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.														9/30/22
See my website on stocks or see my blog at the following sites.							https://spbrunner.com/stocks.html				https://spbrunner.blogspot.com/			Q3 2022
First Capital REIT					TSX:	FCR.UN	OTC:	FCXXF	https://www.fcr.ca			Fiscal Yr:	Dec 31
Year	12/31/11	12/31/12	12/31/13	12/31/14	12/31/15	12/31/16	12/31/17	12/31/18	12/31/19	12/31/20	12/31/21	12/31/22	12/31/23	12/31/24	12/31/25	12/31/26		Value	Description	#Y	Item	Total G
Accounting Rules	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS	IFRS					Accounting Rules
Split																					Split
Split																					Split
Property Operating Costs	$185.6	$211.6	$233.6	$241.5	$244.9	$254.3	$256.9	$274.8	$286.4	$273.9	$262.4	$267.6	$262.7					12.47%	<-Total Growth	10	Property Operating Costs
Change		13.96%	10.42%	3.40%	1.39%	3.83%	1.05%	6.96%	4.20%	-4.37%	-4.20%	2.00%	-1.82%					1.70%	<-Median->	10	Change
Ratio	0.35	0.36	0.37	0.37	0.37	0.38	0.37	0.38	0.38	0.41	0.39	0.39	0.38					0.38	<-Median->	10	Ratio
Other Expenses	$185.1	$190.5	$194.9	$204.5	$199.1	$193.6	$193.9	$190.3	$210.4	$190.9	$190.9	$195.3	$208.0					6.74%	<-Total Growth	10	Other Expenses
Change		2.86%	2.32%	4.95%	-2.63%	-2.78%	0.13%	-1.82%	10.54%	-9.24%	-0.04%	2.31%	6.51%					0.05%	<-Median->	10	Change
Ratio	0.35	0.33	0.31	0.32	0.30	0.29	0.28	0.26	0.28	0.28	0.28	0.28	0.30					0.28	<-Median->	10	Ratio
Total	$370.8	$402.0	$428.5	$446.0	$444.0	$447.9	$450.8	$465.2	$496.8	$464.8	$453.2	$462.9	$470.7					9.86%	<-Total Growth	10	Total
Change		8.42%	6.58%	4.10%	-0.45%	0.87%	0.65%	3.18%	6.80%	-6.43%	-2.49%	2.13%	1.70%					1.28%	<-Median->	10	Change
Ratio	0.70	0.69	0.68	0.69	0.68	0.66	0.65	0.64	0.67	0.69	0.67	0.67	0.68					0.67	<-Median->	10	Ratio
														$704.3	<-12 mths	2.38%
Revenue*	$526.7	$583.1	$631.6	$648.4	$656.6	$676.3	$694.5	$729.6	$746.8	$672.9	$674.9	$693.1	$688.0	$722.1	$725.6	$785.6		8.93%	<-Total Growth	10	Revenue
Increase	7.48%	10.70%	8.32%	2.67%	1.26%	2.99%	2.69%	5.06%	2.35%	-9.89%	0.30%	2.70%	-0.74%	4.96%	0.48%	8.27%		0.86%	<-IRR #YR->	10	Revenue	8.93%
5 year Running Average	$453.4	$493.5	$535.9	$576.0	$609.3	$639.2	$661.5	$681.1	$700.8	$704.0	$703.7	$703.4	$695.1	$690.2	$700.7	$722.9		-1.17%	<-IRR #YR->	5	Revenue	-5.70%
Revenue per Share	$2.96	$2.82	$3.03	$3.00	$2.91	$2.78	$2.84	$2.86	$3.43	$3.07	$3.07	$3.25	$3.24	$3.40	$3.42	#DIV/0!		2.64%	<-IRR #YR->	10	5 yr Running Average	29.72%
Increase	-1.43%	-4.48%	7.38%	-1.14%	-2.85%	-4.61%	2.30%	0.77%	19.67%	-10.45%	0.19%	5.59%	-0.11%	4.96%	0.48%	#DIV/0!		0.41%	<-IRR #YR->	5	5 yr Running Average	2.06%
5 year Running Average	$2.96	$2.92	$2.94	$2.96	$2.94	$2.91	$2.91	$2.88	$2.96	$3.00	$3.05	$3.14	$3.21	$3.21	$3.28	#DIV/0!		0.68%	<-IRR #YR->	10	Revenue per Share	6.96%
P/S (Price/Sales) Med	5.47	6.55	6.01	6.11	6.41	7.38	7.19	6.65	6.06	5.41	5.30	5.08	4.78	4.88	0.00	#DIV/0!		2.52%	<-IRR #YR->	5	Revenue per Share	13.25%
P/S (Price/Sales) Close	5.85	6.67	5.84	6.23	6.30	7.44	7.29	6.58	6.09	4.42	6.14	5.18	4.73	5.23	5.21	#DIV/0!		0.87%	<-IRR #YR->	10	5 yr Running Average	9.07%
*Property Rental Revenue in M CDN$					P/S Med	20 yr	5.53	15 yr	6.01	10 yr	6.09	5 yr	5.30		-14.04%	Diff M/C		2.22%	<-IRR #YR->	5	5 yr Running Average	11.59%
			-$631.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$688.0
								-$729.6	$0.0	$0.0	$0.0	$0.0	$688.0
			-$535.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$695.1
								-$681.1	$0.0	$0.0	$0.0	$0.0	$695.1
			-$3.03	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.24
								-$2.86	$0.00	$0.00	$0.00	$0.00	$3.24
			-$2.94	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.21
								-$2.88	$0.00	$0.00	$0.00	$0.00	$3.21
														$231.1	<-12 mths	14.06%
														$1.07	<-12 mths	13.77%
Pre-2010 split																					Pre-2010 split
ACFO --> AFFO		$195.928	$225.210	$229.770	$243.592	$231.985	$243.645	$267.168	$252.416	$203.047	$223.512	$226.217	$202.654					-10.02%	<-Total Growth	10	AFFO
ACFO per Share Calc		$0.95	$0.98	$1.00	$1.03	$0.94	$0.98	$1.07	$1.09	$0.92	$1.01	$1.04	$0.95								AFFO per Share
AFFO	$0.91	$0.92	$0.97	$1.01	$1.03	$0.99	$0.98	$1.07	$1.09	$0.92	$1.01	$1.04	$0.94	$1.08	$1.12			-2.71%	<-Total Growth	10	AFFO
Increase	4.60%	1.10%	5.43%	4.12%	1.98%	-3.88%	-1.33%	9.05%	2.66%	-15.80%	9.68%	2.67%	-8.99%	14.44%	3.70%			10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$0.90	$0.91	$0.92	$0.94	$0.97	$0.98	$1.00	$1.01	$1.03	$1.01	$1.01	$1.03	$1.00	$1.00	$1.04			-0.27%	<-IRR #YR->	10	AFFO	-11.41%
AFFO Yield	5.3%	4.9%	5.5%	5.4%	5.6%	4.8%	4.7%	5.7%	5.2%	6.8%	5.4%	6.2%	6.2%	6.1%	6.3%			-2.39%	<-IRR #YR->	5	AFFO	8.93%
Payout Ratio	87.91%	89.13%	86.60%	83.66%	83.50%	86.87%	88.04%	80.73%	78.64%	93.37%	46.31%	52.08%	91.55%	80.00%	77.14%			0.86%	<-IRR #YR->	10	5 yr Running Average	-1.32%
5 year Running Average	94.72%	94.77%	94.45%	87.71%	86.05%	85.87%	85.70%	84.48%	83.40%	85.20%	77.12%	69.98%	71.76%	72.03%	69.35%			-0.27%	<-IRR #YR->	5	5 yr Running Average
Price/AFFO Median	17.77	20.09	18.79	18.12	18.13	20.70	20.91	17.88	18.99	18.02	16.12	15.90	16.41	15.39	0.00			18.07	<-Median->	10	P/AFFO Med
Price/AFFO High	19.09	21.28	20.53	19.23	19.66	23.45	21.85	19.97	20.72	23.80	18.89	18.16	19.54	17.47	0.00			19.81	<-Median->	10	P/AFFO High
Price/AFFO Low	16.45	18.90	17.05	17.02	16.59	17.94	19.98	15.80	17.26	12.23	13.35	13.65	13.28	13.31	0.00			16.20	<-Median->	10	P/AFFO Low
Price/AFFO Close	19.01	20.46	18.26	18.48	17.82	20.88	21.21	17.70	19.08	14.71	18.67	16.21	16.25	16.48	15.89			18.15	<-Median->	10	P/AFFO Close
Trailing P/AFFO Close	19.89	20.68	19.25	19.24	18.17	20.07	20.93	19.30	19.59	12.39	20.48	16.64	14.79	16.48	15.89			19.27	<-Median->	10	Trailing P/AFFO Close
Median Values		DPR	10 Yrs	83.58%	5 Yrs	78.64%	P/CF	5 Yrs	in order	16.41	19.54	13.35	16.25		0.45%	Diff M/C		-8.79%	Diff M/C	10	DPR 75% to 95% best
* Adjusted Funds From Operations
			-$0.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.94
								-$1.07	$0.00	$0.00	$0.00	$0.00	$0.94
			-$0.92	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.00
								-$1.01	$0.00	$0.00	$0.00	$0.00	$1.00
														$243.3	<-12 mths	4.27%
Pre-2010 split																					Pre-2010 split
Adjusted Cash Flow from Operations.		$195.928	$225.210	$229.770	$243.592	$231.985	$243.645	$267.168	$252.416	$203.047	$243.816	$235.588	$233.363	$232.46	$245.34	$256.40		3.62%	<-Total Growth	10	ACFO
ACFO per Share Calc		$0.95	$0.98	$1.00	$1.03	$0.94	$0.98	$1.07	$1.09	$0.92	$1.10	$1.08	$1.09								ACFO per Share
AFFO	$0.91	$0.92	$0.97	$1.01	$1.03	$0.99	$0.98	$1.07	$1.09	$0.92	$1.10	$1.08	$1.09	$1.09	$1.16	$1.21		12.04%	<-Total Growth	10	AFFO
Increase	4.60%	1.10%	5.43%	4.12%	1.98%	-3.88%	-1.33%	9.05%	2.66%	-15.80%	19.90%	-2.19%	0.64%	0.30%	6.42%	4.31%		10	0	10	Years of Data, EPS P or N	100.00%
5 year Running Average	$0.90	$0.91	$0.92	$0.94	$0.97	$0.98	$1.00	$1.01	$1.03	$1.01	$1.03	$1.05	$1.06	$1.06	$1.10	$1.13		1.14%	<-IRR #YR->	10	ACFO	2.02%
AFFO Yield	5.3%	4.9%	5.5%	5.4%	5.6%	4.8%	4.7%	5.7%	5.2%	6.8%	5.9%	6.4%	7.1%	6.1%	6.5%	6.8%		0.40%	<-IRR #YR->	5	ACFO	15.02%
Payout Ratio	87.91%	89.13%	86.60%	83.66%	83.50%	86.87%	88.04%	80.73%	78.64%	93.37%	42.36%	50.01%	79.50%	79.27%	74.48%	71.40%		1.41%	<-IRR #YR->	10	5 yr Running Average	4.20%
5 year Running Average	94.72%	94.77%	94.45%	87.71%	86.05%	85.87%	85.70%	84.48%	83.40%	85.20%	75.72%	68.16%	67.95%	68.08%	65.20%	71.02%		0.83%	<-IRR #YR->	5	5 yr Running Average
Price/ACFO Median	17.77	20.09	18.79	18.12	18.13	20.70	20.91	17.88	18.99	18.02	14.74	15.27	14.25	15.25	0.00	0.00		18.07	<-Median->	10	Price/ACFO Median
Price/ACFO High	19.09	21.28	20.53	19.23	19.66	23.45	21.85	19.97	20.72	23.80	17.28	17.44	16.97	17.31	0.00	0.00		19.81	<-Median->	10	Price/ACFO High
Price/ACFO Low	16.45	18.90	17.05	17.02	16.59	17.94	19.98	15.80	17.26	12.23	12.21	13.10	11.53	13.18	0.00	0.00		16.20	<-Median->	10	Price/ACFO Low
Price/ACFO Close	19.01	20.46	18.26	18.48	17.82	20.88	21.21	17.70	19.08	14.71	17.08	15.57	14.12	16.33	15.34	14.71		17.76	<-Median->	10	Price/ACFO Close
Trailing P/ACFO Close	19.89	20.68	19.25	19.24	18.17	20.07	20.93	19.30	19.59	12.39	20.48	15.22	14.21	16.38	16.33	15.34		19.27	<-Median->	10	Trailing P/ACFO Close
Median Values		DPR	10 Yrs	82.11%	5 Yrs	78.64%	P/CF	5 Yrs	in order	15.27	17.44	12.23	15.57		6.94%	Diff M/C		-9.63%	Diff M/C	10	DPR 75% to 95% best
* Adjusted Cash Flow From Operations
			-$0.97	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.09
								-$1.07	$0.00	$0.00	$0.00	$0.00	$1.09
			-$0.92	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.06
								-$1.01	$0.00	$0.00	$0.00	$0.00	$1.06
														$281.3	<-12 mths	15.32%
														$1.31	<-12 mths	14.91%
		$189.081	$218.543	$208.617	$221.265	$262.544	$284.110	$302.971	$284.920	$221.974	$250.989	$263.155	$243.977	$287.6	$271.0	$281.5		11.64%	<-Total Growth	10
Pre-2010 split
Distributable Cash --> FFO	$0.96	$1.00	$1.03	$0.98	$0.99	$1.11	$1.16	$1.21	$1.23	$1.01	$1.14	$1.21	$1.14	$1.35	$1.28	$1.33		10.68%	<-Total Growth	10	FFO
Increase	-2.04%	4.17%	3.00%	-4.85%	1.02%	12.12%	4.50%	4.31%	1.65%	-17.89%	12.87%	6.14%	-5.79%	18.42%	-5.19%	3.91%		10	0	10	Years of Data, EPS P or N	100.00%
FFO Yield	5.5%	5.3%	5.8%	5.3%	5.4%	5.4%	5.6%	6.4%	5.9%	7.5%	6.0%	7.2%	7.4%	7.6%	7.2%	7.5%		1.02%	<-IRR #YR->	10	FFO	10.68%
5 year Running Average	$1.00	$1.00	$1.00	$0.99	$0.99	$1.02	$1.05	$1.09	$1.14	$1.14	$1.15	$1.16	$1.15	$1.17	$1.22	$1.26		-1.18%	<-IRR #YR->	5	FFO	-5.79%
Payout Ratio	83.33%	82.00%	81.55%	86.22%	86.87%	77.48%	74.14%	71.07%	69.92%	85.13%	41.03%	44.63%	75.79%	64.00%	67.50%	64.96%		1.41%	<-IRR #YR->	10	5 yr Running Average	15.00%
5 year Running Average	85.40%	86.17%	87.10%	82.93%	83.97%	82.68%	80.93%	78.62%	75.44%	75.17%	67.96%	61.85%	62.68%	61.46%	58.82%	63.33%		1.01%	<-IRR #YR->	5	5 yr Running Average	5.14%
Price/FFO Median	16.84	18.49	17.69	18.68	18.86	18.46	17.61	15.74	16.89	16.43	14.28	13.63	13.58	12.31	0.00	0.00		16.66	<-Median->	10	P/FFO Med
Price/FFO High	18.09	19.58	19.33	19.82	20.45	20.92	18.40	17.58	18.42	21.70	16.74	15.56	16.18	13.98	0.00	0.00		18.41	<-Median->	10	P/FFO High
Price/FFO Low	15.59	17.39	16.06	17.54	17.26	16.00	16.83	13.91	15.35	11.15	11.82	11.69	10.99	10.64	0.00	0.00		14.63	<-Median->	10	P/FFO Low
Price/FFO Close	18.02	18.82	17.19	19.04	18.54	18.62	17.86	15.58	16.97	13.42	16.54	13.89	13.46	13.19	13.91	13.38		16.76	<-Median->	10	P/FFO Close
Trailing P/FFO Close	17.65	19.60	17.71	18.12	18.72	20.88	18.67	16.25	17.25	11.02	18.67	14.75	12.68	15.61	13.19	13.91		17.68	<-Median->	10	Trailing P/FFO Close
Median Values		DPR	10 Yrs	74.96%	5 Yrs	69.92%	P/CF	5 Yrs	in order	14.28	16.74	11.69	13.89		-7.67%	Diff M/C		-20.84%	Diff M/C	10	DPR 75% to 95% best
* Funds From Operations
			-$1.03	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.14
								-$1.21	$0.00	$0.00	$0.00	$0.00	$1.14
			-$1.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.15
								-$1.09	$0.00	$0.00	$0.00	$0.00	$1.15
														$1.62	<-12 mths	-359.93%						Search for
Basic Pre-2010 split
EPS Basic	$2.99	$2.08	$1.03	$0.93	$0.91	$1.62	$2.59	$1.38	$1.75	$0.01	$2.08	-$0.73	-$0.62					-160.61%	<-Total Growth	10	EPS Basic	Net Income
Diluted Pre-2010 split
EPS Diluted	$2.75	$1.98	$1.01	$0.92	$0.91	$1.59	$2.55	$1.37	$1.74	$0.01	$2.08	-$0.73	-$0.62	$1.16	$1.20	$1.32		-161.81%	<-Total Growth	10	EPS Diluted	per unit
Increase	957.69%	-28.00%	-48.99%	-8.91%	-1.09%	74.73%	60.38%	-46.27%	27.01%	-99.43%	20700.00%	-135.26%	-14.88%	-285.81%	3.45%	10.00%		8	2	10	Years of Data, EPS P or N	80.00%
Earnings Yield	15.9%	10.5%	5.7%	4.9%	5.0%	7.7%	12.3%	7.3%	8.3%	0.1%	11.0%	-4.4%	-4.1%	6.5%	6.7%	7.4%		#NUM!	<-IRR #YR->	10	Earnings per Share	-161.81%
5 year Running Average	$0.76	$1.11	$1.26	$1.38	$1.51	$1.28	$1.40	$1.47	$1.63	$1.45	$1.55	$0.89	$0.49	$0.38	$0.62	$0.46		#NUM!	<-IRR #YR->	5	Earnings per Share	-145.57%
10 year Running Average	$0.58	$0.73	$0.78	$0.84	$0.90	$1.02	$1.25	$1.36	$1.51	$1.48	$1.42	$1.14	$0.98	$1.01	$1.03	$1.01		-8.90%	<-IRR #YR->	10	5 yr Running Average	-60.64%
* ESP per share									E/P	10 Yrs	6.11%	5Yrs	0.07%					-19.56%	<-IRR #YR->	5	5 yr Running Average	-66.32%
			-$1.01	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	-$0.62
								-$1.37	$0.00	$0.00	$0.00	$0.00	-$0.62
			-$1.26	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.49
								-$1.47	$0.00	$0.00	$0.00	$0.00	$0.49
Dividend*														$0.86	$0.86	$0.86			Estimates		Dividend*
Increase														-0.46%	0.00%	0.00%			Estimates		Increase
Payout Ratio EPS														74.14%	71.67%	65.15%			Estimates		Payout Ratio EPS
Special Dividend	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00		0.00%	<-Median->	10	Special Dividend
Pre-split 2010
Pre-split 2010
Dividend*	$0.80	$0.82	$0.84	$0.85	$0.86	$0.86	$0.86	$0.86	$0.86	$0.8598	$0.4677	$0.5400	$0.8640	$0.8640	$0.8640	$0.8640		2.86%	<-Total Growth	10	Dividends
Increase	0.00%	2.50%	2.44%	0.60%	1.78%	0.00%	0.00%	0.00%	0.00%	-0.02%	-45.60%	15.46%	60.00%	0.00%	0.00%	0.00%		18	2	30	Years of data, Count P, N	60.00%
Average Increases 5 Year Running	0.97%	0.98%	0.99%	1.11%	1.46%	1.46%	0.96%	0.47%	0.36%	0.00%	-9.13%	-6.03%	5.97%	5.97%	5.97%	15.09%		0.72%	<-Median->	10	Average Incr 5 Year Running
5 year running Average	$0.85	$0.86	$0.87	$0.82	$0.83	$0.85	$0.85	$0.86	$0.86	$0.86	$0.78	$0.72	$0.72	$0.72	$0.72	$0.80		-17.25%	<-Total Growth	10	Dividends
Yield H/L Price	4.95%	4.44%	4.61%	4.62%	4.61%	4.20%	4.21%	4.51%	4.14%	5.18%	2.87%	3.27%	5.58%	5.20%				4.36%	<-Median->	10	Dividends	Item
Yield on High  Price	4.61%	4.19%	4.22%	4.35%	4.25%	3.70%	4.03%	4.04%	3.80%	3.92%	2.45%	2.87%	4.69%	4.58%				3.98%	<-Median->	10	Dividends	EPS
Yield on Low Price	5.34%	4.72%	5.08%	4.92%	5.03%	4.84%	4.41%	5.11%	4.56%	7.64%	3.47%	3.82%	6.90%	6.01%				4.88%	<-Median->	10	Dividends	AFFO
Yield on Close Price	4.62%	4.36%	4.74%	4.53%	4.69%	4.16%	4.15%	4.56%	4.12%	6.35%	2.48%	3.21%	5.63%	4.85%	4.85%	4.85%		4.34%	<-Median->	10	Dividends	FFO
Payout Ratio EPS	29.09%	41.41%	83.17%	91.85%	94.51%	54.09%	33.73%	62.77%	49.43%	8598.00%	22.49%	-73.63%	-138.40%	74.48%	72.00%	65.45%		51.76%	<-Median->	10	Payout Ratio EPS	CFPS
DPR EPS 5 Yr Running	112.03%	77.62%	69.09%	59.32%	55.02%	65.91%	61.10%	58.38%	52.70%	59.23%	50.42%	80.32%	145.27%	190.00%	116.79%	172.07%		59.27%	<-Median->	10	DPR EPS 5 Yr Running	FCF
Payout Ratio CFPS	84.06%	92.60%	82.32%	67.95%	79.35%	81.61%	77.81%	77.44%	69.64%	85.91%	41.14%	45.90%	80.50%	75.12%				77.62%	<-Median->	10	Payout Ratio CFPS
DPR CF 5 Yr Running	84.31%	87.82%	88.51%	79.25%	80.33%	79.91%	77.45%	76.56%	76.95%	78.10%	69.92%	63.38%	63.88%	64.93%				77.20%	<-Median->	10	DPR CF 5 Yr Running
Payout Ratio CFPS WC	41.02%	47.86%	44.60%	42.62%	50.61%	51.57%	48.95%	49.74%	41.67%	49.37%	26.38%	28.08%	45.14%	41.06%				47.04%	<-Median->	10	Payout Ratio CFPS WC
DPR CF WC 5 Yr Running	71.52%	64.25%	57.53%	48.20%	45.13%	47.23%	47.44%	48.50%	48.23%	48.00%	43.11%	38.87%	38.14%	38.02%				47.34%	<-Median->	10	DPR CF WC 5 Yr Running
Median Values	10 Yr Med	10 Yr Cl	4.36%	4.34%	5 Yr Med	5 Yr Cl	4.14%	4.12%	5 Yr Med	Payout	22.49%	69.64%	41.67%					0.09%	<-IRR #YR->	5	Dividends	0.47%
* Dividends per share	10 Yr Med	and Cur.	11.28%	11.73%	5 Yr Med	and Cur.	17.23%	17.79%	Last Div Inc --->		$0.036	$0.072	100.00%					0.28%	<-IRR #YR->	10	Dividends	2.86%
Dividends Growth 15																		0.51%	<-IRR #YR->	15	Dividends	8.00%
Dividends Growth 20																		0.92%	<-IRR #YR->	20	Dividends	20.00%
Dividends Growth 25																		1.97%	<-IRR #YR->	25	Dividends	63.02%
Dividends Growth 30																		3.36%	<-IRR #YR->	29	Dividends
Dividends Growth 5								-$0.86	$0.00	$0.00	$0.00	$0.00	$0.86								Dividends Growth 5
Dividends Growth 10			-$0.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.86								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	$0.86								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	$0.86								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	$0.86								Dividends Growth 25
Dividends Growth 30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.86								Dividends Growth 30
Historical Dividends	Historical	High Div	9.97%	Low Div	3.62%	10 Yr High	7.56%	10 Yr Low	2.49%	Med Div	4.89%	Close Div	5.21%								Historical Dividends
High/Ave/Median Values	Curr diff	Exp.	-51.31%		34.09%	Exp.	-35.79%		94.94%	Exp.	-0.74%	Exp.	-6.85%								High/Ave/Median
Future Dividend Yield					Div Yield	4.88%	earning in	5	Years	at IRR of	0.09%	Div Inc.	0.47%								Future Dividend Yield
Future Dividend Yield					Div Yield	4.90%	earning in	10	Years	at IRR of	0.09%	Div Inc.	0.93%								Future Dividend Yield
Future Dividend Yield					Div Yield	4.92%	earning in	15	Years	at IRR of	0.09%	Div Inc.	1.40%								Future Dividend Yield
Future Dividend Paid					Div Paid	$0.05	earning in	5	Years	at IRR of	0.09%	Div Inc.	0.47%								Future Dividend Paid
Future Dividend Paid					Div Paid	$0.05	earning in	10	Years	at IRR of	0.09%	Div Inc.	0.93%								Future Dividend Paid
Future Dividend Paid					Div Paid	$0.05	earning in	15	Years	at IRR of	0.09%	Div Inc.	1.40%								Future Dividend Paid
Dividend Covering Cost					Total Div	$0.24	over	5	Years	at IRR of	0.09%	Div Cov.	1.37%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$0.44	over	10	Years	at IRR of	0.09%	Div Cov.	2.46%								Dividend Covering Cost
Dividend Covering Cost					Total Div	$0.64	over	15	Years	at IRR of	0.09%	Div Cov.	3.57%								Dividend Covering Cost
Yield if held 5 years	5.04%	4.94%	6.58%	7.50%	5.86%	5.32%	4.65%	4.72%	4.70%	4.61%	2.28%	2.64%	4.54%	4.16%	5.21%	5.31%		4.68%	<-Median->	10	Paid Median Price
Yield if held 10 years	11.74%	10.96%	9.60%	7.91%	6.54%	5.42%	5.18%	6.74%	7.64%	5.86%	2.89%	2.92%	4.74%	4.72%	4.63%	4.22%		5.64%	<-Median->	10	Paid Median Price
Yield if held 15 years	10.36%	7.63%	7.54%	9.45%	13.76%	12.62%	11.49%	9.83%	8.05%	6.54%	2.95%	3.25%	6.77%	7.67%	5.89%	5.34%		8.75%	<-Median->	10	Paid Median Price
Yield if held 20 years						11.14%	8.00%	7.72%	9.62%	13.76%	6.86%	7.22%	9.87%	8.08%	6.57%	5.44%		8.81%	<-Median->	8	Paid Median Price
Yield if held 25 years											6.06%	5.02%	7.76%	9.66%	13.82%	12.68%		6.06%	<-Median->	3	Paid Median Price
Cost covered if held 5 years	26.85%	25.88%	33.99%	36.46%	28.37%	26.13%	23.07%	23.51%	23.49%	23.03%	19.07%	17.56%	18.85%	17.31%	21.70%	24.55%		23.28%	<-Median->	10	Paid Median Price
Cost covered if held 10 years	117.74%	109.10%	94.67%	78.68%	63.78%	53.48%	51.56%	67.55%	74.65%	57.66%	50.29%	42.48%	43.22%	43.13%	42.31%	38.57%		55.57%	<-Median->	10	Paid Median Price
Cost covered if held 15 years	139.84%	103.20%	102.37%	130.75%	191.82%	179.73%	166.09%	143.64%	118.91%	96.47%	78.10%	73.15%	95.67%	106.58%	82.18%	75.01%		124.83%	<-Median->	10	Paid Median Price
Cost covered if held 20 years						194.57%	142.87%	140.83%	178.85%	260.62%	237.07%	214.03%	184.69%	152.55%	123.84%	103.28%		189.63%	<-Median->	8	Paid Median Price
Cost covered if held 25 years											245.20%	176.24%	173.07%	219.06%	318.21%	295.70%		176.24%	<-Median->	3	Paid Median Price
																				Yr	Item	Growth
Revenue Growth								$729.60	$746.77	$672.89	$674.89	$693.10	$687.98	$704.3	<-12 mths	2.38%		-5.70%	<-Total Growth	5	Revenue Growth	-5.70%
EPS Growth								$1.37	$1.74	$0.01	$2.08	-$0.73	-$0.62	$1.62	<-12 mths	-359.93%		-145.57%	<-Total Growth	5	EPS Growth	-145.57%
FFO Growth								$1.21	$1.23	$1.01	$1.14	$1.21	$1.14	$1.31	<-12 mths	14.91%		-5.79%	<-Total Growth	5	FFO Growth	-5.79%
AFFO Growth								$1.07	$1.09	$0.92	$1.01	$1.04	$0.94	$1.07	<-12 mths	13.77%		-11.41%	<-Total Growth	5	AFFO Growth	-11.41%
Net Income Growth								$343.61	$401.35	$2.70	$460.13	-$160.00	-$134.06	$346.65	<-12 mths	-358.59%		-139.01%	<-Total Growth	5	Net Income Growth	-139.01%
Cash Flow Growth								$283.01	$269.15	$219.51	$249.61	$251.22	$227.73	$244.04	<-12 mths	7.16%		-19.53%	<-Total Growth	5	Cash Flow Growth	-19.53%
Dividend Growth								$0.86	$0.86	$0.86	$0.47	$0.54	$0.86	$0.86	<-12 mths	0.00%		0.47%	<-Total Growth	5	Dividend Growth	0.47%
Stock Price Growth								$18.85	$20.87	$13.55	$18.86	$16.81	$15.34	$17.80	<-12 mths	16.04%		-18.62%	<-Total Growth	5	Stock Price Growth	-18.62%
Revenue Growth			$631.61	$648.44	$656.64	$676.28	$694.46	$729.60	$746.77	$672.89	$674.89	$693.10	$687.98	$722.1	<-this year	4.96%		8.93%	<-Total Growth	10	Revenue Growth	8.93%
EPS Growth			$1.01	$0.92	$0.91	$1.59	$2.55	$1.37	$1.74	$0.01	$2.08	-$0.73	-$0.62	$1.16	<-this year	-285.81%		-161.81%	<-Total Growth	10	EPS Growth	-161.81%
FFO Growth			$1.03	$0.98	$0.99	$1.11	$1.16	$1.21	$1.23	$1.01	$1.14	$1.21	$1.14	$1.35	<-this year	18.42%		10.68%	<-Total Growth	10	FFO Growth	10.68%
AFFO Growth			$0.97	$1.01	$1.03	$0.99	$0.98	$1.07	$1.09	$0.92	$1.01	$1.04	$0.94	$1.08	<-this year	14.44%		-2.71%	<-Total Growth	10	AFFO Growth	-2.71%
Net Income Growth			$214.86	$196.75	$203.87	$382.71	$633.09	$343.61	$401.35	$2.70	$460.13	-$160.00	-$134.06	$246.1	<-this year	-283.60%		-162.39%	<-Total Growth	10	Net Income Growth	-162.39%
Cash Flow Growth			$212.62	$269.09	$244.43	$256.60	$270.16	$283.01	$269.15	$219.51	$249.61	$251.22	$227.73	$244.04	<-this year	7.16%		7.11%	<-Total Growth	10	Cash Flow Growth	7.11%
Dividend Growth			$0.84	$0.85	$0.86	$0.86	$0.86	$0.86	$0.86	$0.86	$0.47	$0.54	$0.86	$0.86	<-this year	-0.46%		2.86%	<-Total Growth	10	Dividend Growth	2.86%
Stock Price Growth			$17.71	$18.66	$18.35	$20.67	$20.72	$18.85	$20.87	$13.55	$18.86	$16.81	$15.34	$17.80	<-this year	16.04%		-13.38%	<-Total Growth	10	Stock Price Growth	-13.38%
Dividends on Shares				$48.17	$49.02	$49.02	$49.02	$49.02	$49.02	$49.01	$26.66	$30.78	$49.25	$49.25	$49.25	$49.25		$448.96	No of Years	10	Total Divs	12/31/13
Paid			$1,009.47	$1,063.62	$1,045.95	$1,178.19	$1,181.04	$1,074.45	$1,189.59	$772.35	$1,075.02	$958.17	$874.38	$1,014.60	$1,014.60	$1,014.60		$874.38	No of Years	10	Worth	$17.71
Total																		$1,323.34
Graham No. FFO	$17.13	$18.80	$19.21	$18.81	$18.96	$20.74	$22.28	$23.06	$23.71	$20.93	$23.24	$23.36	$21.81	$23.80	$23.18	#DIV/0!		13.48%	<-Total Growth	10	Graham Price FFO
Price/GP Ratio Med	0.94	0.98	0.95	0.97	0.98	0.99	0.92	0.83	0.88	0.79	0.70	0.71	0.71	0.70				0.85	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	1.01	1.04	1.04	1.03	1.07	1.12	0.96	0.92	0.96	1.05	0.82	0.81	0.85	0.79				0.96	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.87	0.92	0.86	0.91	0.90	0.86	0.88	0.73	0.80	0.54	0.58	0.61	0.57	0.60				0.76	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	1.01	1.00	0.92	0.99	0.97	1.00	0.93	0.82	0.88	0.65	0.81	0.72	0.70	0.75	0.77	#DIV/0!		0.85	<-Median->	10	Price/GP Ratio
Prem/Disc Close	0.98%	0.09%	-7.83%	-0.77%	-3.22%	-0.35%	-6.98%	-18.26%	-11.97%	-35.26%	-18.83%	-28.04%	-29.65%	-25.22%	-23.20%	#DIV/0!		-15.12%	<-Median->	10	Graham Price
Graham No. EPS	$29.00	$26.46	$19.03	$18.22	$18.18	$24.83	$33.03	$24.54	$28.20	$2.08	$31.39	$22.87	$22.00	$22.07	$22.44	#DIV/0!		15.60%	<-Total Growth	10	Graham Price EPS
Price/GP Ratio Med	0.56	0.70	0.96	1.00	1.03	0.83	0.62	0.78	0.74	7.97	0.52	0.72	0.70	0.75				0.76	<-Median->	10	Price/GP Ratio
Price/GP Ratio High	0.60	0.74	1.05	1.07	1.11	0.94	0.65	0.87	0.80	10.53	0.61	0.82	0.84	0.86				0.85	<-Median->	10	Price/GP Ratio
Price/GP Ratio Low	0.52	0.66	0.87	0.94	0.94	0.72	0.59	0.69	0.67	5.41	0.43	0.62	0.57	0.65				0.68	<-Median->	10	Price/GP Ratio
Price/GP Ratio Close	0.60	0.71	0.93	1.02	1.01	0.83	0.63	0.77	0.74	6.51	0.60	0.73	0.70	0.81	0.79	#DIV/0!		0.75	<-Median->	10	Price/GP Ratio
Prem/Disc Close	-40.34%	-28.87%	-6.92%	2.41%	0.95%	-16.74%	-37.26%	-23.19%	-25.99%	550.67%	-39.91%	-26.50%	-30.26%	-19.33%	-20.69%	#DIV/0!		-24.59%	<-Median->	10	Graham Price
Pre-2010 split
Price Close	$17.30	$18.82	$17.71	$18.66	$18.35	$20.67	$20.72	$18.85	$20.87	$13.55	$18.86	$16.81	$15.34	$17.80	$17.80	$17.80		-13.38%	<-Total Growth	10	Stock Price
Increase	14.49%	8.79%	-5.90%	5.36%	-1.66%	12.64%	0.24%	-9.03%	10.72%	-35.07%	39.19%	-10.87%	-8.74%	16.04%	0.00%	0.00%		14.98	<-Median->	10	CAPE (10 Yr P/E)
P/E	6.29	9.51	17.53	20.28	20.16	13.00	8.13	13.76	11.99	1355.00	9.07	-22.92	-24.57	15.34	14.83	13.48		-4.04%	<-IRR #YR->	5	Stock Price	-18.62%
Trailing P/E	66.54	6.84	8.94	18.48	19.95	22.71	13.03	7.39	15.23	7.79	1886.00	8.08	-20.92	-28.51	15.34	14.83		-1.43%	<-IRR #YR->	10	Stock Price	-13.38%
CAPE (10 Yr P/E)	23.01	19.78	19.66	18.99	18.17	16.35	13.80	13.19	12.40	12.51	13.21	16.17	18.62	18.09	17.53	17.71		0.09%	<-IRR #YR->	5	Price & Dividend	0.43%
Median 10, 5 Yrs		D.  per yr	4.76%	4.13%	% Tot Ret	142.77%	4405.93%	T P/E	14.13	8.08	P/E:	12.50	9.07					3.34%	<-IRR #YR->	10	Price & Dividend	31.09%
Price 15		D.  per yr	6.40%		% Tot Ret	78.70%						CAPE Diff	2.43%					1.73%	<-IRR #YR->	15	Stock Price	29.38%
Price  20		D.  per yr	7.07%		% Tot Ret	76.27%												2.20%	<-IRR #YR->	20	Stock Price	54.46%
Price  25		D.  per yr	6.23%		% Tot Ret	80.06%												1.55%	<-IRR #YR->	25	Stock Price	46.93%
Price  30		D.  per yr	8.61%		% Tot Ret	70.99%												3.52%	<-IRR #YR->	29	Stock Price
Price & Dividend 15																		8.13%	<-IRR #YR->	15	Price & Dividend	132.42%
Price & Dividend 20																		9.26%	<-IRR #YR->	20	Price & Dividend	217.18%
Price & Dividend 25																		7.78%	<-IRR #YR->	25	Price & Dividend	231.61%
Price & Dividend 30																		12.12%	<-IRR #YR->	29	Price & Dividend
Price  5								-$18.85	$0.00	$0.00	$0.00	$0.00	$15.34								Price  5
Price 10			-$17.71	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.34								Price 10
Price & Dividend 5								-$18.85	$0.86	$0.86	$0.47	$0.54	$16.20								Price & Dividend 5
Price & Dividend 10			-$17.71	$0.85	$0.86	$0.86	$0.86	$0.86	$0.86	$0.86	$0.47	$0.54	$16.20								Price & Dividend 10
Price 15	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.34								Price 15
Price  20	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.34								Price  20
Price  25	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.34								Price  25
Price  30	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.34								Price  30
Price & Dividend 15	$0.80	$0.82	$0.84	$0.85	$0.86	$0.86	$0.86	$0.86	$0.86	$0.86	$0.47	$0.54	$16.20								Price & Dividend 15
Price & Dividend 20	$0.80	$0.82	$0.84	$0.85	$0.86	$0.86	$0.86	$0.86	$0.86	$0.86	$0.47	$0.54	$16.20								Price & Dividend 20
Price & Dividend 25	$0.80	$0.82	$0.84	$0.85	$0.86	$0.86	$0.86	$0.86	$0.86	$0.86	$0.47	$0.54	$16.20								Price & Dividend 25
Price & Dividend 30	$0.80	$0.82	$0.84	$0.85	$0.86	$0.86	$0.86	$0.86	$0.86	$0.86	$0.47	$0.54	$16.20								Price & Dividend 30
Price H/L Median	$16.17	$18.49	$18.23	$18.31	$18.67	$20.49	$20.43	$19.05	$20.77	$16.59	$16.28	$16.49	$15.49	$16.62				-15.03%	<-Total Growth	10	Stock Price
Increase	10.15%	14.32%	-1.41%	0.44%	1.99%	9.75%	-0.29%	-6.75%	9.03%	-20.13%	-1.87%	1.29%	-6.09%	7.33%				-1.62%	<-IRR #YR->	10	Stock Price	-15.03%
P/E	5.88	9.34	18.04	19.90	20.52	12.89	8.01	13.91	11.94	1659.00	7.83	-22.48	-24.80	14.33				-4.06%	<-IRR #YR->	5	Stock Price	-18.71%
Trailing P/E	62.19	6.72	9.20	18.12	20.29	22.52	12.85	7.47	15.16	9.53	1628.00	7.93	-21.11	-26.62				3.05%	<-IRR #YR->	10	Price & Dividend	32.79%
P/E on Run. 5 yr Ave	21.26	16.68	14.51	13.23	12.33	15.98	14.63	12.98	12.73	11.43	10.50	18.46	31.32	43.91				0.03%	<-IRR #YR->	5	Price & Dividend	21.71%
P/E on Run. 10 yr Ave	27.80	25.21	23.44	21.76	20.72	20.06	16.32	13.99	13.77	11.19	11.50	14.41	15.78	16.53				16.18	P/E Ratio		Historical Median
Median 10, 5 Yrs		D.  per yr	4.66%	4.09%	% Tot Ret	153.05%	13550.60%	T P/E	14.00	9.53	P/E:	12.41	7.83						Count	29	Years of data
			-$18.23	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$15.49
								-$19.05	$0.00	$0.00	$0.00	$0.00	$15.49
			-$18.23	$0.85	$0.86	$0.86	$0.86	$0.86	$0.86	$0.86	$0.47	$0.54	$16.35
								-$19.05	$0.86	$0.86	$0.47	$0.54	$16.35
High Months	Sep	Aug	May	Aug	Apr	Jul	Feb	May	Oct	Feb	Nov	Feb	Feb	Sep							Stock Price
Pre-2010 split
Price High	$17.37	$19.58	$19.91	$19.42	$20.25	$23.22	$21.34	$21.27	$22.66	$21.92	$19.08	$18.83	$18.44	$18.87				-7.38%	<-Total Growth	10	Stock Price
Increase	9.04%	12.72%	1.69%	-2.46%	4.27%	14.67%	-8.10%	-0.33%	6.54%	-3.27%	-12.96%	-1.31%	-2.07%	2.33%				-0.76%	<-IRR #YR->	10	Stock Price	-7.38%
P/E	6.32	9.89	19.71	21.11	22.25	14.60	8.37	15.53	13.02	2192.00	9.17	-25.68	-29.54	16.27				-2.82%	<-IRR #YR->	5	Stock Price	-13.31%
Trailing P/E	66.81	7.12	10.06	19.23	22.01	25.52	13.42	8.34	16.54	12.60	1908.00	9.05	-25.14	-30.23				17.91	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	14.98	12.60	P/E:	13.81	9.17					48.49	P/E Ratio		Historical High
			-$19.91	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$18.44
								-$21.27	$0.00	$0.00	$0.00	$0.00	$18.44
Low Mths	Aug	Mar	Sep	Feb	Aug	Jan	Oct	Dec	Jan	Mar	Jan	Jun	Oct	May							Stock Price
Pre-2010 split
Price Low	$14.97	$17.39	$16.54	$17.19	$17.09	$17.76	$19.52	$16.83	$18.88	$11.26	$13.48	$14.15	$12.53	$14.37				-24.24%	<-Total Growth	10	Stock Price
Increase	11.46%	16.17%	-4.89%	3.93%	-0.58%	3.92%	9.91%	-13.78%	12.18%	-40.36%	19.72%	4.97%	-11.45%	14.68%				-2.74%	<-IRR #YR->	10	Stock Price	-24.24%
P/E	5.44	8.78	16.38	18.68	18.78	11.17	7.65	12.28	10.85	1126.00	6.48	-19.29	-20.07	12.39				-5.73%	<-IRR #YR->	5	Stock Price	-25.55%
Trailing P/E	57.58	6.32	8.35	17.02	18.58	19.52	12.28	6.60	13.78	6.47	1348.00	6.80	-17.09	-23.02				14.93	P/E Ratio		Historical Median
Median 10, 5 Yrs								T P/E	13.03	6.80	P/E:	11.01	6.48					6.48	P/E Ratio		Historical Low
			-$16.54	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$12.53
								-$16.83	$0.00	$0.00	$0.00	$0.00	$12.53
														$245	<-12 mths	116.74%
Free Cash Flow MS old				$18	-$32	$38	$38	$17	$41	$14	$96	$126									Free Cash Flow MS old
Change					-277.78%	218.75%	0.00%	-55.26%	141.18%	-65.85%	585.71%	31.25%									Change
Free Cash Flow MK Sc	-$68	-$123	-$54	$18	-$32	$38	$38	$17	$40.96	$14.47	$96.00	$126.00	$84.71	$67	$41	-$80					Free Cash Flow MK Sc
Change	-6.25%	-80.88%	56.10%	133.33%	-277.78%	218.75%	0.00%	-55.26%	140.94%	-64.67%	563.44%	31.25%	-32.77%								Change
Free Cash Flow MS	-$68	-$123	-$54	$1.37	-$32.10	$47.19	$45.42	$23.03	$53.65	$25.69	$86.16	$136.41	$113.03	$67	$41	-$80		309.31%	<-Total Growth	10	Free Cash Flow MS
Change	-6.25%	-80.88%	56.10%	102.54%	-2443.07%	247.01%	-3.75%	-49.30%	132.96%	-52.12%	235.38%	58.32%	-17.14%	-40.72%	-38.81%	-295.12%		37.46%	<-IRR #YR->	5	Free Cash Flow MS	390.79%
FCF/CF from Op Ratio	-0.40	-0.67	-0.25	0.01	-0.13	0.18	0.17	0.08	0.20	0.12	0.35	0.54	0.50	0.27	#VALUE!	#DIV/0!		#NUM!	<-IRR #YR->	10	Free Cash Flow MS	309.31%
Dividends paid	$142.58	$169.37	$175.02	$182.84	$190.21	$199.79	$209.62	$212.65	$203.83	$187.93	$102.62	$116.72	$183.66	$183.33	$183.33	$0.00		4.94%	<-Total Growth	10	Dividends paid
Percentage paid					-592.55%	423.37%	461.51%	923.37%	379.93%	731.53%	119.10%	85.57%	162.49%	273.62%	447.14%	0.00%		$3.80	<-Median->	9	Percentage paid
5 Year Coverage									740.65%	519.96%	391.81%	253.51%	191.53%	180.78%	173.50%	240.42%					5 Year Coverage
Dividend Coverage Ratio					-0.17	0.24	0.22	0.11	0.26	0.14	0.84	1.17	0.62	0.37	0.22	0.00		0.24	<-Median->	9	Dividend Coverage Ratio
5 Year of Coverage									0.14	0.19	0.26	0.39	0.52	0.55	0.58	0.42					5 Year of Coverage
								-$23	$0	$0	$0	$0	$113
			$54	$0	$0	$0	$0	$0	$0	$0	$0	$0	$113
														$249	<-12 mths	7.30%
Free Cash Flow WSJ					$289.53	$308.55	$276.08	$393.94	$294.80	$222.49	$266.51	$255.88	$232.33	$67.00	$41.00	-$80.00		-19.76%	<-Total Growth	8	Free Cash Flow
Change						6.57%	-10.52%	42.69%	-25.17%	-24.53%	19.79%	-3.99%	-9.20%	-71.16%	-38.81%	-295.12%		-10.02%	<-IRR #YR->	5	Free Cash Flow MS	-41.02%
FCF/CF from Op Ratio					1.18	1.20	1.02	1.39	1.10	1.01	1.07	1.02	1.02	0.27	#VALUE!	#DIV/0!		-2.71%	<-IRR #YR->	8	Free Cash Flow MS	#DIV/0!
Dividends paid					$190.21	$199.79	$209.62	$212.65	$203.83	$187.93	$102.62	$116.72	$183.66	$183.33	$183.33	$0.00		-3.44%	<-Total Growth	8	Dividends paid
Percentage paid					65.70%	64.75%	75.93%	53.98%	69.14%	84.47%	38.50%	45.62%	79.05%	273.62%	447.14%	0.00%		$0.66	<-Median->	9	Percentage paid
5 Year Coverage									65.01%	67.78%	63.05%	57.46%	62.48%	74.15%	89.21%	129.22%					5 Year Coverage
Dividend Coverage Ratio					1.52	1.54	1.32	1.85	1.45	1.18	2.60	2.19	1.27	0.37	0.22	0.00					Dividend Coverage Ratio
5 Year of Coverage									1.54	1.48	1.59	1.74	1.60	1.35	1.12	0.77					5 Year of Coverage
								-$394	$0	$0	$0	$0	$232
					-$290	$0	$0	$0	$0	$0	$0	$0	$232
Market Cap	$3,083	$3,887	$3,690	$4,038	$4,139	$5,033	$5,065	$4,804	$4,549	$2,972	$4,141	$3,589	$3,255	$3,777	$3,777	$0		-11.79%	<-Total Growth	10	Market Cap
Diluted # of Share in Million	189.13	206.57	229.95	230.53	235.87	246.43	249.41	250.80	230.81	220.50	220.83	218.16	214.73	214.19				-6.62%	<-Total Growth	10	Diluted
Change	18.18%	9.22%	11.32%	0.25%	2.32%	4.48%	1.21%	0.56%	-7.97%	-4.47%	0.15%	-1.21%	-1.57%	-0.25%				0.20%	<-Median->	10	Change
Difference Diluted/Basic	-11.2%	-8.5%	-9.4%	-8.0%	-5.2%	-4.4%	-1.9%	-0.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%				-0.29%	<-Median->	10	Difference Diluted/Basic
Average # of Share in Million	168.01	189.01	208.23	212.00	223.64	235.67	244.75	249.35	230.81	220.50	220.83	218.16	214.73	214.19				3.12%	<-Total Growth	10	Average
Change	5.59%	12.50%	10.17%	1.81%	5.49%	5.38%	3.85%	1.88%	-7.43%	-4.47%	0.15%	-1.21%	-1.57%	-0.25%				0.98%	<-Median->	10	Change
Difference Basic/Outstanding	6.1%	9.3%	0.1%	2.1%	0.8%	3.3%	-0.1%	2.2%	-5.6%	-0.5%	-0.6%	-2.1%	-1.2%	-0.9%				-0.33%	<-Median->	10	Difference Basic/Outstanding
														$244.04	<-12 mths	7.16%
Check
Pre-2010 split
# of Share in Millions	178.225	206.546	208.356	216.374	225.538	243.507	244.431	254.828	217.954	219.315	219.541	213.518	212.184	212.184	212.184			0.18%	<-IRR #YR->	10	Shares	1.84%
Change	9.04%	15.89%	0.88%	3.85%	4.24%	7.97%	0.38%	4.25%	-14.47%	0.62%	0.10%	-2.74%	-0.62%	0.00%	0.00%			-3.60%	<-IRR #YR->	5	Shares	-16.73%
CF fr Op $M	$169.6	$182.9	$212.6	$269.1	$244.4	$256.6	$270.2	$283.0	$269.1	$219.5	$249.6	$251.2	$227.7	$244.0	<-12 mths			7.11%	<-Total Growth	10	Cash Flow
Increase	-3.78%	7.83%	16.25%	26.56%	-9.16%	4.98%	5.28%	4.76%	-4.90%	-18.44%	13.72%	0.64%	-9.35%	7.16%	<-12 mths			Conv Deb	SO, S Iss
5 year Running Average	$154.7	$164.7	$178.0	$202.1	$215.7	$233.1	$250.6	$264.7	$264.7	$259.7	$258.3	$254.5	$243.4	$238.4	<-12 mths			36.76%	<-Total Growth	10	CF 5 Yr Running
CFPS	$0.95	$0.89	$1.02	$1.24	$1.08	$1.05	$1.11	$1.11	$1.23	$1.00	$1.14	$1.18	$1.07	$1.15	<-12 mths			5.18%	<-Total Growth	10	Cash Flow per Share
Increase	-11.75%	-6.96%	15.24%	21.87%	-12.85%	-2.77%	4.89%	0.48%	11.19%	-18.95%	13.60%	3.48%	-8.78%	7.16%	<-12 mths			0.69%	<-IRR #YR->	10	Cash Flow	7.11%
5 year Running Average	$1.01	$0.98	$0.98	$1.04	$1.04	$1.06	$1.10	$1.12	$1.12	$1.10	$1.12	$1.13	$1.12	$1.11	<-12 mths			-4.25%	<-IRR #YR->	5	Cash Flow	-19.53%
P/CF on Med Price	16.99	20.87	17.86	14.72	17.23	19.44	18.48	17.15	16.82	16.58	14.32	14.02	14.43	14.45	<-12 mths			0.51%	<-IRR #YR->	10	Cash Flow per Share	5.18%
P/CF on Closing Price	18.18	21.25	17.35	15.00	16.93	19.62	18.75	16.97	16.90	13.54	16.59	14.29	14.29	15.48	<-12 mths			-0.68%	<-IRR #YR->	5	Cash Flow per Share	-3.36%
															-7.31%	Diff M/C		1.38%	<-IRR #YR->	10	CFPS 5 yr Running	14.67%
														$446.52	<-12 mths	9.94%
Excl.Working Capital CF	$178.0	$171.0	$179.8	$159.9	$138.8	$149.5	$159.3	$157.5	$180.6	$162.5	$139.6	$159.4	$178.4	$0.0	<-12 mths			0.09%	<-IRR #YR->	5	CFPS 5 yr Running	0.46%
CF fr Op $M WC	$347.6	$353.9	$392.4	$428.9	$383.3	$406.1	$429.5	$440.6	$449.8	$382.0	$389.2	$410.7	$406.2	$446.5	<-12 mths			3.50%	<-Total Growth	10	Cash Flow less WC
Increase	115.60%	1.80%	10.89%	9.31%	-10.65%	5.95%	5.76%	2.59%	2.10%	-15.08%	1.89%	5.52%	-1.09%	9.94%	<-12 mths			0.34%	<-IRR #YR->	10	Cash Flow less WC	3.50%
5 year Running Average	$187.5	$233.3	$282.1	$336.8	$381.2	$392.9	$408.0	$417.7	$421.8	$421.6	$418.2	$414.4	$407.6	$406.9	<-12 mths			-1.61%	<-IRR #YR->	5	Cash Flow less WC	-7.81%
CFPS Excl. WC	$1.95	$1.71	$1.88	$1.98	$1.70	$1.67	$1.76	$1.73	$2.06	$1.74	$1.77	$1.92	$1.91	$2.10	<-12 mths			3.75%	<-IRR #YR->	10	CF less WC 5 Yr Run	44.48%
Increase	97.74%	-12.16%	9.93%	5.26%	-14.28%	-1.87%	5.36%	-1.60%	19.37%	-15.61%	1.78%	8.50%	-0.47%	9.94%	<-12 mths			-0.49%	<-IRR #YR->	5	CF less WC 5 Yr Run	-2.42%
5 year Running Average	$1.19	$1.34	$1.51	$1.70	$1.85	$1.79	$1.80	$1.77	$1.78	$1.79	$1.81	$1.85	$1.88	$1.89	<-12 mths			0.16%	<-IRR #YR->	10	CFPS - Less WC	1.64%
P/CF on Med Price	8.29	10.79	9.68	9.23	10.99	12.29	11.63	11.02	10.06	9.53	9.18	8.57	8.09	7.90	<-12 mths			2.06%	<-IRR #YR->	5	CFPS - Less WC	10.72%
P/CF on Closing Price	8.87	10.98	9.40	9.41	10.80	12.40	11.79	10.90	10.11	7.78	10.64	8.74	8.01	8.46	<-12 mths			2.24%	<-IRR #YR->	10	CFPS 5 yr Running	24.81%
*Operational Cash Flow per share			CF/CF-WC	P/CF Med	10 yr	16.70	5 yr	14.43	P/CF Med	10 yr	9.79	5 yr	9.18		-13.65%	Diff M/C		1.28%	<-IRR #YR->	5	CFPS 5 yr Running	6.57%
			-208.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	212.2								Shares
								-254.8	0.0	0.0	0.0	0.0	212.2								Shares
			-$212.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$227.7								Cash Flow
								-$283.0	$0.0	$0.0	$0.0	$0.0	$227.7								Cash Flow
			-$1.02	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.07								Cash Flow per Share
								-$1.11	$0.00	$0.00	$0.00	$0.00	$1.07								Cash Flow per Share
			-$0.98	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.12								CFPS 5 yr Running
								-$1.12	$0.00	$0.00	$0.00	$0.00	$1.12								CFPS 5 yr Running
			-$392.4	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$406.2								Cash Flow less WC
								-$440.6	$0.0	$0.0	$0.0	$0.0	$406.2								Cash Flow less WC
			-$282.1	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$407.6								CF less WC 5 Yr Run
								-$417.7	$0.0	$0.0	$0.0	$0.0	$407.6								CF less WC 5 Yr Run
			-$1.88	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.91								CFPS - Less WC
								-$1.73	$0.00	$0.00	$0.00	$0.00	$1.91								CFPS - Less WC
			-$1.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.88								CFPS 5 yr Running
								-$1.77	$0.00	$0.00	$0.00	$0.00	$1.88								CFPS 5 yr Running
Distributrions from Joint Ventures					$2.505	$0.573	$0.000
Cash interest paid assc. Op. Act.	-$151.713	-$161.174	-$164.532	-$165.574	-$141.900	-$141.326	-$152.130	-$151.169	-$168.078	-$151.235	-$149.490	-$149.241	-$150.112
Net change in non-cash operating items	-$9.280	$18.931	-$0.287	$14.222
Amounts Receivable					-$1.124	-$3.470	-$4.262	-$10.954	$4.870	-$14.775	$18.512	$1.814	$4.522
Prepaid Expenses					$1.237	-$2.307	-$0.935	$1.120	-$1.517	-$1.303	-$0.686	-$3.225	$2.788
Trade Payables & Accurals					$2.173	-$2.396	-$2.855	$3.838	-$12.459	$12.228	$5.327	$3.254	$0.396
Tenant Secuirty & other Deposits					$1.749	$3.167	$4.214	$6.668	$0.570	-$0.602	$2.727	-$0.800	$2.261
Residential Dev inventory												-$1.845	-$34.242
Other working capital chges					-$3.472	-$3.700	-$3.324	-$7.046	-$4.035	-$6.770	-$15.948	-$9.399	-$4.046
Expenditures on residential development inventory	-$17.013	-$28.725	-$14.984	-$8.503
Sum	-$178.006	-$170.968	-$179.803	-$159.855	-$138.832	-$149.459	-$159.292	-$157.543	-$180.649	-$162.457	-$139.558	-$159.442	-$178.433								Sum
Google --> TD	-$178.01	-$164.51	-$179.80	-$159.85	-$138.83	-$149.46	-$159	-$158	-$181	-$162	-$140	-$159	-$178								Google
Difference	$0.00	-$6.46	$0.00	-$0.01	$0.00	$0.00	$0	$0	$0	$0	$0	$0	$0								Difference
TD			-$163	-$127	-$139	-$149
Difference			-$17	-$33	$0	$0
OPM	32.20%	31.37%	33.66%	41.50%	37.22%	37.94%	38.90%	38.79%	36.04%	32.62%	36.99%	36.25%	33.10%	33.80%				-1.67%	<-Total Growth	10	OPM
Increase	-10.48%	-2.59%	7.32%	23.27%	-10.30%	1.93%	2.53%	-0.29%	-7.09%	-9.49%	13.38%	-2.00%	-8.68%	2.10%				Should increase or be stable.
Diff from Median	-13.2%	-15.5%	-9.3%	11.8%	0.3%	2.3%	4.8%	4.5%	-2.9%	-12.1%	-0.3%	-2.3%	-10.8%	-8.9%				0.00	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio									OPM	10 Yrs	37.11%	5 Yrs	36.25%					should be zero, it is a check on calculations
														$456	<-12 mths	10.86%
Adjusted EBITDA								$444.00	$455.00	$388.01	$395.67	$413.03	$411.58	$442.70	$422.00	$441.50		#DIV/0!	<-Total Growth	5	Adjusted EBITDA
Change									2.48%	-14.72%	1.98%	4.39%	-0.35%	7.56%	-4.68%	4.62%		1.98%	<-Median->	5	Change
Margin								60.86%	60.93%	57.66%	58.63%	59.59%	59.82%	61.31%	58.16%	56.20%		59.71%	<-Median->	6	Margin
Long Term Assets	$5,861.88	$6,769.81	$7,246.50	$7,539.47	$8,093.90	$8,908.85	$9,633.64	$9,978.94	$9,811.20	$9,521.52	$9,540.04	$9,056.43	$8,586.05	$8,444.85				18.49%	<-Total Growth	10	Long Term Assets
Change		15.49%	7.04%	4.04%	7.35%	10.07%	8.14%	3.58%	-1.68%	-2.95%	0.19%	-5.07%	-5.19%	-1.64%				1.89%	<-Median->	10	Change
Debt/Assets Coverage Ratio	0.47	0.46	0.44	0.44	0.41	0.38	0.41	0.40	0.45	0.47	0.40	0.39	0.42	0.41				0.41	<-Median->	10	Debt/Assets Coverage Ratio
Long Term Debt	$2,781.06	$3,126.67	$3,206.29	$3,322.58	$3,338.95	$3,418.26	$3,908.65	$3,976.26	$4,433.53	$4,458.16	$3,852.97	$3,574.93	$3,610.54	$3,480.78				12.61%	<-Total Growth	10	Long Term Debt	Type
Change		12.43%	2.55%	3.63%	0.49%	2.38%	14.35%	1.73%	11.50%	0.56%	-13.57%	-7.22%	1.00%	-3.59%				1.36%	<-Median->	10	Change	Lg Term R
Debt/Market Cap Ratio	0.90	0.80	0.87	0.82	0.81	0.68	0.77	0.83	0.97	1.50	0.93	1.00	1.11	0.92				0.88	<-Median->	10	Debt/Market Cap Ratio	Lg Term A
Assets/Current Liabilities Ratio	12.34	15.66	12.34	16.01	18.49	12.49	17.63	15.97	20.29	18.18	12.78	12.22	13.15	11.33				15.99	<-Median->	10	Assets/Current Liab Ratio	Intang/GW
Current Liabilities/Asset Ratio	0.08	0.06	0.08	0.06	0.05	0.08	0.06	0.06	0.05	0.06	0.08	0.08	0.08	0.09				0.06	<-Median->	10	Current LiabAsset Ratio	Liquidity
Debt to Cash Flow (Years)	16.40	17.09	15.08	12.35	13.66	13.32	14.47	14.05	16.47	20.31	15.44	14.23	15.85	14.26				14.35	<-Median->	10	Debt to Cash Flow (Years)	Liq. + CF
																						Liq.  CF xDB
Intangibles	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0					Intangibles			Debt Ratio
Goodwill	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0					Goodwill			Leverage
Total	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0					Total		Goodwill	D/E Ratio
Change		0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%				0.00%	Change	10	Change
Intangible/Market Cap Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00				0.00	<-Median->	10	Intangible/Market Cap Ratio
Current Assets	$233.11	$238.42	$340.24	$349.30	$170.35	$173.71	$302.90	$443.75	$314.06	$482.39	$556.87	$473.37	$567.40	$692.42				Liquidity ratio of 1.5 and up, best
Current Liabilities	$495.24	$467.50	$615.49	$493.98	$447.65	$729.08	$565.50	$654.58	$500.93	$551.95	$791.27	$784.40	$698.36	$808.93				0.65	<-Median->	10	Ratio
Liquidity Ratio	0.47	0.51	0.55	0.71	0.38	0.24	0.54	0.68	0.63	0.87	0.70	0.60	0.81	0.86				0.70	<-Median->	5	Ratio
Liq. with CF aft div	0.53	0.54	0.61	0.88	0.49	0.30	0.64	0.78	0.79	0.93	0.89	0.78	0.88	0.93				0.88	<-Median->	5	Ratio
Liq. CF re  Inv+Div	0.26	0.28	0.39	0.53	0.28	0.17	0.41	0.52	0.79	0.93	0.89	0.78	0.88	0.93				0.88	<-Median->	5	Ratio
Exclude current Debt	$191.48	$242.95		$257.96	$210.31	$470.71	$322.20	$383.09	$289.06	$289.06	$570.60	$557.47	$471.35	$594.51
Liquidity Ratio	0.77	1.06		1.48	0.72	0.67	1.24	1.63	1.48	1.83	2.52	2.09	2.50	3.23				2.09	<-Median->	5	Ratio
Liq. with CF aft div	0.86	1.12		1.85	0.93	0.85	1.49	1.87	1.87	1.95	3.19	2.68	2.70	3.51				2.68	<-Median->	5	Ratio
Assets	$6,111.1	$7,318.8	$7,596.3	$7,908.2	$8,278.5	$9,104.6	$9,968.6	$10,453.1	$10,161.4	$10,032.5	$10,109.1	$9,581.9	$9,185.5	$9,167.7				Debt Ratio of 1.5 and up, best
Liabilities	$3,678.9	$4,055.2	$4,273.2	$4,410.3	$4,610.2	$4,871.5	$5,272.9	$5,445.0	$5,685.9	$5,776.0	$5,440.0	$5,246.6	$5,189.3	$5,144.1				1.81	<-Median->	10	Ratio
Debt Ratio	1.66	1.80	1.78	1.79	1.80	1.87	1.89	1.92	1.79	1.74	1.86	1.83	1.77	1.78				1.79	<-Median->	5	Ratio
Total Book Value	$2,432.2	$3,263.6	$3,323.0	$3,497.8	$3,668.3	$4,233.1	$4,695.7	$5,008.1	$4,475.5	$4,256.4	$4,669.1	$4,335.3	$3,996.2	$4,023.6				20.26%	<-Total Growth	10	Book Value
NCI	$10.5	$18.0	$3.6	$27.5	$28.4	$37.8	$48.6	$29.8	$48.9	$29.3	$48.1	$55.9	$62.8	$65.5				1625.67%	<-Total Growth	10	NCI
Net Book Value	$2,421.7	$3,245.6	$3,319.4	$3,470.3	$3,640.0	$4,195.3	$4,647.1	$4,978.2	$4,426.6	$4,227.2	$4,620.9	$4,279.4	$3,933.4	$3,958.1	$3,958.1	$3,958.1		18.50%	<-Total Growth	10	Book Value
Book Value per Share	$13.59	$15.71	$15.93	$16.04	$16.14	$17.23	$19.01	$19.54	$20.31	$19.27	$21.05	$20.04	$18.54	$18.65	$18.65	#DIV/0!		16.36%	<-Total Growth	10	Book Value per Share
Change	95.87%	15.64%	1.38%	0.67%	0.63%	6.75%	10.35%	2.76%	3.96%	-5.10%	9.20%	-4.78%	-7.51%	0.63%	0.00%	#DIV/0!		-4.47%	P/B Ratio		Current/10 Year Median
P/B Ratio (Median)	1.19	1.18	1.14	1.14	1.16	1.19	1.07	0.98	1.02	0.86	0.77	0.82	0.84	0.89				1.05	P/B Ratio		Historical Median
P/B Ratio (Close)	1.27	1.20	1.11	1.16	1.14	1.20	1.09	0.96	1.03	0.70	0.90	0.84	0.83	0.95	0.95	#DIV/0!		1.53%	<-IRR #YR->	10	Book Value per Share	16.36%
Change	-41.55%	-5.93%	-7.18%	4.66%	-2.27%	5.52%	-9.16%	-11.46%	6.50%	-31.59%	27.46%	-6.40%	-1.34%	15.31%	0.00%	#DIV/0!		-1.04%	<-IRR #YR->	5	Book Value per Share	-5.11%
Leverage (A/BK)	2.51	2.24	2.29	2.26	2.26	2.15	2.12	2.09	2.27	2.36	2.17	2.21	2.30	2.28				2.23	<-Median->	10	A/BV
Debt/Equity Ratio	1.51	1.24	1.29	1.26	1.26	1.15	1.12	1.09	1.27	1.36	1.17	1.21	1.30	1.28				1.23	<-Median->	10	Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities)									P/BV	10 yr Med	1.00	5 yr Med	0.84		-4.47%	Diff M/C		2.37	Historical		Leverage (A/BK)
			-$15.93	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$18.54
								-$19.54	$0.00	$0.00	$0.00	$0.00	$18.54
														$315.7	<-12 mths	-308.18%
Comprehensive Income	$497.13	$391.10	$218.78	$189.55	$195.74	$391.16	$655.90	$347.31	$411.03	-$28.30	$498.40	-$126.45	-$151.98					-169.47%	<-Total Growth	10	Comprehensive Income
NCI	$0.03	$0.04	$0.15	$1.46	-$0.14	$3.08	$11.07	$8.23	$13.00	$4.78	$13.51	$0.24	-$0.31
Shareholder	$497.10	$391.07	$218.64	$188.09	$195.87	$388.08	$644.83	$339.08	$398.03	-$33.08	$484.89	-$126.68	-$151.67					-169.37%	<-Total Growth	10	Comprehensive Income
Increase	1065.28%	-21.33%	-44.09%	-13.97%	4.14%	98.13%	66.16%	-47.42%	17.39%	-108.31%	1566.00%	-126.13%	-19.73%					-19.73%	<-Median->	5	Comprehensive Income
5 Yr Running Average	$132.83	$207.41	$245.22	$267.51	$298.15	$276.35	$327.10	$351.19	$393.18	$347.39	$366.75	$212.45	$114.30					#NUM!	<-IRR #YR->	10	Comprehensive Income	-169.37%
ROE	20.4%	12.0%	6.6%	5.4%	5.3%	9.2%	13.7%	6.8%	8.9%	-0.8%	10.4%	-2.9%	-3.8%					#NUM!	<-IRR #YR->	5	Comprehensive Income	-144.73%
5Yr Median	3.7%	7.0%	7.0%	6.6%	6.6%	6.6%	6.6%	6.8%	8.9%	8.9%	8.9%	6.8%	-0.8%					-7.35%	<-IRR #YR->	10	5 Yr Running Average	-53.39%
% Difference from NI	-0.9%	-0.5%	1.8%	-4.4%	-3.9%	1.4%	1.9%	-1.3%	-0.8%	-1324.1%	5.4%	-20.8%	13.1%					-20.11%	<-IRR #YR->	5	5 Yr Running Average	-67.45%
Median Values										Diff	5, 10 yr	-1.1%	-0.8%					-0.8%	<-Median->	5	Return on Equity
			-$218.6	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$151.7
								-$339.1	$0.0	$0.0	$0.0	$0.0	-$151.7
			-$245.2	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$114.3
								-$351.2	$0.0	$0.0	$0.0	$0.0	$114.3
Current Liability Coverage Ratio	0.70	0.76	0.64	0.87	0.86	0.56	0.76	0.67	0.90	0.69	0.49	0.52	0.58	0.55							CFO / Current Liabilities
5 year Median	1.13	0.89	0.76	0.76	0.76	0.76	0.76	0.76	0.76	0.69	0.69	0.67	0.58	0.55				0.58	<-Median->	5	Current Liability Cov Ratio
Asset Efficiency Ratio	5.69%	4.84%	5.17%	5.42%	4.63%	4.46%	4.31%	4.21%	4.43%	3.81%	3.85%	4.29%	4.42%	4.87%							CFO / Total Assets
5 year Median	4.00%	4.20%	4.84%	5.17%	5.17%	4.84%	4.63%	4.46%	4.43%	4.31%	4.21%	4.21%	4.29%	4.29%				4.3%	<-Median->	5	Return on Assets
Return on Assets ROA	8.21%	5.37%	2.83%	2.49%	2.46%	4.20%	6.35%	3.29%	3.95%	0.03%	4.55%	-1.67%	-1.46%	2.68%				Net	Income/Assets		Return on Assets
5Yr Median	1.01%	1.14%	2.83%	2.83%	2.83%	2.83%	2.83%	3.29%	3.95%	3.95%	3.95%	3.29%	0.03%	0.03%				0.0%	<-Median->	5	Asset Efficiency Ratio
Return on Equity ROE	20.62%	12.04%	6.47%	5.62%	5.56%	9.04%	13.48%	6.86%	8.97%	0.06%	9.85%	-3.69%	-3.35%	6.12%				Net Inc/	Shareholders' equity		Return on Equity
5Yr Median	3.63%	3.82%	6.47%	6.47%	6.47%	6.47%	6.47%	6.86%	8.97%	8.97%	8.97%	6.86%	0.06%	0.06%				0.1%	<-Median->	5	Return on Equity
														$346.7	<-12 mths	-358.59%
Net Income	$501.65	$393.00	$215.01	$198.21	$203.73	$385.79	$644.160	$351.838	$414.345	$7.482	$473.636	-$159.761	-$134.364
NCI	$0.03	$0.04	$0.15	$1.46	-$0.14	$3.08	$11.071	$8.232	$12.995	$4.780	$13.505	$0.236	-$0.308
Shareholder	$501.62	$392.96	$214.86	$196.75	$203.87	$382.71	$633.089	$343.606	$401.350	$2.702	$460.131	-$159.997	-$134.056	$246	$255	$0		-162.39%	<-Total Growth	10	Net Income	Alpha Sp
Increase	1113.46%	-21.66%	-45.32%	-8.43%	3.62%	87.73%	65.42%	-45.73%	16.81%	-99.33%	16929.27%	-134.77%	-16.21%	-283.60%	3.45%	-100.00%		EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average	$130.5	$203.1	$238.5	$269.5	$302.0	$278.2	$326.3	$352.0	$392.9	$352.7	$368.2	$209.6	$114.0	$83.0	$133.4	$41.3		#NUM!	<-IRR #YR->	10	Net Income	-162.39%
Operating Cash Flow	$169.62	$182.90	$212.62	$269.09	$244.43	$256.60	$270.16	$283.01	$269.15	$219.51	$249.61	$251.22	$227.73					#NUM!	<-IRR #YR->	5	Net Income	-139.01%
Investment Cash Flow	-$501.50	-$446.11	-$343.73	-$322.38	-$342.39	-$570.22	-$326.09	-$318.32	$332.62	$10.23	$154.89	$133.98	$83.69					-7.12%	<-IRR #YR->	10	5 Yr Running Average	-52.20%
Total Accruals	$833.50	$656.17	$345.98	$250.04	$301.82	$696.33	$689.02	$378.91	-$200.42	-$227.03	$55.63	-$545.20	-$445.48					-20.18%	<-IRR #YR->	5	5 Yr Running Average	-67.61%
Total Assets	$6,111.1	$7,318.8	$7,596.3	$7,908.2	$8,278.5	$9,104.6	$9,968.6	$10,453.1	$10,161.4	$10,032.5	$10,109.1	$9,581.9	$9,185.5						Balance Sheet		Assets
Accruals Ratio	13.64%	8.97%	4.55%	3.16%	3.65%	7.65%	6.91%	3.62%	-1.97%	-2.26%	0.55%	-5.69%	-4.85%					-2.26%	<-Median->	5	Ratio
EPS/CF Ratio	1.41	1.16	0.54	0.46	0.54	0.95	1.45	0.79	0.84	0.01	1.17	-0.38	-0.33					0.66	<-Median->	10	EPS/CF Ratio
			-$214.9	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	-$134.1
								-$343.6	$0.0	$0.0	$0.0	$0.0	-$134.1
			-$238.5	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$0.0	$114.0
								-$352.0	$0.0	$0.0	$0.0	$0.0	$114.0
Chge in Close	14.49%	8.79%	-5.90%	5.36%	-1.66%	12.64%	0.24%	-9.03%	10.72%	-35.07%	39.19%	-10.87%	-8.74%	16.04%	0.00%	0.00%			Count	29	Years of data
up/down/neutral	down	down	down				Down	Down					Up						Count	18	62.07%
Any Predictions?			yes					yes										% right	Count	8	44.44%
Financial Cash Flow	$303.14	$330.41	$72.07	$65.66	$63.57	$326.96	$67.99	$39.33	-$591.80	-$154.79	-$470.25	-$387.21	-$256.70						C F Statement		Financial Cash Flow
Total Accruals	$530.37	$325.76	$273.90	$184.37	$238.25	$369.38	$621.03	$339.58	$391.38	-$72.24	$525.88	-$157.99	-$188.78								Accruals
Accruals Ratio	8.68%	4.45%	3.61%	2.33%	2.88%	4.06%	6.23%	3.25%	3.85%	-0.72%	5.20%	-1.65%	-2.06%					-0.72%	<-Median->	5	Ratio
Cash	$3.08	$70.16	$4.98	$17.35	-$17.04	-$3.70	$8.36	$15.53	$25.50	$100.44	$34.70	$32.69	$87.42	$62.13							Cash
Cash per Share	$0.02	$0.34	$0.02	$0.08	-$0.08	-$0.02	$0.03	$0.06	$0.12	$0.46	$0.16	$0.15	$0.41	$0.29				$0.16	<-Median->	5	Cash per Share
Percentage of Stock Price	0.10%	1.80%	0.13%	0.43%	-0.41%	-0.07%	0.17%	0.32%	0.56%	3.38%	0.84%	0.91%	2.69%	1.65%				0.91%	<-Median->	5	% of Stock Price
Notes:
November 15, 2024.  Last estimates were for 2023, 2024, 2025 of $698M, $701M, $721M Revenue,$1.07, $1.08, $1.12 AFFO, $1.17, $1.21, $1.25 FFO,
-$1.16, $1.14 2023/4 EPS, $0.86, $0.86, $0.86 Dividends, $57M, $110M, -$21M FCF, $401M, $410M, $423M EBITDA, -$248M, $243M 2023/4 Net Income.
November 12, 2023.  Last estimate were for 2022, 2023 and 2024 of $715M, $718M and $725M for Revenue, $1.06, $1.11 and $1.14 for AFFO,
$1.14, $1.22 and $1.26 for FFO, -$0.66 and $1.10 for EPS for 2022/3, $0.58, $0.69 and $0.86 for Dividends, $30M for 2022 for FCF, $119M, $235M and $244M for Net Income.
November 19, 2022.  Last estimates were for 2021, 2022 and 2023, of $679M, R669M and $683M for Revenue, $0.92, $1.09 and $1.22 for AFFO,
$1.13, $1.21 and $1.33 for FFO, $2.11, $1.08 and $1.14 for EPS, $0.43, $0.43 and $0.66 for Dividends, $47M and $30M for FCF for 2021-2.
November 20, 2021.  Last estimates were for 2020, 2021 and 2022 of $$675M, $666M and $651M for Revenue, $0.86, $1.03 and $1.15 for AFFO,
$0.99, $1.16 and $1.26 for FFO, $0.27, $1.01 and $1.01 for EPS, $0.86, $0.86 and $0.86 for Dividend, $.23M, $47M and $30M for FCF.
November 29, 2020.  Last estimes were for 752M, $708M and $657M for revenue, $1.11, $1.11 and $1.20 for AFO,
$1.28, $1.24 and $1.33 for FFO, $1.31 and $2.06 for EPS for 2019 and 2020.
December 30, 2019,  This company has become a REIT and has changed it sysbols from TSX-FCR. OTC-FCRGF) to TSX-FCR-UN. OTC-FCXXF.
Name is changed from First Capital Reality to First Capital REIT.
December 8, 2018.  Last estimates were for 2017, 2018 and 2019 of $705M, $730M and 783M for Revenue, $1.08, $1.24 and $1.18 forr AFFO,
$1.17, $1.24 and $1.30 for DC, $2.32 and $0.81 for EPS for 2017 and 2018, $0.87 for CFPS for 2017.
December 10, 2017.  Last estimates were for 2016, 2017 and 2018 of $684M, $717M and $758M for Revenue, $1.00, $1.06 and $1.13 for AFFO,
$1.12, $1.17 and $1.24 for FFO, $1.11 and $1.16 for 2016 and 2017 for EPS, $0.87 for CFPS for 2016.
December 11, 2016.  Last estimates were for 2015, 2016 and 2017 of $666M, $686M and $718M for Revenue,
$0.93, $0.96 and $1.00 for AFFO, $0.98, $1.07 and $1.12 for FFO, $0.97 for CFPS for 2015.
December 12, 2015.  Last estimates were for 2014 and 2015 of $654.2M and $690M for Revenue,
$0.97 for 2014 for AFFO, $1.08 for FFO for 2014, $0.81 and $0.87 for CFPS.
December 16, 2014.  Last estimates were for 2013, 2014 and 2015 of $631.6M, $654.2M and $690M for Revenue, $0.90 and $0.97 (2013 and 2014)
for AFFO, $1.03 and $1.08 (2013 and 2014) for FFO, $1.37 for EPS for 2013, $0.92, $0.81 and $0.87 for CFPS.
Nov 28, 2012.  Last estimates I got were for 2011 and 2012 for Revenue of $525M and $567M, for FFO of $0.96 and $1.04 and for CFPS of $0.90 and $0.96.
The increase in shares includes lots of converted debentures and issuance of shares.
There was a stock split of 3.2:2.  This is an odd split.  I got values from different places, so some had accounted for split and some had not.
The stock hit a high in March 1998 that it did not match for 7 years, in Nov 2005.  They lost money in 1999 and 2000.
2017. Gazit Group (now Gazit-Globe) remains a significant shareholder in First Capital
2001.  Gazit Group ended up acquiring the company, which was restructured and renamed First Capital Realty in 2001
1994.  First Capital Realty was founded in 1994 as Centrefund Realty through a 1994 IPO
Sector:
Real Estate
What should this stock accomplish?
This stock should give you diversification.  There will be volitility.  You should get good dividends, usually in the 4 to 5% range.  Dividend increases at the minimum should be at the rate of inflation over the long term.
Would I buy this company and Why.
As a Real Estate sector firm it provides a good dividend which is affordable.  Shareholders are making a reasonable return.  It would be nice if dividend growth was better, but dividends are growing.
Why am I following this stock.
Myowneradvistor.com asked me to look into this stock.
In 2011 a reader asked me to review this real estate stock.  Also, the site Canadian Dividend Stock site mentions this company as a top Canadian REIT.
Dividends
Since 2020, dividends are paid monthly.
Dividends are paid in Cycle 1.  Dividends are paid in January, April, July and October.
For example the dividend declared October 31, 2013 is payable January 9, 2014 for shareholders of record of December 31, 2013.
How they make their money.
First Capital REIT is a developer, owner, and operator of grocery-anchored, open-air centers in neighborhoods in Canada's populated centers.
The company's focus is on creating thriving neighborhoods that create value for businesses, residents, communities, and investors.
First Capital Realty Inc (TSE:FCR) operates as the bank holding company for First Harrison Bank that provides various banking services to individuals
and business customers primarily Harrison, Floyd, Clark, and Washington counties in Indiana.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) 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.
According to Wikipedia it is Gazit-Globe that owns shares in First Capital Realty.
TAXE (Tel-Aviv SE)-GLOB, NYSE-GZT
http://en.wikipedia.org/wiki/Gazit-Globe
Shares; '%, Value $M	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M	Shares	%, Val $M			Shares	%, Val $M			Change
Date	2016	Dec 10	2017	Dec 8	2018	Dec 2	2019	Nov 29	2020	Nov 20	2021	Nov 19	2022	Nov 12	2023			Nov 15	2024
Paul, Adam Elliot	0.02%	0.041	0.02%	0.150	0.06%	0.172	0.08%	0.265	0.12%	0.283	0.13%	0.283	0.13%	0.283	0.13%			0.390	0.18%			37.70%
CEO - Shares - Amount	$0.85		$0.85		$2.820		$3.587		$3.595		$5.344		$4.763		$4.346				$6.944
Options - percentage	0.47%	1.612	0.66%	2.135	0.84%	2.846	1.31%	3.894	1.78%	4.253	1.94%	4.215	1.97%	4.469	2.11%			4.536	2.14%			1.51%
Options - amount	$23.59		$33.39		$40.235		$59.387		$52.769		$80.206		$70.851		$68.550				$80.747
Downey, Neil William Edward										0.039	0.02%	0.039	0.02%	0.039	0.02%			0.080	0.04%			106.46%
CFO - Shares - Amount											$0.735		$0.655		$0.598				$1.433
Options - percentage										0.054	0.02%	0.105	0.05%	0.105	0.05%			0.215	0.10%			103.93%
Options - amount											$1.025		$1.772		$1.617				$3.828
Agourias, Elefheria												0.007	0.00%	0.012	0.01%			0.020	0.01%			74.08%
Officer - Shares - Amount													$0.125		$0.177				$0.357
Options - percentage												0.016	0.01%	0.022	0.01%			0.025	0.01%			17.09%
Options - amount													$0.262		$0.330				$0.449
Reuters Options Value
Francella, Carmine										0.009	0.00%	0.009	0.00%	0.019	0.01%			0.019	0.01%			0.00%
Officer - Shares - Amount											$0.176		$0.157		$0.293				$0.340
Options - percentage										0.420	0.19%	0.448	0.21%	0.455	0.21%			0.121	0.06%			-73.47%
Options - amount											$7.927		$7.524		$6.984				$2.150
McDougald, Maryanne	0.01%	0.024	0.01%	0.038	0.01%	0.039	0.02%	0.042	0.02%	0.044	0.02%										Ceased insider Mar 2022
Officer - Shares - Amount	$0.357		$0.506		$0.717		$0.822		$0.567		$0.823
Options - percentage	0.12%	0.346	0.14%	0.407	0.16%	0.467	0.21%	0.551	0.25%	0.512	0.23%
Options - amount	$5.918		$7.161		$7.680		$9.752		$7.462		$9.660
Abramsky, Leonard								0.053	0.02%	0.053	0.02%	0.073	0.03%	0.083	0.04%			0.062	0.03%			-25.25%
Director - Shares - Amount									$0.720		$1.003		$1.230		$1.276				$1.106
Options - percentage								0.007	0.00%	0.007	0.00%	0.013	0.01%	0.025	0.01%			0.032	0.02%			31.30%
Options - amount									$0.100		$0.130		$0.213		$0.378				$0.576
Clarke Ian leigh Theodore														0.010	0.00%			0.010	0.00%			0.00%
Director - Shares - Amount															$0.150				$0.174
Options - percentage														0.022	0.01%			0.035	0.02%			58.24%
Options - amount															$0.343				$0.630
Botting, Sheila												0.003	0.00%	0.013	0.01%			0.013	0.01%			0.00%
Director - Shares - Amount													$0.055		$0.202				$0.235
Options - percentage												0.003	0.00%	0.022	0.01%			0.034	0.02%			52.88%
Options - amount													$0.047		$0.341				$0.605
Douglas, Paul Campbell												0.060	0.03%	0.075	0.04%			0.080	0.04%			6.67%
Chairman - Shares - Amt													$1.009		$1.151				$1.424
Options - percentage												0.021	0.01%	0.046	0.02%			0.066	0.03%			41.96%
Options - amount													$0.357		$0.710				$1.170
McDonell, Bernard J.						0.003	0.00%	0.003	0.00%	0.003	0.00%	0.003	0.00%
Chairman - Shares - Amt							$0.055		$0.035		$0.049		$0.044
Options - percentage						0.104	0.05%	0.217	0.10%	0.234	0.11%	0.243	0.11%
Options - amount							$2.175		$2.945		$4.405		$4.089
Alony-Hetz Properties And Investments Ltd.	5.26%
10% Holders	$264.618																				Filed Jan 2016 last
TASE: ALHE
Gazit Canada Inc.	36.40%	79.637	32.58%
10% Holders	$1,832.12		$1,650.073																		Filed Mar 2017 last
Increase in O/S Shares	0.70%	1.129	0.46%	0.796	0.33%	0.640	0.26%	0.336	0.15%	0.254	0.12%	0.226	0.10%	0.215	0.10%			0.298	0.14%
due to SO	$28.938		$23.336		$16.493		$13.261		$7.012		$3.442		$4.262		$3.614				$4.571
Book Value	$26.379		$20.924		$14.770		$11.556		$6.553		$5.468		$3.689		$3.761				$5.106
Insider Buying	-$0.080		-$0.696		-$0.392		-$0.174		-$2.622		-$2.308		-$0.573		-$0.556				-$1.433
Insider Selling	$8.578		$4.702		$2.540		$1.153		$1.248		$0.560		$0.165		$0.165				$0.320
Net Insider Selling	$8.498		$4.006		$2.148		$0.979		-$1.374		-$1.748		-$0.408		-$0.391				-$1.113
% of Market Cap	0.17%		0.08%		0.04%		0.02%		-0.05%		-0.04%		-0.01%		-0.01%				-0.03%
Directors		8		9		9		9		9		9		10				10
Women	33%	3	38%	2	22%	2	22%	2	22%	3	33%	3	33%	3	30%			3	30%
Minorities	0%	0	0%	1	11%	1	11%	1	11%	2	22%	2	22%	2	20%			2	20%
Institutions/Holdings	24.58%	184	32.95%	209	29.80%					20	34.41%	20	30.35%					20	31.50%		No ownership data
Total Shares Held	24.55%	80.386	32.89%	75.925	29.79%					75.541	34.41%	64.807	30.35%					66.876	31.52%		available in 2023
Increase/Decrease	-0.41%	-0.202	-0.25%	1.497	2.01%					-0.760	-1.00%	-0.240	-0.37%					-2.494	-3.60%
Starting No. of Shares		80.588		74.428						76.301		65.047						69.370
Copyright © 2008 Website of SPBrunner. All rights reserved.