0 -$147.4 C F Statement  Financial CF
Total Accruals $888 $1,238 $845 $646 $115 $860 $699 $524 -$402 -$210 $757 $228 $1 Accruals
Accruals Ratio 8.25% 9.57% 6.25% 4.40% 0.72% 6.07% 4.87% 3.74% -2.65% -1.38% 4.99% 1.51% 0.01% 0.01% <-Median-> 5 Ratio
Cash $77.00 $183 $39 $56 $83.3 $54.4 $70.2 $74.7 $93.5 $93.5 $238.5 $77.8 $124.2 $124.2 Cash
Cash per Share $0.28 $0.61 $0.13 $0.18 $0.26 $0.17 $0.22 $0.24 $0.29 $0.29 $0.77 $0.26 $0.41 $0.41 Cash per Share
Percentage of Stock Price 1.04% 2.21% 0.52% 0.67% 1.09% 0.63% 0.89% 1.03% 1.10% 1.76% 3.36% 1.23% 2.22% 2.29%
Taxes
Div 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 Dividend
Cap Gain 1.72% 1.89% 30.17% 1.55% 18.87% 24.24% 27.48% 15.11% 24.40% 17.73% 0.00% 20.24% 22.95% 19.56% <-Median-> 10 Cap Gain
Other Income 31.24% 38.29% 61.77% 40.23% 64.38% 70.96% 72.52% 84.89% 75.60% 59.43% 100.00% 79.76% 68.41% 71.74% <-Median-> 10 Other Income
Foreign Bus 4.57% 6.60% 7.54% 6.27% 5.83% 4.80% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% <-Median-> 10 Foreign Bus
Foreign Bus Income Tax Paid -0.40% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% <-Median-> 9 Foreign Bus Income Tax Paid
Ret of Cap. 62.47% 53.22% 0.52% 51.95% 11.32% 0.00% 0.00% 0.00% 0.00% 22.84% 0.00% 0.00% 8.64% 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 9, 2024.  Last estimates were for 2023 and 2024 of $1178M, $1246M for Revenue, $1.54, $1.66 for AFFO, $1.77 and $2.07 for FFO, 
$1.72 and $1.81 for EPS, $1.08 and $1.11 for Distributions, -$63 and $18 for FCF, $736.9M and $848.2M for EBITDA, $481M, $492M for Net Income.
March 10, 2023.  Last estimates were for 2022 and 2023 of $1196M and 246M for Revenue, $1.44 and $1.56 for AFFO, $$1.70 and $1.79 for FFO, 
$1.63 and $1.70 for EPS, $1.02 and $1.05 for Distributions, $517.2 and $539.4 for Net Income.
March 12, 2022.  Last estimates were for 2021 amd 2022 of $1110M and $1145M for Revenue, $1.30 and $1.47 for AFFO, $1.52 and $1.66 for FFO, 
$0.35 and $0.36 for EPS, $1.06 and $0.96 for Distributions, $119M and -$43M for FCF, $663.7M and $696M for EBITDA.
March 7, 2021.  Last estimates were for 2020 amd 2021 of $1138M and $1192M for Revenue, $1.49 and $1.56 for AFFO, R1.74 and $1.76 for FFO, 
$1.75 and $1.83 for EPS, $1.44 and $1.44 for Dividends, $962M and $961M for FCF, $737.2M and $750.6M for EBITDA.
March 3, 2020.  Last estimates were for 2019 and 2020 of $1110M and $1066M for Revenue, $1.49 and $1.60 for AFFO, $1.92 and $1.87 for FFO, 
$1.76 and $1.80 for EPS, $1.44, $1.45 and $1.45 for Dividends, $742.9M and 713.4M forEBITDA.
March 3, 2019.  Last estimates were for 2018 amd 2019 of $1137M and $1114M for Revenue, $1.49 and $1.47 for AFFO, $1.85 and $1.86 for FFO, $1.75 and $1.72 for EPS.
February 24, 2018.  Last estimates were for 2017 and 2018 of 1193M, $1252M for Revenue, $1.48 and 1.51 for AFFO, $1.64 and $1.68 for FFO, $1.69 and $1.76 for EPS.
January 10, 2018. Jennifer Dowty.  Management is currently in the process of transitioning the REIT with its plans to divest over $2-billion of assets in secondary markets and reinvesting
 the proceeds in primary markets (in major cities). Patient investors may be rewarded as management's strategy unfolds.
February 28, 2017.  Last estimates were for 216 and 2017 of $1271M for Revenue for 2016, $1.49 and $1.31 for AFFO, $1.65 and $1.67 for FFO and $1.82 for EPS for 2016 and $763.3 and $741.6 EBITDA.
March 5, 2016.  Last estimates were for 2015 and 2016 of $1287M and $1271M for Revenue, $1.54 and $1.62 for AFFO,  $1.72 and $1.80 for FFO, $1.73 and $1.82 for EPS and $815.3 and $557.7 for EBITDA
March 8, 2015. Last estimates were for 2014 and 2015 of $1201M and $1283M for Revenue, $1.48 and $1.54 for AFFO, $1.67 and $1.73 for FFO, $2.00 and $2.12 for EPS, $744M and $816M for EBITDA
March 1, 2014.  Last estimates were for 2013 and 2014 of $1163M and 1217M for Revenue, $1.40 and $#1.49 for AFFO, $1.58 and $1.68 for FFO, $2.92 and $2.68 (plus $1.68 for 2015) for EPS and $1.63 for 2013 for CFPS.
March 5, 2012.  Last estimates were for 2012 and 2013 of $1061M and $1125M for Revenue, $1.29 and $1.38 AFFO, $1.49 and $1.58 FFO, $3.55 and $2.59 (and $1.61 2014) for EPS and $1.55 and $1.63 CFPS.
Feb 19, 2012.  New Accounting rules are greatly affecting Earnings. FFO goes from $1.33 to $1.43 if 2010 done as IFSR.  EPS would have gone from $6.05 to $3.25, not from $1.22 to $3.25
I have added in AFFO as a number of analysts look at that now.  Problem seems to be different people calculated AFFO differently.
Feb 19, 2012.  Last Estimates were for 2011 and 2012 for FFO of $1.52 and $1.59, EPS of 1.31 and $1.43 and CF for $1.72 and $1.93.
Mar 19, 2011.  Last I looked I got estimates for 2010, 2011and/or 2012 of $1.41, $1.54 and $1.62 for FFO, $0.56 and $.059 for Earnings and $1.36 and $1.62 for CF.
Unaudited statements used for 2009.  In August 2009, I got earnings and FFO for 2009 at $.55 and $1.28.  They came in at $.49 and $1.20.    Few believe distribution will be affected by 2009 less than stellar
performance.  I also got cash flow of $1.25 a share, but came in at $1.13.  CEO says FFO in 2010 will be more than $1.38.  There was a sell off, but it it warrented because of one bad year?  I think not.
In April 2009, I got distributible Income of $1.48 and $1.44 for 2009 and 2010; everyone has since downgraded this  and Earnings.  In Apr I got earnings of $.75 & $.82 for these years.
 23 April 2009 RioCan REIT (TSX-REI.UN) dropped from $20 last year to its current price of $13.98. But occupancy rates in its buildings remain high at almost 97 per cent, rents have gone up 
and distributions were increased for the 15th straight year. Plus distribution rates will be maintained. From the Contra Guys.
Apr 2009 AR 2008.  In July 2008 I picked up Distributable Income for 2008 at $1.47.  It came in at $1.48.
AP 2007.  Following the REIT market almost bang on. Diverging downward from the composite index.
AP 2006.  I have done well by this stock.  TD still rates it a buy. My worry is that shareholder value has gone down last 3 years. Accrual is never negative.  Including Fin C. F. does not help.<
AO 2005.  Both I and TD agree on this stock.  TD rates a Buy.  I have done well by it.
AP 2004. Same as 2003.  
May 2003. I think that the price is a little high at the present time to buy more.  
AP 2003. This stock is doing what it should be.  The return re Price & Dividend is good. 2002. Same 2003. This is a wholly retail forcused REIT.
Sector:
Real Estate
What should this stock accomplish?
You should get a good dividend (r to 5% range) and growth at or above the rate of inflation.
Would I buy this company and Why.
Why am I following this stock. 
I am following this stock because I own it.
Why I bought this stock.
I first bought this stock in 1998 because I wanted to diversify my portfolio into REITs. It was a stock covered and recommended by MPL Communications in their Income Trust coverage.
Over the years I have made several more purchases of this REIT.
Dividends
Dividends are paid monthly.  Dividends for shareholders of record are paid in the following month.
For example, dividends paid for shareholder of record on December 31, 2012 were paid on January 8, 2013.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers 
For employees 
For community 
For investors 
How they make their money
RioCan Real Estate Investment Trust is a Canadian real estate investment trust which owns, develops, and operates Canada's portfolio of retail-focused, increasingly mixed-use properties. 
The REIT's property portfolio includes shopping centers and mixed-use developments, with majority of its properties located in Ontario, Canada. RioCan’s tenants consist of grocery stores, 
supermarkets, restaurants, cinemas, pharmacies, and corporates.   
You do not expect much increase in Book Value when most of earnings go to dividends.  EPS do not count as much in REITs as Distributable Income.  Div increases above inflation is good for REITs.
Ratings are SR-2 (S&P)and STA-2L (DBRS) - both are high ratings
M$ CDN
Cash flows
Operations
Investing
Financing
Cash
How new Ontario Rules of 2006 and coming into effect in 2011 affect REITs.
Real estate income trusts will not be subject to the new rules on real estate income derived in Canada (the non-Canadian real estate operations of existing REITs will be subject to the same
taxation as business trusts).  REITS and Investment Trusts (Mutual Funds) and not affected by new rules.  After 2011 all other types of trusts (i.e. Business Trusts and Energy Trusts) will be taxed as corporations.  
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 2016 Feb 27 2017 Feb 25 2018 Mar 3 2019 Mar 5 2020 Mar 7 2021 Mar 12 2022 Mar 10 2023 Mar 9 2024
Gitlin, Jonathan 0.074 0.02% 0.091 0.03% 0.100 0.03% 0.176 0.06% Was officer, then CEO 2022 76.19%
CEO - Shares - Amount $1.708 $1.930 $1.807 $3.183
Options - percentage 1.070 0.35% 1.052 0.35% 1.061 0.35% 0.967 0.32% -8.81%
Options - amount $24.538 $22.235 $19.147 $17.461
Basitto. Dennis 0.015 0.01% 0.020 0.01% 0.023 0.01% 12.46%
CFO - Shares - Amount $0.326 $0.362 $0.407
Options - percentage 0.048 0.02% 0.080 0.03% 0.127 0.04% 58.96%
Options - amount $1.020 $1.447 $2.300
Tang, Qi 0.010 0.00% 0.010 0.00% 0.010 0.00% 0.017 0.01% Ceased insider Jun 2021
CFO - Shares - Amount $0.238 $0.268 $0.168 $0.392
Options - percentage 0.026 0.01% 0.160 0.05% 0.184 0.06% 0.173 0.06%
Options - amount $0.628 $4.292 $3.083 $3.960
Devine, Cynthia 0.00% 0.022 0.01% Quit as CFO effective at the
CFO - Shares - Amount $0.302 $0.540 end of March 2017.
Options - percentage 0.09% 0.284 0.09%
Options - amount $7.543 $6.929
Duncan, Andrew William 0.016 0.01% 0.039 0.01% 135.98%
COO - Shares - Amount $0.295 $0.697
Options - percentage 0.350 0.12% 0.340 0.11% -2.90%
Options - amount $6.320 $6.136
Ballantyne, John 0.01% 0.045 0.01% 0.045 0.01% 0.045 0.01% 0.050 0.02% 0.058 0.02% 0.064 0.02% 0.073 0.02% 0.095 0.03% 29.53%
Officer - Shares - Amount $1.198 $1.096 $1.071 $1.204 $0.843 $1.322 $1.354 $1.322 $1.713
Options - percentage 0.18% 0.595 0.18% 0.613 0.20% 0.726 0.23% 0.685 0.22% 0.803 0.26% 0.721 0.24% 0.653 0.22% 0.523 0.17% -19.93%
Options - amount $15.828 $14.501 $14.596 $19.415 $11.481 $18.432 $15.228 $11.793 $9.443
Brooks, Bonnie 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% #DIV/0!
Director - Shares - Amount $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Options - percentage 0.01% 0.020 0.01% 0.028 0.01% 0.039 0.01% 0.047 0.01% 0.063 0.02% 0.075 0.02% 0.084 0.03% 0.094 0.03% 12.49%
Options - amount $0.456 $0.478 $0.665 $1.035 $0.786 $1.449 $1.586 $1.513 $1.702
Dansereau, Richard 0.007 0.00% 0.007 0.00%
Director - Shares - Amount $0.129 $0.129
Options - percentage 0.052 0.02% 0.065 0.02%
Options - amount $0.941 $1.173
Sonshine, Edward 0.13% 0.420 0.13% 0.450 0.15% 0.175 0.06% 0.482 0.15% 0.571 0.18% 0.566 0.19% 0.559 0.19% 0.630 0.21% Was CEO, now Chairman 2022 12.65%
Chairman - Shares - Amt $11.185 $10.231 $10.710 $4.693 $8.079 $13.109 $11.953 $10.097 $11.374
Options - percentage 0.82% 3.193 0.99% 3.610 1.18% 3.380 1.06% 3.665 1.15% 4.208 1.36% 3.568 1.19% 3.074 1.02% 2.379 0.79% -22.61%
Options - amount $71.030 $77.777 $85.928 $90.436 $61.394 $96.531 $75.393 $55.479 $42.933
Godfrey, Paul Victor 0.05% 0.173 0.05% 0.173 0.06% 0.173 0.05% 0.173 0.05% 0.173 0.06% #DIV/0!
Chairman - Shares - Amt $4.596 $4.205 $4.108 $4.619 $2.891 $3.959
Options - percentage 0.01% 0.026 0.01% 0.037 0.01% 0.225 0.07% 0.060 0.02% 0.080 0.03% #DIV/0!
Options - amount $0.818 $0.638 $0.877 $6.034 $1.009 $1.846
Increase in O/S Shares 0.32% 1.671 0.51% 0.010 0.00% 0.268 0.09% 0.833 0.26% 0.000 0.00% 0.110 0.04% 0.088 0.03% 0.085 0.03% 0.13%
due to SO  $24.140 $44.499 $0.244 $6.378 $22.291 $0.000 $2.522 $1.859 $1.534
Book Value $23.701 $39.882 $0.258 $5.105 $23.085 $0.484 $2.004 $4.415 $3.173
Insider Buying -$1.712 -$1.144 -$1.485 -$0.156 -$0.402 -$0.631 -$0.512 -$0.647 -$0.514
Insider Selling $23.491 $19.543 $0.272 $1.294 $8.753 $0.000 $0.163 $0.198 $0.120
Net Insider Selling $21.779 $18.399 -$1.213 $1.138 $8.351 -$0.631 -$0.349 -$0.448 -$0.394
% of Market Cap 0.25% 0.23% -0.02% 0.01% 0.16% -0.01% -0.01% -0.01% -0.01%
Directors 9 9 9 9 9 9 10 11
Women 40% 4 44% 4 44% 3 33% 3 33% 3 33% 3 33% 4 40% 4 36%
Minorities 0% 0 0% 0 0% 0 0% 0 0% 1 11% 1 11% 1 10% 2 18%
Institutions/Holdings 39.31% 206 35.27% 109 35.27% 235 36.75% 20 36.75% 20 18.22% 20 19.68% 20 22.48%
Total Shares Held 38.74% 114.800 35.46% 31.927 10.46% 111.937 35.23% 25.116 7.90% 56.453 18.80% 59.116 19.68% 67.529 22.48%
Increase/Decrease -1.29% 0.667 0.58% 0.241 0.76% 2.169 1.98% 1.939 8.37% -0.472 -0.83% -0.351 -0.59% 3.729 5.84%
Starting No. of Shares 114.133 31.686 109.768 23.177 Top 20 MS 56.925 Top 20 MS 59.467 Top 20 MS 63.800 Top 20 MS
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