This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.														Estimates	Estimates	Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.														Q1 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
H & R Real Estate Trust						TSX:	HR.UN	OTC:	HRUFF	https://www.hr-reit.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
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split/Spin-off											4										Received 1 Primasis for 4 HR
Date											31/12/2021
Revenue*	$656.91	$835.30	$1,137.0	$1,227.8	$1,188.3	$1,196.0	$1,168.5	$1,176.6	$1,149.5	$1,098.7	$1,065.3	$834.6	$847.1	$927	$951			-25.49%	<-Total Growth	10	Revenue
Increase	6.27%	27.16%	36.12%	7.98%	-3.22%	0.65%	-2.30%	0.69%	-2.30%	-4.42%	-3.04%	-21.65%	1.50%	9.45%	2.60%			-2.90%	<-IRR #YR->	10	Revenue	-25.49%
5 year Running Average	$616.1	$666.7	$771.8	$895.0	$1,009.1	$1,116.9	$1,183.5	$1,191.4	$1,175.8	$1,157.8	$1,131.7	$1,064.9	$999.0	$954.6	$925.1			-6.36%	<-IRR #YR->	5	Revenue	-28.00%
Revenue per Share	$3.81	$4.29	$4.21	$4.47	$4.25	$4.19	$4.01	$4.12	$4.01	$3.83	$3.69	$3.14	$3.24	$3.54	$3.63			2.61%	<-IRR #YR->	10	5 yr Running Average	29.45%
Increase	-10.01%	12.71%	-1.84%	6.10%	-4.89%	-1.35%	-4.33%	2.68%	-2.65%	-4.47%	-3.57%	-15.01%	3.06%	9.45%	2.60%			-3.46%	<-IRR #YR->	5	5 yr Running Average	-16.15%
5 year Running Average	$4.23	$4.18	$4.16	$4.20	$4.21	$4.28	$4.23	$4.21	$4.12	$4.03	$3.93	$3.76	$3.58	$3.49	$3.45			-2.60%	<-IRR #YR->	10	Revenue per Share	-23.19%
P/S (Price/Sales) Med	5.73	5.72	5.41	5.00	5.32	5.00	5.54	4.90	5.51	3.84	3.78	3.91	3.36	2.70	0.00			-4.71%	<-IRR #YR->	5	Revenue per Share	-21.45%
P/S (Price/Sales) Close	6.11	5.62	5.08	4.86	4.72	5.34	5.33	5.01	5.26	3.47	3.53	3.86	3.06	2.45	2.39			-1.48%	<-IRR #YR->	10	5 yr Running Average	-13.87%
*Property Rental Revenue in M CDN $					P/S Med	20 yr	4.95	15 yr	5.00	10 yr	4.95	5 yr	3.84		-50.48%	Diff M/C		-3.17%	<-IRR #YR->	5	5 yr Running Average	-14.89%
			-$1,137.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$847.1
								-$1,176.6	$0.0	$0.0	$0.0	$0.0	$847.1
			-$771.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$999.0
								-$1,191.4	$0.0	$0.0	$0.0	$0.0	$999.0
			-$4.21	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.24
								-$4.12	$0.00	$0.00	$0.00	$0.00	$3.24
			-$4.16	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.58
								-$4.21	$0.00	$0.00	$0.00	$0.00	$3.58
Payout Ratio AFFO														60.27%	59.15%				Estimates		Payout Ratio FFO
Amount														$310.7	<-12 mths	-0.80%					Amount
Per Share														$1.10	<-12 mths	-0.90%		Pg 52			Per Share
AFFO Amount	$237.5	$258.6	$382.0	$445.1	$439.4	$464.5	$464.2	$425.4	$398.0	$383.8	$365.8	$287.3	$313.2					-18.01%	<-Total Growth	10	AFFO Amount	See
AFFO Basic	$1.49	$1.37	$1.47	$1.54	$1.50	$1.560	$1.520	$1.403	$1.320	$1.270	$1.212	$0.988	$1.111					-24.42%	<-Total Growth	10	AFFO Basic	Later, Scan
AFFO Diluted	$1.44	$1.32	$1.46	$1.53	$1.49	$1.540	$1.510	$1.406	$1.314	$1.272	$1.209	$0.984	$1.111	$0.99	$1.02			-23.90%	<-Total Growth	10	AFFO Basic
Increase	26.3%	-8.3%	10.6%	4.8%	-2.6%	3.4%	-1.9%	-6.9%	-6.5%	-3.2%	-5.0%	-18.6%	12.9%	-10.9%	3.0%			10	0	10	Years of Data, AFFP, P or N	100.00%
AFFO Yield	6.19%	5.48%	6.82%	7.04%	7.43%	6.88%	7.07%	6.81%	6.23%	9.57%	9.27%	8.13%	11.22%	11.41%	11.75%			-2.69%	<-IRR #YR->	10	AFFO	-23.90%
5 year Running Average		$1.36	$1.35	$1.38	$1.45	$1.47	$1.51	$1.50	$1.45	$1.41	$1.34	$1.24	$1.18	$1.11	$1.06			-4.60%	<-IRR #YR->	5	AFFO	-20.98%
Payout Ratio AFFO	67.42%	89.02%	92.47%	88.24%	90.60%	87.82%	91.39%	98.15%	105.02%	72.33%	57.07%	56.03%	53.63%	60.6%	58.8%			-1.34%	<-IRR #YR->	10	5 yr Running Average	-12.61%
5 year Running Average		75.01%	74.23%	81.76%	85.58%	89.61%	90.07%	91.12%	94.25%	91.06%	133.96%	137.61%	140.02%	135.88%	0.00%			-4.66%	<-IRR #YR->	5	5 yr Running Average	-21.21%
Price/AFFO Median	15.16	18.59	15.60	14.59	15.18	13.60	14.73	14.37	16.81	11.55	11.53	12.47	9.79	9.66	0.00			13.99	<-Median->	10	P/AFFO Med
Price/AFFO High	16.55	19.70	17.15	15.59	16.91	15.40	15.63	15.23	17.98	17.18	13.14	14.52	11.90	10.27	0.00			15.50	<-Median->	10	P/AFFO High
Price/AFFO Low	13.76	17.49	14.05	13.59	13.46	11.81	13.83	13.50	15.64	5.92	9.93	10.42	7.68	9.04	0.00			12.63	<-Median->	10	P/AFFO Low
Price/AFFO Close	16.15	18.26	14.66	14.20	13.46	14.53	14.15	14.69	16.06	10.45	10.79	12.31	8.91	8.77	8.51			13.80	<-Median->	10	P/AFFO Close
Trailing P/AFFO Close	20.40	16.74	16.21	14.88	13.10	15.01	13.87	13.68	15.01	10.11	10.25	10.02	10.06	7.81	8.77			13.39	<-Median->	10	Trailing P/AFFO Close
Median Values		DPR	10 Yrs	88.03%	5 Yrs	57.07%	P/CF	5 Yrs	in order	11.55	14.52	9.93	10.79		-24.08%	Diff M/C					DPR 75% to 95% best
Adjusted Funds From Operations
			-$1.46	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.11
								-$1.41	$0.00	$0.00	$0.00	$0.00	$1.11
			-$1.35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.18
								-$1.50	$0.00	$0.00	$0.00	$0.00	$1.18
Payout Ratio FFO														51.44%	50.70%				Estimates		Payout Ratio FFO
Amount														$370.2	<-12 mths	-0.83%					Amount
Per Share														$1.32	<-12 mths	-0.75%					Per Share
Distributable Income/Amount	$271.9	$329.0	$472.8	$543.0	$569.9	$584.3	$560.1	$525.7	$529.1	$503.1	$461.4	$341.2	$373.4					-21.03%	<-Total Growth	10	Distributable Income/Amount
FFO Basic	$1.70	$1.74	$1.82	$1.88	$1.95	$1.96	$1.840	$1.740	$1.755	$1.665	$1.529	$1.173	$1.325					-27.20%	<-Total Growth	10	FFO Basic
FFO Diluted	$1.57	$1.65	$1.79	$1.86	$1.92	$1.93	$1.820	$1.730	$1.746	$1.668	$1.525	$1.168	$1.325	$1.16	$1.19			-25.98%	<-Total Growth	10	FFO Diluted
Increase	22.66%	5.10%	8.48%	3.91%	3.23%	0.52%	-5.70%	-4.95%	0.92%	-4.47%	-8.57%	-23.41%	13.44%	-12.45%	2.59%			10	0	10	Years of Data, AFFP, P or N	100.00%
FFO Yield	6.75%	6.85%	8.36%	8.56%	9.58%	8.63%	8.52%	8.38%	8.27%	12.55%	11.69%	9.64%	13.38%	13.36%	13.71%			-2.96%	<-IRR #YR->	10	FFO	-25.98%
5 year Running Average	$1.51	$1.50	$1.54	$1.63	$1.76	$1.83	$1.86	$1.85	$1.83	$1.78	$1.70	$1.57	$1.49	$1.37	$1.27			-5.19%	<-IRR #YR->	5	FFO	-23.41%
Payout Ratio	61.84%	71.21%	75.42%	72.58%	70.31%	70.08%	75.82%	79.77%	79.04%	55.16%	45.25%	47.20%	44.97%	51.72%	50.42%			-0.34%	<-IRR #YR->	10	5 yr Running Average	-3.36%
5 year Running Average	69.98%	68.03%	65.06%	69.12%	70.49%	71.89%	72.77%	73.57%	74.81%	72.10%	105.90%	108.60%	110.97%	110.47%	0.00%			-4.30%	<-IRR #YR->	5	5 yr Running Average	-19.74%
Price/FFO Median	13.90	14.88	12.72	12.00	11.78	10.85	12.22	11.68	12.65	8.81	9.14	10.51	8.21	8.24	0.00			11.27	<-Median->	10	Price/FFO Median
Price/FFO High	15.18	15.76	13.99	12.83	13.13	12.28	12.97	12.38	13.53	13.10	10.42	12.23	9.98	8.77	0.00			12.60	<-Median->	10	Price/FFO High
Price/FFO Low	12.62	13.99	11.46	11.18	10.44	9.42	11.47	10.97	11.77	4.51	7.87	8.78	6.44	7.72	0.00			9.93	<-Median->	10	Price/FFO Low
Price/FFO Close	14.82	14.61	11.96	11.68	10.44	11.59	11.74	11.94	12.08	7.97	8.55	10.37	7.47	7.48	7.29			11.02	<-Median->	10	Price/FFO Close
Trailing P/FFO Close	18.17	15.35	12.97	12.14	10.78	11.65	11.07	11.35	12.20	7.61	7.82	7.94	8.48	6.55	7.48			10.92	<-Median->	10	Trailing P/FFO Close
Median Values		DPR	10 Yrs	70.20%	5 Yrs	47.20%	P/CF	5 Yrs	in order	9.14	12.23	7.87	8.55		-18.17%	Diff M/C		-33.58%	Diff M/C	10	DPR 75% to 95% best
Funds from Operations per share (started as Distributable Cash)
			-$1.79	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.33
								-$1.73	$0.00	$0.00	$0.00	$0.00	$1.33
			-$1.54	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.49
								-$1.85	$0.00	$0.00	$0.00	$0.00	$1.49
Earnings by O/S Shares				$1.55	$1.22	$1.36	$1.84	$1.18	$1.19	-$2.18	$2.09	$3.18	$0.24								Earnings by O/S Shares
EPS Basic	-$0.16	$2.77	$1.31	$1.47	$1.23	$1.38	$1.86	$1.11	$1.13	-$2.07	$2.00	$2.91	$0.2189					-83.24%	<-Total Growth	10	EPS Basic	Est. WSJ
EPS Diluted	-$0.16	$2.69	$1.25	$1.47	$1.12	$1.25	$1.72	$1.12	$1.12	-$2.07	$1.99	$2.89	$0.2189	$1.1600	$1.1800			-82.45%	<-Total Growth	10	EPS Diluted
Increase	-113.31%	-1801%	-53.71%	17.85%	-23.80%	11.92%	36.99%	-34.98%	0.58%	-284.32%	-196.33%	45.08%	-92.43%	429.92%	1.72%			9	1	10	Years of Data, EPS P or N	90.00%
Earnings Yield	-0.68%	11.18%	5.83%	6.77%	5.59%	5.60%	8.04%	5.41%	5.32%	-15.58%	15.29%	23.89%	2.21%	13.36%	13.59%			-15.97%	<-IRR #YR->	10	Earnings per Share	-82.45%
5 yr Running Ave.	$0.46	$1.00	$1.11	$1.29	$1.27	$1.56	$1.36	$1.34	$1.27	$0.63	$0.78	$1.01	$0.83	$0.84	$1.49			-27.81%	<-IRR #YR->	5	Earnings per Share	-80.40%
10 year Running Average	$0.74	$0.89	$0.89	$0.94	$0.96	$1.01	$1.18	$1.22	$1.28	$0.95	$1.17	$1.19	$1.08	$1.05	$1.06			-2.81%	<-IRR #YR->	10	5 yr Running Average	-24.84%
* Net Income per share (Cdn GAAP)									E/P	10 Yrs	5.60%	5Yrs	5.32%					-9.04%	<-IRR #YR->	5	5 yr Running Average	-37.72%
			-$1.25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.22
								-$1.12	$0.00	$0.00	$0.00	$0.00	$0.22
			-$1.11	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.83
								-$1.34	$0.00	$0.00	$0.00	$0.00	$0.83
Dividend*														$0.60	$0.60				Estimates		Distributions*
Increase														0.15%	1.11%				Estimates		Increase
Payout Ratio EPS														51.44%	51.13%				Estimates		Payout Ratio EPS
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.24	$0.35	$0.52	$0.10	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends	Sp Div 2022
Dividend*	$0.97	$1.18	$1.35	$1.35	$1.35	$1.35	$1.38	$1.38	$1.38	$0.92	$0.6900	$0.5513	$0.5958	$0.6000	$0.6000	$0.6000		-55.87%	<-Total Growth	10	Dividends
Increase	23.28%	21.03%	14.89%	0.00%	0.00%	0.19%	2.03%	0.00%	0.00%	-33.33%	-25.00%	-20.10%	8.07%	0.70%	0.00%	0.00%		18	4	26	Years of data, Count P, N	69.23%
Average Increases 5 Year Running	-1.85%	1.76%	3.72%	13.72%	11.84%	7.22%	3.42%	0.44%	0.44%	-6.22%	-11.26%	-15.69%	-14.07%	-13.93%	-7.26%	-2.26%		0.44%	<-Median->	10	Average Incr 5 Year Running
5 year running Average	$1.06	$1.02	$1.00	$1.13	$1.24	$1.32	$1.36	$1.36	$1.37	$1.28	$1.80	$1.70	$1.65	$1.51				64.83%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	4.45%	4.79%	5.93%	6.05%	5.97%	6.46%	6.21%	6.83%	6.25%	6.26%	4.95%	4.49%	5.48%	6.28%				6.13%	<-Median	10	Yield H/L Price	Item
Yield on High  Price	4.07%	4.52%	5.39%	5.66%	5.36%	5.70%	5.85%	6.44%	5.84%	4.21%	4.34%	3.86%	4.51%	5.90%				5.51%	<-Median	10	Yield on High  Price	EPS
Yield on Low Price	4.90%	5.09%	6.58%	6.49%	6.73%	7.44%	6.61%	7.27%	6.72%	12.22%	5.75%	5.38%	6.98%	6.70%				6.72%	<-Median	10	Yield on Low Price	AFFO
Yield on Close Price	4.17%	4.88%	6.31%	6.21%	6.73%	6.05%	6.46%	6.68%	6.54%	6.92%	5.29%	4.55%	6.02%	6.91%	6.91%	6.91%		6.34%	<-Median	10	Yield on Close Price	FFO
Payout Ratio EPS	-613.01%	43.61%	108.23%	91.83%	120.51%	107.88%	80.35%	123.58%	122.87%	-44.44%	34.60%	19.05%	272.18%	51.72%	50.85%	#DIV/0!		99.86%	<-Median	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	231.78%	101.94%	90.42%	87.43%	97.21%	84.48%	99.61%	102.01%	108.08%	204.17%	231.62%	168.31%	198.28%	180.24%	0.00%	#DIV/0!		105.04%	<-Median	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	41.39%	41.49%	59.03%	48.43%	48.92%	90.96%	83.89%	85.31%	94.64%	61.82%	44.02%	57.47%	52.96%	53.33%				59.64%	<-Median	10	DPR CF
DPR CF 5 Yr Running	57.64%	48.62%	45.06%	47.27%	47.62%	54.12%	61.85%	66.16%	76.31%	83.32%	115.60%	120.03%	124.99%	120.71%				71.23%	<-Median	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	39.13%	42.16%	49.68%	46.50%	49.21%	50.46%	54.69%	54.16%	55.64%	39.11%	30.54%	32.49%	32.74%	32.97%				47.86%	<-Median	10	DPR CF WC
DPR CF WC 5 Yr Running	54.76%	47.92%	42.97%	44.90%	45.45%	47.56%	49.99%	50.85%	52.73%	50.96%	73.91%	75.07%	77.74%	76.02%				50.90%	<-Median	10	DPR CF WC 5 Yr Running
Median 5 Yr	10 Yr Med	10 Yr Cl	6.13%	6.34%	5 Yr Med	5 Yr Cl	5.48%	6.02%	5 Yr Med	Payout	34.60%	57.47%	32.74%					-4.16%	<-IRR #YR->	5	Dividends	-56.83%
* Distributions per share	10 Yr Med	and Cur.	12.84%	9.09%	5 Yr Med	and Cur.	26.17%	14.86%	Last Div Inc --->		$0.0458	$0.0500	9.17%					-1.89%	<-IRR #YR->	10	Dividends	-55.87%
Dividends Growth 15																		-1.69%	<-IRR #YR->	15	Dividends	-58.63%
Dividends Growth 20																		-0.46%	<-IRR #YR->	20	Dividends	-51.32%
Dividends Growth 25																		0.32%	<-IRR #YR->	25	Dividends	-42.16%
Dividends Growth 30																		1.92%	<-IRR #YR->	26	Dividends
Dividends Growth 5								-$1.38	$0.00	$0.00	$0.00	$0.00	$1.12								Dividends Growth 5
Dividends Growth 10			-$1.35	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.12								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	$1.12								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	$1.12								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	$1.12								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	$1.12								Dividends Growth 30
Historical Dividends	Historical	High Div	12.14%	Low Div	4.01%	10 Yr High	11.74%	10 Yr Low	3.89%	Med Div	6.25%	Close Div	6.46%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-43.06%		72.38%	Exp.	-41.12%		77.70%	Cheap	10.60%	Cheap	6.99%								High/Ave/Median
Future Dividend Yield					Div Yd	5.59%	earning in	5	Years	at IRR of	-4.16%	Div Inc.	-19.14%								Future Dividend Yield
Future Dividend Yield					Div Yd	4.52%	earning in	10	Years	at IRR of	-4.16%	Div Inc.	-34.62%								Future Dividend Yield
Future Dividend Yield					Div Yd	3.65%	earning in	15	Years	at IRR of	-4.16%	Div Inc.	-47.14%								Future Dividend Yield
Future Dividend Paid					Div Paid	$0.49	earning in	5	Years	at IRR of	-4.16%	Div Inc.	-19.14%								Future Dividend Paid
Future Dividend Paid					Div Paid	$0.39	earning in	10	Years	at IRR of	-4.16%	Div Inc.	-34.62%								Future Dividend Paid
Future Dividend Paid					Div Paid	$0.32	earning in	15	Years	at IRR of	-4.16%	Div Inc.	-47.14%								Future Dividend Paid	Item
																						Revenue Growth
Dividend Covering Cost					Total Div	$2.76	over	5	Years	at IRR of	-4.16%	Div Cov.	31.80%								Dividend Covering Cost	AFFO Growth
Dividend Covering Cost					Total Div	$4.51	over	10	Years	at IRR of	-4.16%	Div Cov.	51.93%								Dividend Covering Cost	Net Income Growth
Dividend Covering Cost					Total Div	$5.92	over	15	Years	at IRR of	-4.16%	Div Cov.	68.20%								Dividend Covering Cost	Cash Flow Growth
																						Dividend Growth
Yield if held 5 years	4.31%	5.15%	10.57%	12.16%	7.46%	6.20%	5.62%	6.06%	6.18%	4.07%	3.29%	2.48%	2.95%	2.72%	4.08%	4.30%		5.84%	<-Median->	10	Paid Median Price	Stock Price Growth
Yield if held 10 years	7.53%	8.51%	9.12%	7.96%	6.92%	6.00%	6.05%	10.80%	12.43%	5.08%	3.16%	2.25%	2.62%	2.69%	2.65%	2.86%		6.02%	<-Median->	10	Paid Median Price
Yield if held 15 years		10.51%	12.77%	12.44%	12.80%	10.48%	9.99%	9.32%	8.13%	4.71%	3.06%	2.42%	4.66%	5.41%	3.31%	2.75%		8.73%	<-Median->	10	Paid Median Price	Revenue Growth
Yield if held 20 years							12.35%	13.05%	12.72%	8.72%	5.35%	3.99%	4.03%	3.54%	3.07%	2.66%		8.72%	<-Median->	7	Paid Median Price	AFFO Growth
Yield if held 25 years													5.63%	5.53%	5.69%	4.65%		5.63%	<-Median->	1	Paid Median Price	Net Income Growth
																						Cash Flow Growth
Cost covered if held 5 years	23.45%	22.33%	39.17%	50.75%	34.23%	30.14%	27.63%	29.91%	30.65%	28.34%	42.91%	38.27%	40.83%	34.24%	49.30%	28.06%		32.44%	<-Median->	10	Paid Median Price	Dividend Growth
Cost covered if held 10 years	89.84%	83.75%	79.00%	69.52%	60.67%	52.62%	52.06%	92.49%	112.39%	69.66%	71.33%	62.31%	66.12%	64.53%	60.36%	61.59%		67.82%	<-Median->	10	Paid Median Price	Stock Price Growth
Cost covered if held 15 years		153.66%	165.41%	163.48%	170.41%	140.83%	132.86%	125.03%	109.84%	93.52%	92.49%	89.38%	157.05%	180.53%	109.68%	89.26%		128.95%	<-Median->	10	Paid Median Price
Cost covered if held 20 years							214.36%	229.83%	226.55%	231.20%	210.52%	194.49%	180.75%	154.41%	130.63%	109.84%		214.36%	<-Median->	7	Paid Median Price
Cost covered if held 25 years													307.81%	296.25%	299.85%	240.85%		307.81%	<-Median->	1	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$1,176.6	$1,149.5	$1,098.7	$1,065.3	$834.6	$847.1					-28.00%	<-Total Growth	5	Revenue Growth	-28.00%
AFFO Growth								$1.41	$1.31	$1.27	$1.21	$0.98	$1.11	$1.10	<-12 mths	-0.90%		-20.98%	<-Total Growth	5	AFFO Growth	-20.98%
Net Income Growth								$337.9	$340.3	-$624.6	$603.4	$844.8	$61.7					-81.74%	<-Total Growth	5	Net Income Growth	-81.74%
Cash Flow Growth								$462.1	$418.0	$426.9	$452.1	$255.1	$294.6					-36.25%	<-Total Growth	5	Cash Flow Growth	-36.25%
Dividend Growth								$1.38	$1.38	$0.92	$0.69	$0.55	$0.60	$0.60	<-12 mths	0.70%		-56.83%	<-Total Growth	5	Dividend Growth	-56.83%
Stock Price Growth								$20.65	$21.10	$13.29	$13.04	$12.11	$9.90	$8.68	<-12 mths	-12.32%		-52.06%	<-Total Growth	5	Stock Price Growth	-52.06%
Revenue Growth			$1,137.0	$1,227.8	$1,188.3	$1,196.0	$1,168.5	$1,176.6	$1,149.5	$1,098.7	$1,065.3	$834.6	$847.1	$927	<-this year	9.45%		-25.49%	<-Total Growth	10	Revenue Growth	-25.49%
AFFO Growth			$1.46	$1.53	$1.49	$1.54	$1.51	$1.41	$1.31	$1.27	$1.21	$0.98	$1.11	$0.99	<-this year	-10.89%		-23.90%	<-Total Growth	10	AFFO Growth	-23.90%
Net Income Growth			$323.6	$424.7	$340.1	$388.7	$536.6	$337.9	$340.3	-$624.6	$603.4	$844.8	$61.7	$329	<-this year	433.31%		-80.94%	<-Total Growth	10	Net Income Growth	-80.94%
Cash Flow Growth			$617.4	$765.9	$771.5	$424.2	$479.2	$462.1	$418.0	$426.9	$452.1	$255.1	$294.6					-52.28%	<-Total Growth	10	Cash Flow Growth	-52.28%
Dividend Growth			$1.35	$1.35	$1.35	$1.35	$1.38	$1.38	$1.38	$0.92	$0.69	$0.55	$0.60	$0.60	<-this year	0.15%		-55.87%	<-Total Growth	10	Dividend Growth	-55.87%
Stock Price Growth			$21.40	$21.73	$20.05	$22.37	$21.36	$20.65	$21.10	$13.29	$13.04	$12.11	$9.90	$8.68	<-this year	-12.32%		-53.74%	<-Total Growth	10	Stock Price Growth	-53.74%
Dividends on Shares				$63.45	$63.45	$63.57	$64.86	$64.86	$64.86	$43.24	$184.71	$42.36	$52.44	$32.70	$28.20	$28.20		$707.80	No of Years	10	Total Dividends	12/31/13
Paid			$1,005.80	$1,021.31	$942.35	$1,051.39	$1,003.92	$970.55	$991.70	$624.63	$612.88	$569.17	$465.30	$407.96	$407.96	$407.96		$465.30	No of Years	10	Worth	$21.40
Total																		$1,173.10			Total Return
Graham No. FFO	$21.91	$29.32	$30.59	$31.53	$32.47	$32.44	$31.77	$31.32	$31.07	$28.18	$23.83	$23.29	$24.31	$22.75	$23.04	$0.00		-20.53%	<-Total Growth	10	GP using FFO
Price/GP Ratio Med	1.00	0.84	0.74	0.71	0.70	0.65	0.70	0.64	0.71	0.52	0.59	0.53	0.45	0.42				0.65	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.09	0.89	0.82	0.76	0.78	0.73	0.74	0.68	0.76	0.78	0.67	0.61	0.54	0.45				0.74	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.90	0.79	0.67	0.66	0.62	0.56	0.66	0.61	0.66	0.27	0.50	0.44	0.35	0.39				0.58	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.06	0.82	0.70	0.69	0.62	0.69	0.67	0.66	0.68	0.47	0.55	0.52	0.41	0.38	0.38	#DIV/0!		0.64	<-Median->	10	Price/GP Ratio
Prem/Disc Close	6.14%	-17.80%	-30.05%	-31.08%	-38.26%	-31.04%	-32.76%	-34.07%	-32.08%	-52.84%	-45.28%	-48.00%	-59.28%	-61.84%	-62.33%	#DIV/0!		-36.16%	<-Median->	10	Graham Price
Graham No.	$19.08	$37.46	$25.54	$28.03	$24.80	$26.14	$30.86	$25.16	$24.92	$23.13	$27.25	$36.65	$9.88	$22.75	$22.94	$0.00		-61.30%	<-Total Growth	10	Graham Price
Price/GP Ratio Med	1.14	0.66	0.89	0.80	0.91	0.80	0.72	0.80	0.89	0.64	0.51	0.33	1.10	0.42				0.80	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.25	0.69	0.98	0.85	1.02	0.91	0.76	0.85	0.95	0.94	0.58	0.39	1.34	0.45				0.88	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	1.04	0.62	0.80	0.74	0.81	0.70	0.68	0.75	0.82	0.33	0.44	0.28	0.86	0.39				0.72	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.22	0.64	0.84	0.78	0.81	0.86	0.69	0.82	0.85	0.57	0.48	0.33	1.00	0.38	0.38	#DIV/0!		0.79	<-Median->	10	Price/GP Ratio
Prem/Disc Close	21.91%	-35.67%	-16.20%	-22.48%	-19.16%	-14.44%	-30.79%	-17.94%	-15.32%	-42.53%	-52.15%	-66.96%	0.18%	-61.84%	-62.17%	#DIV/0!		-20.82%	<-Median->	10	Graham Price
Price Close	$23.26	$24.10	$21.40	$21.73	$20.05	$22.37	$21.36	$20.65	$21.10	$13.29	$13.04	$12.11	$9.90	$8.68	$8.68	$8.68		-53.74%	<-Total Growth	10	Stock Price
Increase	19.71%	3.61%	-11.20%	1.54%	-7.73%	11.57%	-4.51%	-3.32%	2.18%	-37.01%	-1.88%	-7.13%	-18.25%	-12.32%	0.00%	0.00%		17.12	<-Median->	10	CAPE (10 Yr P/E)
P/E	-146.87	8.94	17.16	14.78	17.90	17.84	12.44	18.49	18.79	-6.42	6.54	4.19	45.23	7.48	7.36	#DIV/0!		-13.67%	<-IRR #YR->	5	Stock Price	-52.06%
Trailing P/E	19.55	-152.18	7.94	17.42	13.64	19.97	17.04	12.02	18.90	11.83	-6.30	6.07	3.42	39.65	7.48	7.36		-7.42%	<-IRR #YR->	10	Stock Price	-53.74%
CAPE (10 Yr P/E)	24.31	21.39	21.90	21.09	20.51	19.38	16.65	17.18	16.87	22.00	17.06	15.77	16.20	15.44	14.28	#DIV/0!		-3.11%	<-IRR #YR->	5	Price & Dividend	-5.44%
Median 10, 5 Yrs		D.  per yr	9.55%	10.56%	% Tot Ret	448.93%	-339%	T P/E	12.83	6.07	P/E:	16.31	6.54					2.13%	<-IRR #YR->	10	Price & Dividend	22.94%
Price 15		D.  per yr	14.26%		% Tot Ret	88.17%						CAPE Diff	-56.30%					1.91%	<-IRR #YR->	15	Stock Price	32.89%
Price  20		D.  per yr	9.52%		% Tot Ret	132.56%												-2.34%	<-IRR #YR->	20	Stock Price	-37.70%
Price  25		D.  per yr	11.98%		% Tot Ret	101.01%												-0.12%	<-IRR #YR->	25	Stock Price	-2.94%
Price  30		D.  per yr	15.69%		% Tot Ret	137.82%												-4.30%	<-IRR #YR->	27	Stock Price
Price & Dividend 15																		16.18%	<-IRR #YR->	15	Price & Dividend	321.52%
Price & Dividend 20																		7.18%	<-IRR #YR->	20	Price & Dividend	138.36%
Price & Dividend 25																		11.86%	<-IRR #YR->	25	Price & Dividend	316.19%
Price & Dividend 30																		11.38%	<-IRR #YR->	27	Price & Dividend
Price  5								-$20.65	$0.00	$0.00	$0.00	$0.00	$9.90								Price  5
Price 10			-$21.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.90								Price 10
Price & Dividend 5								-$20.65	$1.38	$0.92	$3.93	$0.90	$11.02								Price & Dividend 5
Price & Dividend 10			-$21.40	$1.35	$1.35	$1.35	$1.38	$1.38	$1.38	$0.92	$3.93	$0.90	$11.02								Price & Dividend 10
Price  15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.90								Price  15
Price  20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.90								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	$9.90								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	$9.90								Price  30
Price & Dividend 15	$0.97	$1.18	$1.35	$1.35	$1.35	$1.35	$1.38	$1.38	$1.38	$0.92	$3.93	$0.90	$11.02								Price & Dividend 15
Price & Dividend 20	$0.97	$1.18	$1.35	$1.35	$1.35	$1.35	$1.38	$1.38	$1.38	$0.92	$3.93	$0.90	$11.02								Price & Dividend 20
Price & Dividend 25	$0.97	$1.18	$1.35	$1.35	$1.35	$1.35	$1.38	$1.38	$1.38	$0.92	$3.93	$0.90	$11.02								Price & Dividend 25
Price & Dividend 30	$0.97	$1.18	$1.35	$1.35	$1.35	$1.35	$1.38	$1.38	$1.38	$0.92	$3.93	$0.90	$11.02								Price & Dividend 30
Price Median H/L	$21.83	$24.55	$22.78	$22.33	$22.63	$20.95	$22.24	$20.20	$22.09	$14.69	$13.95	$12.27	$10.88	$9.56				-52.25%	<-Total Growth	10	Stock Price
Increase	20.58%	12.46%	-7.21%	-1.98%	1.34%	-7.40%	6.16%	-9.17%	9.36%	-33.50%	-5.07%	-12.01%	-11.37%	-12.09%				-7.13%	<-IRR #YR->	10	Stock Price	-52.25%
P/E	-137.81	9.11	18.26	15.19	20.20	16.71	12.95	18.09	19.67	-7.10	6.99	4.24	49.68	8.24				-11.65%	<-IRR #YR->	5	Stock Price	-46.16%
Trailing P/E	501.63	551.79	475.75	376.63	374.15	351.11	344.49	325.54	323.35	235.15	222.67	247.98	242.04	174.50				1.76%	<-IRR #YR->	10	Price & Dividend	19.80%
P/E on Running 5 yr Average	47.83	24.56	20.58	17.32	17.75	13.45	16.33	15.12	17.45	23.39	17.96	12.13	13.07	11.39				-1.32%	<-IRR #YR->	5	Price & Dividend	1.50%
P/E on Running 10 yr Average	29.69	27.72	25.58	23.82	23.58	20.81	18.84	16.54	17.29	15.44	11.95	10.34	10.03	9.08				13.30	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	8.89%	10.33%	% Tot Ret	503.86%	-780.93%	T P/E	324.44	242.04	P/E:	15.95	6.99						Count	26	Years of data
			-$22.78	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$10.88
								-$20.20	$0.00	$0.00	$0.00	$0.00	$10.88
			-$22.78	$1.35	$1.35	$1.35	$1.38	$1.38	$1.38	$0.92	$3.93	$0.90	$11.99
								-$20.20	$1.38	$0.92	$3.93	$0.90	$11.99
High Months	Dec	Aug	May	Apr	Feb	Aug	Mar	Jan/Dec	Apr	Jan	Jan	Jun	Feb	Jan
Price High	$23.83	$26.00	$25.04	$23.86	$25.20	$23.71	$23.60	$21.42	$23.63	$21.85	$15.89	$14.29	$13.22	$10.17				-47.20%	<-Total Growth	10	Stock Price
Increase	14.40%	9.11%	-3.69%	-4.71%	5.62%	-5.91%	-0.46%	-9.24%	10.32%	-7.53%	-27.28%	-10.07%	-7.49%	-23.07%				-6.19%	<-IRR #YR->	10	Stock Price	-47.20%
P/E	-150.47	9.65	20.07	16.23	22.50	18.91	13.74	19.18	21.04	-10.55	7.97	4.94	60.39	8.77				-9.20%	<-IRR #YR->	5	Stock Price	-38.28%
Trailing P/E	20.03	-164.17	9.29	19.13	17.14	21.17	18.82	12.47	21.16	19.45	-7.68	7.17	4.57	46.46				18.91	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	17.98	7.17	P/E:	17.57	7.97					22.83	P/E Ratio		Historical High
			-$25.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$13.22
								-$21.42	$0.00	$0.00	$0.00	$0.00	$13.22
Low Months	Oct	Dec	Aug	Dec	Dec	Jan	Aug	Oct	Jan	Mar	Jan	Sep	Oct	Feb
Price Low	$19.82	$23.09	$20.51	$20.79	$20.05	$18.19	$20.88	$18.98	$20.55	$7.53	$12.00	$10.25	$8.53	$8.95				-58.41%	<-Total Growth	10	Stock Price
Increase	28.95%	16.50%	-11.17%	1.37%	-3.56%	-9.28%	14.79%	-9.10%	8.27%	-63.36%	59.36%	-14.58%	-16.78%	4.92%				-8.40%	<-IRR #YR->	10	Stock Price	-58.41%
P/E	-125.15	8.57	16.44	14.14	17.90	14.51	12.16	17.00	18.30	-3.64	6.02	3.54	38.97	7.72				-14.78%	<-IRR #YR->	5	Stock Price	-55.06%
Trailing P/E	16.66	-145.80	7.61	16.67	13.64	16.24	16.65	11.05	18.40	6.70	-5.80	5.14	2.95	40.89				12.92	P/E Ratio		Historical Median
Median 10, 5 Yrs									Price Inc	-14.58%	P/E:	14.33	6.02					6.38	P/E Ratio		Historical Low
			-$20.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.53
								-$18.98	$0.00	$0.00	$0.00	$0.00	$8.53
Free Cash Flow MS	$394.15	$499.46	$583.69	$727.71	$467.35	$424.20	$479.24	$462.12	$418.04	$374	$405	$219	$253	-$173	$9			-56.66%	<-Total Growth	10	Free Cash Flow	MS, WSJ
Change					-35.78%	-9.23%	12.98%	-3.57%	-9.54%	-10.53%	8.29%	-45.93%	15.53%	-168.38%	105.20%			-11.35%	<-IRR #YR->	5	Free Cash Flow MS	-45.25%
FCF/CF from Op Ratio				0.95	0.61	1.00	1.00	1.00	1.00	0.88	0.90	0.86	0.86	-0.59	#VALUE!			-8.02%	<-IRR #YR->	10	Free Cash Flow MS	-56.66%
Dividends paid	$167.52	$228.75	$364.47	$370.94	$267.65	$274.26	$290.50	$378.94	$394.18	$263.57	$227.31	$179.74	$170.56	$157.12	$157.12			-53.20%	<-Total Growth	10	Dividends paid
Percentage paid					57.27%	64.65%	60.62%	82.00%	94.29%	70.47%	56.13%	82.07%	67.42%	0.00%	1745.78%			$0.67	<-Median->	9	Percentage paid
5 Year Coverage								61.79%	71.33%	74.22%	72.69%	76.87%	74.02%	92.61%	125.09%						5 Year Coverage
Dividend Coverage Ratio					1.75	1.55	1.65	1.22	1.06	1.42	1.78	1.22	1.48	-1.10	0.06			1.48	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage								1.62	1.40	1.35	1.38	1.30	1.35	1.08	0.80						5 Year of Coverage
								-$462	$0	$0	$0	$0	$253
			-$584	$0	$0	$0	$0	$0	$0	$0	$0	$0	$253
Market Cap	$4,014	$4,692	$5,777	$5,971	$5,606	$6,382	$6,223	$5,899	$6,049	$3,812	$3,761	$3,220	$2,592	$2,273	$2,273	$2,273		-55.13%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	183.676	210.176	273.450	299.464	303.651	310.072	312.433	302.605	302.978	301.687	302.605	291.999	281.815	281.815	281.815	281.815		3.06%	<-Total Growth	10	Diluted	AFFO
Change	7.86%	14.43%	30.11%	9.51%	1.40%	2.11%	0.76%	-3.15%	0.12%	-0.43%	0.30%	-3.50%	-3.49%	0.00%	0.00%	0.00%		0.21%	<-Median->	10	Change	AFFO
Difference Diluted/Basic AFFO	-13.1%	-10.1%	-5.1%	-3.5%	-3.5%	-3.8%	-2.6%	0.6%	-0.5%	0.2%	-0.3%	-0.4%	0.0%	0.0%	0.0%	0.0%		-0.45%	<-Median->	10	Difference Diluted/Basic AFFO	AFFO
Basic # of Shares in Millions	159.607	188.847	259.458	288.871	293.026	298.404	304.462	304.462	301.487	302.234	301.772	290.782	281.815	281.815	281.815	281.815		8.62%	<-Total Growth	10	Basic	AFFO
Change	6.56%	18.32%	37.39%	11.34%	1.44%	1.84%	2.03%	0.00%	-0.98%	0.25%	-0.15%	-3.64%	-3.08%	0.00%	0.00%	0.00%		0.12%	<-Median->	10	Change	AFFO
Difference Basic/Outstanding AFFO	8.1%	3.1%	4.1%	-4.9%	-4.6%	-4.4%	-4.3%	-6.2%	-4.9%	-5.1%	-4.4%	-8.6%	-7.1%	-7.1%	-7.1%	-7.1%		-4.89%	<-Median->	10	Difference Basic/Outstanding AFFO	AFFO
Diluted # of Shares in Million	188.652	214.425	273.450	299.464	303.651	310.072	312.433	304.131	302.978	301.687	302.605	291.999	281.815	281.815	281.815	281.815		3.06%	<-Total Growth	10	Diluted	FFO
Change	25.42%	13.66%	27.53%	9.51%	1.40%	2.11%	0.76%	-2.66%	-0.38%	-0.43%	0.30%	-3.50%	-3.49%	0.00%	0.00%	0.00%		-0.04%	<-Median->	10	Change	FFO
Difference Diluted/Basic FFO	-15.4%	-11.9%	-5.1%	-3.5%	-3.5%	-3.8%	-2.6%	-0.5%	-0.5%	0.2%	-0.3%	-0.4%	0.0%	0.0%	0.0%	0.0%		-0.50%	<-Median->	10	Difference Diluted/Basic FFO	FFO
Basic # of Shares in Millions	159.607	188.847	259.458	288.871	293.026	298.404	304.462	302.605	301.487	302.234	301.772	290.782	281.815	281.815	281.815	281.815		8.62%	<-Total Growth	10	Basic	FFO
Change FFO	6.56%	18.32%	37.39%	11.34%	1.44%	1.84%	2.03%	-0.61%	-0.37%	0.25%	-0.15%	-3.64%	-3.08%	0.00%	0.00%	0.00%		0.05%	<-Median->	10	Change	FFO
Difference Basic/Outstanding FFO	8.1%	3.1%	4.1%	-4.9%	-4.6%	-4.4%	-4.3%	-5.6%	-4.9%	-5.1%	-4.4%	-8.6%	-7.1%	-7.1%	-7.1%	-7.1%		-4.89%	<-Median->	10	Difference Basic/Outstanding FFO	FFO
Diluted # of Shares in Million	188.652	214.425	273.450	299.464	303.651	310.072	312.433	302.605	302.978	301.687	302.605	291.999	281.815	281.815				3.06%	<-Total Growth	10	Diluted	none aft '10
Change	25.41%	13.66%	27.53%	9.51%	1.40%	2.11%	0.76%	-3.15%	0.12%	-0.43%	0.30%	-3.50%	-3.49%	0.00%				0.21%	<-Median->	10	Change
Difference Diluted/Basic	-18.3%	-14.5%	-9.4%	-3.5%	-8.8%	-9.0%	-7.6%	0.6%	-0.5%	0.2%	-0.3%	-0.4%	0.0%	0.0%				-0.45%	<-Median->	10	Difference Diluted/Basic
Basic # of Shares in Millions	154.170	183.410	247.717	288.871	276.796	282.216	288.787	304.462	301.487	302.234	301.772	290.782	281.815	281.815				13.76%	<-Total Growth	10	Basic
Change	6.80%	18.97%	35.06%	16.61%	-4.18%	1.96%	2.33%	5.43%	-0.98%	0.25%	-0.15%	-3.64%	-3.08%	0.00%				0.05%	<-Median->	10	Change
Difference Basic/Outstanding	11.9%	6.1%	9.0%	-4.9%	1.0%	1.1%	0.9%	-6.2%	-4.9%	-5.1%	-4.4%	-8.6%	-7.1%	-7.1%				-4.89%	<-Median->	10	Difference Basic/Outstanding
																					Unitholders' Equity
# of Share in Millions	172.55	194.68	269.97	274.77	279.61	285.28	291.32	285.68	286.69	286.86	288.44	265.88	261.87	261.87	261.87	261.87		-0.30%	<-IRR #YR->	10	Shares	-3.00%
Change	18.09%	12.82%	38.68%	1.78%	1.76%	2.03%	2.12%	-1.94%	0.35%	0.06%	0.55%	-7.82%	-1.51%	0.00%	0.00%	0.00%		-1.73%	<-IRR #YR->	5	Shares	-8.33%
CF fr Op $M	$404.73	$551.35	$617.39	$765.92	$771.54	$424.20	$479.24	$462.12	$418.04	$426.93	$452.11	$255.05	$294.63	$294.63	<-12 mths			-52.28%	<-Total Growth	10	Cash Flow
Increase	66.43%	36.23%	11.98%	24.06%	0.73%	-45.02%	12.98%	-3.57%	-9.54%	2.13%	5.90%	-43.59%	15.51%	0.00%	<-12 mths			Deb Conv.	DRIP, S. Issues		SO
5 year Running Average	$272.7	$343.7	$420.1	$516.5	$622.2	$626.1	$611.7	$580.6	$511.0	$442.1	$447.7	$402.9	$369.4	$344.7	<-12 mths			-12.08%	<-Total Growth	10	CF 5 Yr Running
CFPS	$2.35	$2.83	$2.29	$2.79	$2.76	$1.49	$1.65	$1.62	$1.46	$1.49	$1.57	$0.96	$1.13	$1.13	<-12 mths			-50.80%	<-Total Growth	10	Cash Flow per Share
Increase	40.94%	20.75%	-19.25%	21.89%	-1.01%	-46.11%	10.63%	-1.67%	-9.86%	2.06%	5.32%	-38.80%	17.29%	0.00%	<-12 mths			-7.13%	<-IRR #YR->	10	Cash Flow	-52.28%
5 year Running Average	$1.83	$2.10	$2.22	$2.38	$2.60	$2.43	$2.19	$2.06	$1.79	$1.54	$1.56	$1.42	$1.32	$1.25	<-12 mths			-8.61%	<-IRR #YR->	5	Cash Flow	-36.25%
P/CF on Med Price	9.31	8.67	9.96	8.01	8.20	14.09	13.52	12.49	15.15	9.87	8.90	12.79	9.67	8.50	<-12 mths			-6.85%	<-IRR #YR->	10	Cash Flow per Share	-50.80%
P/CF on Closing Price	9.92	8.51	9.36	7.80	7.27	15.04	12.98	12.77	14.47	8.93	8.32	12.62	8.80	7.71	<-12 mths			-7.00%	<-IRR #YR->	5	Cash Flow per Share	-30.45%
															-30.99%	Diff M/C		-5.07%	<-IRR #YR->	10	CFPS 5 yr Running	-40.57%
Excl.Working Capital CF	$23.39	-$8.83	$116.29	$31.82	-$4.52	$340.48	$255.82	$265.82	$293.06	$247.90	$199.62	$196.14	$181.89	$181.89	<-12 mths			-8.52%	<-IRR #YR->	5	CFPS 5 yr Running	-35.92%
CF fr Op $M WC	$428.12	$542.52	$733.68	$797.74	$767.02	$764.68	$735.05	$727.94	$711.10	$674.83	$651.73	$451.19	$476.51	$476.51	<-12 mths			-35.05%	<-Total Growth	10	Cash Flow less WC
Increase	76.65%	26.72%	35.24%	8.73%	-3.85%	-0.30%	-3.87%	-0.97%	-2.31%	-5.10%	-3.42%	-30.77%	5.61%	0.00%	<-12 mths			-4.22%	<-IRR #YR->	10	Cash Flow less WC	-35.05%
5 year Running Average	$286.5	$348.4	$446.8	$548.9	$653.8	$721.1	$759.6	$758.5	$741.2	$722.7	$700.1	$643.4	$593.1	$546.2	<-12 mths			-8.13%	<-IRR #YR->	5	Cash Flow less WC	-34.54%
CFPS Excl. WC	$2.48	$2.79	$2.72	$2.90	$2.74	$2.68	$2.52	$2.55	$2.48	$2.35	$2.26	$1.70	$1.82	$1.82	<-12 mths			2.87%	<-IRR #YR->	10	CF less WC 5 Yr Run	32.73%
Increase	49.59%	12.32%	-2.48%	6.83%	-5.51%	-2.29%	-5.87%	0.99%	-2.66%	-5.16%	-3.95%	-24.90%	7.23%	0.00%	<-12 mths			-4.80%	<-IRR #YR->	5	CF less WC 5 Yr Run	-21.81%
5 year Running Average	$1.93	$2.13	$2.33	$2.51	$2.73	$2.77	$2.71	$2.68	$2.60	$2.52	$2.43	$2.27	$2.12	$1.99	<-12 mths			-3.93%	<-IRR #YR->	10	CFPS - Less WC	-33.04%
P/CF on Med Price	8.80	8.81	8.38	7.69	8.25	7.82	8.81	7.93	8.91	6.24	6.17	7.23	5.98	5.25	<-12 mths			-6.51%	<-IRR #YR->	5	CFPS - Less WC	-28.59%
P/CF on Closing Price	9.37	8.65	7.87	7.48	7.31	8.35	8.47	8.10	8.51	5.65	5.77	7.14	5.44	4.77	<-12 mths			-0.93%	<-IRR #YR->	10	CFPS 5 yr Running	-8.88%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	11.18	5 yr	9.87	P/CF Med	10 yr	7.75	5 yr	6.24		-38.47%	Diff M/C		-4.56%	<-IRR #YR->	5	CFPS 5 yr Running	-20.82%
for WC using Change in other non-cash operating items
			-269.975	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	261.868								Shares
								-285.678	0.000	0.000	0.000	0.000	261.868								Shares
			-$617.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$294.6								Cash Flow
								-$462.1	$0.0	$0.0	$0.0	$0.0	$294.6								Cash Flow
			-$2.29	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.13								Cash Flow per Share
								-$1.62	$0.00	$0.00	$0.00	$0.00	$1.13								Cash Flow per Share
			-$2.22	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.32								CFPS 5 yr Running
								-$2.06	$0.00	$0.00	$0.00	$0.00	$1.32								CFPS 5 yr Running
			-$733.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$476.5								Cash Flow less WC
								-$727.9	$0.0	$0.0	$0.0	$0.0	$476.5								Cash Flow less WC
			-$446.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$593.1								CF less WC 5 Yr Run
								-$758.5	$0.0	$0.0	$0.0	$0.0	$593.1								CF less WC 5 Yr Run
			-$2.72	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.82								CFPS - Less WC
								-$2.55	$0.00	$0.00	$0.00	$0.00	$1.82								CFPS - Less WC
			-$2.33	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.12								CFPS 5 yr Running
								-$2.68	$0.00	$0.00	$0.00	$0.00	$2.12								CFPS 5 yr Running
Interest paid						-$299.533	-$258.328	-$268.156	-$273.701	-$247.723	-$227.301	-$171.242	-$169.73					for 2016?
Change in other non-cash operating items			-$116.29	-$31.82	$4.52													and Google
Strightlining of Contractual rent						-$7.828	-$0.876	-$5.077
Accrued rents Rec									-$12.700	-$16.565	-$25.244	-$6.587	-$11.50
Prepaid Expenses & Sundry assets						-$69.808	$0.008	$7.693	-$25.000	-$9.125	-$3.674	$6.029	-$11.03
Accts Rec						$1.687	-$2.728	$3.338	$1.041	-$8.258	$6.185	$0.812	-$0.59
Accts Pay & accrued liab						$34.998	$6.109	-$3.615	$17.296	$33.770	$50.416	-$25.151	$10.95
Sum			-$116.29	-$31.82	$4.52	-$340.484	-$255.815	-$265.817	-$293.064	-$247.901	-$199.618	-$196.139	-$181.887
Google -->TD			-$116.29	-$31.82	$4.52	-$340.48	-$255.81	-$266	-$293	-$248	-$200	-$196	-$182
Difference			$0.00	$0.00	$0.00	$0.00	$0.00	$0	$0	$0	$0	$0	$0
TD				-$32	$5	-$340	-$256
Difference				$0	$0	$0	$0
OPM	61.61%	66.01%	54.30%	62.38%	64.93%	35.47%	41.01%	39.28%	36.37%	38.86%	42.44%	30.56%	34.78%	31.78%				-35.95%	<-Total Growth	10	OPM
Increase	56.62%	7.13%	-17.74%	14.88%	4.08%	-45.37%	15.64%	-4.24%	-7.41%	6.85%	9.22%	-27.99%	13.81%	-8.63%					Should increase		or be stable.
Diff from Ave.	57.7%	69.0%	39.0%	59.7%	66.2%	-9.2%	5.0%	0.5%	-6.9%	-0.5%	8.6%	-21.8%	-11.0%	-18.7%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	39.07%	5 Yrs	36.37%					should be	zero, it is a		check on calculations
Debt Long Term	$4,974.7	$5,463.5	$6,429.9	$5,854.0	$6,088.0	$5,493.04	$5,811.42	$5,763.51	$6,375.86	$6,368.32	$3,894.91	$3,922.53	$3,686.83	$3,686.83				from G&M	Fr TD 2014		Fr statements after
CF/Debt Ratio	0.08	0.10	0.10	0.13	0.13	0.08	0.08	0.08	0.07	0.07	0.12	0.07	0.08	0.08				0.08	<-Median->	10	CF/Debt Ratio
Long Term Debt					$6,088.04	$5,493.04	$5,811.42	$5,763.51	$6,375.86	$6,368.32	$3,894.91	$3,922.53	$3,686.83	$3,686.83				-36.56%	<-Total Growth	8	Debt	Type
Change						-9.77%	5.80%	-0.82%	10.62%	-0.12%	-38.84%	0.71%	-6.01%	0.00%				-0.47%	<-Median->	8	Change	Lg Term R
Debt/Market Cap Ratio					1.09	0.86	0.93	0.98	1.05	1.67	1.04	1.22	1.42	1.62				1.05	<-Median->	9	Debt/Market Cap Ratio	Intang/GW
Assets/Current Liabilities Ratio					80.97	71.47	72.64	72.33	61.13	41.42	34.57	46.11	36.18	36.18				61.13	<-Median->	9	Assets/Current Liabilities Ratio	Liquidity
Debt to Cash Flow (Years)					7.89	12.95	12.13	12.47	15.25	14.92	8.62	15.38	12.51	12.51				12.51	<-Median->	9	Debt to Cash Flow (Years)	Liq. + CF
																						Debt Ratio
Real Estate Assets									$12,671.49	$11,598.98	$9,062.53	$9,680.10	$8,886.36					$9,680.10	<-Median->	5	Real Estate Assets	Leverage
Change										-8.46%	-21.87%	6.81%	-8.20%					-8.33%	<-Median->	4	Change	D/E Ratio
Long Term Debt									$6,375.86	$6,368.32	$3,894.91	$3,922.53	$3,686.83					$3,922.53	<-Median->	5	Long Term Debt
Covering Assets/Long Term Debt R									0.50	0.55	0.43	0.41	0.41					0.43	<-Median->	5	Covering Assets/Long Term Debt R
Intangibles	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00				#DIV/0!	<-Total Growth	10	Intangibles
Goodwill	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00				#DIV/0!	<-Total Growth	10	Goodwill
Total	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00				#DIV/0!	<-Total Growth	10	Total
Change		0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%				0.00%	<-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	$226.2	$201.0	$82.5	$35.8	$92.6	$165.3	$270.1	$201.1	$672.7	$424.6	$390.0	$271.4	$350.0	$350.0				Liq ratio of 1.5 and up, best				From
Current Liabilities	$175.8	$176.5	$168.0	$144.2	$172.8	$198.1	$200.4	$203.1	$236.9	$322.4	$303.8	$247.5	$297.9	$297.9				1.14	<-Median->	10	Ratio	G&M
Liquidity	1.29	1.14	0.49	0.25	0.54	0.83	1.35	0.99	2.84	1.32	1.28	1.10	1.17	1.17				1.28	<-Median->	5	Ratio
Liq. with CF aft div	2.64	2.97	2.00	2.99	2.82	1.03	1.73	1.32	2.93	1.82	2.12	1.53	1.64	1.64				1.82	<-Median->	5	Ratio
Liq. CF re  Inv+Div	1.15	0.48	0.76	2.99	1.05	1.02	0.42	1.32	2.87	1.16	2.12	1.53	1.64	1.64				1.64	<-Median->	5	Ratio
Assets	$7,637.8	$10,171.8	$13,583.0	$13,368.4	$13,990.3	$14,155.0	$14,558.9	$14,691.0	$14,483.3	$13,355.4	$10,501.1	$11,412.6	$10,777.6	$10,777.6				Debt Ratio of 1.5 and up, best
Liabilities	$5,291.9	$5,664.8	$7,309.2	$6,840.7	$7,165.4	$7,242.4	$7,379.1	$7,490.9	$7,439.4	$7,284.1	$5,727.3	$5,925.3	$5,585.3	$5,585.3				1.95	<-Median->	10	Ratio
Debt Ratio	1.44	1.80	1.86	1.95	1.95	1.95	1.97	1.96	1.95	1.83	1.83	1.93	1.93	1.93				1.93	<-Median->	5	Ratio
Total Book Value	$2,345.9	$4,507.0	$6,273.8	$6,527.7	$6,824.9	$6,912.7	$7,179.8	$7,200.1	$7,043.9	$6,071.4	$4,773.8	$5,487.3	$5,192.4	$5,192.4							Total Book Value
Non-Contro. Int.	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0							NCI
Book Value	$2,345.9	$4,507.0	$6,273.8	$6,527.7	$6,824.9	$6,912.7	$7,179.8	$7,200.1	$7,043.9	$6,071.4	$4,773.8	$5,487.3	$5,192.4	$5,192.4	$5,192.4	$5,192.4		-17.24%	<-Total Growth	10	Book Value
Book Value per Share	$13.59	$23.15	$23.24	$23.76	$24.41	$24.23	$24.65	$25.20	$24.57	$21.16	$16.55	$20.64	$19.83	$19.83	$19.83	$19.83		-14.67%	<-Total Growth	10	Book Value per Share
Change	23.64%	70.29%	0.38%	2.23%	2.75%	-0.73%	1.71%	2.26%	-2.51%	-13.86%	-21.80%	24.70%	-3.92%	0.00%	0.00%	0.00%		-58.12%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	1.61	1.06	0.98	0.94	0.93	0.86	0.90	0.80	0.90	0.69	0.84	0.59	0.55	0.48	0.00	0.00		1.05	P/B Ratio		Historical Median
P/B Ratio (Close)	1.71	1.04	0.92	0.91	0.82	0.92	0.87	0.82	0.86	0.63	0.79	0.59	0.50	0.44	0.44	0.44		-1.57%	<-IRR #YR->	10	Book Value per Share	-14.67%
Change	-3.18%	-39.16%	-11.54%	-0.67%	-10.20%	12.39%	-6.12%	-5.46%	4.81%	-26.88%	25.47%	-25.52%	-14.91%	-12.32%	0.00%	0.00%		-4.68%	<-IRR #YR->	5	Book Value per Share	-21.33%
Leverage (A/BK)	3.26	2.26	2.17	2.05	2.05	2.05	2.03	2.04	2.06	2.20	2.20	2.08	2.08	2.08				2.05	<-Median->	10	A/BV
Debt/Equity Ratio	2.26	1.26	1.17	1.05	1.05	1.05	1.03	1.04	1.06	1.20	1.20	1.08	1.08	1.08				1.05	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	0.85	5 yr Med	0.69		-48.71%	Diff M/C		2.20	Historical		Leverage (A/BK)
			-$23.24	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$19.83
								-$25.20	$0.00	$0.00	$0.00	$0.00	$19.83
Comprehensive Income	-$22.68	$493.86	$377.10	$515.19	$567.61	$350.38	$536.60	$532.79	$214.96	-$711.22	$574.33	$1,166.39	-$69.51					-118.43%	<-Total Growth	10	Comprehensive Income
Increase	-113.69%	2277.42%	-23.64%	36.62%	10.17%	-38.27%	53.15%	-0.71%	-59.65%	-430.86%	180.75%	103.09%	-105.96%					-59.65%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$64.82	$175.36	$217.87	$305.84	$386.22	$460.83	$469.37	$500.51	$440.47	$184.70	$229.49	$355.45	$234.99					#NUM!	<-IRR #YR->	10	Comprehensive Income	-118.43%
ROE	-1.0%	11.0%	6.0%	7.9%	8.3%	5.1%	7.5%	7.4%	3.1%	-11.7%	12.0%	21.3%	-1.3%					#NUM!	<-IRR #YR->	5	Comprehensive Income	-113.05%
5Yr Median	4.7%	9.5%	6.0%	7.9%	7.9%	7.9%	7.5%	7.5%	7.4%	5.1%	7.4%	7.4%	3.1%					0.76%	<-IRR #YR->	10	5 Yr Running Average	7.86%
% Difference from NI	-10.3%	-2.9%	16.5%	21.3%	66.9%	-9.9%	0.0%	57.7%	-36.8%	13.9%	-4.8%	38.1%	-212.7%					-14.03%	<-IRR #YR->	5	5 Yr Running Average	-53.05%
Median Values										Diff	5, 10 yr	6.9%	-4.8%					3.1%	<-Median->	5	Return on Equity
			-$377.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$69.5
								-$532.8	$0.0	$0.0	$0.0	$0.0	-$69.5
			-$217.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$235.0
								-$500.5	$0.0	$0.0	$0.0	$0.0	$235.0
Current Liability Coverage Ratio	2.43	3.07	4.37	5.53	4.44	3.86	3.67	3.58	3.00	2.09	2.15	1.82	1.60	1.60							CFO / Current Liabilities
5 year Median	1.00	1.59	2.43	3.07	4.37	4.37	4.37	3.86	3.67	3.58	3.00	2.15	2.09	1.82				329.3%	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	5.61%	5.33%	5.40%	5.97%	5.48%	5.40%	5.05%	4.96%	4.91%	5.05%	6.21%	3.95%	4.42%	4.42%							CFO / Total Assets
5 year Median	4.61%	5.33%	5.37%	5.40%	5.48%	5.40%	5.40%	5.40%	5.05%	5.05%	5.05%	4.96%	4.91%	4.42%				5.1%	<-Median->	10	Return on Assets
Return on Assets ROA	-0.33%	5.00%	2.38%	3.18%	2.43%	2.75%	3.69%	2.30%	2.35%	-4.68%	5.75%	7.40%	0.57%	3.05%				Net	Income/Assets		Return on Assets
5Yr Median	1.62%	1.81%	2.38%	3.12%	2.43%	2.75%	2.75%	2.75%	2.43%	2.35%	2.35%	2.35%	2.35%	3.05%				2.6%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	-1.08%	11.29%	5.16%	6.51%	4.98%	5.62%	7.47%	4.69%	4.83%	-10.29%	12.64%	15.40%	1.19%	6.34%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	5.72%	5.94%	5.72%	6.51%	5.16%	5.62%	5.62%	5.62%	4.98%	4.83%	4.83%	4.83%	4.83%	6.34%				5.3%	<-Median->	10	Return on Equity
Net Income	-$25.3	$508.9	$323.6	$424.7	$340.1	$388.7	$536.6	$337.9	$340.3	-$624.6	$603.4	$844.8	$61.7	$329	$339			-80.94%	<-Total Growth	10	Net Income
Increase	-114.67%	-2113%	-36.40%	31.21%	-19.90%	14.29%	38.03%	-37.03%	0.70%	-283.54%	-196.62%	40.00%	-92.70%	433.31%	3.10%			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$66.0	$168.2	$213.2	$280.8	$314.4	$397.2	$402.8	$405.6	$388.7	$195.8	$238.7	$300.4	$245.1	$242.9	$435.6			-15.27%	<-IRR #YR->	10	Net Income	-80.94%
Operating Cash Flow	$404.7	$551.4	$617.4	$765.9	$771.5	$424.2	$479.2	$462.1	$418.0	$426.9	$452.1	$255.1	$294.6					-28.83%	<-IRR #YR->	5	Net Income	-81.74%
Investment Cash Flow	-$227.0	-$907.6	-$271.6	$131.7	-$290.8	-$1.2	-$625.6	$175.2	-$5.4	-$183.2	$1,495.8	$226.0	$112.9					1.40%	<-IRR #YR->	10	5 Yr Running Ave.	14.97%
Total Accruals	-$202.99	$865.10	-$22.14	-$472.92	-$140.59	-$34.20	$682.99	-$299.39	-$72.34	-$868.24	-$1,344.48	$363.82	-$345.80					-9.58%	<-IRR #YR->	5	5 Yr Running Ave.	-39.56%
Total Assets	$7,637.8	$10,171.8	$13,583.0	$13,368.4	$13,990.3	$14,155.0	$14,558.9	$14,691.0	$14,483.3	$13,355.4	$10,501.1	$11,412.6	$10,777.6						Balance Sheet		Assets
Accruals Ratio	-2.66%	8.50%	-0.16%	-3.54%	-1.00%	-0.24%	4.69%	-2.04%	-0.50%	-6.50%	-12.80%	3.19%	-3.21%					-3.21%	<-Median->	5	Ratio
EPS/CF Ratio	-0.06	0.97	0.46	0.51	0.41	0.47	0.68	0.44	0.45	-0.88	0.88	1.70	0.12					0.46	<-Median->	10	EPS/CF Ratio
			-$323.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$61.7
								-$337.9	$0.0	$0.0	$0.0	$0.0	$61.7
			-$213.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$245.1
								-$405.6	$0.0	$0.0	$0.0	$0.0	$245.1
Change in Close	19.71%	3.61%	-11.20%	1.54%	-7.73%	11.57%	-4.51%	-3.32%	2.18%	-37.01%	-1.88%	-7.13%	-18.25%	-12.32%	0.00%	0.00%			Count	28	Years of data
up/down			down								up	up							Count	13	46.43%
Meet Prediction?			Yes								Yes							% right	Count	6	46.15%
Financial Cash Flow	$79.90	$477.10	-$449.35	-$901.71	-$466.20	-$413.22	$14.66	-$626.52	-$417.07	-$229.47	-$1,886.64	-$528.26	-$420.26						C F Statement		Financial CF
Total Accruals	-$282.89	$388.00	$427.21	$428.78	$325.62	$379.01	$668.34	$327.13	$344.72	-$638.78	$542.16	$892.08	$74.47								Accruals
Accruals Ratio	-3.70%	3.81%	3.15%	3.21%	2.33%	2.68%	4.59%	2.23%	2.38%	-4.78%	5.16%	7.82%	0.69%					2.38%	<-Median->	5	Ratio
Cash	$13.61	$134.47	$27.88	$23.76	$38.29	$48.02	$42.28	$53.07	$48.64	$62.86	$124.14	$76.89	$64.11	$64.11							Cash
Cash per Share	$0.08	$0.69	$0.10	$0.09	$0.14	$0.17	$0.15	$0.19	$0.17	$0.22	$0.43	$0.29	$0.24	$0.24				$0.24	<-Median->	5	Cash per Share
Percentage of Stock Price	0.34%	2.87%	0.48%	0.40%	0.68%	0.75%	0.68%	0.90%	0.80%	1.65%	3.30%	2.39%	2.47%	2.82%				2.39%	<-Median->	5	% of Stock Price
ROE on AFFO	10.1%	5.7%	6.1%	6.8%	6.4%	6.7%	6.5%	5.9%	5.7%	6.3%	7.7%	5.2%	6.0%	6.0%				AFFO/Shareholders' equity			ROE
5Yr Median		11.1%	10.1%	6.8%	6.4%	6.4%	6.5%	6.5%	6.4%	6.3%	6.3%	5.9%	6.0%	6.0%				6.0%	<-Median->	5	ROE
ROE on FFO	11.6%	7.3%	7.5%	8.3%	8.4%	8.5%	7.8%	7.3%	7.5%	8.3%	9.7%	6.2%	7.2%	7.2%				FFO/Shareholders' equity			ROE
5Yr Median	13.6%	11.9%	11.6%	8.3%	8.3%	8.3%	8.3%	8.3%	7.8%	7.8%	7.8%	7.5%	7.5%	7.2%				7.5%	<-Median->	5	ROE
Adj Funds from Operations	$237.5	$258.6	$382.0	$445.1	$439.4	$464.5	$464.2	$425.4	$398.0	$383.8	$365.8	$287.3	$313.2	$313.2				-18.01%	<-Total Growth	10	AFFO
Increase	33.03%	8.89%	47.71%	16.52%	-1.27%	5.72%	-0.07%	-8.36%	-6.44%	-3.58%	-4.69%	-21.46%	8.99%	0.00%				-1.97%	<-IRR #YR->	10	Net Income
5 Yr Running Average		$225.3	$256.0	$300.3	$352.5	$397.9	$439.0	$447.7	$438.3	$427.2	$407.5	$372.1	$349.6	$332.7				-5.94%	<-IRR #YR->	5	Net Income
Funds from Operations	$271.9	$329.0	$472.8	$543.0	$569.9	$584.3	$560.1	$525.7	$529.1	$503.1	$461.4	$341.2	$373.4	$373.4				-21.03%	<-Total Growth	10	FFO
Increase	41.67%	20.99%	43.72%	14.84%	4.97%	2.52%	-4.14%	-6.14%	0.65%	-4.92%	-8.29%	-26.05%	9.43%	0.00%				-2.33%	<-IRR #YR->	10	Net Income
5 Yr Running Average	$228.3	$248.7	$298.1	$361.7	$437.3	$499.8	$546.0	$556.6	$553.8	$540.5	$515.9	$472.1	$441.6	$410.5				-6.62%	<-IRR #YR->	5	Net Income
			-$382.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$313.2
								-$425.4	$0.0	$0.0	$0.0	$0.0	$313.2
			-$472.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$373.4
								-$525.7	$0.0	$0.0	$0.0	$0.0	$373.4
Taxes
Foreign	2.29%	14.79%	11.65%	12.47%	7.34%	17.95%	12.40%	21.72%	24.02%	38.18%	23.09%	47.99%	46.60%					22.41%	<-Median->	10	Foreign
Dividends	0.07%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%					0.00%	<-Median->	10	Dividends
Cap Gain	3.85%	0.00%	6.53%	46.52%	13.95%	48.99%	22.78%	3.48%	44.66%	36.72%	46.51%	0.00%	4.49%					29.75%	<-Median->	10	Cap Gain
Other Income	40.96%	28.37%	31.44%	30.96%	38.12%	25.23%	33.77%	41.48%	31.32%	25.10%	30.40%	52.01%	48.92%					32.54%	<-Median->	10	Other Income
Ret of Cap.	52.90%	56.84%	50.37%	10.05%	40.58%	7.83%	31.05%	33.32%	0.00%	0.00%	0.00%	0.00%	0.00%					3.91%	<-Median->	10	Ret of Cap.
Total	100.07%	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 $969M, $986M for Revenue, $1.07, $1.08 for AFFO, $1.23. $1.24 for FFO, $1.20, $1.19 for EPS,
$0.60, $0.61 for dividends, $120M, $137M for FCF, $332M, $335M for Net Income.
March 11, 2023.  Last estimates were for 2022 and 2023 of $903M, $921M for Revenue, $1.08, $1.12 for AFFO, $1.17 and $1.21 for FFO, $1.37 and $1.40 for EPS,
$0.52 and $0.53 for dividends, $184M, $196M for FCF.
This company had a spinoff Primaris REIT, so decreased dividend to account for the dividend given by Primaris. January 5, 2022 worth $12.56 so 3.14 per HR share.
Dividend is 0.0667*12 or $0.80 per PMZ.UN share and (0.80/4) $0.20 per HR share.
March 13, 2022.  Last estimates were for 2021 and 2022 of $1197M, $1242M for Revenue, 41.45, $1.72 for AFFO, $1.62 and $1.87 for FFO, $0.75 and $1.70 for EPS, $0.69
and $0.70 for Dividends, $247M, $248M for FCF and $553M for Net Income for 2021.
March 7, 2021. Last estimates were for 2020 and 2021of $1270M and $1340M for Revenue, $1.64 and 1.71 for AFFO, $1.78 and $1.85 for FFO,
$1.78 and $1.82 for EPS, $1.38 and $1.38 for Dividends, $203M and $121M for FCF.
March 7, 2020.  Last estimates were for 2019 and 2020 of $1299M and $1357M for Revenue, $1.69 and $1.78 for AFFO, $1.82 and $1.91 for FFO, $1.77 and $1.85 for EPS.
March 6, 2019.  Last estimates were for 2018 and 2019 of $1220M and $1251M for Revenue, $1.71 and $1.65 for AFFO, $1.84 and $1.76 for FFO, $1.51 and $1.72 for EPS.
March 3, 2018.  Last estimates were for 2017 and 2018 of $1144M, $1177M for Revenue, $1.75 and $1.78 for AFFO, $1.89 and $1.92 for FFO, $1.51 and $1.70 for EPS.
March 3, 2017.  Last estimates were for 2016 and 2017 of $1336M and $1360M for Revenue, $1.71 and $1.75 for AFFO, $1.91 and $1.96 for FFO, $1.50 and $1.96 for EPS
March 6, 2016.  Last estimates were for 2015 and 2016 of $1344M and $1356Mfor Revenue, $1.66 and $1.75 for AFFO, $1.85 and $1.95 for FFO, $1.76 and $1.82 for EPS.
March 14, 2015.  Last estimates were for 2014, 2015 and 2016 of $1326M, $1344M and $1336M for Revenue, $1.65, $1.66 and $1.75 AFFO, $1.86, $1.85 and $1.95 for FFO, $1.46, $1.76 and $1.82 for EPS.
December 7, 2014.  Last estimates were for 2013, 2014 and 2015 of $1181.46M, $1269.44M and $1298M for Revenue, $1.44, $1.57 and $1.59 for AFFO, $1.76, $1.80 and $1.81 for FFO, $2.20 CFPS for 2013.
I got EPS for 2014, 2015 and 2016 from TD Waterhouse Earnings.  These are basic rather than diluted earnings.
December 8, 2013.  Last estimates were for 2012 and 2013 of $829.56M and $924.7M for Revenue, $1.34 and $1.56 (and $1.73 for 2014) for AFFO, $1.62 and $1.75 for FFO and $.24 and $.24 for EPS.
Dec 2, 2012.  Last estimates were for 2011 and 2012 of $646M and $778M for Revenue, $1.51 and $1.56 for FFO, $0.29 and $0.23 for EPS.
Dec 4, 2011.  Last estimates I got for 2010 and 2011 were $1.27 and $1.51 for FFO, $.54 and $.58 for EPS.  Company lost money in March 2011 and this accts for low EPS for 2011.
Concerning earning estimates.  It would appear that a tax write off will increase the earnings for 2010 up to about $1.22, which does not really reflect what they will earn.  I have lowered estimate
Nov 29, 2010.  When I last looked at this stock, I got 2009 and 2010 estimates of $1.47 for 1.53 for FFO, $.50 and $.52 for earnings $1.21 and $1.08 for Cash Flow.
In 2008, This REIT announced it will reduce its monthly cash distributions to unitholders by half to $0.06 per unit commencing with the January 2009 distribution. The cash flow retained from the reduced
distribution will be used to finance construction of The Bow, an H&R's development project in Calgary.  The Bow is a 58 story office tower.
2006.  Does not seem like a bad stock.  Return over last 5 years is good.  OPM is really down in 2005 and this does not look good.
1996.  H&R was founded in 1996 by Thomas J. Hofstedter.  IPO on the Toronto Stock Exchange.
Sector:
Real Estate
What should this stock accomplish?
This stock should provide a good dividend and growth at or above the rate of inflation.
Would I buy this company and Why.
I would consider this company if I was looking for another REIT or Real Estate Investment.
Why am I following this stock.
Before I started blogging, I was following a number of REITs and this is one I had followed.  It also used to be on a dividend list I followed.
Dividends
Dividends are paid monthly.  Dividend generally are for shareholders of record in mid month to be paid at the end of the month.
For example, the dividend for shareholders of record for November 15, 2013 was paid on November 29, 2013.
How they make their money.
H&R Real Estate Investment Trust is a real estate investment trust principally involved in the ownership of properties in Canada and the U.S. The REIT has four
reportable operating segments- Residential, Industrial, Office and Retail, in two geographical locations -Canada and the United States. The operating segments
derive their revenue from rental income from leases. The majority of this income is generated by its Canadian properties.
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	Mar 03	2017	Mar 03	2018	Mar 06	2019	Mar 07	2020	Mar 07	2021	Mar 13	2022	Mar 11	2023			Mar 9	2024
Hofstedter, Thomas J.	1.19%	3.448	1.18%	3.570	1.25%	3.570	1.25%	3.572	1.25%	3.638	1.26%	3.500	1.32%	4.769	1.82%			4.769	1.82%		signed off as Chair	0.00%
CEO and Chairman - Shares - Amount	$75.734		$73.655		$73.714		$75.320		$47.478		$47.440		$42.388		$47.217				$41.398
Options - percentage	2.04%	5.830	2.00%	0.146	0.05%	5.653	1.97%	6.392	2.23%	6.461	2.24%	7.602	2.86%	6.911	2.64%			0.431	0.16%			-93.76%
Options - amount	$130.426		$124.538		$3.012		$119.268		$84.947		$84.253		$92.055		$68.414				$3.741
Reuters Options Value
Froom, Larry	0.01%	0.052	0.02%	0.150	0.05%	0.160	0.06%	0.154	0.05%	0.147	0.05%	0.141	0.05%	0.145	0.06%			0.146	0.06%			0.29%
CFO - Shares - Amount	$0.611		$1.101		$3.087		$3.373		$2.045		$1.911		$1.708		$1.437				$1.263
Options - percentage	1.00%	2.801	0.96%	0.000	0.00%	0.094	0.03%	1.844	0.64%	1.897	0.66%	2.145	0.81%	2.287	0.87%			2.330	0.89%			1.92%
Options - amount	$63.893		$59.833		$0.000		$1.975		$24.513		$24.734		$25.982		$22.638				$20.228
Fried, Cheryl	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.010	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Officer - Shares - Amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000		$0.121		$0.000				$0.000
Options - percentage	0.21%	0.601	0.21%	0.501	0.18%	0.511	0.18%	0.386	0.13%	0.393	0.14%	0.425	0.16%	0.462	0.18%			0.468	0.18%			1.29%
Options - amount	$13.606		$12.829		$10.342		$10.778		$5.127		$5.131		$5.150		$4.579				$4.066
Kestenbert, Robyn														0.120	0.05%			0.120	0.05%		Next officer with units	0.00%
Officer - Shares - Amount															$1.192				$1.045
Options - percentage														1.116	0.43%			1.137	0.43%			1.82%
Options - amount															$11.051				$9.866
Morrow, Juli										0.025	0.01%	0.024	0.01%	0.031	0.01%			0.031	0.01%			-0.20%
Director - Shares - Amount											$0.321		$0.287		$0.310				$0.271
Options - percentage										0.018	0.01%	0.026	0.01%	0.027	0.01%			0.039	0.01%			44.73%
Options - amount											$0.232		$0.309		$0.266				$0.338
Chasson, Jennifer Alyse														0.002	0.00%			0.002	0.00%			0.00%
Director - Shares - Amount															$0.023				$0.020
Options - percentage														0.016	0.01%			0.027	0.01%			72.28%
Options - amount															$0.155				$0.235
Rutman, Ronald C.	0.45%	1.292	0.44%	1.322	0.46%	1.348	0.47%	1.368	0.48%	1.442	0.50%	1.859	0.70%								G&M said he is Chairman
Lead Trustee - Shares - Amt	$28.450		$27.593		$27.295		$28.450		$18.186		$18.802		$22.516								H&R does not mention one
Options - percentage	0.06%	0.174	0.06%	0.169	0.06%	0.169	0.06%	0.152	0.05%	0.155	0.05%	0.108	0.04%								Reuters says he is Chairman
Options - amount	$3.777		$3.714		$3.486		$3.565		$2.024		$2.026		$1.311								Signs as Chair, letter to SH
Brand, Lindsay																		0.000	0.00%
Director - Shares - Amount																			$0.000
Options - percentage																		0.000	0.00%
Options - amount																			$0.000
H&R Portfolio Limited Partnership
10% Holder
Increase in O/S Shares	0.03%	0.100	0.04%	0.654	0.22%	0.030	0.01%	1.012	0.35%	0.173	0.06%	1.577	0.55%	0.318	0.12%			0.130	0.05%
due to SO	$1.447		$2.244		$13.962		$0.629		$21.362		$2.297		$20.955		$3.857				$1.290
Book Value	$1.136		$2.173		$14.132		$0.637		$20.826		$2.267		$25.653		$3.902				$1.695
Insider Buying	-$1.061		-$0.906		-$1.099		-$0.549		-$0.715		-$3.753		-$7.509		-$0.525				-$0.398
Insider Selling	$0.344		$3.209		$2.223		$1.259		$3.284		$1.213		$0.000		$4.163				$0.000
Net Insider Selling	-$0.717		$2.303		$1.124		$0.710		$2.569		-$2.540		-$7.509		$3.639				-$0.398
% of Market Cap	-0.01%		0.04%		0.02%		0.01%		0.07%		-0.07%		-0.23%		0.14%				-0.02%
Directors		6		8		8		8		8		9		8				10
Women	0%	0	0%	1	13%	1	13%	1	13%	1	13%	3	33%	3	38%			3	30%
Minorities	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings	27.18%	185	26.46%	183	26.75%	79	6.36%	20	3.93%	20	23.67%	20	18.44%	20	20.96%			20	18.87%
Total Shares Held	26.69%	75.615	25.96%	77.524	27.14%	18.157	6.33%	11.231	3.92%	67.913	23.55%	52.410	19.71%	55.732	21.28%			49.413	18.87%
Increase/Decrease	-5.35%	-6.408	-7.81%	1.057	1.38%	-10.012	-35.54%	-4.389	-28.10%	-0.807	-1.17%	-0.595	-1.12%	-0.661	-1.17%			-1.105	-2.19%
Starting No. of Shares		82.022		76.467		28.169		15.620	Top 20 MS	68.721	Top 20 MS	53.005	Top 20 MS	56.392	Top 20 MS			50.519	Top 20 MS
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