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.														Q2 2024				https://www.annualreports.com/Company/smartreit
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/
SmartCentres REIT					TSX:	SRU.UN	OTC:	CWYUF	https://www.smartcentres.com/			Fiscal Yr:	Dec 31
Year	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	12/31/27		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
Statement Date
Consolidation test
Consolidation
Net Sales Mkt Scr								$796.2	$771.1	$787.4	$818.6	$871.1	$906.8						Mkt Scn		Rental from Inv Prop & others	Mkt Scn
Diff from statement								-$10.2	-$10.2	$6.6	$14.0	$36.5	-$11.6
																						inconsistent
Rentals from Invest P & Others										$765.9	$788.7	$834.6	$860.09						Press Release		Rental from Inv Prop & others
proportionate Share Recon										$21.5	$29.9	$36.5	$46.72
Total Proportionate Share										$787.4	$818.6	$871.13	$906.81	$926.3	$955.5	$982.3
														$926.1	<-12 mths	0.85%
Revenue*	$546.0	$571.2	$607.8	$668.7	$725.3	$734.0	$790.2	$806.4	$781.3	$780.8	$804.6	$834.6	$918.4	$926.3	$955.5	$982.3		51.09%	<-Total Growth	10	Revenue
Increase	0.21%	4.60%	6.41%	10.01%	8.47%	1.21%	7.65%	2.06%	-3.12%	-0.06%	3.05%	3.73%	10.04%	0.86%	3.15%	2.80%		4.21%	<-IRR #YR->	10	Revenue	51.09%
5 year Running Average	$496.3	$523.6	$552.9	$587.7	$623.8	$661.4	$705.2	$744.9	$767.4	$778.5	$792.6	$801.5	$823.9	$852.9	$887.9	$923.4		2.63%	<-IRR #YR->	5	Revenue	13.88%
Revenue per Share	$4.14	$4.26	$4.47	$4.36	$4.68	$4.66	$4.95	$4.77	$4.59	$4.59	$4.73	$4.90	$5.39	$5.44	$5.61	#DIV/0!		4.07%	<-IRR #YR->	10	5 yr Running Average	49.02%
Increase	-6.12%	2.96%	4.90%	-2.55%	7.35%	-0.40%	6.30%	-3.71%	-3.65%	-0.11%	3.03%	3.69%	10.00%	0.86%	3.15%	#DIV/0!		2.04%	<-IRR #YR->	5	5 yr Running Average	10.61%
5 year Running Average	$4.42	$4.36	$4.32	$4.33	$4.38	$4.48	$4.62	$4.68	$4.73	$4.71	$4.72	$4.71	$4.84	$5.01	$5.21	#DIV/0!		1.89%	<-IRR #YR->	10	Revenue per Share	20.63%
P/S (Price/Sales) Med	6.93	6.38	5.88	6.92	7.24	6.76	6.12	6.90	5.17	5.18	6.08	5.10	4.53	4.69	0.00	#DIV/0!		2.49%	<-IRR #YR->	5	Revenue per Share	13.10%
P/S (Price/Sales) Close	7.00	5.91	6.11	6.93	6.91	6.64	6.23	6.55	5.03	7.02	5.67	5.08	4.54	4.97	4.82	#DIV/0!		1.13%	<-IRR #YR->	10	5 yr Running Average	11.94%
*Rental Income in M CDN $					P/S Med	20 yr	6.10	15 yr	6.08	10 yr	6.10	5 yr	5.17		-18.48%	Diff M/C		0.67%	<-IRR #YR->	5	5 yr Running Average	3.39%
																		4.69%	<-IRR #YR->	15	Revenue
			-$607.8	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$918.4					12.44%	<-IRR #YR->	20	Revenue
								-$806.4	$0.0	$0.0	$0.0	$0.0	$918.4
			-$552.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$823.9
								-$744.9	$0.0	$0.0	$0.0	$0.0	$823.9
			-$4.47	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$5.39
								-$4.77	$0.00	$0.00	$0.00	$0.00	$5.39
			-$4.32	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.84
								-$4.68	$0.00	$0.00	$0.00	$0.00	$4.84
	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$918.36
	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$918.36
														$353.4	<-12 mths	3.96%
														$1.95	<-12 mths	3.72%
Adjusted  AFFO			$264.9	$309.6	$322.3	$325.1	$343.4	$355.3	$365.4	$356.3	$351.4	$330.1	$339.9					28.31%	<-Total Growth	10	Adjusted  AFFO
Basic AFFO			$1.96	$2.11	$2.08	$2.07	$2.14	$2.09	$2.12	$2.23	$2.23	$1.85	$1.91					-2.55%	<-Total Growth	10	Basic AFFO
Diluted AFFO			$1.95	$2.10	$2.08	$2.07	$2.13	$2.08	$2.11	$2.23	$2.23	$1.83	$1.88					-3.59%	<-Total Growth	10	Diluted AFFO
Increase						-0.48%	2.70%	-2.02%	1.41%	5.58%	0.00%	-17.94%	2.73%					0.70%	<-Median->	8	Increase
From TD AFFO										$1.82	$1.89	$1.90	$1.90	$1.95	$1.99	$2.03					From TD AFFO
Calc AFFO Amt Basic										$313.9	$336.6	$338.6	$338.6	$347.7	$354.9	$362.0					Calc AFFO Amt Basic
Calc AFFO Amt Diluted										$316.2	$339.6	$342.2	$343.4	$353.2	$360.5	$367.7					Calc AFFO Amt Diluted
														$390.9	<-12 mths	8.75%
														$2.16	<-12 mths	8.54%
Total Adjusted Funds from Operations	$217.6	$234.2	$251.5	$292.9	$326.0	$326.5	$342.2	$334.8	$353.4	$353.1	$340.7	$354.4	$359.4	$355.6	$365.1	$376.0		42.92%	<-Total Growth	10	Total ACFO
Basic Calc			$1.86	$2.00	$2.10	$2.08	$2.13	$1.97	$2.05	$2.05	$1.91	$1.99	$2.02	$1.99	$2.05	$2.11		8.57%	<-Total Growth	10	Basic Calc
Diluted Calc			$1.82	$1.98	$2.10	$2.07	$2.12	$1.96	$2.04	$2.03	$1.90	$1.97	$1.99	$1.96	$2.02	$2.08		9.38%	<-Total Growth	10	Diluted Calc
Basic AFFO --> ACFO->ADJ AFFO	$1.71	$1.75	$1.84	$2.00	$2.10	$2.07	$2.12	$1.96	$2.04	$2.03	$1.90	$1.99	$2.02	$1.99	$2.05	$2.11		9.60%	<-Total Growth	10	Diluted AFFO --> ACFO
Diluted AFFO	$1.71	$1.76	$1.86	$1.99	$2.10	$2.08	$2.13	$1.97	$2.05	$2.05	$1.91	$1.97	$1.99	$1.95	$1.99	$2.03		7.10%	<-Total Growth	10	AFFO
Increase	4.1%	2.6%	5.6%	7.1%	5.5%	-1.0%	2.4%	-7.4%	4.2%	-0.4%	-6.6%	3.0%	1.0%	-2.0%	2.1%	2.0%		0.69%	<-IRR #YR->	10	AFFO	7.10%
AFFO Yield	5.9%	7.0%	6.8%	6.6%	6.5%	6.7%	6.9%	6.3%	8.9%	6.4%	7.1%	7.9%	8.1%	7.2%	7.4%	7.5%		0.17%	<-IRR #YR->	5	AFFO	0.87%
5 year Running Average	$1.63	$1.65	$1.70	$1.79	$1.88	$1.96	$2.03	$2.05	$2.07	$2.06	$2.02	$1.99	$2.00	$1.97	$1.96	$1.99		1.59%	<-IRR #YR->	10	5 yr Running Average	17.12%
Payout Ratio AFFO	90.32%	88.00%	83.79%	80.85%	78.97%	82.13%	82.57%	91.67%	90.03%	90.36%	96.71%	93.91%	92.97%	94.87%	92.97%	91.13%		-0.58%	<-IRR #YR->	5	5 yr Running Average	-2.89%
5 year Running Average	94.74%	94.06%	90.98%	87.09%	84.07%	82.56%	81.62%	83.16%	84.97%	87.27%	90.11%	92.47%	92.73%	93.72%	94.27%	93.15%		86.03%	<-Median->	10	Payout 5 yr Running Average
Price/AFFO Median	16.74	15.45	14.13	15.15	16.11	15.13	14.23	16.66	11.56	11.60	15.03	12.69	12.28	13.07	0.00	0.00		14.63	<-Median->	10	P/AFFO Med
Price/AFFO High	18.13	17.24	15.15	16.26	18.35	16.33	15.18	17.80	15.78	15.84	17.44	14.57	13.74	13.88	0.00	0.00		16.05	<-Median->	10	P/AFFO High
Price/AFFO Low	15.34	13.67	13.12	14.04	13.88	13.93	13.28	15.52	7.34	7.37	12.62	10.80	10.82	12.25	0.00	0.00		12.95	<-Median->	10	P/AFFO Low
Price/AFFO Close	16.89	14.30	14.69	15.17	15.38	14.86	14.48	15.82	11.23	15.72	14.00	12.63	12.29	13.87	13.59	13.33		14.67	<-Median->	10	P/AFFO Close
Trailing P/AFFO Close	17.59	14.68	15.52	16.25	16.23	14.72	14.82	14.66	11.70	15.66	13.08	13.01	12.42	13.59	13.87	13.59		14.69	<-Median->	10	Trailing P/AFFO Close
Median Values	Historical	in order	14.84	16.33	13.12	14.75	P/AFFO	5 Yrs	in order	12.28	15.78	10.80	12.63		12.95%	Diff M/C		-5.19%	Diff M/C	10	DPR 75% to 95% best
Adjusted Funds from Operations per sh are (DI to '04)
			-$1.86	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.99
								-$1.97	$0.00	$0.00	$0.00	$0.00	$1.99
			-$1.70	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.00
								-$2.05	$0.00	$0.00	$0.00	$0.00	$2.00
														$395.4	<-12 mths	3.21%
														$2.18	<-12 mths	2.83%
Adjusted  FFO			$264.9	$309.6	$347.0	$351.4	$371.3	$388.8	$379.9	$383.2	$383.47	$376.6	$383.0	$395.6	$405.1	$416.9		44.60%	<-Total Growth	10	Adjusted  FFO
Basic FFO			$1.95	$2.10	$2.23	$2.23	$2.13	$2.29	$2.11	$2.20	$2.15	$2.11	$2.15	$2.15	$2.15	$2.15		10.54%	<-Total Growth	10	Basic FFO
Diluted FFO			$1.96	$2.11	$2.23	$2.23	$2.30	$2.28	$2.09	$2.19	$2.13	$2.09	$2.12	$2.12	$2.12	$2.12		8.33%	<-Total Growth	10	Diluted FFO
Increase						0.00%	3.14%	-0.87%	-8.33%	4.78%	-2.74%	-1.88%	1.44%	0.00%	0.00%	0.00%		-0.43%	<-Median->	8	Increase
														$432.9	<-12 mths	7.53%
														$2.39	<-12 mths	7.17%
Total Funds from Operations	$225.9	$251.3	$264.9	$309.6	$347.0	$344.7	$367.2	$365.5	$368.0	$380.1	$371.6	$401.0	$402.6					51.97%	<-Total Growth	10	FFO
Diluted FFO	$1.78	$1.85	$1.95	$2.10	$2.23	$2.19	$2.27	$2.14	$2.13	$2.19	$2.07	$2.23	$2.26	$2.24	$2.22	$2.26		16.20%	<-Total Growth	10	FFO
Distri Inc or FFO	$1.79	$1.86	$1.96	$2.11	$2.24	$2.19	$2.28	$2.15	$2.14	$2.20	$2.09	$2.25	$2.23	$2.24	$2.22	$2.26		13.95%	<-Total Growth	10	FFO
Increase	4.93%	3.86%	5.44%	7.82%	6.16%	-2.23%	4.11%	-5.70%	-0.47%	2.80%	-5.18%	7.87%	-0.90%	0.45%	-0.89%	1.80%		1.31%	<-IRR #YR->	10	FFO	13.95%
FFO Yield	6.2%	7.4%	7.2%	7.0%	6.9%	7.1%	7.4%	6.9%	9.3%	6.8%	7.8%	9.0%	9.1%	8.3%	8.2%	8.4%		0.73%	<-IRR #YR->	5	FFO	3.72%
5 year Running Average	$1.66	$1.67	$1.73	$1.88	$1.99	$2.07	$2.16	$2.19	$2.20	$2.19	$2.17	$2.17	$2.18	$2.20	$2.21	$2.24		2.34%	<-IRR #YR->	10	5 yr Running Average	26.04%
Payout Ratio DI	86.63%	83.41%	79.55%	76.26%	74.03%	78.01%	77.12%	84.11%	86.45%	84.09%	88.69%	82.22%	82.96%	82.59%	83.34%	81.86%		-0.12%	<-IRR #YR->	5	5 yr Running Average	-0.58%
5 year Running Average	93.06%	92.52%	89.55%	82.97%	79.60%	78.05%	76.93%	77.87%	79.85%	81.89%	83.98%	85.06%	84.82%	84.04%	83.89%	82.59%		80.87%	<-Median->	10	Payout 5 yr Running Average
P/FFO re Med Price	16.05	14.65	13.42	14.28	15.11	14.37	13.29	15.29	11.10	10.80	13.78	11.11	10.96	11.38	0.00	0.00		13.54	<-Median->	10	P/FFO Med
P/FFO re Hi Price	17.39	16.34	14.38	15.33	17.21	15.51	14.18	16.33	15.15	14.74	16.00	12.75	12.26	12.08	0.00	0.00		15.24	<-Median->	10	P/FFO High
P/FFO re Low Price	14.72	12.96	12.46	13.24	13.01	13.23	12.40	14.24	7.05	6.85	11.57	9.46	9.66	10.67	0.00	0.00		11.99	<-Median->	10	P/FFO Low
P/FFO re Close price	16.20	13.56	13.95	14.31	14.42	14.11	13.52	14.52	10.79	14.63	12.84	11.06	10.97	12.08	12.18	11.97		13.82	<-Median->	10	P/FFO Close
Trailing P/FFO	17.00	14.08	14.71	15.43	15.30	13.80	14.08	13.69	10.73	15.04	12.17	11.93	10.87	12.13	12.08	12.18		13.74	<-Median->	10	Trailing P/FFO Close
Median Values	Historical	in order	13.70	15.42	12.47	14.05	P/AFFO	5 Yrs	in order	11.10	14.74	9.46	11.06		8.79%	Diff M/C		-10.79%	Diff M/C	10	DPR 75% to 95% best
* Funds From Operations
			-$1.96	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.23
								-$2.15	$0.00	$0.00	$0.00	$0.00	$2.23
			-$1.73	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.18
								-$2.19	$0.00	$0.00	$0.00	$0.00	$2.18
														$1.26	<-12 mths	-3.60%
Outstanding shares Calc	$6.81	$2.03	$1.67	$1.75	$2.08	$1.85	$2.10	$1.86	$0.44	$4.86	$3.03	$2.43	$1.39					-16.56%	<-Total Growth	10	Outstanding shares Calc
Basic Calc	$7.11	$2.05	$1.67	$1.84	$2.08	$1.86	$2.08	$1.85	$0.44	$4.80	$2.90	$2.32	$1.33					-20.61%	<-Total Growth	10	Basic Calc
Diluted Calc	$7.08	$2.01	$1.64	$1.82	$2.07	$1.85	$2.07	$1.84	$0.44	$4.77	$2.87	$2.30	$1.31					-20.01%	<-Total Growth	10	Diluted Calc
EPS Basic	$7.11	$2.38	$1.95	$2.18	$2.49	$2.27	$2.08	$1.85	$0.44	$4.80	$2.90	$2.32	$1.33					-31.79%	<-Total Growth	10	EPS Basic
pre-cons Feb 02
pre-cons Nov 02
EPS Diluted*	$7.08	$2.33	$1.94	$2.15	$2.48	$2.26	$2.07	$1.84	$0.44	$4.77	$2.87	$2.30	$1.31	$2.06	$1.89			-32.34%	<-Total Growth	10	EPS Diluted
Increase	378%	-67.11%	-16.80%	11.05%	15.35%	-9.01%	-8.21%	-11.12%	-76.36%	994.83%	-39.72%	-20.02%	-42.98%	57.27%	-8.25%			10	0	10	Years of Data, EPS P or N
Earnings Yield	24.44%	9.25%	7.09%	7.12%	7.68%	7.30%	6.72%	5.90%	1.89%	14.80%	10.73%	9.23%	5.36%	7.62%	6.99%			-3.83%	<-IRR #YR->	10	Earnings per Share	-32.34%
5 year Running Average	$1.97	$2.25	$2.59	$2.99	$3.19	$2.23	$2.18	$2.16	$1.82	$2.27	$2.40	$2.44	$2.34	$2.66	$2.09			-6.58%	<-IRR #YR->	5	Earnings per Share	-28.85%
10 year Running Average	$1.28	$1.38	$1.53	$1.69	$1.91	$2.10	$2.21	$2.37	$2.41	$2.73	$2.31	$2.31	$2.25	$2.24	$2.18			-1.01%	<-IRR #YR->	10	5 yr Running Average	-9.66%
* Diluted net Income per share									E/P	10 Yrs	7.21%	5Yrs	9.23%					1.58%	<-IRR #YR->	5	5 yr Running Average	8.16%
			-$1.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.31
								-$1.84	$0.00	$0.00	$0.00	$0.00	$1.31
			-$2.59	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.34
								-$2.16	$0.00	$0.00	$0.00	$0.00	$2.34
Dividend Estimate														$1.85	$1.85	$1.85					Dividend Estimate
Increase														0.00%	0.00%	0.00%					Increase
Special Dividends	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Dividend*	$1.55	$1.55	$1.56	$1.61	$1.658	$1.71	$1.76	$1.81	$1.85	$1.85	$1.85	$1.85	$1.85	$1.85	$1.85	$1.85		18.84%	<-Total Growth	10	Dividends
Increase	0.00%	0.00%	0.57%	3.35%	3.07%	3.02%	2.92%	2.85%	2.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%		12	0	22	Years of data, Count P, N
Average Increases 5 Year Running	0.37%	0.00%	0.11%	0.78%	1.40%	2.00%	2.59%	3.04%	2.83%	2.22%	1.62%	1.03%	0.46%	0.00%	0.00%	0.00%		1.81%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$1.55	$1.55	$1.55	$1.56	$1.58	$1.62	$1.66	$1.71	$1.76	$1.80	$1.82	$1.84	$1.85	$1.85	$1.85	$1.85		19.38%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	5.40%	5.69%	5.93%	5.34%	4.90%	5.43%	5.80%	5.50%	7.79%	7.79%	6.43%	7.40%	7.57%	7.26%				6.12%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	4.98%	5.11%	5.53%	4.97%	4.30%	5.03%	5.44%	5.15%	5.70%	5.70%	5.54%	6.45%	6.77%	6.83%				5.49%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	5.89%	6.44%	6.39%	5.76%	5.69%	5.89%	6.22%	5.91%	12.27%	12.27%	7.66%	8.69%	8.59%	7.74%				6.94%	<-Median->	10	Yield on Low Price	AFFO
Yield on Close Price	5.35%	6.15%	5.70%	5.33%	5.14%	5.53%	5.70%	5.79%	8.02%	5.75%	6.91%	7.43%	7.56%	6.84%	6.84%	6.84%		5.77%	<-Median->	10	Yield on Close Price	FFO
Payout Ratio EPS	21.88%	66.52%	80.41%	74.84%	66.87%	75.70%	84.89%	98.22%	425.04%	38.82%	64.41%	80.53%	141.24%	89.81%	97.89%	#DIV/0!		78.12%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	78.53%	68.90%	59.93%	52.17%	49.60%	72.47%	76.10%	79.10%	96.69%	78.94%	76.07%	75.41%	79.20%	69.53%	88.69%	#DIV/0!		76.09%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	95.67%	88.01%	94.41%	83.38%	81.32%	76.27%	79.91%	88.52%	106.33%	84.73%	84.95%	95.22%	84.22%	81.50%				84.47%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	104.40%	101.08%	98.47%	91.14%	88.05%	84.03%	82.43%	81.73%	85.59%	86.24%	88.13%	91.29%	90.33%	85.88%				87.15%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	83.77%	91.42%	88.25%	84.86%	78.06%	57.78%	57.15%	63.25%	70.64%	67.67%	66.40%	65.59%	61.93%	81.50%				65.99%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	97.82%	98.11%	96.31%	89.98%	84.93%	77.44%	70.15%	66.15%	64.41%	63.00%	64.77%	66.64%	66.32%	68.03%				66.48%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	6.12%	5.77%	5 Yr Med	5 Yr Cl	7.57%	7.43%	5 Yr Med	Payout	80.53%	84.95%	66.40%					0.46%	<-IRR #YR->	5	Dividends	2.31%
* Dividends per share	10 Yr Med	and Cur.	11.78%	18.52%	5 Yr Med	and Cur.	-9.65%	-7.99%	Last Div Inc --->		$0.1500	$0.1542	2.78%					1.74%	<-IRR #YR->	10	Dividends	18.84%
Dividends Growth 15																		1.20%	<-IRR #YR->	15	Dividends	19.51%
Dividends Growth 20																		2.11%	<-IRR #YR->	20	Dividends	51.93%
Dividends Growth 25																		-1.20%	<-IRR #YR->	21	Dividends
Dividends Growth 5								-$1.81	$0.00	$0.00	$0.00	$0.00	$1.85								Dividends Growth 5
Dividends Growth 10			-$1.56	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.85								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	$1.85								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	$1.85								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	$1.85
Historical Dividends	Historical	High Div	15.25%	Low Div	4.55%	10 Yr High	12.27%	10 Yr Low	4.37%	Med Div	6.17%	Close Div	5.79%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-55.15%		50.32%	Exp.	-44.26%		56.51%	Cheap	10.85%	Cheap	18.04%								High/Ave/Median
Future Dividend Yield					Div Yield	7.00%	earning in	5	Years	at IRR of	0.46%	Div Inc.	2.31%								Future Dividend Yield
Future Dividend Yield					Div Yield	7.16%	earning in	10.00	Years	at IRR of	0.46%	Div Inc.	4.67%								Future Dividend Yield
Future Dividend Yield					Div Yield	7.32%	earning in	15.00	Years	at IRR of	0.46%	Div Inc.	7.08%								Future Dividend Yield
Future Dividend Paid					Div Paid	$1.89	earning in	5	Years	at IRR of	0.46%	Div Inc.	2.31%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.94	earning in	10	Years	at IRR of	0.46%	Div Inc.	4.67%								Future Dividend Paid
Future Dividend Paid					Div Paid	$1.98	earning in	15	Years	at IRR of	0.46%	Div Inc.	7.08%								Future Dividend Paid
Dividend Covering Cost					Total Div	$9.34	over	5	Years	at IRR of	0.46%	Div Cov.	34.51%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$16.99	over	10	Years	at IRR of	0.46%	Div Cov.	62.82%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$24.83	over	15	Years	at IRR of	0.46%	Div Cov.	91.78%								Dividend Covering Cost
Yield if held 5 years	5.99%	9.67%	10.78%	7.23%	6.61%	5.96%	6.47%	6.89%	6.14%	5.47%	5.88%	6.11%	5.63%	7.79%	7.79%	6.43%		6.12%	<-Median->	10	Paid Median Price
Yield if held 10 years	15.48%	13.32%	9.58%	7.53%	6.26%	6.61%	10.99%	12.52%	8.32%	7.37%	6.45%	6.81%	7.05%	6.14%	5.47%	5.88%		7.21%	<-Median->	10	Paid Median Price
Yield if held 15 years		9.10%	15.40%	18.14%	18.81%	17.08%	15.13%	11.13%	8.66%	6.99%	7.16%	11.56%	12.81%	8.32%	7.37%	6.45%		12.18%	<-Median->	10	Paid Median Price
Yield if held 20 years							10.34%	17.89%	20.85%	20.99%	18.49%	15.91%	11.38%	8.66%	6.99%	7.16%		17.89%	<-Median->	7	Paid Median Price
Yield if held 25 years												10.87%	18.31%	20.85%	20.99%	18.49%		14.59%	<-Median->	2	Paid Median Price
Cost covered if held 5 years	29.94%	48.36%	53.64%	35.11%	31.57%	28.17%	30.50%	32.53%	29.14%	26.52%	28.97%	30.39%	28.15%	38.94%	38.94%	32.17%		29.77%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	144.65%	127.88%	93.57%	72.26%	59.02%	61.20%	100.16%	112.78%	74.59%	67.34%	59.95%	64.37%	67.76%	59.83%	53.86%	58.36%		67.55%	<-Median->	10	Paid Median Price
Cost covered if held 15 years		95.28%	175.79%	218.40%	238.61%	225.43%	199.20%	146.14%	113.35%	92.91%	96.47%	157.70%	176.82%	116.18%	104.21%	92.20%		167.26%	<-Median->	10	Paid Median Price
Cost covered if held 20 years							144.01%	260.31%	317.41%	340.42%	316.56%	278.42%	203.07%	156.62%	127.84%	132.25%		278.42%	<-Median->	7	Paid Median Price
Cost covered if held 25 years												198.14%	351.84%	421.68%	445.36%	409.04%		274.99%	<-Median->	2	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$806.4	$781.3	$780.8	$804.6	$834.6	$918.4	$926	<-12 mths	0.85%		13.88%	<-Total Growth	5	Revenue Growth	13.88%
AFFO Growth								$1.97	$2.05	$2.05	$1.91	$1.97	$1.99	$2.16	<-12 mths	8.54%		0.87%	<-Total Growth	5	AFFO Growth	0.87%
FFO Growth								$2.15	$2.14	$2.20	$2.09	$2.25	$2.23	$2.39	<-12 mths	7.17%		3.72%	<-Total Growth	5	FFO Growth	3.72%
Net Income Growth								$314.0	$75.3	$828.0	$516.0	$413.7	$236.8	$249	<-12 mths	5.21%		-24.61%	<-Total Growth	5	Net Income Growth	-24.61%
Cash Flow Growth								$345.6	$296.0	$371.6	$370.8	$330.9	$374.2	$387	<-12 mths	3.34%		8.27%	<-Total Growth	5	Cash Flow Growth	8.27%
Dividend Growth								$1.81	$1.85	$1.85	$1.85	$1.85	$1.85	$1.85	<-12 mths	0.00%		2.31%	<-Total Growth	5	Dividend Growth	2.31%
Stock Price Growth								$31.21	$23.08	$32.19	$26.78	$24.89	$24.46	$27.05	<-12 mths	10.59%		-21.63%	<-Total Growth	5	Stock Price Growth	-21.63%
Revenue Growth			$607.8	$668.7	$725.3	$734.0	$790.2	$806.4	$781.3	$780.8	$804.6	$834.6	$918.4	$926	<-this year	0.86%		51.09%	<-Total Growth	10	Revenue Growth	51.09%
AFFO Growth			$1.86	$1.99	$2.10	$2.08	$2.13	$1.97	$2.05	$2.05	$1.91	$1.97	$1.99	$1.95	<-this year	-2.01%		7.10%	<-Total Growth	10	AFFO Growth	7.10%
FFO Growth			$1.96	$2.11	$2.24	$2.19	$2.28	$2.15	$2.14	$2.20	$2.09	$2.25	$2.23	$2.24	<-this year	0.45%		13.95%	<-Total Growth	10	FFO Growth	13.95%
Net Income Growth			$226.5	$269.2	$322.2	$292.0	$334.5	$314.0	$75.3	$828.0	$516.0	$413.7	$236.8	$373	<-this year	57.60%		4.51%	<-Total Growth	10	Net Income Growth	4.51%
Cash Flow Growth			$224.3	$296.2	$316.3	$353.1	$351.3	$345.6	$296.0	$371.6	$370.8	$330.9	$374.2	$387	<-this year	3.34%		66.86%	<-Total Growth	10	Cash Flow Growth	66.86%
Dividend Growth			$1.56	$1.61	$1.66	$1.71	$1.76	$1.81	$1.85	$1.85	$1.85	$1.85	$1.85	$1.85	<-this year	0.00%		18.84%	<-Total Growth	10	Dividend Growth	18.84%
Stock Price Growth			$27.30	$30.19	$32.29	$30.91	$30.83	$31.21	$23.08	$32.19	$26.78	$24.89	$24.46	$27.05	<-this year	10.59%		-10.40%	<-Total Growth	10	Stock Price Growth	-10.40%
Revenue Growth	$546.0	$571.2	$607.8	$668.7	$725.3	$734.0	$790.2	$806.4	$781.3	$780.8	$804.6	$834.6	$918.4					98.95%	<-Total Growth	15	Revenue Growth	98.95%
AFFO Growth	$1.71	$1.76	$1.86	$1.99	$2.10	$2.08	$2.13	$1.97	$2.05	$2.05	$1.91	$1.97	$1.99					26.75%	<-Total Growth	15	AFFO Growth	26.75%
FFO Growth	$1.79	$1.86	$1.96	$2.11	$2.24	$2.19	$2.28	$2.15	$2.14	$2.20	$2.09	$2.25	$2.23					33.53%	<-Total Growth	15	FFO Growth	33.53%
Net Income Growth	$898.38	$272.78	$226.54	$269.17	$322.23	$292.02	$334.53	$314.05	$75.29	$827.98	$516.05	$413.70	$236.76					916.73%	<-Total Growth	15	Net Income Growth	916.73%
Cash Flow Growth	$213.54	$235.82	$224.27	$296.25	$316.34	$353.08	$351.25	$345.61	$295.99	$371.62	$370.76	$330.85	$374.21					162.08%	<-Total Growth	15	Cash Flow Growth	162.08%
Dividend Growth	$1.55	$1.55	$1.56	$1.61	$1.66	$1.71	$1.76	$1.81	$1.85	$1.85	$1.85	$1.85	$1.85					19.51%	<-Total Growth	15	Dividend Growth	19.51%
Stock Price Growth	$28.95	$25.16	$27.30	$30.19	$32.29	$30.91	$30.83	$31.21	$23.08	$32.19	$26.78	$24.89	$24.46					25.37%	<-Total Growth	15	Stock Price Growth	25.37%
Revenue Growth	$546.04	$571.18	$607.82	$668.65	$725.27	$734.03	$790.18	$806.42	$781.25	$780.76	$804.60	$834.58	$918.36					944.21%	<-Total Growth	20	Revenue Growth	944.21%
AFFO Growth	$1.71	$1.76	$1.86	$1.99	$2.10	$2.08	$2.13	$1.97	$2.05	$2.05	$1.91	$1.97	$1.99					27.56%	<-Total Growth	20	AFFO Growth	27.56%
FFO Growth	$1.79	$1.86	$1.96	$2.11	$2.24	$2.19	$2.28	$2.15	$2.14	$2.20	$2.09	$2.25	$2.23					67.67%	<-Total Growth	20	FFO Growth	67.67%
Net Income Growth	$898.38	$272.78	$226.54	$269.17	$322.23	$292.02	$334.53	$314.05	$75.29	$827.98	$516.05	$413.70	$236.76					1664.85%	<-Total Growth	20	Net Income Growth	1664.85%
Cash Flow Growth	$213.54	$235.82	$224.27	$296.25	$316.34	$353.08	$351.25	$345.61	$295.99	$371.62	$370.76	$330.85	$374.21					965.03%	<-Total Growth	20	Cash Flow Growth	965.03%
Dividend Growth	$1.55	$1.55	$1.56	$1.61	$1.66	$1.71	$1.76	$1.81	$1.85	$1.85	$1.85	$1.85	$1.85					51.93%	<-Total Growth	20	Dividend Growth	51.93%
Stock Price Growth	$28.95	$25.16	$27.30	$30.19	$32.29	$30.91	$30.83	$31.21	$23.08	$32.19	$26.78	$24.89	$24.46					30.45%	<-Total Growth	20	Stock Price Growth	30.45%
Dividends on Shares				$59.53	$61.36	$63.21	$65.06	$66.91	$68.45	$68.45	$68.45	$68.45	$68.45	$68.45	$68.45	$68.45		$658.32	No of Years	10	Total Divs	12/31/14
Paid			$1,010.10	$1,117.03	$1,194.73	$1,143.67	$1,140.71	$1,154.77	$853.96	$1,191.03	$990.86	$920.93	$905.02	$1,000.85	$1,000.85	$1,000.85		$905.02	No of Years	10	Worth	$27.30
Total																		$1,563.34
Graham No. with FFO	$30.66	$31.68	$32.69	$33.79	$35.48	$35.34	$36.51	$35.84	$34.96	$37.67	$37.59	$39.04	$39.30	$39.18	$39.01			20.22%	<-Total Growth	10	Graham Price with FFO
Price/GP Ratio Med	0.94	0.86	0.80	0.89	0.95	0.89	0.83	0.92	0.68	0.63	0.76	0.64	0.62	0.65				0.80	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.01	0.96	0.86	0.96	1.09	0.96	0.89	0.98	0.93	0.86	0.89	0.74	0.70	0.69				0.91	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.86	0.76	0.75	0.83	0.82	0.82	0.77	0.85	0.43	0.40	0.64	0.55	0.55	0.61				0.71	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.94	0.79	0.84	0.89	0.91	0.87	0.84	0.87	0.66	0.85	0.71	0.64	0.62	0.69	0.69			0.85	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-2.81%	-18.38%	-16.57%	-10.56%	-8.54%	-12.34%	-16.33%	-13.96%	-75.33%	-9.88%	-24.51%	-35.87%	-49.26%	-32.29%	-33.23%			-15.14%	<-Median->	10	Graham Price
Graham No.	$61.01	$35.47	$32.51	$34.11	$37.33	$35.87	$34.80	$33.16	$15.77	$55.44	$44.11	$39.45	$30.12	$37.58	$35.99			-7.36%	<-Total Growth	10	Graham Price
Price/GP Ratio Med	0.47	0.77	0.81	0.88	0.91	0.88	0.87	0.99	1.51	0.43	0.65	0.63	0.81	0.68				0.87	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.51	0.85	0.87	0.95	1.03	0.95	0.93	1.06	2.06	0.59	0.76	0.73	0.91	0.72				0.94	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.43	0.68	0.75	0.82	0.78	0.81	0.81	0.92	0.96	0.27	0.55	0.54	0.72	0.64				0.79	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.47	0.71	0.84	0.89	0.86	0.86	0.89	0.94	1.46	0.58	0.61	0.63	0.81	0.72	0.75			0.86	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-52.55%	-29.07%	-16.03%	-11.50%	-13.51%	-13.83%	-11.41%	-5.89%	46.40%	-41.93%	-39.29%	-36.90%	-18.78%	-28.01%	-24.85%			-13.67%	<-Median->	10	Graham Price
pre-cons Feb 02
pre-cons Nov 02
Price Close	$28.95	$25.16	$27.30	$30.19	$32.29	$30.91	$30.83	$31.21	$23.08	$32.19	$26.78	$24.89	$24.46	$27.05	$27.05	$27.05		-10.40%	<-Total Growth	10	Stock Price
Increase	8.14%	-13.09%	8.51%	10.59%	6.96%	-4.27%	-0.26%	1.23%	-26.05%	39.47%	-16.81%	-7.06%	-1.73%	10.59%	0.00%	0.00%		12.49	<-Median->	10	CAPE (10 Yr P/E)
P/E	4.09	10.81	14.10	14.04	13.02	13.70	14.88	16.95	53.03	6.75	9.32	10.83	18.67	13.13	14.31	#DIV/0!		-4.76%	<-IRR #YR->	5	Stock Price	-21.63%
Trailing P/E	19.55	3.56	11.73	15.59	15.02	12.46	13.66	15.07	12.54	73.96	5.62	8.67	10.65	20.65	13.13	14.31		-1.09%	<-IRR #YR->	10	Stock Price	-10.40%
CAPE (10 Yr P/E)	17.06	16.61	15.61	14.51	13.07	12.18	12.44	12.09	11.92	10.69	12.53	12.54	12.76	12.67	12.77	#DIV/0!		1.75%	<-IRR #YR->	5	Price & Dividend	8.01%
Median 10, 5 Yrs		D.  per yr	6.76%	6.51%	% Tot Ret	119.27%	371.67%	T P/E	13.10	10.65	P/E:	13.87	10.83					5.67%	<-IRR #YR->	10	Price & Dividend	54.77%
Price 15		D.  per yr	7.81%		% Tot Ret	83.72%						CAPE Diff	5.16%					1.52%	<-IRR #YR->	15	Stock Price	25.37%
Price  20		D.  per yr	7.70%		% Tot Ret	85.19%												1.34%	<-IRR #YR->	20	Stock Price	30.45%
Price  25		D.  per yr	7.99%		% Tot Ret	68.96%												3.60%	<-IRR #YR->	25	Stock Price
Price  30		D.  per yr	16.24%		% Tot Ret	60.93%												10.42%	<-IRR #YR->	27	Stock Price
Price & Dividend 15																		9.33%	<-IRR #YR->	15	Price & Dividend	156.29%
Price & Dividend 20																		9.04%	<-IRR #YR->	20	Price & Dividend	206.44%
Price & Dividend 25																		11.59%	<-IRR #YR->	25	Price & Dividend
Price & Dividend 30																		26.66%	<-IRR #YR->	27	Price & Dividend
Price  5								-$31.21	$0.00	$0.00	$0.00	$0.00	$24.46								Price  5
Price 10			-$27.30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$24.46								Price 10
Price & Dividend 5								-$31.21	$1.85	$1.85	$1.85	$1.85	$26.31								Price & Dividend 5
Price & Dividend 10			-$27.30	$1.61	$1.66	$1.71	$1.76	$1.81	$1.85	$1.85	$1.85	$1.85	$26.31								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	$24.46								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	$24.46								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	$24.46								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	$24.46								Price  30
Price & Dividend 15	$1.55	$1.55	$1.56	$1.61	$1.66	$1.71	$1.76	$1.81	$1.85	$1.85	$1.85	$1.85	$26.31								Price & Dividend 15
Price & Dividend 20	$1.55	$1.55	$1.56	$1.61	$1.66	$1.71	$1.76	$1.81	$1.85	$1.85	$1.85	$1.85	$26.31								Price & Dividend 20
Price & Dividend 25	$1.55	$1.55	$1.56	$1.61	$1.66	$1.71	$1.76	$1.81	$1.85	$1.85	$1.85	$1.85	$26.31								Price & Dividend 25
Price & Dividend 30	$1.55	$1.55	$1.56	$1.61	$1.66	$1.71	$1.76	$1.81	$1.85	$1.85	$1.85	$1.85	$26.31								Price & Dividend 30
Price H/L Median	$28.69	$27.19	$26.26	$30.14	$33.84	$31.47	$30.30	$32.87	$23.76	$23.76	$28.76	$24.99	$24.44	$25.48				-6.93%	<-Total Growth	10	Stock Price
Increase	14.33%	-5.23%	-3.40%	14.78%	12.28%	-7.00%	-3.72%	8.47%	-27.72%	0.00%	21.05%	-13.09%	-2.20%	4.26%				-0.72%	<-IRR #YR->	10	Stock Price	-6.93%
P/E	4.05	11.68	13.56	14.02	13.65	13.95	14.63	17.85	54.58	4.98	10.01	10.88	18.66	12.37				-5.75%	<-IRR #YR->	5	Stock Price	-25.64%
Trailing P/E	19.37	3.84	11.28	15.57	15.74	12.69	13.43	15.87	12.90	54.58	6.03	8.70	10.64	19.45				6.20%	<-IRR #YR->	10	Price & Dividend	2.51%
P/E on Run. 5 yr Ave	14.55	12.10	10.16	10.07	10.60	14.11	13.91	15.22	13.07	10.45	12.00	10.23	10.46	9.58				0.56%	<-IRR #YR->	5	Price & Dividend	60.82%
P/E on Run. 10 yr Ave	22.42	19.66	17.21	17.88	17.74	14.98	13.69	13.85	9.88	8.69	12.43	10.82	10.87	11.38				16.43	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	6.92%	6.31%	% Tot Ret	111.54%	1128.57%	T P/E	13.17	10.64	P/E:	13.98	10.88						Count	26	Years of data
			-$26.26	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$24.44
								-$32.87	$0.00	$0.00	$0.00	$0.00	$24.44
			-$26.26	$1.61	$1.66	$1.71	$1.76	$1.81	$1.85	$1.85	$1.85	$1.85	$26.29
								-$32.87	$1.85	$1.85	$1.85	$1.85	$26.29
High Months	Aug	May	Nov	Nov	Jul	Feb	Dec	Mar	Jan	Jan	Mar	Jan	Sep	Aug
pre-cons Feb 9 02
pre-cons Nov 4 02
Price High	$31.07	$30.32	$28.14	$32.35	$38.54	$33.96	$32.33	$35.11	$32.43	$32.43	$33.37	$28.70	$27.34	$27.07				-2.84%	<-Total Growth	10	Stock Price
Increase	13.73%	-2.41%	-7.19%	14.96%	19.13%	-11.88%	-4.80%	8.60%	-7.63%	0.00%	2.90%	-13.99%	-4.74%	-0.99%				-0.29%	<-IRR #YR->	10	Stock Price	-2.84%
P/E	4.39	13.03	14.54	15.05	15.54	15.05	15.61	19.07	74.51	6.81	11.62	12.49	20.87	13.14				-4.88%	<-IRR #YR->	5	Stock Price	-22.13%
Trailing P/E	20.98	4.29	12.09	16.71	17.93	13.69	14.33	16.95	17.62	74.51	7.00	9.99	11.90	20.67				18.76	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	15.52	11.90	P/E:	15.29	12.49					67.20	P/E Ratio		Historical High
			-$28.14	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$27.34
								-$35.11	$0.00	$0.00	$0.00	$0.00	$27.34
Low Months	Mar	Oct	Jan	Jan	Jan	Oct	May	Jan	Mar	Mar	Sep	Oct	Jun	Apr
pre-cons Feb 9 02
pre-cons Nov 4 02
Price Low	$26.30	$24.05	$24.38	$27.93	$29.14	$28.98	$28.27	$30.62	$15.08	$15.08	$24.14	$21.28	$21.54	$23.89				-11.65%	<-Total Growth	10	Stock Price
Increase	15.05%	-8.56%	1.37%	14.56%	4.33%	-0.55%	-2.45%	8.31%	-50.75%	0.00%	60.08%	-11.85%	1.22%	10.91%				-1.23%	<-IRR #YR->	10	Stock Price	-11.65%
P/E	3.72	10.34	12.59	12.99	11.75	12.84	13.65	16.63	34.65	3.16	8.40	9.26	16.44	11.60				-6.79%	<-IRR #YR->	5	Stock Price	-29.65%
Trailing P/E	17.76	3.40	10.48	14.43	13.55	11.69	12.53	14.78	8.19	34.65	5.07	7.41	9.38	18.24				13.32	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	12.11	8.19	P/E:	12.92	9.26					9.04	P/E Ratio		Historical Low
			-$24.38	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$21.54
								-$30.62	$0.00	$0.00	$0.00	$0.00	$21.54
Free Cash Flow Mkt Sc									$296.00	$371.30	$377.19	-$64.24	$215.30	$13.00	$62.00	$50.00			<-Total Growth	4	Free Cash Flow Mkt Sc
Change										25.44%	1.59%	-117.03%	435.15%	-93.96%	376.92%	-19.35%		13.51%	<-Median->	4	Change
														$358	<-12 mths	-12.74%
Free Cash Flow WSJ									$295.98	$371.28	$369.17	$328.95	$410.39						<-Total Growth	4	Free Cash Flow WSJ
Change										25.44%	-0.57%	-10.90%	24.76%					12.10%	<-Median->	4	Change
														$582	<-12 mths	60.59%
Free Cash Flow MS old				$296.05	$316.09	$352.68	$350.41	$344.33	$296.00	$371.00	$369.00	$328.95									Free Cash Flow MS old
Change					6.77%	11.58%	-0.64%	-1.73%	-14.04%	25.34%	-0.54%	-10.85%									Change
Free Cash Flow MS	$212.00	$234.05	$240.62	$290.91	$329.29	$314.17	$357.35	$331.01	$312	$332	$377	$338	$363	$13	$62	$50		50.75%	<-Total Growth	10	Free Cash Flow
Change	6.53%	10.40%	2.81%	20.90%	13.19%	-4.59%	13.74%	-7.37%	-5.68%	6.35%	13.60%	-10.36%	7.28%	-96.42%	376.92%	-19.35%		1.85%	<-IRR #YR->	5	Free Cash Flow MS	9.58%
FCF/CF from Op Ratio	0.99	0.99	1.07	0.98	1.04	0.89	1.02	0.96	1.05	0.89	1.02	1.02	0.97	0.03	#VALUE!	#DIV/0!		4.19%	<-IRR #YR->	10	Free Cash Flow MS	50.75%
Dividends paid	$146.57	$151.61	$153.25	$161.78	$169.69	$174.60	$179.71	$189.58	$259.91	$267.55	$267.56	$267.56	$267.63	$315.16	$315.16	$0.00		74.64%	<-Total Growth	10	Dividends paid
Percentage paid		64.78%	63.69%	55.61%	51.53%	55.58%	50.29%	57.27%	83.25%	80.58%	70.94%	79.13%	73.78%	2424.31%	508.32%	0.00%		64.10%	<-Median->	10	Percentage paid
5 Year Coverage						57.55%	54.76%	53.94%	59.21%	65.06%	68.10%	74.07%	77.24%	97.36%	124.29%	141.13%					5 Year Coverage
Dividend Coverage Ratio		1.54	1.57	1.80	1.94	1.80	1.99	1.75	1.20	1.24	1.41	1.26	1.36	0.04	0.20	#DIV/0!		1.58	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage						1.74	1.83	1.85	1.69	1.54	1.47	1.35	1.29	1.03	0.80	0.71					5 Year of Coverage
								-$331.01	0.00	0.00	0.00	0.00	362.73
			-$240.62	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	362.73
Market Cap in $M	$3,820	$3,373	$3,713	$4,635	$5,009	$4,872	$4,921	$5,280	$3,926	$5,479	$4,559	$4,239	$4,167	$4,608	$4,608	$0		12.23%	<-Total Growth	10	Market Cap
Diluted # of Shares in Million	126.97	136.04	138.34	148.30	155.54	157.72	161.51	170.58	172.97	173.75	179.66	180.09	180.75	181.13	181.13	181.13		30.66%	<-Total Growth	10	Diluted
Change	6.31%	7.15%	1.69%	7.20%	4.89%	1.40%	2.40%	5.62%	1.40%	0.45%	3.40%	0.24%	0.37%	0.21%	0.00%	0.00%		1.40%	<-Median->	11	Change
Difference Diluted/Basic	-0.5%	-2.1%	-2.2%	-1.1%	-0.4%	-0.4%	-0.5%	-0.5%	-0.6%	-0.7%	-0.9%	-1.1%	-1.4%	-1.6%	-1.6%	-1.6%		-0.75%	<-Median->	11	Difference Diluted/Basic
Basic # of Shares in Millions	126.39	133.16	135.36	146.59	154.94	157.06	160.70	169.71	171.98	172.45	178.12	178.19	178.19	178.32	178.32	178.32		31.64%	<-Total Growth	10	Average
Change	6.27%	5.35%	1.66%	8.30%	5.69%	1.37%	2.32%	5.61%	1.34%	0.27%	3.29%	0.04%	0.00%	0.07%	0.00%	0.00%		1.84%	<-Median->	10	Change
Difference Basic/Outstanding	4.4%	0.7%	0.5%	4.7%	0.1%	0.4%	-0.7%	-0.3%	-1.1%	-1.3%	-4.4%	-4.4%	-4.4%	-4.5%	-4.5%	-100.0%		-0.87%	<-Median->	10	Difference Basic/Outstanding
														$386.7	<-12 mths	3.34%
Outstanding Units re overview	132.280	134.381	136.315	154.088	155.686	159.720	161.717	171.283	172.221	178.092	178.134	178.188	178.201					30.73%	<-Total Growth	10	From Overview	Total Units outstanding include Trust Units and LP Units including LP Units classified as liabilities. LP Units classified as equity in the consolidated financial
pre-cons Feb 02																						statements are presented as non-controlling interests.
pre-cons Nov 02																						9 The diluted weighted average includes the vested portion of the deferred unit plan and convertible debentures but does not include unvested Earnout options.
Trust Units	114.138	115.723	117.045	128.674	130.132	132.612	134.498	144.038	144.619	144.625	144.625	144.625	144.688	144.688	144.688			23.62%	<-Total Growth	10	Trust Units	see Unit Equity
LP Units	17.830	18.347	18.959	24.852	24.992	25.021	25.129	25.148	25.502	25.569	25.611	25.665	25.665	25.665	25.665			35.37%	<-Total Growth	10	LP Units
LP II Units	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000			25.26%	<-Total Growth	10	# of Share in Millions
# of Share in Millions	131.969	134.070	136.004	153.526	155.124	157.633	159.627	169.187	170.121	170.194	170.236	170.291	170.353	170.353	170.353			2.28%	<-IRR #YR->	10	Shares	25.26%
Change	6.74%	1.59%	1.44%	12.88%	1.04%	1.62%	1.26%	5.99%	0.55%	0.04%	0.02%	0.03%	0.04%	0.00%	0.00%			0.14%	<-IRR #YR->	5	Shares	0.69%
Cash Flow from Operations $M	$213.54	$235.82	$224.27	$296.25	$316.34	$353.08	$351.25	$345.61	$295.99	$371.62	$370.76	$330.85	$374.21	$386.7	<-12 mths			66.86%	<-Total Growth	10	Cash Flow
Increase	7.04%	10.43%	-4.90%	32.09%	6.78%	11.62%	-0.52%	-1.61%	-14.36%	25.56%	-0.23%	-10.76%	13.10%	3.34%	<-12 mths			SO, DRIP	Conv Deb.		Exch. Def Units
5 year Running Average	$168.0	$186.3	$202.6	$233.9	$257.2	$285.2	$308.2	$332.5	$332.5	$343.5	$347.0	$343.0	$348.7	$366.8	<-12 mths			72.09%	<-Total Growth	10	CF 5 Yr Running
CFPS	$1.62	$1.76	$1.65	$1.93	$2.04	$2.24	$2.20	$2.04	$1.74	$2.18	$2.18	$1.94	$2.20	$2.27	<-12 mths			33.21%	<-Total Growth	10	Cash Flow per Share
Increase	0.28%	8.70%	-6.25%	17.02%	5.68%	9.84%	-1.76%	-7.17%	-14.83%	25.50%	-0.26%	-10.79%	13.06%	3.34%	<-12 mths			5.25%	<-IRR #YR->	10	Cash Flow	66.86%
5 year Running Average	$1.48	$1.53	$1.57	$1.71	$1.80	$1.92	$2.01	$2.09	$2.05	$2.08	$2.07	$2.02	$2.05	$2.15	<-12 mths			1.60%	<-IRR #YR->	5	Cash Flow	8.27%
P/CF on Med Price	17.73	15.46	15.92	15.62	16.59	14.05	13.77	16.09	13.65	10.88	13.20	12.86	11.13	11.22	<-12 mths			2.91%	<-IRR #YR->	10	Cash Flow per Share	33.21%
P/CF on Closing Price	17.89	14.30	16.56	15.65	15.83	13.80	14.01	15.28	13.27	14.74	12.30	12.81	11.14	11.92	<-12 mths			1.46%	<-IRR #YR->	5	Cash Flow per Share	7.53%
															-13.09%	Diff M/C		2.67%	<-IRR #YR->	10	CFPS 5 yr Running	30.14%
Excl.Working Capital CF	$30.31	-$8.81	$15.66	-$5.14	$13.20	$113.02	$139.89	$138.10	$149.58	$93.67	$103.54	$149.50	$134.73	$0.00	<-12 mths			-0.41%	<-IRR #YR->	5	CFPS 5 yr Running	-2.02%
CF fr Op $M WC	$243.9	$227.0	$239.9	$291.1	$329.5	$466.1	$491.1	$483.7	$445.6	$465.3	$474.3	$480.3	$508.9	$386.7	<-12 mths			112.12%	<-Total Growth	10	Cash Flow less WC
Increase	33.42%	-6.91%	5.69%	21.33%	13.20%	41.44%	5.37%	-1.51%	-7.89%	4.43%	1.94%	1.28%	5.95%	-24.02%	<-12 mths			7.81%	<-IRR #YR->	10	Cash Flow less WC	112.12%
5 year Running Average	$178.7	$191.4	$207.5	$236.9	$266.3	$310.7	$363.6	$412.3	$443.2	$470.4	$472.0	$469.8	$474.9	$463.1	<-12 mths			1.02%	<-IRR #YR->	5	Cash Flow less WC	5.21%
CFPS Excl. WC	$1.85	$1.69	$1.76	$1.90	$2.12	$2.96	$3.08	$2.86	$2.62	$2.73	$2.79	$2.82	$2.99	$2.27	<-12 mths			8.63%	<-IRR #YR->	10	CF less WC 5 Yr Run	128.90%
Increase	25.00%	-8.37%	4.19%	7.48%	12.04%	39.19%	4.06%	-7.08%	-8.39%	4.38%	1.91%	1.24%	5.91%	-24.02%	<-12 mths			2.87%	<-IRR #YR->	5	CF less WC 5 Yr Run	15.17%
5 year Running Average	$1.58	$1.58	$1.61	$1.74	$1.87	$2.09	$2.36	$2.58	$2.73	$2.85	$2.81	$2.76	$2.79	$2.72	<-12 mths			5.41%	<-IRR #YR->	10	CFPS - Less WC	69.35%
P/CF on Med Price	15.52	16.06	14.89	15.90	15.93	10.64	9.85	11.50	9.07	8.69	10.32	8.86	8.18	11.22	<-12 mths			0.88%	<-IRR #YR->	5	CFPS - Less WC	4.49%
P/CF on Closing Price	15.67	14.86	15.47	15.92	15.20	10.45	10.02	10.92	8.81	11.77	9.61	8.82	8.19	11.92	<-12 mths			5.66%	<-IRR #YR->	10	CFPS 5 yr Running	73.34%
*Operational Cash Flow per share			CF/-WC	P/CF Med	10 yr	13.71	5 yr	12.86	P/CF Med	10 yr	10.08	5 yr	8.86		18.17%	Diff M/C		1.55%	<-IRR #YR->	5	CFPS 5 yr Running	8.01%
			-136.004	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	0.000	170.353								Shares
								-169.187	0.000	0.000	0.000	0.000	170.353								Shares
			-$224.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$374.2								Cash Flow
								-$345.6	$0.0	$0.0	$0.0	$0.0	$374.2								Cash Flow
			-$1.65	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.20								Cash Flow per Share
								-$2.04	$0.00	$0.00	$0.00	$0.00	$2.20								Cash Flow per Share
			-$1.57	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.05								CFPS 5 yr Running
								-$2.09	$0.00	$0.00	$0.00	$0.00	$2.05								CFPS 5 yr Running
			-$239.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$508.9								Cash Flow less WC
								-$483.7	$0.0	$0.0	$0.0	$0.0	$508.9								Cash Flow less WC
			-$207.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$474.9								CF less WC 5 Yr Run
								-$412.3	$0.0	$0.0	$0.0	$0.0	$474.9								CF less WC 5 Yr Run
			-$1.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.99								CFPS - Less WC
								-$2.86	$0.00	$0.00	$0.00	$0.00	$2.99								CFPS - Less WC
			-$1.61	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.79								CFPS 5 yr Running
								-$2.58	$0.00	$0.00	$0.00	$0.00	$2.79								CFPS 5 yr Running
Amounts Receivable & Prepaid expenses				-$17.85	-$12.40	-$5.784
Accounts payable and Accrued liabilites				$23.00	-$0.80	$17.301
Changes in Non-cash Operation Items
Amts Rec							-$18.155	$20.941	-$21.965	$9.102	-$7.582	-$16.486	-$2.825
Deferred Financings costs								$0.161	$0.304	-$0.096	-$2.185	-$0.574	$2.352
Prepaid Expenses							-$0.296	-$2.441	-$2.022	-$3.751
Accounts Pay.							$5.973	-$7.638	-$8.844	$1.175	$8.074	$8.765	$4.244
Realty Taxes Payable							-$1.958	-$1.065	$1.521	-$1.771	-$0.247	-$0.228	-$0.965
Tenant Prepaid Rents etc							$10.571	$4.283	$17.683	$31.313	$1.222	-$15.259	-$13.343
Other Working Cap Chges							-$3.072	-$0.758	-$2.907	$3.268	-$7.299	$14.607	$21.464
Cash Interest paid						-$127.314	-$136.347	-$154.854	-$138.847	-$150.554	-$139.639	-$151.199	-$152.952
interest income
interest rec						$2.775	$3.391	$3.274	$5.502	$17.648	$44.119	$10.879	$7.300
Chges in non-cash Operating Items		$8.81	-$15.66
Sum		$8.81	-$15.66	$5.14	-$13.20	-$113.022	-$139.893	-$138.097	-$149.575	-$93.666	-$103.537	-$149.495	-$134.725
Google --> Morningstar				$5.14	-$13.20	$12	-$137	-$138	-$150	-$94	-$104	-$149	-$127
Difference				$0.00	$0.00	-$125	-$3	$0	$0	$0	$0	$0	-$8
Morningstar <-- TD		$9	-$16	$5	-$13	-$113	-$140
Difference		$0	$0	$0	$0	$0	chge '20
OPM	39.11%	41.29%	36.90%	44.31%	43.62%	48.10%	44.45%	42.86%	37.89%	47.60%	46.08%	39.64%	40.75%	41.75%				10.43%	<-Total Growth	10	OPM
Increase	6.82%	5.57%	-10.63%	20.08%	-1.55%	10.28%	-7.59%	-3.59%	-11.60%	25.63%	-3.19%	-13.97%	2.79%	2.45%					Should increase		or be stable.
Diff from Ave	-10.2%	-5.2%	-15.2%	1.8%	0.2%	10.5%	2.1%	-1.5%	-13.0%	9.3%	5.9%	-8.9%	-6.4%	-4.1%				0.01	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	43.53%	5 Yrs	42.39%					should be	zero, it is a		check on calculations
														$573.79	<-12 mths	5.83%
Adjusted EBITDA					$461.8	$467.1	$494.6	$506.0	$503.0	$504.9	$491.8	$537.5	$542.2	$561.0	$580.0	$600.3		#DIV/0!	<-Total Growth	8	Adjusted EBITDA
Change						1.14%	5.90%	2.29%	-0.59%	0.37%	-2.60%	9.30%	0.88%	3.47%	3.39%	3.50%		1.01%	<-Median->	8	Change
EBITDA Margin					69.07%	64.40%	67.39%	64.03%	62.37%	64.62%	62.98%	66.80%	64.97%	61.09%	62.61%	62.83%		64.62%	<-Median->	9	EBITDA Margin
														$580.26	<-12 mths	5.98%
Net Rental Income	$358.69	$374.27	$394.78	$436.93	$474.86	$472.93	$497.22	$504.90	$460.71	$485.80	$502.60	$513.56	$547.51					38.69%	<-Total Growth	10	Net Rental Income
Change	5.83%	4.34%	5.48%	10.68%	8.68%	-0.41%	5.14%	1.55%	-8.75%	5.45%	3.46%	2.18%	6.61%					4.30%	<-Median->	10	Change
EBITDA	$746.94	$375.30	$393.90	$429.50	$461.84	$467.06	$494.6	$506.5	$458.7	$479.8	$488.2							-100%	<-Total Growth	8	EBITDA (fr TD Bank)	2nd Adj
Covering Assets	$6,134.85	$6,615.8	$6,696.85	$8,016.2	$8,242.4	$8,733.3	$8,905.1	$9,050.1	$8,850.4	$9,847.1	$10,208.1	$10,564.3	$10,659.8	$10,726.8				59.18%	<-Total Growth	10	Covering Assets	Type
Change	8.47%	7.84%	1.22%	19.70%	2.82%	5.96%	1.97%	1.63%	-2.21%	11.26%	3.67%	3.49%	0.90%	0.63%				3.16%	<-Median->	10	Change	Lg Term R
Debt/Assets Ratio	0.39	0.42	0.38	0.44	0.40	0.44	0.40	0.45	0.49	0.42	0.44	0.42	0.38	0.39				0.43	<-Median->	10	Debt/Assets Ratio	Lg Term A
Long Term Debt	$2,393.79	$2,746.2	$2,574.0	$3,560.7	$3,287.2	$3,815.8	$3,530.0	$4,110.5	$4,355.9	$4,176.1	$4,524.0	$4,394.0	$4,059.4	$4,149.3				57.71%	<-Total Growth	10	Debt	Intang/GW
Change	-3.21%	14.72%	-6.27%	38.33%	-7.68%	16.08%	-7.49%	16.45%	5.97%	-4.13%	8.33%	-2.87%	-7.62%	2.21%				1.55%	<-Median->	10	Change	Liquidity
Debt/Market Cap Ratio	0.63	0.81	0.69	0.77	0.66	0.78	0.72	0.78	1.11	0.76	0.99	1.04	0.97	0.90				0.78	<-Median->	10	Debt/Market Cap Ratio	Liq. + CF
Assets/Current Liabilities Ratio	17.40	15.03	12.48	21.05	12.13	15.14	11.87	29.82	9.78	12.12	16.24	13.62	7.84	7.73				12.88	<-Median->	10	Assets/Current Liab Ratio	Liq CF DT
Current Liabilities/Asset Ratio	0.06	0.07	0.08	0.05	0.08	0.07	0.08	0.03	0.10	0.08	0.06	0.07	0.13	0.13				0.08	<-Median->	10	Current Liab/Asset Ratio	Debt Ratio
Debt to Cash Flow (Years)	11.21	11.65	11.48	12.02	10.39	10.81	10.05	11.89	14.72	11.24	12.20	13.28	10.85	10.73				11.57	<-Median->	10	Debt to Cash Flow (Years)	Leverage
																						D/E Ratio
Debt Long Term	$2,393.8	$2,746.2	$2,574.0	$3,560.7	$3,287.2	$3,815.8	$3,530.0	$4,110.5	$4,355.9	$4,176.1	$4,524.0	$4,394.0	$4,059.4	$4,149.3							Debt Long Term
Change	-3.21%	14.72%	-6.27%	38.33%	-7.68%	16.08%	-7.49%	16.45%	5.97%	-4.13%	8.33%	-2.87%	-7.62%	2.21%				1.55%	<-Median->	10	Change
Debt/Market Cap Ratio	0.63	0.81	0.69	0.77	0.66	0.78	0.72	0.78	1.11	0.76	0.99	1.04	0.97	0.90				78.08%	<-Median->	10	Debt/Market Cap Ratio
Assets/Current Liabilities Ratio	17.40	15.03	12.48	21.05	12.13	15.14	11.87	29.82	9.78	12.12	16.24	13.62	7.84	7.73				1287.62%	<-Median->	10	Assets/Current Liab Ratio
Debt to Cash Flow (Years)	11.21	11.65	11.48	12.02	10.39	10.81	10.05	11.89	14.72	11.24	12.20	13.28	10.85	10.73				1156.55%	<-Median->	10	Debt to Cash Flow (Years)
CF/Debt Ratio	0.09	0.09	0.09	0.08	0.10	0.09	0.10	0.08	0.07	0.09	0.08	0.08	0.09	0.09				8.65%	<-Median->	10	CF/Debt Ratio
Intangibles (0 before 2015)				$39.15	$37.82	$36.49	$35.15	$33.82	$32.49	$31.16	$39.94	$28.50	$27.17					-30.61%	<-Total Growth	9	Intangibles
Goodwill				$13.98	$13.98	$13.98	$13.98	$13.98	$13.98	$13.98	$13.98	$13.98	$13.98					0.00%	<-Total Growth	9	Goodwill
Total				$53.13	$51.80	$50.46	$49.13	$47.80	$46.47	$45.14	$53.92	$42.48	$41.15	$40.48				-22.55%	<-Total Growth	9	Total
Change					-2.51%	-2.57%	-2.64%	-2.71%	-2.78%	-2.86%	19.45%	-21.22%	-3.13%	-1.62%				-2.71%	<-Median->	9	Change
Intangible/Market Cap Ratio				0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01				0.01	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$38.8	$125.1	$50.0	$101.3	$164.8	$252.5	$140.0	$179.3	$1,012.7	$223.4	$276.1	$304.9	$162.6	$452.6				Liquidity ratio of 1.5 and up, best
Current Liabilities	$372.4	$470.5	$569.6	$404.1	$720.5	$619.6	$797.1	$333.0	$1,096.8	$931.5	$720.4	$859.0	$1,522.0	$1,555.4				0.30	<-Median->	10	Ratio
Liquidity Ratio	0.10	0.27	0.09	0.25	0.23	0.41	0.18	0.54	0.92	0.24	0.38	0.35	0.11	0.29				0.35	<-Median->	5	Ratio
Liquidity with CF after dividend	0.13	0.33	0.11	0.37	0.31	0.54	0.26	0.66	0.91	0.30	0.46	0.37	0.15	0.34				0.37	<-Median->	5	Ratio
Liquidity with CF after cash dividend				0.58	0.43	0.70	0.40	1.01	0.96	0.35	0.53	0.43	0.18	0.37				0.43	<-Median->	5	Ratio
Less current LT Debt				1.35	1.83	2.11	1.46	1.54	4.32	1.29	1.45	1.45	0.50	1.01				1.45	<-Median->	5	Ratio
Liquidity CF re  Inv+Div	0.12	0.18	0.09	0.17	0.28	0.48	0.23	0.28	0.79	0.21	0.39	0.37	0.13	0.34				0.37	<-Median->	5	Ratio
Current Long Term Debt (LTD)	$251.8	$322.3	$427.7	$229.8	$550.6	$415.1	$580.5	$115.4	$854.3	$678.4	$459.3	$605.5	$986.9	$991.0
Net Liabilities	$120.6	$148.2	$141.9	$174.2	$169.9	$204.5	$216.6	$217.6	$242.5	$253.1	$261.1	$253.5	$535.1	$564.4
Liquidity Less Current LTD	0.32	0.84	0.35	0.58	0.97	1.23	0.65	0.82	4.18	0.88	1.06	1.20	0.30	0.80				1.06	<-Median->	5	Ratio
Liquidity with CF after dividend	0.40	1.03	0.44	0.86	1.32	1.64	0.97	1.01	4.10	1.11	1.27	1.27	0.41	0.93				1.27	<-Median->	5	Ratio
Distribution in Cash		$151.6	$153.2	$161.8	$169.7	$174.6	$174.6	$189.6	$259.9	$267.6	$267.6	$267.6	$267.6	$267.6
Assets	$6,480.4	$7,071.3	$7,107.4	$8,505.0	$8,738.9	$9,380.2	$9,459.6	$9,928.5	$10,724.5	$11,293.2	$11,702.2	$11,702.2	$11,939.7	$12,022.8				Debt Ratio of 1.5 and up, best
Liability	$2,840.9	$3,266.8	$3,201.0	$4,022.4	$4,074.9	$4,552.8	$4,451.3	$4,560.7	$5,557.5	$5,451.9	$5,539.1	$5,539.1	$5,602.1	$5,730.3				2.11	<-Median->	10	Ratio
Debt Ratio	2.28	2.16	2.22	2.11	2.14	2.06	2.13	2.18	1.93	2.07	2.11	2.11	2.13	2.10				2.11	<-Median->	5	Ratio
Total Book Value	$3,639	$3,804	$3,906	$4,483	$4,664	$4,827	$5,008	$5,368	$5,167	$5,841	$6,163	$6,163	$6,338	$6,293	$6,293	$6,293		62.23%	<-Total Growth	10	Total Book Value
NCI	$554	$583	$606	$789	$789	$833	$860	$876	$850	$963	$1,037	$1,037	$1,095	$1,103	$1,103	$1,103		80.52%	<-Total Growth	10	NCI
Book Value	$3,086	$3,222	$3,300	$3,693	$3,874	$3,994	$4,148	$4,492	$4,317	$4,878	$5,126	$5,126	$5,243	$5,190	$5,190	$5,190		58.87%	<-Total Growth	10	Book Value
Book Value per Share	$23.38	$24.03	$24.26	$24.06	$24.98	$25.34	$25.99	$26.55	$25.38	$28.66	$30.11	$30.10	$30.78	$30.46	$30.46	#DIV/0!		26.84%	<-Total Growth	10	Book Value per Share
Change	33.71%	2.77%	0.97%	-0.86%	3.83%	1.45%	2.56%	2.17%	-4.42%	12.94%	5.06%	-0.03%	2.24%	-1.01%	0.00%	#DIV/0!		-16.27%	P/B Ratio		Current/10 Year Median
P/B Ratio (Median)	1.23	1.13	1.08	1.25	1.35	1.24	1.17	1.24	0.94	0.83	0.95	0.83	0.79	0.84	0.00	#DIV/0!		1.24	P/B Ratio		Historical Median
P/B Ratio (Close)	1.24	1.05	1.13	1.26	1.29	1.22	1.19	1.18	0.91	1.12	0.89	0.83	0.79	0.89	0.89	#DIV/0!		2.41%	<-IRR #YR->	10	Book Value per Share	26.84%
Change	-19.12%	-15.43%	7.46%	11.55%	3.01%	-5.64%	-2.74%	-0.92%	-22.63%	23.50%	-20.82%	-7.03%	-3.88%	11.72%	0.00%	#DIV/0!		3.00%	<-IRR #YR->	5	Book Value per Share	15.92%
Leverage (A/BK)	1.78	1.86	1.82	1.90	1.87	1.94	1.89	1.85	2.08	1.93	1.90	1.90	1.88	1.91				1.90	<-Median->	10	A/BV
Debt/Equity Ratio	0.78	0.86	0.82	0.90	0.87	0.94	0.89	0.85	1.08	0.93	0.90	0.90	0.88	0.91				0.90	<-Median->	10	Debt/Eq Ratio
Shareholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.06	5 yr Med	0.83		-16.27%	Diff M/C
			-$24.26	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$30.78
								-$26.55	$0.00	$0.00	$0.00	$0.00	$30.78
														$249.09	<-12 mths	5.21%
Total Comprehensive Income	$1,044.94	$316.62	$263.71	$319.49	$386.14	$355.93	$402.95	$374.20	$89.94	$987.68	$635.97	$510.10	$292.07					10.76%	<-Total Growth	10	Total Comprehensive Income
NCI	$146.56	$43.85	$37.17	$50.32	$63.90	$63.90	$68.42	$60.16	$14.65	$159.70	$119.92	$96.40	$55.32								NCI
Shareholders	$898.38	$272.78	$226.54	$269.17	$322.23	$292.02	$334.53	$314.05	$75.29	$827.98	$516.05	$413.70	$236.76					4.51%	<-Total Growth	10	Comprehensive Income
Increase	407.91%	-69.64%	-16.95%	18.82%	19.71%	-9.37%	14.56%	-6.12%	-76.03%	999.74%	-37.67%	-19.83%	-42.77%					-37.67%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$239.97	$276.59	$317.24	$368.75	$397.82	$276.55	$288.90	$306.40	$267.62	$368.77	$413.58	$429.41	$413.95					0.44%	<-IRR #YR->	10	Comprehensive Income	4.51%
ROE	29.1%	8.5%	6.9%	7.3%	8.3%	7.3%	8.1%	7.0%	1.7%	17.0%	10.1%	8.1%	4.5%					-5.49%	<-IRR #YR->	5	Comprehensive Income	-24.61%
5Yr Median	6.2%	8.2%	8.2%	8.2%	8.3%	7.3%	7.3%	7.3%	7.3%	7.3%	8.1%	8.1%	8.1%					2.70%	<-IRR #YR->	10	5 Yr Running Average	30.48%
% Difference from NI	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%					6.20%	<-IRR #YR->	5	5 Yr Running Average	35.10%
Median Values										Diff	5, 10 yr	0.0%	0.0%					8.1%	<-Median->	5	Return on Equity
			-$226.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$236.8
								-$314.0	$0.0	$0.0	$0.0	$0.0	$236.8
			-$317.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$414.0
								-$306.4	$0.0	$0.0	$0.0	$0.0	$414.0
Current Liability Coverage Ratio	0.65	0.48	0.42	0.72	0.46	0.75	0.62	1.45	0.41	0.50	0.66	0.56	0.33	0.25							CFO / Current Liabilities
5 year Median		0.48	0.48	0.48	0.48	0.48	0.62	0.72	0.62	0.62	0.62	0.56	0.50	0.50				0.50	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	3.76%	3.21%	3.38%	3.42%	3.77%	4.97%	5.19%	4.87%	4.15%	4.12%	4.05%	4.10%	4.26%	3.22%							CFO / Total Assets
5 year Median	3.76%	3.29%	3.29%	3.38%	3.42%	3.42%	3.77%	4.87%	4.87%	4.87%	4.15%	4.12%	4.12%	4.10%				4.1%	<-Median->	5	Return on Assets
Return on Assets ROA	13.86%	3.86%	3.19%	3.16%	3.69%	3.11%	3.54%	3.16%	0.70%	7.33%	4.41%	3.54%	1.98%	3.10%				Net	Income/Assets		Return on Assets
5Yr Median	2.14%	2.97%	3.19%	3.19%	3.69%	3.19%	3.19%	3.16%	3.16%	3.16%	3.54%	3.54%	3.54%	3.54%				3.4%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	29.11%	8.47%	6.86%	7.29%	8.32%	7.31%	8.06%	6.99%	1.74%	16.97%	10.07%	8.07%	4.52%	7.19%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	6.25%	8.18%	8.18%	8.18%	8.32%	7.31%	7.31%	7.31%	7.31%	7.31%	8.06%	8.07%	8.07%	8.07%				7.7%	<-Median->	10	Return on Equity
														$249.09	<-12 mths	5.21%
Net Income	$1,044.94	$316.62	$263.71	$319.49	$386.14	$355.93	$402.95	$374.20	$89.94	$987.68	$635.97	$510.10	$292.07
NCI	$146.56	$43.85	$37.17	$50.32	$63.90	$63.90	$68.42	$60.16	$14.65	$159.70	$119.92	$96.40	$55.32
Shareholders	$898.38	$272.78	$226.54	$269.17	$322.23	$292.02	$334.53	$314.05	$75.29	$827.98	$516.05	$413.70	$236.76	$373	$342			4.51%	<-Total Growth	10	Net Income
Increase	407.91%	-69.64%	-16.95%	18.82%	19.71%	-9.37%	14.56%	-6.12%	-76.03%	999.74%	-37.67%	-19.83%	-42.77%	57.60%	-8.25%			EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$240.0	$276.6	$317.2	$368.7	$397.8	$276.5	$288.9	$306.4	$267.6	$368.8	$413.6	$429.4	$414.0	$473.5	$376.4			0.44%	<-IRR #YR->	10	Net Income	4.51%
Operating Cash Flow	$213.54	$235.82	$224.27	$296.25	$316.34	$353.08	$351.25	$345.61	$295.99	$371.62	$370.76	$330.85	$374.21					-5.49%	<-IRR #YR->	5	Net Income	-24.61%
Investment Cash Flow	-$12.95	-$369.70	-$97.66	-$508.28	-$90.61	-$80.87	-$135.06	-$448.52	-$157.39	-$413.17	-$121.39	$1.53	-$155.53					2.70%	<-IRR #YR->	10	5 Yr Running Ave.	30.48%
Total Accruals	$697.79	$406.66	$99.93	$481.20	$96.51	$19.81	$118.33	$416.96	-$63.31	$869.53	$266.68	$81.32	$18.07					6.20%	<-IRR #YR->	5	5 Yr Running Ave.	35.10%
Total Assets	$6,480.4	$7,071.3	$7,107.4	$8,505.0	$8,738.9	$9,380.2	$9,459.6	$9,928.5	$10,724.5	$11,293.2	$11,702.2	$11,702.2	$11,939.7						Balance Sheet		Assets
Accruals Ratio	10.77%	5.75%	1.41%	5.66%	1.10%	0.21%	1.25%	4.20%	-0.59%	7.70%	2.28%	0.69%	0.15%					0.69%	<-Median->	5	Ratio
EPS/CF Ratio	3.83	1.37	1.10	1.13	1.17	0.76	0.67	0.64	0.17	1.74	1.03	0.81	0.44					0.79	<-Median->	10	EPS/CF Ratio
			-$226.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$236.8
								-$314.0	$0.0	$0.0	$0.0	$0.0	$236.8
			-$317.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$414.0
								-$306.4	$0.0	$0.0	$0.0	$0.0	$414.0
Chge in Close	8.14%	-13.09%	8.51%	10.59%	6.96%	-4.27%	-0.26%	1.23%	-26.05%	39.47%	-16.81%	-7.06%	-1.73%	10.59%	0.00%	0.00%			Count	28	Years of data
up/down/neutral		down	down		down						down								Count	15	53.57%
Any Predictions?											Yes							% right	Count	2	13.33%
Financial Cash Flow	-$93.64	$217.14	-$206.58	$213.12	-$223.97	-$132.61	-$349.45	$128.84	$600.62	-$690.81	-$276.35	-$332.89	-$215.73						C F Statement		Financial CF
Total Accruals	$791.42	$189.52	$306.51	$268.08	$320.47	$152.42	$467.79	$288.12	-$663.94	$1,560.34	$543.03	$414.21	$233.80								Accruals
Accruals Ratio	12.21%	2.68%	4.31%	3.15%	3.67%	1.62%	4.95%	2.90%	-6.19%	13.82%	4.64%	3.54%	1.96%					3.54%	<-Median->	5	Ratio
Cash	$16.96	$100.22	$20.25	$21.34	$23.09	$162.70	$29.44	$55.37	$794.59	$62.24	$35.26	$34.74	$37.69	$33.81							Cash
Increase	-19.24%	490.80%	-79.79%	5.35%	8.23%	604.54%	-81.90%	88.07%	1334.96%	-92.17%	-43.35%	-1.45%	8.49%	-10.30%
Cash per Share	$0.13	$0.75	$0.15	$0.14	$0.15	$1.03	$0.18	$0.33	$4.67	$0.37	$0.21	$0.20	$0.22	$0.20				$0.22	<-Median->	5	Cash per Share
Percentage of Stock Price	0.44%	2.97%	0.55%	0.46%	0.46%	3.34%	0.60%	1.05%	20.24%	1.14%	0.77%	0.82%	0.90%	0.73%				0.90%	<-Median->	5	% of Stock Price
EBITDA - Earnings before interest, taxes, depreciation and amortization. Prior to 2010, I am using figures from G&M.  NOI is Net Operation Income.
Notes:
September 4, 2025.  Last estimates were for 2024, 2025, 2026 of 900M, $913M, $941M Revenue, $1.85, $1.87 and 1.82 AFFO, $2.03, $2.09, $2.04 FFO,
$1.33, $2.06, $1.89 EPS, $1.85, $1.85, $1.85 Dividend, $59M, $23M 2024/5 FCF, $533.7M, $544M, $553.5M EBITDA, $239M, $371M, $340M Net Income.
August 26, 2024.  Last estimates were for 2024, 2025, 2026 of $852M, $881M, $911M for Revenue, $1.88, $1.83 2024/5 AFFO, $2.18, $2.12 2024/5 FFO,
$2.61, $2.06, $2.08 EPS, $1.85, $1.85, $1.85 dividends, -$27M, $59M, $23M FCF, $517.5M, $527.4M 2024/5 EBITDA, $444M, $351M, $354M Net Income.
August 27, 2023.  Last estimates were for 2022, 2023 and 2024 of $793M, $811M and $838M for Revenue, $1.88, $1.79 and $1.78 for AFFO,
$2.04, $2.23 and $1.99 for FFO, $3.91, $2.08 and $2.12 for EPS, $1.85, $1.85 and $1.85 for Dividends, $13M, $53M and $55M for FCF, and $672M, $358M and $364M for Net Income.
August 30, 2022.  Last estimates were for 2021 and 2022 of $787M and $776M for Revenue, $1.79 and $1.90 for ACFO,
$2.12 and $2.16 for FFO, $1.88 and $1.97 for EPS, $1.85, $1.85 and $1.85 for dividends, -$720M and $51M for FCF.
August 28, 2021.  Last estimates were for 2020, 2021 and 2022 of $788M, $780M Revenue for 2020-21, $1.72, $1.96 and $2.03 for AFFO,
$2.14, 2.39 and 2.25 for FFO, $2.24 for EPS for 2020, $1.85, $1.85 and $1.86 for Div. $372M, -$290M and $14M for FCF.
September 5, 2020.  Last estimates were for 2019, 2020 and 2021 of $796M, $835M and $845M for Revenue, $2.01, $2.09 and 2.15 for ACFO,
$2.14, $2.43 and $2.58 for FFO, $2.07 and $2.24 for EPS for 2019 and 2020, $1.81, $1.86 and $1.88 for Dividends.
September 9, 2018.  Last estimates were for 2017 and 2018 of $742M and $792M for Revenue,  $1.97 and $2.08 for AFFO, and $2.21 and $2.33 for FFO.
September 10, 2017.  Last estimates were 2016, 2017 and 2018 of $746 and $775 for Revenue for 2016 and 2017, $$1.90, $1.97 and $2.08 for AFFO, $2.22, $2.21 and $2.33 for FFO, $2.17 for EPS for 2016
September 11, 2016.  Last estimates were for 2015 and 2016 of $678M and $740M for Revenue, $1.85 and 1.91 for AFFO, $2.05 and $2.11 for FFO, $2.09 and 2.17 for EPS.
September 18, 2015.  Last estimates were for 2014 and 2016 of $614M and $626M for Revenue, $1.74, $1.85 and $1.81 for AFFO, $1.86, $2.05 and $2.11 for FFO for 2014 to 2016, $1.94 and $2.01 for EPS.
In second quarter of 2015 they changed their name from Calloway Real Estate Trust to Smart REIT.  TSX symbol changed from CWT.UN to SRU.UN
September 1, 2014.  Last estimates were for 2013 and 2014 of $573M and $602M for Revenue, $1.64 and $1.74 (and $1.81 for 2015) for EPS.
In 2013 annual report they again gave EPS.
August 24, 2013.  Last estimates were for 2012 and 2013 of $541.5M and $573.6M for Revenue, $1.60 and f$1.72 for AFFO, $1.80 and $1.93 for FFO, $1.89 and $2.05 for EPS and $1.18 and $1.27 for CFPS
Mar 3, 2012.  Last Estimates were for 2011 and 2012 at $507 and $544 for Rev., $1.68 and $1.76 for FFO and $1.67 and $1.73 for CF.
Nov 3, 2011.  Last estimates I got were for 2010 and 2011 of $1.65 and $1.69 FFO, $.35 and $.42 for EPS and $1.60 and $1.67 for CF.
It is obvious that new account rules affects what their net income or earnings are. They have stopped providing EPS.  I used Net Income divided by Basic and Diluted shares outstanding.
Sep 2, 2010.  When I last looked, I got estimates for 2010 and 2011 of $.35 and $.43 for earnings, $1.65 and $1.69 for distributable cash and $1.60 and $1.67 for CF.
Jun 7, 2010.  When I last looked at this stock, I got estimates for 2009 and 2010 of $1.69 and $1.65 FFO, $.40 and $.44 Earnings and $1.70 and $1.65 for CF.
Jun 2009 put values in spreadsheet.  I am unsure about the stock prices from 1999 to 2002.  The places I get prices from did not seem to get the 1 for 2 consolidation of Feb 2002,
but seemed to get the 1 for 11.2294 consoldation of Nov 2002.  They lately really slowed down the dividend increases. Payout rates seem too high.
They changed their reporting month from Mary 31 to December 31 in 2002.  They also changed to an income trust in March 2002. In Dec 2002 reported for 9 months, but I have included Mar 2002 (as best as I could).
They paid only two months of distributions in 2002.
Was Calloway Properties prior to 2002
What I do not like about this stock is the complicated ownership structure.
The LP Units are classified as non-controlling interests in the consolidated balance sheets.
Each special voting unit entitles the holder to the number of votes at any meeting of unitholders of the Trust that is equal to the number of Trust Units into which the exchangeable
security is exchangeable or convertible.  (There are still Special Voting Units in 2013.)
Sector:
Real Estate
What should this stock accomplish?
This stock should pay a good dividend, above 4% and have dividend increases above the rate of inflation.
Would I buy this company and Why.
This would not be my first choice for a REIT.  I do not like their vulnerablity in connections with their Liquidity Ratio.
That would be a no.
Why am I following this stock.
Once you have 5 or 6 stocks, you might want to consider a REIT for diversification.  REITs are an easy way to investment in real estate.
I am therefore following a few REIT stocks and in 2009 I decided to look at a few on the Dividend Achiever's List.
It is not always on this list because of periods of flat dividends.
Dividends
Divdends are paid monthly.  The dividends are declared in one month and paid in the following month.
For example, the July 2014 distribution was declared for unitholders of record of July 31, 2014 and was paid on August 15, 2014.
How they make their money.
SmartCentres Real Estate Investment Trust is a Canadian fully integrated commercial and residential REIT, with several strategically
located properties in communities across the country. It has one reportable segment, which comprises the development, ownership,
management, and operation of investment properties located in Canada.
Mr. Mitchell Goldhar serves as Trustee of Calloway Real Estate Investment Trust. Mitchell Goldhar is the owner of SmartCentres, a private shopping centre development company in
Toronto, Ontario. Mr. Goldhar has been in the real estate development business for over 25 years. Since opening the first new Canadian Wal-Mart store in Barrie, Ontario in 1994,
Mr. Goldhar has developed over 200 shopping centres across Canada (including the development of 159 Wal-Mart stores). Mr. Goldhar is a graduate of York University with a
Bachelors of Political Science (1985). He teaches at the University of Toronto, Rotman School of Management and is a Director Emeritus of The Hospital for Sick Children, after
serving his 9 year term on the board. Mr. Goldhar is also a member of the Board of Directors of Indigo Books & Music Inc. Trustee of Calloway Real Estate Investment Trust since
July 8, 2005.
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	2017	Sep 9	2018	Sep 1	2019	Sep 5	2019	Aug 28	2021	Aug 30	2022	Aug 27	2023	Aug 26	2024			Sep 4	2025
Forde, Peter Charles		0.002	0.00%	0.002	0.00%	0.002	0.00%	0.008	0.00%												See Below Goldhar is Chair
CEO - Shares - Amount			$0.050		$0.051		$0.038		$0.246												and CEO
Options - percentage		0.099	0.06%	0.049	0.03%	0.128	0.08%	0.300	0.18%
Options - amount			$3.053		$1.537		$2.952		$9.658
Slan, Peter												0.001	0.00%	0.001	0.00%			0.001	0.00%		appears first 2023	0.00%
CFO - Shares - Amount													$0.024		$0.024				$0.027
Options - percentage												0.069	0.04%	0.095	0.06%			0.123	0.07%			29.18%
Options - amount													$1.720		$2.322				$3.317
Sweeney, Peter Edmund	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%	0.000	0.00%										ceased insider Dec 2022	#DIV/0!
CFO - Shares - Amount	$0.000		$0.000		$0.000		$0.000		$0.000		$0.000
Options - percentage	0.02%	0.065	0.04%	0.028	0.02%	0.025	0.01%	0.125	0.07%	0.134	0.08%											#DIV/0!
Options - amount	$1.148		$1.989		$0.873		$0.573		$4.035		$3.588
Gobin, Rudy	0.00%	0.005	0.00%	0.004	0.00%	0.020	0.01%	0.030	0.02%	0.030	0.02%	0.040	0.02%	0.065	0.04%			0.065	0.04%			0.00%
Officer - Shares - Amount	$0.031		$0.154		$0.128		$0.462		$0.966		$0.803		$0.996		$1.590				$1.758
Options - percentage	0.08%	0.158	0.10%	0.174	0.10%	0.172	0.10%	0.283	0.17%	0.300	0.18%	0.328	0.19%	0.373	0.22%			0.426	0.25%			14.29%
Options - amount	$4.069		$4.883		$5.430		$3.958		$9.098		$8.021		$8.176		$9.128				$11.536
Pambianchi, Mauro										0.005	0.00%										Ceased insider Dec 2022
Officer - Shares - Amount											$0.134
Options - percentage										0.077	0.05%
Options - amount											$2.058
Bustard, Paula										0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Officer - Shares - Amount											$0.000		$0.000		$0.000				$0.000
Options - percentage										0.121	0.07%	0.135	0.08%	0.160	0.09%			0.187	0.11%			17.04%
Options - amount											$3.241		$3.370		$3.912				$5.063
McVicar, Jamie Marshall	0.03%	0.053	0.03%	0.021	0.01%	0.020	0.01%	0.020	0.01%	0.020	0.01%	0.020	0.01%
Director - Shares - Amount	$1.634		$1.629		$0.648		$0.462		$0.644		$0.536		$0.498
Options - percentage	0.04%	0.062	0.04%	0.073	0.04%	0.083	0.05%	0.089	0.05%	0.101	0.06%	0.108	0.06%
Options - amount	$1.797		$1.913		$2.275		$1.909		$2.881		$2.708		$2.688
Foster, Garry												0.002	0.00%	0.002	0.00%			0.002	0.00%			0.00%
Director - Shares - Amount													$0.047		$0.046				$0.051
Options - percentage												0.108	0.06%	0.131	0.08%			0.165	0.10%			25.65%
Options - amount													$2.688		$3.210				$4.461
Young, Michael D'Arcy	0.11%	0.174	0.11%	0.174	0.10%	0.174	0.10%	0.163	0.10%	0.163	0.10%	0.163	0.10%	0.163	0.10%			0.163	0.10%			0.00%
Director - Shares - Amount	$5.420		$5.371		$5.437		$4.021		$5.234		$4.354		$4.047		$3.977				$4.398
Options - percentage	0.01%	0.030	0.02%	0.045	0.03%	0.057	0.03%	0.080	0.05%	0.071	0.04%	0.081	0.05%	0.100	0.06%			0.108	0.06%			8.20%
Options - amount	$0.639		$0.930		$1.399		$1.315		$2.577		$1.897		$2.026		$2.436				$2.915
Powell, Sharm																		0.000	0.00%
Director - Shares - Amount																			$0.000
Options - percentage																		0.000	0.00%
Options - amount																			$0.000
Goldhar, Mitchell	8.74%	13.783	8.63%	13.836	8.18%	14.774	8.68%	15.032	8.83%	15.032	8.83%	15.284	8.98%	15.812	9.28%			15.897	9.33%	T	Shown as 10% Holder	0.53%
Chairman - Shares - Amt	$426.028		$424.926		$431.817		$340.976		$483.882		$402.559		$380.410		$386.770				$430.010	T	Trust Units
LP - percentage	28.78%	45.635	28.59%	46.691	27.60%	46.269	27.20%	46.522	27.33%	46.149	27.11%	46.177	27.12%	47.289	27.76%			44.713	26.25%	LP	Limited Partnership	-5.45%
LP - amount	$1,402.227		$1,406.923		$1,457.228		$1,067.885		$1,497.556		$1,235.872		$1,149.352		$1,156.680				$1,209.482	LP	Limited Partnership
SVU - percentage	16.90%	27.957	17.51%	30.926	18.28%	31.297	18.40%	30.094	17.68%	32.013	18.81%	31.752	18.65%	31.213	18.32%			30.909	18.14%	SV	Special Voting Units	-0.97%
SVU- amount	$823.404		$861.917		$965.185		$722.330		$968.724		$857.317		$790.306		$763.477				$836.101	SV	Special Voting Units
Options - percentage	39.98%	9.077	5.69%	8.178	4.83%	8.178	4.81%	9.921	5.83%	9.328	5.48%	8.950	5.26%	0.978	0.57%			10.748	6.31%		Shown also as CEO 2022	998.81%
Options - amount	$1,947.765		$279.850		$255.237		$188.750		$319.369		$249.802		$222.776		$23.925				$290.722
	54.42%	$2,693.765	54.74%	$2,854.231	54.05%	$2,131.191	54.28%	$2,950.162	53.85%	$2,495.748	54.74%	$2,320.068	54.74%	$2,306.928	55.36%			$2,475.593	53.72%
Increase in O/S Shares	0.11%	0.051	0.03%	0.114	0.07%	0.074	0.04%	0.354	0.21%	0.007	0.00%	0.042	0.02%	0.054	0.03%			0.013	0.01%
due to SO	$5.702		$1.585		$3.509		$2.316		$11.045		$0.215		$1.132		$1.351				$0.316
Book Value	$5.688		$1.352		$3.436		$2.315		$6.880		$0.198		$1.279		$1.471				$0.334
Insider Buying	$0.000		-$0.115		$0.000		-$0.435		-$0.354		$0.000		-$6.666		-$12.551				-$3.848
Insider Selling	$0.000		$0.000		$0.036		$0.024		$0.339		$0.000		$0.000		$0.000				$0.000
Net Insider Selling	$0.000		-$0.115		$0.036		-$0.411		-$0.015		$0.000		-$6.666		-$12.551				-$3.848		Yes 0, 2017, 2022
% of Market Cap	0.00%		0.00%		0.00%		-0.01%		0.00%		0.00%		-0.16%		-0.30%				-0.08%
Directors		7		7		8		8		8		8		8				8
Women	0%	0	0%	0	0%	0	0%	3	38%	3	38%	3	38%	3	38%			3	38%
Minorities	0%	0	0%	0	0%	0	0%	1	13%	1	13%	1	13%	1	13%			1	13%
Institutions/Holdings	34.16%	168	37.74%
Total Shares Held	28.40%	50.460	31.61%
Increase/Decrease 3 Mths	0.75%	0.151	0.30%
Starting No. of Shares		50.309
Institutions/Holdings - Top 20				20		20	20.73%	20	17.11%	20	15.31%	20	12.56%	20	12.06%			20	11.05%
Total Shares Held				35.220	20.82%	35.222	20.70%	29.110	17.11%	26.065	15.32%	21.389	12.56%	20.537	12.06%			18.841	11.06%
Increase/Decrease 3 Mths				-1.498	-4.08%	-0.855	-2.37%	-3.031	-9.43%	-1.235	-4.52%	-0.798	-3.60%	-0.518	-2.46%			-2.008	-9.63%
Starting No. of Shares				36.719		36.078	Top 20 MS	32.140	Top 20 MS	27.300	Top 20 MS	22.187	Top 20 MS	21.055	Top 20 MS			20.849	Top 20 MS
Copyright © 2008 Website of SPBrunner. All rights reserved.
My Stock
																		7-Jan-21	-$6,992.49		$23.31	300
																		24-Oct-22	-$2,631.99		$26.32	100
																		24-Oct-22	-$5,244.00		$26.22	200
																		31-Jul-25	$16,176.00		$24.78	600
																		2.35%	XIRR		$26.96	600
																		9.61%	Total Return
																		7.26%	Dividend Ret.
																		% from	$20,107.25		Total Value	Gain
																			$0.00		Less Sale of Stock
																			-$16,176.00		Less Stock Value
																		75.04%	$3,931.25		Dividends Paid	26.44%
																			$14,868.48		Cost of Stock
																			$0.00		Sale of Stock
																		24.96%	$1,307.52		Capital Gains/Loss	8.79%
																		100.00%	$5,238.77		Total Return	35.23%
																		Start Date	7-Jan-21		Shares	600
																		End date	31-Jul-25		Dividends paid per Share	$6.55
																		Years	4.56		Div less cost	-$18.23
																					Cost	$24.78
																					% paid by div	26.44%