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.														Q3 2023
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			9/30/24
Chartwell Retirement Residences					TSX	CSH.UN	OTC	CWSRF	https://chartwell.com/			Fiscal Yr:	Dec 31
Year	12/31/11	12/30/12	12/31/13	12/31/14	12/31/15	12/30/16	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					Accounting Rules	https://www.annualreports.com/Company/Chartwell-Retirement
														$1,064	<-12 mths	8.37%
Adjusted Resident Revenue*		$874.5	$922.7	$927.8	$750.1	$834.7	$877.4	$939.4	$967.7	$990.1	$965.2	$1,029.5	$981.4					6.37%	<-Total Growth	10	Adjusted Resident Revenue*
Increase			5.51%	0.55%	-19.15%	11.28%	5.11%	7.06%	3.02%	2.32%	-2.52%	6.67%	-4.67%								Increase
5 year Running Average						$862	$863	$866	$874	$922	$948	$978	$987								5 year Running Average
														$813	<-12 mths	10.07%
Revenue*	$755.4	$883.7	$858.6	$865.3	$685.9	$758.2	$800.3	$866.7	$915.3	$928.6	$906.5	$708.0	$738.6	$944.1	$1,041.0	$1,105.0		-13.98%	<-Total Growth	10	Revenue
Increase	5.35%	16.99%	-2.85%	0.79%	-20.74%	10.55%	5.55%	8.29%	5.61%	1.45%	-2.38%	-21.90%	4.32%	27.83%	10.26%	6.15%		-1.49%	<-IRR #YR->	10	Revenue	-13.98%
5 year Running Average	$703.3	$751.0	$777.6	$816.0	$809.8	$810.3	$793.7	$795	$805	$854	$883	$865	$839	$845.1	$867.6	$907.3		-3.15%	<-IRR #YR->	5	Revenue	-14.78%
Revenue per Share	$5.29	$5.22	$5.00	$4.99	$3.89	$3.99	$3.82	$4.11	$4.30	$4.34	$3.92	$3.02	$3.09	$3.95	$4.36	#DIV/0!		0.77%	<-IRR #YR->	10	5 yr Running Average	7.94%
Increase	3.80%	-1.48%	-4.09%	-0.27%	-22.06%	2.58%	-4.22%	7.52%	4.59%	0.97%	-9.62%	-23.07%	2.53%	27.83%	10.26%	#DIV/0!		1.09%	<-IRR #YR->	5	5 yr Running Average	5.55%
5 year Running Average	$6.06	$5.70	$5.19	$5.12	$4.88	$4.62	$4.34	$4.16	$4.02	$4.11	$4.10	$3.94	$3.73	$3.66	$3.67	#DIV/0!		-4.70%	<-IRR #YR->	10	Revenue per Share	-38.18%
P/S (Price/Sales) Med	1.46	1.79	2.01	2.15	3.09	3.51	4.01	3.63	3.44	2.46	3.09	3.46	3.22	3.51	0.00	#DIV/0!		-5.52%	<-IRR #YR->	5	Revenue per Share	-24.72%
P/S (Price/Sales) Close	1.56	2.02	1.94	2.32	3.17	3.67	4.26	3.33	3.24	2.58	3.02	2.80	3.79	4.08	3.70	#DIV/0!		-3.25%	<-IRR #YR->	10	5 yr Running Average	-28.13%
*Revenue in M CDN $					P/S Med	20 yr	2.88	15 yr	3.09	10 yr	3.33	5 yr	3.22		22.49%	Diff M/C		-2.14%	<-IRR #YR->	5	5 yr Running Average	-10.25%
			-$858.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$738.6
								-$866.7	$0.0	$0.0	$0.0	$0.0	$738.6
			-$777.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$839.4
								-$795.3	$0.0	$0.0	$0.0	$0.0	$839.4
			-$5.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.09
								-$4.11	$0.00	$0.00	$0.00	$0.00	$3.09
			-$5.19	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.73
								-$4.16	$0.00	$0.00	$0.00	$0.00	$3.73
													$0.0	142.315	-100.00%
													$0.50	<-12 mths	5.96%
Amount	$86.53	111.554	$119.09	$128.50	$134.78	$162.21	$169.81	$182.63	$186.30	$158.77	$122.17	$134.83	$118.43					-0.55%	<-Total Growth	10
AFFO Basic*	$0.59	$0.72	$0.68	$0.73	$0.76	$0.86	$0.86	$0.85	$0.86	$0.69	$0.53	$0.47	$0.49					-27.94%	<-Total Growth	10	AFFO Basic*
AFFO Diluted*	$0.59	$0.71	$0.68	$0.72	$0.75	$0.85	$0.86	$0.85	$0.86	$0.69	$0.53	$0.47	$0.49	$0.69	$0.82	$0.94		-27.94%	<-Total Growth	10	AFFO Diluted*	TD
Increase	-2.74%	19.67%	-4.23%	5.88%	4.17%	13.33%	1%	-1%	1%	-20%	-23%	-11%	4%	40.82%	18.84%	14.63%		-3.22%	<-IRR #YR->	10	AFFO	-27.94%
AFFO Yield	7.2%	6.7%	7.0%	6.2%	6.1%	5.8%	5.3%	6.2%	6.2%	6.2%	4.5%	5.6%	4.2%	4.3%	5.1%	5.8%		-10.43%	<-IRR #YR->	5	AFFO	-42.35%
5 year Running Average	$0.65	$0.65	$0.66	$0.66	$0.69	$0.74	$0.77	$0.81	$0.83	$0.82	$0.76	$0.68	$0.61	$0.57	$0.60	$0.68		-0.77%	<-IRR #YR->	10	5 yr Running Average	-7.41%
Payout Ratio	91.02%	76.06%	79.41%	75.00%	73.08%	65.75%	66.56%	68.82%	69.42%	88.26%	115.47%	130.21%	124.90%	88.70%	74.63%	65.11%		-5.48%	<-IRR #YR->	5	5 yr Running Average	-24.57%
5 year Running Average	111.88%	96.03%	86.30%	81.49%	78.42%	73.50%	71.49%	69.59%	68.62%	71.10%	78.51%	88.68%	100.07%	106.52%	102.00%	89.74%		75.96%	<-Median->	10	Payout 5 yr Running Average
Price/AFFO Median	13.00	13.17	14.79	14.92	16.00	16.46	17.82	17.55	17.20	15.49	22.84	22.18	20.35	20.11	0.00	0.00		17.38	<-Median->	10	P/AFFO Med
Price/AFFO High	15.15	14.86	16.50	16.40	17.65	18.87	18.91	19.28	18.31	21.03	25.87	28.04	23.92	23.57	0.00	0.00		19.09	<-Median->	10	P/AFFO High
Price/AFFO Low	10.85	11.48	13.09	13.43	14.35	14.06	16.73	15.82	16.08	9.96	19.81	16.32	16.78	16.65	0.00	0.00		15.95	<-Median->	10	P/AFFO Low
Price/AFFO Close	13.91	14.86	14.26	16.06	16.44	17.24	18.91	16.08	16.16	16.22	22.30	17.96	23.92	23.39	19.68	17.17		16.84	<-Median->	10	P/AFFO Close
Trailing P/AFFO Close	13.52	17.78	13.66	17.00	17.13	19.53	19.13	15.90	16.35	13.01	17.13	15.92	24.94	32.94	23.39	19.68		17.06	<-Median->	10	Trailing P/AFFO Close
Median Values		DPR	10 Yrs	74.04%	5 Yrs	115.47%	P/CF	5 Yrs	in order	20.35	23.92	16.32	17.96		14.96%	Diff M/C		34.62%	Diff M/C	10	DPR 75% to 95% best
Adjusted Funds from Operations TD
			-$0.68	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.49
								-$0.85	$0.00	$0.00	$0.00	$0.00	$0.49
			-$0.66	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.61
								-$0.81	$0.00	$0.00	$0.00	$0.00	$0.61
														$178.9	<-12 mths	34.32%
														$0.71	<-12 mths	29.09%
Amount	$96	$124	$133.49	$143.04	$128.30	$172.64	$182.50	$193.58	$199.73	$165.86	$132.26	$126.92	$133.19					-0.22%	<-Total Growth	10
FFO Basic*	$0.66	$0.79	$0.76	$0.81	$0.82	$0.91	$0.93	$0.90	$0.92	$0.76	$0.59	$0.53	$0.51					-32.89%	<-Total Growth	10
FFO Diluted*	$0.66	$0.79	$0.75	$0.80	$0.81	$0.91	$0.93	$0.90	$0.92	$0.76	$0.59	$0.53	$0.55	$0.74	$0.88	$0.29		-26.67%	<-Total Growth	10	FFO
Increase	8.20%	19.70%	-5.06%	6.67%	1.25%	12.35%	2.20%	-3.23%	2.22%	-17.39%	-22.37%	-10.17%	3.77%	34.55%	18.92%	-67.05%		-3.05%	<-IRR #YR->	10	FFO	-26.67%
FFO Yield	8.00%	7.49%	7.73%	6.92%	6.57%	6.21%	5.72%	6.58%	6.62%	6.79%	4.99%	6.28%	4.69%	4.58%	5.45%	1.80%		-9.38%	<-IRR #YR->	5	FFO	-38.89%
5 year Running Average	$0.66	$0.70	$0.68	$0.72	$0.76	$0.81	$0.84	$0.87	$0.89	$0.88	$0.82	$0.74	$0.67	$0.63	$0.66	$0.60		-0.21%	<-IRR #YR->	10	5 yr Running Average	-2.05%
Payout Ratio	81.82%	68.35%	72.00%	67.50%	67.67%	61.42%	61.55%	65.00%	64.89%	80.13%	103.73%	115.47%	111.27%	82.70%	69.55%	211.03%		-5.09%	<-IRR #YR->	5	5 yr Running Average	-22.99%
5 year Running Average	110.96%	89.24%	82.85%	74.79%	71.08%	67.17%	65.70%	64.47%	64.01%	66.12%	72.57%	81.49%	90.81%	96.44%	93.01%	102.34%		69.12%	<-Median->	10	Payout 5 yr Running Average
Price/FFO Median	11.69	11.84	13.41	13.43	14.81	15.38	16.48	16.58	16.08	14.07	20.52	19.67	18.13	18.75	0.00	0.00		16.28	<-Median->	10	Price/FFO Median
Price/FFO High	13.62	13.35	14.96	14.76	16.35	17.63	17.48	18.21	17.12	19.09	23.24	24.87	21.31	21.97	0.00	0.00		17.92	<-Median->	10	Price/FFO High
Price/FFO Low	9.76	10.32	11.87	12.09	13.28	13.13	15.47	14.94	15.03	9.04	17.80	14.47	14.95	15.53	0.00	0.00		14.71	<-Median->	10	Price/FFO Low
Price/FFO Close	12.50	13.35	12.93	14.45	15.22	16.10	17.48	15.19	15.11	14.72	20.03	15.92	21.31	21.81	18.34	55.66		15.57	<-Median->	10	Price/FFO Close
Trailing P/FFO Close	13.52	15.98	12.28	15.41	15.41	18.09	17.87	14.70	15.44	12.16	15.55	14.31	22.11	29.35	21.81	18.34		15.43	<-Median->	10	Trailing P/FFO Close
Median Values		DPR	10 Yrs	67.58%	5 Yrs	103.73%	P/CF	5 Yrs	in order	18.13	21.31	14.95	15.92		20.32%	Diff M/C		34.00%	Diff M/C	10	DPR 75% to 95% best
* Funds From Operations
			-$0.75	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.55
								-$0.90	$0.00	$0.00	$0.00	$0.00	$0.55
			-$0.68	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.67
								-$0.87	$0.00	$0.00	$0.00	$0.00	$0.67
														$0.02	<-12 mths	-96.99%
EPS Basic	-$0.43	-$0.83	$0.14	-$0.05	$0.07	$0.03	$0.06	$0.09	$0.01	$0.07	$0.04	$0.21	$0.54					293.17%	<-Total Growth	10	EPS Basic
EPS Diluted*	-$0.43	-$0.78	$0.13	-$0.05	$0.07	$0.03	$0.06	$0.09	$0.01	$0.07	$0.04	$0.21	$0.54	$0.12	$0.23	$0.32		320.76%	<-Total Growth	10	EPS Diluted
Increase	-119.28%	-80.14%	116.32%	-137.39%	244.18%	-63.34%	147.53%	40.55%	-94.29%	1287.80%	-36.95%	381.51%	154.55%	-77.66%	91.67%	39.13%		10	10	20	Years of Data, EPS P or N	50.00%
Earnings Yield	-5.26%	-7.41%	1.32%	-0.41%	0.56%	0.17%	0.38%	0.64%	0.04%	0.62%	0.37%	2.50%	4.58%	0.74%	1.43%	1.98%		15.45%	<-IRR #YR->	10	Earnings per Share	320.76%
5 year Running Average	-$0.62	-$0.62	-$0.40	-$0.27	-$0.21	-$0.12	$0.05	$0.04	$0.05	$0.05	$0.05	$0.08	$0.17	$0.20	$0.23	$0.28		43.66%	<-IRR #YR->	5	Earnings per Share	511.90%
10 year Running Average	-$0.38	-$0.46	-$0.45	-$0.43	-$0.40	-$0.37	-$0.29	-$0.18	-$0.11	-$0.08	-$0.03	$0.07	$0.11	$0.12	$0.14	$0.17		#NUM!	<-IRR #YR->	10	5 yr Running Average	143.61%
* Diluted ESP per share									E/P	10 Yrs	0.47%	5Yrs	0.62%					34.54%	<-IRR #YR->	5	5 yr Running Average	340.83%
			-$0.13	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.54
								-$0.09	$0.00	$0.00	$0.00	$0.00	$0.54
			$0.40	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.17
								-$0.04	$0.00	$0.00	$0.00	$0.00	$0.17
Dividend payment Calculated	$77.05	$91.50	$92.69	$93.67	$96.69	$106.24	$119.91	$123.43	$127.19	$130.37	$141.51	$143.67	$146.17					57.70%	<-Total Growth	10	Dividend payment Calculated
Dividends Paid (Financing)	$61.36	$69.35	$72.85	$75.78	$76.94	$83.42	$90.01	$102.59	$100.49	$100.49	$116.10	$108.58	$109.98					50.97%	<-Total Growth	10	Dividends Paid (Financing)
Difference	$15.70	$22.14	$19.84	$17.89	$19.75	$22.82	$29.90	$20.84	$26.70	$29.88	$25.41	$35.08	$36.19					82.40%	<-Total Growth	10	Difference
Dividend*														$0.61	$0.61	$0.62			Estimates		Dividend*
Increase														-0.33%	0.00%	1.10%			Estimates		Increase
Payout Ratio EPS														508.33%	265.22%	192.72%			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	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		$0.00	<-Median->	10	Special Dividends
Dividend*	$0.5400	$0.5400	$0.5400	$0.5400	$0.5481	$0.5589	$0.5724	$0.5850	$0.5970	$0.6090	$0.6120	$0.6120	$0.6120	$0.6120	$0.6120	$0.6120		13.33%	<-Total Growth	10	Dividends
Increase	0.00%	0.00%	0.00%	0.00%	1.50%	1.97%	2.42%	2.20%	2.05%	2.01%	0.49%	0.00%	0.00%	0.00%	0.00%	0.00%		8	4	19	Years of data, Count P, N	42.11%
Average Increases 5 Year Running	-12.14%	-12.14%	-7.56%	-3.96%	0.30%	0.69%	1.18%	1.62%	2.03%	2.13%	1.83%	1.35%	0.91%	0.50%	0.10%	0.00%		1.26%	<-Median->	10	Average Incr 5 Year Running
Dividends 5 Yr Running	$0.73	$0.62	$0.57	$0.54	$0.54	$0.55	$0.55	$0.56	$0.57	$0.58	$0.60	$0.60	$0.61	$0.61	$0.61	$0.61		7.36%	<-Total Growth	10	Dividends 5 Yr Running
Yield H/L Price	7.00%	5.78%	5.37%	5.03%	4.57%	3.99%	3.74%	3.92%	4.04%	5.70%	5.06%	5.87%	6.14%	4.41%				4.80%	<-Median->	10	Yield H/L Price	Item
Yield on High  Price	6.01%	5.12%	4.81%	4.57%	4.14%	3.48%	3.52%	3.57%	3.79%	4.20%	4.46%	4.64%	5.22%	3.76%				4.17%	<-Median->	10	Yield on High  Price	EPS
Yield on Low Price	8.39%	6.63%	6.07%	5.58%	5.09%	4.68%	3.98%	4.35%	4.32%	8.86%	5.83%	7.98%	7.45%	5.33%				5.34%	<-Median->	10	Yield on Low Price	AFFO
Yield on Close Price	6.55%	5.12%	5.57%	4.67%	4.45%	3.82%	3.52%	4.28%	4.29%	5.44%	5.18%	7.25%	5.22%	3.79%	3.79%	3.79%		4.56%	<-Median->	10	Yield on Close Price	FFO
Payout Ratio EPS	0.00%	0.00%	423.06%	0.00%	796.49%	2215.27%	916.63%	666.50%	11921%	876%	1396.67%	290.06%	113.95%	510.00%	266.09%	191.25%		836.36%	<-Median->	10	DPR EPS	CFPS
DPR EPS 5 Yr Running	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1167.24%	1426.93%	1147.91%	1169.12%	1107.96%	722.86%	351.11%	311.50%	267.98%	215.79%		915.41%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	69.42%	88.97%	70.30%	75.92%	83.48%	67.08%	65.90%	56.27%	64.71%	70.62%	90.52%	104.33%	92.85%	71.97%	#VALUE!	#DIV/0!		73.27%	<-Median->	10	DPR CF
DPR CF 5 Yr Running	87.92%	85.58%	84.47%	76.05%	76.92%	76.26%	71.90%	68.25%	66.23%	64.56%	68.10%	73.77%	82.07%	84.11%	#VALUE!	#DIV/0!		72.83%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	39.48%	39.75%	39.48%	39.41%	48.27%	47.15%	51.72%	47.12%	45.76%	50.56%	61.46%	63.54%	69.52%	71.97%	#VALUE!	#DIV/0!		49.42%	<-Median->	10	DPR CF WC
DPR CF WC 5 Yr Running	79.77%	61.76%	51.51%	43.87%	41.03%	42.49%	44.75%	46.43%	47.90%	48.36%	50.83%	52.81%	56.88%	62.47%	#VALUE!	#DIV/0!		47.17%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	4.80%	4.56%	5 Yr Med	5 Yr Cl	5.70%	5.22%	5 Yr Med	Payout	876.23%	90.52%	61.46%					0.91%	<-IRR #YR->	5	Dividends	4.62%
* Dividends per share	10 Yr Med	and Cur.	-20.97%	-16.81%	5 Yr Med	and Cur.	-33.44%	-27.39%	Last Div Inc --->		$0.0500	$0.0510	2.00%					1.26%	<-IRR #YR->	10	Dividends	13.33%
Dividends Growth 15																		-1.94%	<-IRR #YR->	15	Dividends	-25.48%
Dividends Growth 20																		-2.91%	<-IRR #YR->	19	Dividends	#DIV/0!
Dividends Growth 25																		#NUM!	<-IRR #YR->	25	Dividends	#DIV/0!
Dividends Growth 5								-$0.59	$0.00	$0.00	$0.00	$0.00	$0.61								Dividends Growth 5
Dividends Growth 10			-$0.54	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.61								Dividends Growth 10
Dividends Growth 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.61								Dividends Growth 15
Dividends Growth 20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.61								Dividends Growth 20
Dividends Growth 25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.61								Dividends Growth 25
Historical Dividends	Historical	High Div	17.68%	Low Div	3.53%	10 Yr High	8.78%	10 Yr Low	3.49%	Med Div	5.82%	Close Div	5.50%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-78.55%		7.42%	Exp.	-56.81%		8.65%	Exp.	-34.85%	Exp.	-31.12%								High/Ave/Median
Future Dividend Yield					Div Yield	3.97%	earning in	5	Years	at IRR of	0.91%	Div Inc.	4.62%								Future Dividend Yield
Future Dividend Yield					Div Yield	4.15%	earning in	10	Years	at IRR of	0.91%	Div Inc.	9.44%								Future Dividend Yield
Future Dividend Yield					Div Yield	4.34%	earning in	15	Years	at IRR of	0.91%	Div Inc.	14.50%								Future Dividend Yield
Future Dividend Paid					Div Paid	$0.64	earning in	5	Years	at IRR of	0.91%	Div Inc.	4.62%								Future Dividend Paid
Future Dividend Paid					Div Paid	$0.67	earning in	10	Years	at IRR of	0.91%	Div Inc.	9.44%								Future Dividend Paid
Future Dividend Paid					Div Paid	$0.70	earning in	15	Years	at IRR of	0.91%	Div Inc.	14.50%								Future Dividend Paid
Dividend Covering Cost					Div Paid	$3.12	over	5	Years	at IRR of	0.91%	Div Cov.	19.31%								Dividend Covering Cost
Dividend Covering Cost					Div Paid	$5.74	over	10	Years	at IRR of	0.91%	Div Cov.	35.54%								Dividend Covering Cost
Dividend Covering Cost					Div Paid	$8.48	over	15	Years	at IRR of	0.91%	Div Cov.	52.52%								Dividend Covering Cost
Yield if held 5 years	3.88%	4.10%	7.73%	10.60%	6.86%	7.24%	6.12%	5.82%	5.56%	5.08%	4.37%	3.99%	4.10%	4.14%	5.72%	5.06%		5.69%	<-Median->	10	Paid Median Price
Yield if held 10 years			4.57%	4.46%	3.77%	4.02%	4.35%	8.37%	11.72%	7.63%	7.93%	6.55%	6.08%	5.70%	5.10%	4.37%		6.31%	<-Median->	10	Paid Median Price
Yield if held 15 years								4.96%	4.93%	4.19%	4.40%	4.65%	8.76%	12.01%	7.66%	7.93%		4.79%	<-Median->	6	Paid Median Price
Yield if held 20 years													5.18%	5.05%	4.21%	4.40%		5.18%	<-Median->	1	Paid Median Price
Yield if held 25 years																#DIV/0!		#NUM!	<-Median->	0	Paid Median Price
Cost covered if held 5 years	26.18%	23.65%	40.53%	52.99%	33.91%	35.35%	29.51%	27.88%	26.64%	24.35%	21.26%	19.67%	20.39%	20.67%	28.62%	25.28%		27.26%	<-Median->	10	Paid Median Price
Cost covered if held 10 years			67.02%	60.89%	47.27%	45.80%	44.60%	80.66%	109.15%	70.51%	73.91%	61.76%	58.12%	55.11%	49.85%	43.13%		61.32%	<-Median->	10	Paid Median Price
Cost covered if held 15 years								90.78%	84.50%	67.37%	67.21%	67.49%	124.17%	169.15%	108.83%	113.58%		76.00%	<-Median->	6	Paid Median Price
Cost covered if held 20 years													116.55%	109.72%	88.41%	89.22%		116.55%	<-Median->	1	Paid Median Price
Cost covered if held 25 years																#DIV/0!		#NUM!	<-Median->	0	Paid Median Price
																				Yr	Item	Tot. Growth
Revenue Growth								$866.65	$915.31	$928.59	$906.47	$707.99	$738.55	$812.9	<-12 mths	10.07%		-14.78%	<-Total Growth	5	Revenue Growth	-14.78%
FFO Growth								$0.90	$0.92	$0.76	$0.59	$0.53	$0.55	$0.71	<-12 mths	29.09%		-38.89%	<-Total Growth	5	FFO Growth	-38.89%
Net Income Growth								$18.52	$1.07	$14.88	$10.13	$49.53	$128.27	$5.7	<-12 mths	-95.59%		592.66%	<-Total Growth	5	Net Income Growth	592.66%
Cash Flow Growth								$219.36	$196.55	$184.62	$156.32	$137.71	$157.43	$203.1	<-12 mths	29.00%		-28.23%	<-Total Growth	5	Cash Flow Growth	-28.23%
Dividend Growth								$0.59	$0.60	$0.61	$0.61	$0.61	$0.61	$0.61	<-12 mths	0.00%		4.62%	<-Total Growth	5	Dividend Growth	4.62%
Stock Price Growth								$13.67	$13.90	$11.19	$11.82	$8.44	$11.72	$16.14	<-12 mths	37.71%		-14.26%	<-Total Growth	5	Stock Price Growth	-14.26%
Revenue Growth			$858.58	$865.34	$685.87	$758.21	$800.29	$866.65	$915.31	$928.59	$906.47	$707.99	$738.55	$944.1	<-this year	27.83%		-13.98%	<-Total Growth	10	Revenue Growth	-13.98%
FFO Growth			$0.75	$0.80	$0.81	$0.91	$0.93	$0.90	$0.92	$0.76	$0.59	$0.53	$0.55	$0.74	<-this year	34.55%		-26.67%	<-Total Growth	10	FFO Growth	-26.67%
Net Income Growth			$23.88	-$8.28	$12.14	$4.80	$13.08	$18.52	$1.07	$14.88	$10.13	$49.53	$128.27	$28.6	<-this year	-77.74%		437.07%	<-Total Growth	10	Net Income Growth	437.07%
Cash Flow Growth			$131.85	$123.38	$115.82	$158.37	$181.96	$219.36	$196.55	$184.62	$156.32	$137.71	$157.43	$203.1	<-this year	29.00%		19.40%	<-Total Growth	10	Cash Flow Growth	19.40%
Dividend Growth			$0.54	$0.54	$0.55	$0.56	$0.57	$0.59	$0.60	$0.61	$0.61	$0.61	$0.61	$0.61	<-this year	-0.33%		13.33%	<-Total Growth	10	Dividend Growth	13.33%
Stock Price Growth			$9.70	$11.56	$12.33	$14.65	$16.26	$13.67	$13.90	$11.19	$11.82	$8.44	$11.72	$13.25	<-this year	13.05%		20.82%	<-Total Growth	10	Stock Price Growth	20.82%
Dividends on Shares				$56.16	$57.00	$58.13	$59.53	$60.84	$62.09	$63.34	$63.65	$63.65	$63.65	$63.65	$63.65	$63.65		$608.03	No of Years	10	Total Dividends	12/31/13
Paid			$1,008.80	$1,202.24	$1,282.32	$1,523.60	$1,691.04	$1,421.68	$1,445.60	$1,163.76	$1,229.28	$877.76	$1,218.88	$1,678.56	$1,678.56	$1,678.56		$1,218.88	No of Years	10	Worth	$9.70
Total																		$1,826.91
Based on EPS 3 yrs trailing						$2.20	$1.29	$2.28	$2.27	$2.00	$2.09	$1.71	$2.84	$5.15	$5.40	#DIV/0!			based on EPS	3 yrs trailing
Graham Number			$2.92	$1.97	$2.53	$1.57	$2.60	$2.96	$0.67	$2.32	$1.88	$3.95	$6.33	$3.48	$4.81	#DIV/0!		114.08%	<-Total Growth	10	Graham Number
Increase				-32.61%	28.63%	-37.97%	65.84%	13.55%	-77.48%	247.90%	-18.95%	110.23%	60.38%	-45.08%	38.44%	#DIV/0!		21.09%	<-Median->	10	Graham Price
Price/GP Ratio Med			3.45	5.46	4.74	8.92	5.89	5.05	22.22	4.62	6.45	2.64	1.58	3.99				5.25	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High			3.84	6.00	5.23	10.22	6.25	5.54	23.66	6.27	7.30	3.34	1.85	4.68				6.13	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low			3.05	4.92	4.25	7.61	5.53	4.55	20.78	2.97	5.59	1.94	1.30	3.31				4.73	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close			3.32	5.88	4.87	9.33	6.25	4.62	20.88	4.83	6.30	2.14	1.85	4.64	3.35	#DIV/0!		5.37	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close			232.31%	487.64%	387.26%	833.37%	524.66%	362.47%	1988.45%	383.26%	529.79%	113.91%	85.21%	364.45%	235.48%	#DIV/0!		437.45%	<-Median->	10	Graham Price
Graham Number based on FFO	$7.47	$7.62	$7.08	$6.71	$8.68	$9.43	$10.05	$9.47	$9.02	$7.66	$6.89	$6.25	$6.40	$8.63	$9.41	#DIV/0!		-32.34%	<-Total Growth	10	Graham Number FFO
Increase	-9.01%	2.10%	-7.20%	-5.20%	29.43%	8.58%	6.56%	-5.77%	-4.69%	-15.12%	-10.06%	-9.20%	2.41%	34.76%	9.05%	#DIV/0!		-4.95%	<-Median->	10	Graham Price
Price/GP Ratio Med	1.03	1.23	1.42	1.60	1.38	1.48	1.53	1.58	1.64	1.40	1.76	1.67	1.56	1.61				1.57	<-Median->	10	Price/GP Ratio Med
Price/GP Ratio High	1.20	1.38	1.59	1.76	1.53	1.70	1.62	1.73	1.75	1.90	1.99	2.11	1.83	1.88				1.75	<-Median->	10	Price/GP Ratio High
Price/GP Ratio Low	0.86	1.07	1.26	1.44	1.24	1.27	1.43	1.42	1.53	0.90	1.52	1.23	1.28	1.33				1.35	<-Median->	10	Price/GP Ratio Low
Price/GP Ratio Close	1.10	1.38	1.37	1.72	1.42	1.55	1.62	1.44	1.54	1.46	1.72	1.35	1.83	1.87				1.55	<-Median->	10	Price/GP Ratio Close
Prem/Disc Close	10.48%	38.37%	37.09%	72.35%	42.02%	55.41%	61.87%	44.42%	54.09%	46.14%	71.63%	34.97%	83.02%	87.03%	71.51%	#DIV/0!		54.75%	<-Median->	10	Graham Price
Month, Year	Dec-11	Dec-12	Dec-13	Dec-14	Dec-15	Dec-16	Dec-17	Dec-18	Dec-19	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-25	Dec-26		20.00	<Count Years>		Month, Year
Price Close	$8.25	$10.55	$9.70	$11.56	$12.33	$14.65	$16.26	$13.67	$13.90	$11.19	$11.82	$8.44	$11.72	$16.14	$16.14	$16.14		20.82%	<-Total Growth	10	Stock Price
Increase	3.90%	27.88%	-8.06%	19.18%	6.66%	18.82%	10.99%	-15.93%	1.68%	-19.50%	5.63%	-28.60%	38.86%	37.71%	0.00%	0.00%		-48.18	<-Median->	10	CAPE (10 Yr P/E)
P/E Ratio	-19.00	-13.49	75.99	-242.20	179.18	580.67	260.37	155.75	2775.51	161.00	269.75	40.00	21.82	134.50	70.17	50.44		-3.03%	<-IRR #YR->	5	Stock Price	-14.26%
Trailing P/E Ratio	-41.66	-24.30	-12.40	90.57	-258.34	212.89	644.49	218.90	158.37	2234.38	170.07	192.61	55.55	30.05	134.50	70.17		1.91%	<-IRR #YR->	10	Stock Price	20.82%
CAPE (10 Yr P/E)	-21.56	-22.89	-21.65	-26.68	-30.99	-39.53	-56.83	-76.36	-128.08	-136.84	-347.93	129.15	110.26	131.15	115.96	95.69		1.69%	<-IRR #YR->	5	Price & Dividend	7.99%
Median 10, 5 Yrs		D.  per yr	5.54%	4.72%	% Tot Ret	74.36%	279.18%	T P/E	181.34	170.07	P/E:	170.09	161.00					7.45%	<-IRR #YR->	10	Price & Dividend	81.10%
Price 15		D.  per yr	8.31%		% Tot Ret	60.12%						CAPE Diff	-372.19%					5.51%	<-IRR #YR->	15	Stock Price	123.66%
Price  20		D.  per yr	6.13%		% Tot Ret	103.74%												-0.22%	<-IRR #YR->	20	Stock Price	-4.33%
Price  25		D.  per yr	#NUM!		% Tot Ret	#NUM!												#NUM!	<-IRR #YR->	25	Stock Price	#DIV/0!
Price & Dividend 15																		13.82%	<-IRR #YR->	15	Price & Dividend	289.31%
Price & Dividend 20																		5.91%	<-IRR #YR->	20	Price & Dividend	107.99%
Price & Dividend 25																		#NUM!	<-IRR #YR->	25	Price & Dividend	#DIV/0!
Price  5								-$13.67	$0.00	$0.00	$0.00	$0.00	$11.72								Price  5
Price 10			-$9.70	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.72								Price 10
Price & Dividend 5								-$13.67	$0.60	$0.61	$0.61	$0.61	$12.33								Price & Dividend 5
Price & Dividend 10			-$9.70	$0.54	$0.55	$0.56	$0.57	$0.59	$0.60	$0.61	$0.61	$0.61	$12.33								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	$11.72								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	$11.72								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	$11.72								Price  25
Price & Dividend 15	$0.54	$0.54	$0.54	$0.54	$0.55	$0.56	$0.57	$0.59	$0.60	$0.61	$0.61	$0.61	$12.33								Price & Dividend 15
Price & Dividend 20	$0.54	$0.54	$0.54	$0.54	$0.55	$0.56	$0.57	$0.59	$0.60	$0.61	$0.61	$0.61	$12.33								Price & Dividend 20
Price & Dividend 25	$0.54	$0.54	$0.54	$0.54	$0.55	$0.56	$0.57	$0.59	$0.60	$0.61	$0.61	$0.61	$12.33								Price & Dividend 25
Price H/L Median	$7.72	$9.35	$10.06	$10.74	$12.00	$14.00	$15.33	$14.92	$14.79	$10.69	$12.11	$10.43	$9.97	$13.88				-0.89%	<-Total Growth	10	Stock Price
Increase	-3.38%	21.19%	7.59%	6.76%	11.73%	16.63%	9.50%	-2.64%	-0.87%	-27.72%	13.24%	-13.88%	-4.36%	39.17%				-7.75%	<-IRR #YR->	5	Stock Price	-33.18%
P/E Ratio	-17.77	-11.95	78.81	-225.02	174.38	554.71	245.40	169.99	2953.22	153.81	276.25	49.41	18.56	115.63				-8.57%	<-IRR #YR->	10	Stock Price	-0.89%
Trailing P/E Ratio	-38.96	-21.53	-12.86	84.14	-251.42	203.37	607.43	238.91	168.51	2134.54	174.17	237.91	47.25	25.83				-2.96%	<-IRR #YR->	5	Price & Dividend	-12.79%
P/E on Running 5 yr Average	-12.45	-15.09	-25.32	-40.24	-56.19	-115.04	324.12	379.57	296.66	213.83	225.38	124.97	57.54	70.69				-4.70%	<-IRR #YR->	10	Price & Dividend	57.22%
P/E on Running 10 yr Average	-20.16	-20.29	-22.45	-24.78	-30.16	-37.77	-53.56	-83.34	-136.28	-130.72	-356.32	159.53	93.80	112.74				5.73	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.78%	3.86%	% Tot Ret	-161.59%	-82%	T P/E	188.77	174.17	P/E:	172.18	153.81						Count	20	Years of data
								-$14.92	$0.00	$0.00	$0.00	$0.00	$9.97
			-$10.06	$0.00	-$12.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$9.97
								-$14.92	$0.60	$0.61	$0.61	$0.61	$10.58
			-$10.06	$0.54	-$12.00	$0.56	$0.57	$0.59	$0.60	$0.61	$0.61	$0.61	$10.58
High Months	Mar	Dec	May	Dec	Dec	Jun	Dec	Jan	Jul	Jan	Jun	Apr	Dec	Dec
Price High	$8.99	$10.55	$11.22	$11.81	$13.24	$16.04	$16.26	$16.39	$15.75	$14.51	$13.71	$13.18	$11.72	$16.26				4.46%	<-Total Growth	10	Stock Price
Increase	-3.64%	17.35%	6.35%	5.26%	12.11%	21.15%	1.37%	0.80%	-3.90%	-7.87%	-5.51%	-3.87%	-11.08%	38.74%				-6.49%	<-IRR #YR->	5	Stock Price	-28.49%
P/E Ratio	-20.70	-13.49	87.90	-247.44	192.40	635.77	260.37	186.74	3144.91	208.77	312.88	62.47	21.82	135.50				0.44%	<-IRR #YR->	10	Stock Price	4.46%
Trailing P/E Ratio	-45.40	-24.30	-14.34	92.52	-277.40	233.09	644.49	262.45	179.44	2897.31	197.26	300.79	55.55	30.28				6.25	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	215.17	197.26	P/E:	200.59	208.77					603.48	P/E Ratio		Historical High
								-$16.39	$0.00	$0.00	$0.00	$0.00	$11.72
			-$11.22	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$11.72
Low Months	Sep	Feb	Aug	Jan	Jun	Feb	Jan	Dec	Jan	Mar	Feb	Nov	Apr	Jan
Price Low	$6.44	$8.15	$8.90	$9.67	$10.76	$11.95	$14.39	$13.45	$13.83	$6.87	$10.50	$7.67	$8.22	$11.49				-7.64%	<-Total Growth	10	Stock Price
Increase	-3.01%	26.55%	9.20%	8.65%	11.27%	11.06%	20.42%	-6.53%	2.83%	-50.33%	52.84%	-26.95%	7.17%	39.78%				-9.38%	<-IRR #YR->	5	Stock Price	-38.88%
P/E Ratio	-14.83	-10.42	69.73	-202.60	156.36	473.65	230.43	153.24	2761.53	98.85	239.62	36.35	15.31	95.75				-0.79%	<-IRR #YR->	10	Stock Price	-7.64%
Trailing P/E Ratio	-32.52	-18.77	-11.38	75.76	-225.44	173.65	570.37	215.37	157.57	1371.78	151.07	175.04	38.96	21.39				6.12	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	165.61	157.57	P/E:	154.80	98.85					-54.18	P/E Ratio		Historical Low
								-$13.45	$0.00	$0.00	$0.00	$0.00	$8.22
			-$8.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$8.22
														$70.08	<-12 mths	293.93%
Free Cash Flow MS Old				$37.54	$31.43	$36.02	$31.33	$14.86	-$2.62	$52.23	$40.98	$26.35
Change					-16.28%	14.60%	-13.02%	-52.57%	-117.63%	2093.51%	-21.54%	-35.70%
Free Cash Flow MS	$37.75	$0.37	$47.35	$44.04	$24.79	$27.92	-$10.27	-$24.01	-$16.58	$27.30	$20.98	$17.79	$17.79	-$25.0	$4.0	$20.0		-62.43%	<-Total Growth	10	Free Cash Flow
Change					-43.71%	12.63%	-136.78%	-133.79%	30.95%	264.66%	-23.15%	-15.20%	7.69%	-240.53%	116.00%	400.00%		#NUM!	<-IRR #YR->	5	Free Cash Flow MS	174.09%
FCF/CF from Op Ratio				0.36	0.21	0.18	-0.06	-0.11	-0.08	0.15	0.13	0.13	0.11	-0.12	#VALUE!	#DIV/0!		-9.33%	<-IRR #YR->	10	Free Cash Flow MS	-62.43%
Dividends paid	$61.36	$69.35	$72.85	$75.78	$76.94	$83.42	$90.01	$102.59	$100.49	$100.49	$116.10	$108.58	$109.98	$146.17	$146.17	$0.00		50.97%	<-Total Growth	10	Dividends paid
Percentage paid	162.54%	18744.32%	153.85%	172.07%	310.37%	298.78%	-876.44%	-427.28%	-606%	368.09%	553.38%	610.37%	618.20%	-584.67%	3654.22%	0.00%		$3.05	<-Median->	10	Percentage paid
5 Year Coverage					230.90%	261.88%	298.14%	686.31%	24510.76%	10940.32%	-19754.92%	2073.20%	796.13%	987.63%	1763.21%	1477.44%					5 Year Coverage
Dividend Coverage Ratio	0.62	0.01	0.65	0.58	0.32	0.33	-0.11	-0.23	-0.16	0.27	0.18	0.16	0.16	-0.17	0.03	0.00		0.17	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage									0.00	0.01	-0.01	0.05	0.13	0.10	0.06	0.07					5 Year of Coverage
								$24	$0	$0	$0	$0	$18
			-$47	$0	$0	$0	$0	$0	$0	$0	$0	$0	$18
														-$336.67	<-12 mths	-1575.60%
Free Cash Flow WSJ			$47	$38.61	$87.94	$38.63	$15.19	$40.43	-$9.73	$48.31	$35.96	$18.55	$22.82	-$25.0	$4.0	$20.0		-51.81%	<-Total Growth	10	Free Cash Flow
Change				-18.46%	127.76%	-56.07%	-60.68%	166.12%	-124.08%	596.39%	-25.56%	-48.41%	22.97%	-209.57%	116.00%	400.00%		-10.81%	<-IRR #YR->	5	Free Cash Flow WSJ	-43.56%
FCF/CF from Op Ratio			0.36	0.31	0.76	0.24	0.08	0.18	-0.05	0.26	0.23	0.13	0.14	-0.12	#VALUE!	#DIV/0!		-7.04%	<-IRR #YR->	10	Free Cash Flow WSJ	-51.81%
Dividends paid			$72.85	$75.78	$76.94	$83.42	$90.01	$102.59	$100.49	$100.49	$116.10	$108.58	$109.98	$146.17	$146.17	$0.00		50.97%	<-Total Growth	10	Dividends paid
Percentage paid					87.49%	215.95%	592.52%	253.77%	-1032%	207.99%	322.82%	585.23%	482.02%	-584.67%	3654.22%	0.00%		$2.54	<-Median->	9	Percentage paid
5 Year Coverage									262.94%	359.11%	391.57%	395.62%	462.10%	577.58%	1113.00%	1265.54%					5 Year Coverage
Dividend Coverage Ratio			0.65	0.51	1.14	0.46	0.17	0.39	-0.10	0.48	0.31	0.17	0.21	-0.17	0.03	0.00		0.35	<-Median->	10	Dividend Coverage Ratio
5 Year of Coverage									0.38	0.28	0.26	0.25	0.22	0.17	0.09	0.08					5 Year of Coverage
								-$40	$0	$0	$0	$0	$23
			-$47	$0	$0	$0	$0	$0	$0	$0	$0	$0	$23
Market Cap in $M	$1,177.2	$1,787.6	$1,664.9	$2,005.2	$2,175.0	$2,784.9	$3,406.2	$2,884.3	$2,961.5	$2,395.5	$2,733.1	$1,981.3	$2,799.2	$3,854.8	$3,854.8			68.12%	<-Total Growth	10	Market Cap	68.12%
Diluted # of Shares in Million	145.85	178.14	187.12	189.05	190.78	193.43	196.77	214.32	216.17	218.21	224.35	237.40	241.69	254.96	254.96			29.16%	<-Total Growth	10	Diluted # of Shares in Million
Change	9.66%	22.14%	5.04%	1.03%	0.92%	1.39%	1.73%	8.92%	0.86%	0.95%	2.81%	5.82%	1.81%	5.49%	0.00%			2.59%	<-IRR #YR->	10	Change
Difference Diluted/Basic	0.0%	-5.6%	-6.6%	-6.5%	-6.4%	-2.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%			2.43%	<-IRR #YR->	5	Difference Diluted/Basic
Change in Diluted Shares per Year
			-187.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	241.7
								-214.3	0.0	0.0	0.0	0.0	241.7
Basic # of Shares in Millions	145.85	168.14	174.84	176.77	178.52	189.22	196.77	214.32	216.17	218.21	224.35	237.40	241.69	254.96	254.96			38.23%	<-Total Growth	10	Basic
Change	11.61%	15.29%	3.99%	1.10%	0.99%	6.00%	3.99%	8.92%	0.86%	0.95%	2.81%	5.82%	1.81%	5.49%	0.00%			2.31%	<-Median->	10	Change
Difference Basic/Outstanding	-2.16%	0.77%	-1.83%	-1.87%	-1.18%	0.46%	6.46%	-1.55%	-1.44%	-1.89%	3.06%	-1.12%	-1.18%	-6.32%	-6.32%			-1.18%	<-Median->	10	Difference Basic/Outstanding
														$203.1	<-12 mths	29.00%
# of Share in Millions	142.692	169.442	171.644	173.460	176.401	190.095	209.482	210.992	213.055	214.079	231.227	234.753	238.838	238.838	238.838			3.36%	<-IRR #YR->	10	Shares	39.15%
Change	1.49%	18.75%	1.30%	1.06%	1.70%	7.76%	10.20%	0.72%	0.98%	0.48%	8.01%	1.52%	1.74%	0.00%	0.00%			2.51%	<-IRR #YR->	5	Shares	13.20%
Cash Flow from Operations $M	$111.0	$102.8	$131.9	$123.4	$115.8	$158.4	$182.0	$219.4	$196.5	$184.6	$156.3	$137.7	$157.4	$203.1	<-12 mths			19.40%	<-Total Growth	10	Cash Flow
Increase	15.10%	-7.35%	28.21%	-6.43%	-6.12%	36.74%	14.89%	20.55%	-10.40%	-6.07%	-15.33%	-11.91%	14.32%	29.00%	<-12 mths			Why increase	decrease
5 year Running Average	$95.0	$95.3	$101.4	$113.1	$117.0	$126.5	$142.3	$159.8	$174.4	$188.2	$187.8	$178.9	$166.5	$167.8	<-12 mths			64.25%	<-Total Growth	10	CF 5 Yr Running
CFPS	$0.78	$0.61	$0.77	$0.71	$0.66	$0.83	$0.87	$1.04	$0.92	$0.86	$0.68	$0.59	$0.66	$0.85	<-12 mths			-14.19%	<-Total Growth	10	Cash Flow per Share
Increase	13.41%	-21.98%	26.57%	-7.41%	-7.69%	26.89%	4.26%	19.69%	-11.27%	-6.52%	-21.61%	-13.23%	12.36%	29.00%	<-12 mths			1.79%	<-IRR #YR->	10	Cash Flow	19.40%
5 year Running Average	$0.83	$0.73	$0.67	$0.71	$0.70	$0.72	$0.77	$0.82	$0.86	$0.91	$0.87	$0.82	$0.74	$0.73	<-12 mths			-6.42%	<-IRR #YR->	5	Cash Flow	-28.23%
P/CF on Med Price	9.92	15.41	13.10	15.10	18.28	16.80	17.64	14.35	16.03	12.40	17.91	17.77	15.13	16.32	<-12 mths			-1.52%	<-IRR #YR->	10	Cash Flow per Share	-14.19%
P/CF on Closing Price	10.61	17.38	12.63	16.25	18.78	17.58	18.72	13.15	15.07	12.98	17.48	14.39	17.78	18.98	<-12 mths			-8.71%	<-IRR #YR->	5	Cash Flow per Share	-36.60%
															15.63%	Diff M/C		1.00%	<-IRR #YR->	10	CFPS 5 yr Running	10.51%
														$257.17	<-12 mths	22.31%
Excl.Working Capital CF	$84.2	$127.4	$102.9	$114.3	$84.5	$67.0	$49.9	$42.6	$81.4	$73.2	$73.9	$88.4	$52.8	$0.0	<-12 mths			-2.04%	<-IRR #YR->	5	CFPS 5 yr Running	-9.80%
Cash Flow from Operations $M WC	$195.2	$230.2	$234.7	$237.7	$200.3	$225.3	$231.9	$262.0	$278.0	$257.8	$230.2	$226.1	$210.3	$203.1	<-12 mths			-10.43%	<-Total Growth	10	Cash Flow less WC
Increase	101.00%	17.94%	1.98%	1.25%	-15.73%	12.50%	2.89%	12.98%	6.12%	-7.24%	-10.71%	-1.80%	-7.00%	-3.42%	<-12 mths			-1.10%	<-IRR #YR->	10	Cash Flow less WC	-10.43%
5 year Running Average	$110.1	$140.1	$169.5	$199.0	$219.6	$225.7	$226.0	$231.4	$239.5	$251.0	$252.0	$250.8	$240.5	$225.5	<-12 mths			-4.30%	<-IRR #YR->	5	Cash Flow less WC	-19.73%
CFPS Excl. WC	$1.37	$1.36	$1.37	$1.37	$1.14	$1.19	$1.11	$1.24	$1.30	$1.20	$1.00	$0.96	$0.88	$0.85	<-12 mths			3.56%	<-IRR #YR->	10	CF less WC 5 Yr Run	41.92%
Increase	98.05%	-0.68%	0.67%	0.19%	-17.13%	4.40%	-6.64%	12.17%	5.09%	-7.69%	-17.33%	-3.28%	-8.59%	-3.42%	<-12 mths			0.77%	<-IRR #YR->	5	CF less WC 5 Yr Run	3.91%
5 year Running Average	$0.91	$1.01	$1.10	$1.23	$1.32	$1.28	$1.23	$1.21	$1.19	$1.21	$1.17	$1.14	$1.07	$0.98	<-12 mths			-4.31%	<-IRR #YR->	10	CFPS - Less WC	-35.63%
P/CF on Median Price	5.64	6.88	7.36	7.84	10.57	11.81	13.85	12.02	11.34	8.88	12.16	10.82	11.32	16.32	<-12 mths			-6.64%	<-IRR #YR->	5	CFPS - Less WC	-29.09%
P/CF on Closing Price	6.03	7.77	7.09	8.44	10.86	12.36	14.69	11.01	10.65	9.29	11.87	8.76	13.31	18.98	<-12 mths			-0.28%	<-IRR #YR->	10	CFPS 5 yr Running	-2.77%
*Operational Cash Flow.			CF/-WC	P/CF Med	10 yr	16.42	5 yr	16.03	P/CF Med	10 yr	11.33	5 yr	11.32		67.53%	Diff M/C		-2.40%	<-IRR #YR->	5	CFPS 5 yr Running	-11.45%
			-171.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	238.8								Shares
								-211.0	0.0	0.0	0.0	0.0	238.8								Shares
			-$131.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$157.4								Cash Flow
								-$219.4	$0.0	$0.0	$0.0	$0.0	$157.4								Cash Flow
			-$0.77	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.66								Cash Flow per Share
								-$1.04	$0.00	$0.00	$0.00	$0.00	$0.66								Cash Flow per Share
			-$0.67	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.74								CFPS 5 yr Running
								-$0.82	$0.00	$0.00	$0.00	$0.00	$0.74								CFPS 5 yr Running
			-$234.7	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$210.3								Cash Flow less WC
								-$262.0	$0.0	$0.0	$0.0	$0.0	$210.3								Cash Flow less WC
			-$169.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$240.5								CF less WC 5 Yr Run
								-$231.4	$0.0	$0.0	$0.0	$0.0	$240.5								CF less WC 5 Yr Run
			-$1.37	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.88								CFPS - Less WC
								-$1.24	$0.00	$0.00	$0.00	$0.00	$0.88								CFPS - Less WC
			-$1.10	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.07								CFPS 5 yr Running
								-$1.21	$0.00	$0.00	$0.00	$0.00	$1.07								CFPS 5 yr Running
Chge in Trade and other Rec	$3.897	-$13.215	$3.094	$0.066	$11.759	-$4.299	$9.556	-$2.928	-$3.235	-$8.204	$11.714	-$0.691	$18.235
Deposit
Due from Spectrum
Due from ING
Chge in Other Assets	-$3.977	-$1.415	-$1.617	$1.362	$1.380	$3.224	-$6.953	$12.802	$2.315	$1.546	-$5.272	-$2.167	-$4.043
Chge in Accts Pay and other Liab	$12.266	$1.293	-$3.724	-$12.975	-$10.245	$2.873	$15.679	$22.328	$3.489	$23.836	$5.097	$2.477	-$2.917
Prepaid Expenses
other
Current Income Tax													$27.232
Interest Income and others	$5.418	$5.673	$4.025	$8.158	$3.487	$4.338	$4.636	$4.519	$4.631	$3.770	$2.896	$2.358	$2.812
Interest Paid	-$101.450	-$116.731	-$104.412	-$110.926	-$90.865	-$73.112	-$72.813	-$79.315	-$88.625	-$94.166	-$88.350	-$90.361	-$94.160
Income Tax Paid	-$0.330	-$2.960	-$0.260
	-$84.176	-$127.355	-$102.894	-$114.315	-$84.485	-$66.976	-$49.895	-$42.594	-$81.425	-$73.218	-$73.915	-$88.384	-$52.841
TD				-$114	-$27	-$71	-$50	-$43	-$81	-$73	-$74	-$88	-$53
Difference				$0	-$57	$4	$0	$0	$0	$0	$0	$0	$0
OPM Ratio	14.69%	11.64%	15.36%	14.26%	16.89%	20.89%	22.74%	25.31%	21.47%	19.88%	17.25%	19.45%	21.32%	21.51%				38.80%	<-Total Growth	10	OPM
Increase	9.26%	-20.81%	31.97%	-7.16%	18.44%	23.69%	8.85%	11.32%	-15.16%	-7.41%	-13.26%	12.79%	9.59%	0.92%					Should increase		or be stable.
Diff from Median	-27.9%	-42.9%	-24.7%	-30.1%	-17.2%	2.5%	11.5%	24.2%	5.3%	-2.5%	-15.4%	-4.6%	4.6%	5.5%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	20.38%	5 Yrs	19.88%					should be	zero, it is a		check on calculations
EBITDA									$280.6	$280.0	$267.4	$284.8	$223.0	$313.4	$374.0						EBITDA	From Mkt Sc
Change										-0.21%	-4.50%	6.51%	-21.70%	40.54%	19.34%						Change
Margin									30.66%	30.15%	29.50%	40.23%	30.19%	33.20%	35.93%						Margin
Cash, Land, Bldg Assets	$2,425.24	$2,645.73	$2,547.33	$2,429.49	2338.568	2892.348	$2,647.99	$3,422.58	$3,061.72	$3,129.86	$3,127.60	$3,919.25	$3,572.05	$4,071.95				40.23%	<-Total Growth	10	Cash, Land, Bldg Assets	See PP&E notes
Change		9.09%	-3.72%	-4.63%	-3.74%	23.68%	-8.45%	29.25%	-10.54%	2.23%	-0.07%	25.31%	-8.86%	13.99%				-1.91%	<-Median->	10	Change
Debt/Covering Assets	0.69	0.70	0.06	0.70	0.59	0.58	0.55	0.58	0.72	0.74	0.65	0.45	0.44	0.43				0.58	<-Median->	10	Debt/Covering Assets
Long Term Debt	$1,670.89	$1,844.28	$145.79	$1,696.09	$1,371.66	$1,670.08	$1,449.03	$1,976.57	$2,207.05	$2,306.45	$2,033.38	$1,761.88	$1,578.17	$1,754.93				982.50%	<-Total Growth	10	Debt	Type
Change	-7.34%	10.38%	-92.10%	1063.38%	-19.13%	21.76%	-13.24%	36.41%	11.66%	4.50%	-11.84%	-13.35%	-10.43%	11.20%				-2.96%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	1.42	1.03	0.09	0.85	0.63	0.60	0.43	0.69	0.75	0.96	0.74	0.89	0.56	0.46				0.71	<-Median->	10	Debt/Market Cap Ratio	Lg Term R A
Assets/Current Liabilities Ratio	5.89	5.11	7.40	4.87	8.28	10.18	9.19	8.92	8.93	8.88	6.71	4.71	4.25	3.83				8.58	<-Median->	10	Assets/Current Liabilities	Intang/GW
Current Liabilities/Asset Ratio	0.17	0.20	0.14	0.21	0.12	0.10	0.11	0.11	0.11	0.11	0.15	0.21	0.24	0.00				0.12	<-Median->	10	Current Liab/Asset Ratio	Liquidity
Debt to Cash Flow (Years)	15.05	17.93	1.11	13.75	11.84	10.55	7.96	9.01	11.23	12.49	13.01	12.79	10.02	8.64				11.54	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Liq. + CF+D
Intangibles	$52.88	$50.78	$49.78	$49.03	$57.20	$57.98	$56.03	$65.51	$75.10	$75.10	$72.50	$28.14	$25.02	$22.21				-49.74%	<-Total Growth	10	Intangibles	Debt Ratio
Goodwill	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00				#DIV/0!	<-Total Growth	10	Goodwill	Leverage
Total	$52.88	$50.78	$49.78	$49.03	$57.20	$57.98	$56.03	$65.51	$75.10	$75.10	$72.50	$28.14	$25.02	$22.21				-49.74%	<-Total Growth	10	Total	D/E Ratio
Change		-3.98%	-1.97%	-1.51%	16.68%	1.36%	-3.36%	16.91%	14.65%	0.00%	-3.46%	-61.19%	-11.08%	-11.21%				-0.76%	<-Median->	10	Change
Intangible/Market Cap Ratio	0.04	0.03	0.03	0.02	0.03	0.02	0.02	0.02	0.03	0.03	0.03	0.01	0.01	0.01				0.02	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$64.4	$155.7	$57.8	$64.8	$33.1	$69.0	$97.5	$65.7	$88.0	$127.4	$146.9	$280.4	$343.9	$373.8				Liquidity ratio of 1.5 and up, best			Quick Ratio
Current Liabilities	$459.2	$588.6	$383.3	$555.9	$314.0	$274.6	$327.9	$371.9	$391.3	$393.0	$509.4	$744.6	$760.8	$975.3				0.27	<-Median->	10	Ratio
Liquidity Ratio	0.14	0.26	0.15	0.12	0.11	0.25	0.30	0.18	0.22	0.32	0.29	0.38	0.45	0.38				0.32	<-Median->	5	Ratio
Liq. with CF aft div	0.12	0.23	0.12	0.30	0.38	0.63	0.67	0.60	0.58	0.63	0.48	0.49	0.58	0.59				0.58	<-Median->	5	Ratio	From 2014
Liq. with CF aft div (WC)	0.48	0.57	0.61	0.46	0.57	0.77	0.75	0.66	0.70	0.73	0.58	0.57	0.61	0.51								Used Cash Div
Liq. CF re  Inv+Div	0.10	0.16	-0.81	0.10	-2.00	-6.48	-2.20	-1.58	-33.61	-2.87	-3.44	0.02	0.42	-0.47				-2.87	<-Median->	5	Ratio
Curr Long Term Debt	$281.8	$282.2	$219.3	$372.2	$159.7	$143.7	$165.3	$183.6	$206.6	$198.7	$301.6	$391.1	$440.3	$536.2				$301.6	<-Median->	5	Ratio
Liquidity Less CLTD	0.36	0.51	0.35	0.35	0.21	0.53	0.60	0.35	0.48	0.66	0.71	0.79	1.07	0.85				0.71	<-Median->	5	Ratio
Liq. with CF aft div	0.69	0.65	0.74	0.72	0.64	1.06	1.11	0.98	1.00	1.06	0.94	0.90	1.16	1.31				1.00	<-Median->	5	Ratio	From 2014
Liq. with CF aft div (WC)	1.02	0.97	1.14	1.17	1.01	1.37	1.30	1.13	1.28	1.31	1.16	1.10	1.29	1.31				1.28	<-Median->	5	Ratio	Used Cash Div
Assets	$2,706.5	$3,005.3	$2,838.0	$2,705.2	$2,599.4	$2,796.7	$3,013.9	$3,318.8	$3,494.4	$3,489.3	$3,417.3	$3,510.3	$3,234.1	$3,739.8				Debt Ratio of 1.5 and up, best			Current Ratio
Liabilities	$2,170.7	$2,451.2	$2,328.7	$2,271.7	$1,869.9	$1,971.7	$2,003.7	$2,385.4	$2,656.8	$2,755.3	$2,591.1	$2,740.5	$2,442.6	$2,670.0				1.32	<-Median->	10	Ratio
Debt Ratio	1.25	1.23	1.22	1.19	1.39	1.42	1.50	1.39	1.32	1.27	1.32	1.28	1.32	1.40				1.32	<-Median->	5	Ratio
Total Book Value	$535.8	$554.1	$509.2	$433.5	$729.5	$825.0	$1,010.2	$933.5	$837.6	$734.0	$826.1	$769.8	$791.5	$1,069.8				55.42%	<-Total Growth	10	Total Book Value
NCI	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	1.56							NCI
Net Book Value	$535.8	$554.1	$509.2	$433.5	$729.5	$825.0	$1,010.2	$933.5	$837.6	$734.0	$826.1	$769.8	$791.5	$1,068.2	$1,068.2	$1,068.2		55.42%	<-Total Growth	10	Net Book Value
Book Value per share	$3.75	$3.27	$2.97	$2.50	$4.14	$4.34	$4.82	$4.42	$3.93	$3.43	$3.57	$3.28	$3.31	$4.47	$4.47	#DIV/0!		11.70%	<-Total Growth	10	Book Value per Share
Increase	-23.49%	-12.91%	-9.28%	-15.75%	65.46%	4.94%	11.12%	-8.25%	-11.14%	-12.79%	4.21%	-8.22%	1.06%	34.97%	0.00%	#DIV/0!		24.36%	P/B Ratio		Current/Historical Median
P/B Ratio (Median)	2.05	2.86	3.39	4.30	2.90	3.22	3.18	3.37	3.76	3.12	3.39	3.18	3.01	3.10	0.00	#DIV/0!		2.90	P/B Ratio		Historical Median
P/B Ratio (Close)	2.20	3.23	3.27	4.63	2.98	3.38	3.37	3.09	3.54	3.26	3.31	2.57	3.54	3.61	3.61	#DIV/0!		1.11%	<-IRR #YR->	10	Book Value per Share	11.70%
Change	35.80%	46.83%	1.35%	41.46%	-35.54%	13.22%	-0.11%	-8.37%	14.43%	-7.69%	1.37%	-22.20%	37.41%	2.03%	0.00%	#DIV/0!		-5.62%	<-IRR #YR->	5	Book Value per Share	-25.10%
Leverage (A/BK)	5.05	5.42	5.57	6.24	3.56	3.39	2.98	3.56	4.17	4.75	4.14	4.56	4.09	3.50				4.17	<-Median->	5	A/BV
Debt/Equity Ratio	4.05	4.42	4.57	5.24	2.56	2.39	1.98	2.56	3.17	3.75	3.14	3.56	3.09	2.50				3.17	<-Median->	5	Debt/Eq Ratio
Shareholders' Equity (Assets less Liabilities)									P/B Ratios	10 yr Med	3.20	5 yr Med	3.18		12.70%	Diff M/C		3.95	Historical		Leverage (A/BK)
			-$2.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.31
								-$4.42	$0.00	$0.00	$0.00	$0.00	$3.31
														$5.661	<-12 mths	-95.59%
Total Comprehensive Income	-$62.147	-$140.846	$26.987	-$1.252	$357.579	$4.796	$13.082	$18.519	$1.067	$14.879	$10.132	$49.531	$128.273
NCI	$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
Shareholders	-$62.147	-$140.846	$26.987	-$1.252	$357.579	$4.796	$13.082	$18.519	$1.067	$14.879	$10.132	$49.531	$128.273					375.31%	<-Total Growth	10	Comprehensive Income
Increase	-300.68%	-126.63%	119.16%	-104.64%	28661%	-98.66%	172.77%	41.56%	-94.24%	1294.47%	-31.90%	388.86%	158.98%					158.98%	<-Median->	5	Comprehensive Income
5 Yr Running Average	-$51	-$66	-$47	-$29	$36	$49	$80	$79	$79	$10	$12	$19	$41					16.87%	<-IRR #YR->	10	Comprehensive Income	375.31%
ROE	-11.6%	-25.4%	5.3%	-0.3%	49.0%	0.6%	1.3%	2.0%	0.1%	2.0%	1.2%	6.4%	16.2%					47.27%	<-IRR #YR->	5	Comprehensive Income	592.66%
5Yr Median	-10.4%	-11.6%	-11.6%	-0.3%	-0.3%	0.6%	1.3%	1.3%	1.3%	1.3%	1.3%	2.0%	2.0%					#NUM!	<-IRR #YR->	10	5 Yr Running Average	187.29%
% Difference from Net Income	1.87%	-1.08%	12.99%	84.88%	2845.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%					-12.29%	<-IRR #YR->	5	5 Yr Running Average	-48.09%
Median Values										Diff	5, 10 yr	0.0%	0.0%					2.0%	<-Median->	5	Return on Equity
			-$27.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$128.3
								-$18.5	$0.0	$0.0	$0.0	$0.0	$128.3
			$46.7	$0.0	$0.0	-$49.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$40.8
								-$78.5	$0.0	$0.0	$0.0	$0.0	$40.8
Current Liability Coverage Ratio	0.43	0.39	0.61	0.43	0.64	0.82	0.71	0.70	0.71	0.66	0.45	0.30	0.28	0.21							CFO / Current Liabilities
5 year Median	0.88	0.79	0.61	0.43	0.43	0.61	0.64	0.70	0.71	0.71	0.70	0.66	0.45	0.30				0.65	<-Median->	10	Current Liability Cov Ratio
Asset Efficiency Ratio	7.21%	7.66%	8.27%	8.79%	7.71%	8.06%	7.69%	7.89%	7.95%	7.39%	6.74%	6.44%	6.50%	5.43%							CFO / Total Assets
5 year Median	3.5%	3.6%	7.2%	7.7%	7.7%	8.1%	8.1%	7.89%	7.89%	7.89%	7.69%	7.39%	6.74%	6.50%				7.7%	<-Median->	10	Return on Assets
Return on Assets ROA	-2.34%	-4.64%	0.84%	-0.31%	0.47%	0.17%	0.43%	0.56%	0.03%	0.43%	0.30%	1.41%	3.97%	0.76%				Net	Income/Assets		Return on Assets
5Yr Median	-2.59%	-2.74%	-2.34%	-0.98%	-0.31%	0.17%	0.43%	0.43%	0.43%	0.43%	0.43%	0.43%	0.43%	0.76%				0.4%	<-Median->	10	Asset Efficiency Ratio
Return on Equity ROE	-11.82%	-25.15%	4.69%	-1.91%	1.66%	0.58%	1.30%	1.98%	0.13%	2.03%	1.23%	6.43%	16.21%	2.67%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	-10.83%	-11.82%	-10.83%	-3.82%	-1.91%	0.58%	1.30%	1.30%	1.30%	1.30%	1.30%	1.98%	2.03%	2.67%				1.5%	<-Median->	10	Return on Equity
														$5.66	<-12 mths	-95.59%
Net Income	-$63.331	-$139.342	$23.884	-$8.279	$12.139	$4.796	$13.082	$18.519	$1.067	$14.879	$10.132	$49.531	$128.273
NCI	$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
Shareholders	-$63.331	-$139.342	$23.884	-$8.279	$12.139	$4.796	$13.082	$18.519	$1.067	$14.879	$10.132	$49.531	$128.273	$28.55	$36.23	$70.55		437.07%	<-Total Growth	10	Net Income
Increase	-140.46%	-120.02%	117.14%	-134.66%	246.62%	-60.49%	172.77%	41.56%	-94.24%	1294.47%	-31.90%	388.86%	158.98%	-77.74%	26.90%	94.73%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	-$65.5	-$79.9	-$55.3	-$42.7	-$35.0	-$21.4	$9.1	$8.1	$9.9	$10.5	$11.5	$18.8	$40.8	$46.3	$50.5	$62.6		18.30%	<-IRR #YR->	10	Net Income	437.07%
Operating Cash Flow	$111.0	$102.8	$131.9	$123.4	$115.8	$158.4	$182.0	$219.4	$196.5	$184.6	$156.3	$137.7	$157.4					47.27%	<-IRR #YR->	5	Net Income	592.66%
Investment Cash Flow	-$80.6	-$277.5	-$69.3	-$8.5	-$72.3	-$231.7	-$303.1	-$371.1	-$297.4	-$62.2	-$36.5	-$165.6	$78.9					#NUM!	<-IRR #YR->	10	5 Yr Running Average	173.77%
Total Accruals	-$93.8	$35.3	-$38.7	-$123.1	-$31.4	$78.1	$134.2	$170.3	$101.9	-$107.5	-$109.7	$77.4	-$108.1					38.33%	<-IRR #YR->	5	5 Yr Running Average	406.45%
Total Assets	$2,706.5	$3,005.3	$2,838.0	$2,705.2	$2,599.4	$2,796.7	$3,013.9	$3,318.8	$3,494.4	$3,489.3	$3,417.3	$3,510.3	$3,234.1						Balance Sheet		Assets
Accruals Ratio	-3.46%	1.18%	-1.36%	-4.55%	-1.21%	2.79%	4.45%	5.13%	2.92%	-3.08%	-3.21%	2.21%	-3.34%					-3.08%	<-Median->	5	Ratio
EPS/CF Ratio (WC)	-0.32	-0.58	0.09	-0.03	0.06	0.02	0.06	0.07	0.00	0.06	0.04	0.22	0.61					0.06	<-Median->	10	EPS/CF Ratio
			-$23.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$128.3
								-$18.5	$0.0	$0.0	$0.0	$0.0	$128.3
			$55.3	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$40.8
								-$8.1	$0.0	$0.0	$0.0	$0.0	$40.8
Change in Close	3.90%	27.88%	-8.06%	19.18%	6.66%	18.82%	10.99%	-15.93%	1.68%	-19.50%	5.63%	-28.60%	38.86%	37.71%	0.00%	0.00%			Count	21	Years of data
up/down									Down										Count	5	23.81%
Meet Prediction?																		% right	Count	3	60.00%
Financial Cash Flow	-$34.7	$170.0	-$54.5	-$113.4	-$51.9	$100.3	$135.8	$136.8	$93.9	-$75.2	-$94.5	-$39.1	-$240.2						C F Statement		Financial Cash Flow
Total Accruals	-$59.1	-$134.7	$15.9	-$9.7	$20.5	-$22.3	-$1.6	$33.5	$8.0	-$32.4	-$15.2	$116.5	$132.1								Accruals
Accruals Ratio	-2.18%	-4.48%	0.56%	-0.36%	0.79%	-0.80%	-0.05%	1.01%	0.23%	-0.93%	-0.44%	3.32%	4.09%					0.23%	<-Median->	5	Ratio
Cash	$10.7	$5.3	$8.6	$10.9	$3.0	$30.1	$44.8	$29.8	$22.9	$70.2	$95.5	$28.5	$24.6	$26.0							Cash
Cash per Share	$0.07	$0.03	$0.05	$0.06	$0.02	$0.16	$0.21	$0.14	$0.11	$0.33	$0.41	$0.12	$0.10	$0.11				$0.12	<-Median->	5	Cash per Share
Percentage of Stock Price	0.91%	0.30%	0.52%	0.54%	0.14%	1.08%	1.31%	1.03%	0.77%	2.93%	3.49%	1.44%	0.88%	0.68%				1.44%	<-Median->	5	% of Stock Price
Notes:
December 4, 2024.  Last estimates were for 22023, 2024 2025 of $999M, $878M, $835M Revenue, $0.50, $0.67, $0.78 AFFO, $0.56, $0.73, $0.84 FFO,
$0.59, $0.01, $0.05 EPS, $0.61, $0.61, $0.61 Dividends, -$35M, -$5M, -$7M for FCF, $142M, $2M, $12M Net Income.
December 6, 2023.  Last estimates were for $1023M, $867M and $894M, $0.49, $0.58 and $0.74 AFFO, $0.56, $0.63 and $0.80 FFO, -$0.05, -$0.07, $0.07 EPS,
$0.61, $0.61 and $0.61 Dividends, -$91M, -$10M and -$5M for FCF, -$11M, -$17M and $16M for Net Income.
December 9, 2022.  Last estimates were for 2021, 2022 and 2023 of $909M, $950M and $1006M for Revenue, $0.57, $0.72 and $0.86 for AFFO,
$0.63, $0.79 and $0.93 for FFO, -$0.07 for 2021 for EPS, $0.61, $0.61 and $0.62 for Dividends, -$25M, -$22M and -$8M for FCF.
December 11, 2021.  Last estimates were for 2020, 2022 and 2021 of $932M, $941M and $979M for Revenue, $0.69, $0.75 and $0.85 for AFFO, $0.76, $0.82 and $0.92 for FFO,
-$0.03 and -$0.07 for EPS for 2020-21, $0.61, $0.61 and $0.62 for Dividends, $9M, $1M and -|$8M for FCF, and $23M for 2020 for Net Income.
December 19, 2020.  Last estimates were for 2019, 2020 and 2021 of 917M, $878M and $904M for Revenue, $0.85, $0.90 and $0.99 for AFFO, $0.92, $0.96 and $1.07 for FFO,
$0.09. $0.11 and $0.13 for EPS, $0.60, $0.61 and $0.61 for Dividends, and $21M and $23M for Net Income for 2019 and 2020.
2012.  The company was rebranded as Chartwell Retirement Residences
2003.  The company was founded in 2003 through the merger of JBG Management Inc., Alert Care Corporation, and Chartwell Care Corporation
forming the new entity Chartwell Seniors Housing Real Estate Investment Trust
Sector:
Health Care, Consumer
What should this stock accomplish?
Would I buy this company and Why.
Why am I following this stock.
I saw this stock on a dividend investing blog and looked it up on Stock Chase.
Why I bought this stock.
Dividends
Dividends are paid monthly.  Dividends are declared in one month for shareholders of record of the same month and paid in the next month.
For example, the dividends declared on July 15, 2019 for the shareholders of record of July 31, 2019 and payble on August 15, 2019
It would seem that a good portion is non-taxable as Return of Capital.  It varies every year.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees
For community
For investors
How they make their money.
Chartwell Retirement Residences is an unincorporated open-ended real estate trust that is engaged in the ownership, operations, and management of retirement residences
and long-term care homes in Canada. The company generates key revenue from retirement operations which include retirement residences that the company owns and
operates in Canada. The retirement residences provides services to residents at rates set by Chartwell based on the services provided and market conditions.
Shares; '%, Value $M	Div.			Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	5.07%	12.18%			2018	Aug 8	2019	Dec 19	2020	Dec 11	2021	Dec 9	2022	Dec 6	2023			Dec 5	2024
Volodarski, Vlad	7.73%	17.79%		0.019	0.01%	0.019	0.01%	0.032	0.01%	0.032	0.01%	0.032	0.01%	0.032	0.01%			0.000	0.00%		Was CFO, CEO 2020	-100.00%
CEO - Shares - Amount	6.02%	6.75%			$0.260		$0.264		$0.357		$0.377		$0.269		$0.374				$0.000
Options - percentage				0.352	0.17%	0.376	0.18%	0.506	0.24%	0.624	0.27%	0.774	0.33%	0.961	0.40%			1.084	0.45%			12.78%
Options - amount					$4.815		$5.221		$5.667		$7.372		$6.532		$11.265				$17.497
	Div.
Brown, Jeffrey Samuel	4.60%	8.36%												0.000	0.00%			0.000	0.00%			#DIV/0!
CFO- Shares - Amount	6.17%	13.53%													$0.000				$0.000
Options - percentage	5.22%	5.32%												0.095	0.04%			0.168	0.07%			77.01%
Options - amount	5.93%	6.72%													$1.113				$2.714
Boulakia, Jonathan	Div.	check		0.022	0.01%	0.023	0.01%	0.023	0.01%	0.025	0.01%	0.026	0.01%	0.028	0.01%			0.030	0.01%		Was CFO, now CIO, Legal	6.74%
Officer- Shares - Amount	4.91%	2.99%			$0.296		$0.313		$0.262		$0.294		$0.217		$0.325				$0.477
Options - percentage	6.14%	9.63%		0.213	0.10%	0.233	0.11%	0.287	0.13%	0.334	0.14%	0.388	0.17%	0.467	0.20%			0.487	0.20%			4.34%
Options - amount	4.93%	2.77%			$2.919		$3.236		$3.216		$3.944		$3.272		$5.473				$7.865
	6.34%	5.81%
Sullivan, Karen Leslie												0.017	0.01%	0.021	0.01%			0.051	0.02%			145.41%
Officer- Shares - Amount	Div.	check											$0.144		$0.242				$0.817
Options - percentage	4.42%	0.22%										0.361	0.15%	0.535	0.22%			0.563	0.24%			5.33%
Options - amount	5.94%	9.60%											$3.044		$6.267				$9.090
	4.97%	4.07%
Binions, W. Brent	6.18%	5.98%		0.086	0.04%	0.089	0.04%			0.134	0.06%	0.140	0.06%	0.147	0.06%			0.156	0.07%			5.70%
Director - Shares - Amount					$1.175		$1.240				$1.587		$1.183		$1.725				$2.511
Options - percentage	Div.	check		0.793	0.38%	0.688	0.32%			0.540	0.23%	0.554	0.24%	0.571	0.24%			0.585	0.24%			2.34%
Options - amount	4.84%	-7.45%			$10.845		$9.566				$6.383		$4.673		$6.696				$9.437
	5.97%	3.76%
Davis, V. Ann	6.03%	4.26%												0.016	0.01%			0.017	0.01%			6.71%
Director - Shares - Amount	6.91%	4.97%													$0.188				$0.276
Options - percentage														0.039	0.02%			0.083	0.03%			110.90%
Options - amount	Div.	check													$0.463				$1.344
	4.72%	1.69%
Thomas, John Huw	5.54%	7.45%								0.000	0.00%	0.000	0.00%	0.000	0.00%			0.000	0.00%			#DIV/0!
Chairman - Shares - Amt	8.31%	13.82%									$0.000		$0.000		$0.000				$0.000
Options - percentage	6.13%	5.91%								0.176	0.08%	0.185	0.08%	0.196	0.08%			0.208	0.09%			6.29%
Options - amount											$2.081		$1.561		$2.292				$3.354
Harris, Michael Dean				0.149	0.07%	0.155	0.07%	0.159	0.07%	0.161	0.07%
Chairman - Shares - Amt					$2.041		$2.149		$1.776		$1.905
Options - percentage				0.299	0.14%	0.336	0.16%	0.367	0.17%	0.389	0.17%
Options - amount					$4.081		$4.664		$4.107		$4.593
Increase in O/S Shares				0.295	0.14%	0.043	0.02%	0.138	0.06%	0.271	0.13%	0.047	0.02%	0.138	0.06%			0.213	0.09%		When you have only an	0.000
Due to Stock Options					$4.800		$0.589		$1.922		$3.037		$0.558		$1.164				$2.494		Amount-->
Book Value					$5.171		$1.090		$2.736		$2.858		$0.836		$2.620				$3.192
Insider Buying					$0.000		$0.000		-$0.161		-$0.133		-$0.141		-$0.141				-$0.049
Insider Selling					$0.000		$0.000		$0.000		$0.000		$0.000		$0.000				$0.503
Net Insider Selling					$0.000		$0.000		-$0.161		-$0.133		-$0.141		-$0.141				$0.454
Net Selling % of Market Cap					0.00%		0.00%		-0.01%		0.00%		-0.01%		-0.01%				0.01%
Directors						8		9		9		9		9				8
Women						3	38%	3	33%	3	33%	3	33%	3	33%			3	38%
Minorities						0	0%	0	0%	0	0%	0	0%	0	0%			0	0%
Institutions/Holdings						101	31.01%	20	23.64%	20	21.81%	20	22.34%	20	22.18%			20	22.71%
Total Shares Held						66.167	31.06%	50.539	23.72%	50.260	21.74%	52.197	22.23%	53.057	22.21%			61.829	25.89%
Increase/Decrease 3 Mths						-1.521	-2.25%	-0.985	-1.91%	-1.133	-2.21%	-1.666	-3.09%	8.856	20.03%			-1.748	-2.75%
Starting No. of Shares						67.688		51.524	Top 20 MS	51.393	Top 20 MS	53.863	Top 20 MS	44.201	Top 20 MS			63.577	Top 20 MS
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