Financial Fundamentals

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Financial Fundamentals

Financial Fundamentals

Balance Sheet

  Year Ending Dec 2021 (Update) Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Restated) Year Ending Dec 2017 (Update)
Cash & Equivalents 27.46 46.34 90.50 22.84 202.18
Cash and Short Term Investments 27.46 46.34 90.50 22.84 202.18
Accounts Receivable - Trade, Gross 183.22 173.99 198.48 194.56 204.81
Provision for Doubtful Accounts -4.13 -5.09 -7.98 -12.92 -17.11
Accounts Receivable - Trade, Net 179.09 168.91 190.51 181.64 187.70
Total Receivables, Net 179.09 168.91 190.51 181.64 187.70
Other Property/Plant/Equipment - Gross 3,892.21 3,841.59 4,322.89 4,228.38 4,051.78
Property/Plant/Equipment, Total - Gross 3,892.21 3,841.59 4,322.89 4,228.38 4,051.78
Accumulated Depreciation, Total -957.45 -896.56 -973.32 -885.41 -895.09
Property/Plant/Equipment, Total - Net 2,955.07 2,966.01 3,371.23 3,342.98 3,156.69
Intangibles - Gross 73.03 94.17 177.58 196.42 123.81
Accumulated Intangible Amortization -44.47 -45.60 -92.73 -65.07 -58.83
Intangibles, Net 28.56 48.57 84.85 131.35 64.97
LT Investment - Affiliate Companies 435.51 401.33 120.29 169.10 194.62
Long Term Investments 435.51 401.33 120.29 169.10 194.62
Note Receivable - Long Term 0.00 0.00 0.00 0.00 0.00
Deferred Charges 86.86 84.86 95.56 91.08 96.70
Discontinued Operations - Long Term Asset 0.56 7.35 7.35 11.60 0.39
Other Long Term Assets, Total 87.42 92.21 102.91 102.67 97.09
Other Assets 133.09 176.75 115.68 126.40 92.20
Other Assets, Total 133.09 176.75 115.68 126.40 92.20
Total Assets 3,846.20 3,900.11 4,075.97 4,076.98 3,995.45
Payable/Accrued 150.15 121.98 113.35 125.70 107.07
Accrued Expenses 22.96 22.76 22.55 0.00 0.00
Notes Payable/Short Term Debt 0.00 0.00 0.00 0.00 0.00
Dividends Payable 32.77 32.71 33.82 33.63 32.46
Other Current liabilities, Total 32.77 32.71 33.82 33.63 32.46
Long Term Debt 1,853.59 1,830.60 2,144.42 2,028.05 1,930.83
Total Long Term Debt 1,853.59 1,830.60 2,144.42 2,028.05 1,930.83
Total Debt 1,853.59 1,830.60 2,144.42 2,028.05 1,930.83
Minority Interest 10.95 10.51 10.43 12.20 17.42
Discontinued Operations - Liabilities 0.00 0.00 0.00 0.00 0.00
Other Liabilities 85.51 87.42 73.53 78.57 78.49
Other Liabilities, Total 85.51 87.42 73.53 78.57 78.49
Total Liabilities 2,155.93 2,105.96 2,398.09 2,278.15 2,166.27
Convertible Preferred Stock – Non-Redeemable 0.00 0.00 0.00 0.00 0.00
Preferred Stock - Non Redeemable, Net 0.00 0.00 0.00 0.00 0.00
Common Stock 1.71 1.71 1.77 1.77 1.78
Common Stock, Total 1.71 1.71 1.77 1.77 1.78
Additional Paid-In Capital 3,146.79 3,138.15 3,192.16 3,200.31 3,218.56
Retained Earnings (Accumulated Deficit) -1,456.21 -1,338.16 -1,513.68 -1,408.28 -1,393.57
Treasury Stock - Common -18.49 -17.52 -16.22 -14.02 -12.45
Other Comprehensive Income 16.47 9.96 13.85 19.05 14.84
Other Equity, Total 16.47 9.96 13.85 19.05 14.84
Total Equity 1,690.27 1,794.14 1,677.88 1,798.83 1,829.18
Total Liabilities & Shareholders' Equity 3,846.20 3,900.11 4,075.97 4,076.98 3,995.45
Shares Outstanding – Common Stock Primary Issue 171.13 170.57 176.48 176.87 178.29
Total Common Shares Outstanding 171.13 170.57 176.48 176.87 178.29
Treasury Shares – Common Primary Issue 0.00 0.00 0.00 0.00 0.00
Shares Outstanding - Preferred Issue 1 0.00 0.00 0.00 0.00 0.00
Shares Outstanding - Preferred Issue 5 0.00 0.00 0.00 0.00 0.00
Total Preferred Shares Outstanding 0.00 0.00 0.00 0.00 0.00
Treasury Shares – Primary Preferred Issue 0.00 0.00 0.00 0.00 0.00
Treasury Shares - Preferred Issue 5 0.00 0.00 0.00 0.00 0.00
Employees 324.00 341.00 337.00 329.00 342.00
Part-Time Employees 3.00 0.00 0.00 0.00 0.00
Number of Common Shareholders 564.00 563.00 570.00 589.00 598.00
Accumulated Intangible Amortization 44.47 45.60 92.73 65.07 58.83
Deferred Revenue - Long Term 23.85 21.40 35.28 28.29 42.59
Net Debt 1,837.08 1,794.76 2,064.35 2,017.41 1,746.07
Tangible Book Value 1,661.71 1,745.57 1,593.03 1,667.48 1,764.21
Tangible Book Value per Share 9.71 10.23 9.03 9.43 9.90
Total Long Term Debt, Supplemental 1,851.61 1,828.61 2,144.05 0.00 1,948.72
Long Term Debt Maturing within 1 Year 273.00 0.00 87.23 0.00 6.60
Long Term Debt Maturing in Year 2 350.00 250.00 15.14 0.00 7.36
Long Term Debt Maturing in Year 3 350.00 350.00 256.33 0.00 86.98
Long Term Debt Maturing in Year 4 0.00 350.00 556.74 0.00 6.10
Long Term Debt Maturing in Year 5 0.00 0.00 350.00 0.00 256.33
Long Term Debt Maturing in 2-3 Years 700.00 600.00 271.48 0.00 94.34
Long Term Debt Maturing in 4-5 Years 0.00 350.00 906.74 0.00 262.43
Long Term Debt Maturing in Year 6 & Beyond 878.61 878.61 878.61 0.00 1,585.35
Total Operating Leases 22.96 22.76 22.55 0.00 62.37
Operating Lease Payments Due in Year 1 1.25 1.23 1.22 0.00 1.21
Operating Lease Payments Due in Year 2 1.26 1.25 1.23 0.00 1.21
Operating Lease Payments Due in Year 3 1.31 1.26 1.25 0.00 1.21
Operating Lease Payments Due in Year 4 1.32 1.31 1.26 0.00 1.21
Operating Lease Payments Due in Year 5 1.34 1.32 1.31 0.00 1.21
Operating Lease Payments Due in 2-3 Years 2.57 2.51 2.48 0.00 2.42
Operating Lease Payments Due in 4-5 Years 2.66 2.63 2.57 0.00 2.42
Standardized Operating Lease Payments Due in Year 6 and Beyond 16.49 16.39 16.29 0.00 56.32
Number of Operating Partnership Units 823,983.00 0.00 981,634.00 982,871.00 1,479,799.00
Net Asset Value (NAV) 1,690.27 1,794.14 1,677.88 1,798.83 0.00
Number of Units or Properties 77.00 78.00 90.00 93.00 100.00
Total Square Meters Available for Lease 1,211,382.00 1,246,029.70 1,496,622.90 1,511,834.25 2,145,990.00
Average Square Meters Leased 15,732.23 15,974.74 16,629.14 16,256.28 21,459.90

Income Statement

  Year Ending Dec 2021 (Update) Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Restated) Year Ending Dec 2017 (Restated)
Net Sales 486.82 534.85 580.42 544.35 520.49
Revenue 486.82 534.85 580.42 544.35 520.49
Total Revenue 486.82 534.85 580.42 544.35 520.49
Cost of Revenue 186.17 203.31 223.69 218.10 206.08
Cost of Revenue, Total 186.17 203.31 223.69 218.10 206.08
Gross Profit 300.65 331.54 356.73 326.25 314.42
Selling/General/Administrative Expense 32.30 32.43 34.31 27.80 28.54
Selling/General/Administrative Expenses, Total 32.30 32.43 34.31 27.80 28.54
Depreciation 178.11 188.28 210.01 176.00 180.32
Depreciation/Amortization 178.11 188.28 210.01 176.00 180.32
Impairment-Assets Held for Use 0.70 -- 0.00 71.71 3.06
Other Unusual Expense (Income) -- -- 0.00 0.11 3.93
Unusual Expense (Income) 0.70 -- 0.00 71.81 6.99
Total Operating Expense 397.27 424.03 468.01 493.71 421.93
Operating Income 89.55 110.83 112.41 50.63 98.57
Interest Expense - Non-Operating -74.14 -81.47 -84.28 -80.70 -84.32
Interest Capitalized - Non-Operating 8.69 4.65 -- -- --
Interest Expense, Net Non-Operating -65.45 -76.82 -84.28 -80.70 -84.32
Interest Income, Non-Operating 8.30 1.94 2.32 4.70 1.11
Investment Income, Non-Operating -26.00 -18.58 -9.92 -15.23 -8.31
Interest/Investment Income, Non-Operating -17.71 -16.65 -7.60 -10.53 -7.19
Interest Income (Expense), Net-Non-Operating, Total -83.16 -93.46 -91.88 -91.23 -91.51
Gain (Loss) on Sale of Assets 6.02 289.74 14.02 176.49 113.50
Other Non-Operating Income (Expense) -- -- -- -- --
Other, Net -- -- -- -- --
Net Income Before Taxes 12.41 307.10 34.54 135.90 120.55
Income Tax – Total 0.05 -0.22 0.01 0.42 -0.63
Income After Tax 12.37 307.33 34.53 135.47 121.18
Minority Interest -0.08 -1.80 -0.26 -0.95 -1.00
Net Income Before Extraordinary Items 12.29 305.53 34.27 134.52 120.17
Discontinued Operations -- -- -- -- --
Total Extraordinary Items -- -- -- -- --
Net Income 12.29 305.53 34.27 134.52 120.17
Preferred Dividends -- -- 0.00 0.00 -5.21
Miscellaneous Earnings Adjustment -0.42 -0.41 -0.40 -0.37 -0.33
Total Adjustments to Net Income -0.42 -0.41 -0.40 -0.37 -5.54
Income Available to Common Excluding Extraordinary Items 11.87 305.12 33.87 134.15 114.63
Income Available to Common Stocks Including Extraordinary Items 11.87 305.12 33.87 134.15 114.63
Basic Weighted Average Shares 170.88 171.93 176.13 178.52 175.48
Basic EPS Excluding Extraordinary Items 0.07 1.77 0.19 0.75 0.65
Basic EPS Including Extraordinary Items 0.07 1.77 0.19 0.75 0.65
Dilution Adjustment -- -- -- -- --
Diluted Net Income 11.87 305.12 33.87 134.15 114.63
Diluted Weighted Average Shares 172.27 172.32 176.69 179.64 176.81
Diluted EPS Excluding Extraordinary Items 0.07 1.77 0.19 0.75 0.65
Diluted EPS Including Extraordinary Items 0.07 1.77 0.19 0.75 0.65
DPS - Common Stock Primary Issue 0.76 0.76 0.76 0.72 0.64
Gross Dividends - Common Stock 130.35 130.01 134.32 130.17 116.64
Total Special Items -5.32 -289.74 -14.02 -104.68 -106.51
Normalized Income Before Taxes 7.09 17.37 20.53 31.22 14.04
Effect of Special Items on Income Taxes -0.02 -101.41 0.00 -0.33 -37.28
Income Taxes Excluding Impact of Special Items 0.03 -101.63 0.01 0.10 -37.91
Normalized Income After Taxes 7.06 119.00 20.52 31.12 51.95
Normalized Income Available to Common 6.57 116.79 19.86 29.80 45.40
Basic Normalized EPS 0.04 0.68 0.11 0.17 0.26
Diluted Normalized EPS 0.04 0.68 0.11 0.17 0.26
Funds From Operations - REIT 237.64 240.49 253.35 247.62 --
Depreciation, Supplemental 178.11 188.28 210.01 176.00 180.32
Interest Expense, Supplemental 65.45 76.82 82.03 77.11 80.79
Interest Capitalized, Supplemental -8.69 -4.65 -2.25 -3.59 -3.53
Rental Expense, Supplemental 2.10 2.10 2.15 -- --
Stock-Based Compensation, Supplemental 6.35 6.24 10.03 5.85 6.70
Equity in Affiliates, Supplemental -26.00 -18.58 -9.92 -15.23 -8.31
Minority Interest, Supplemental -0.08 -1.80 -0.26 -0.95 -1.00
Audit-Related Fees, Supplemental 1.23 1.23 1.53 1.26 --
Audit-Related Fees 0.00 0.00 0.00 0.00 --
Tax Fees, Supplemental 0.00 0.00 0.00 0.00 --
All Other Fees Paid to Auditor, Supplemental 0.00 0.00 0.00 0.00 --
Gross Margin 61.76 61.99 61.46 59.93 60.41
Operating Margin 18.40 20.72 19.37 9.30 18.94
Pretax Margin 2.55 57.42 5.95 24.96 23.16
Effective Tax Rate 0.38 -0.07 0.03 0.31 -0.52
Net Profit Margin 2.44 57.05 5.84 24.64 22.02
Normalized EBIT 90.25 110.83 112.41 122.44 105.56
Normalized EBITDA 268.36 299.11 322.42 298.44 285.88
Defined Contribution Expense - Domestic 0.40 0.50 0.40 -- --
Total Pension Expense 0.40 0.50 0.40 -- --
FFO per Share (Diluted) 1.37 1.39 1.43 1.37 1.29
Net Operating Income (NOI) 298.51 329.40 354.57 326.25 314.49

Cash Flow

  Year Ending Dec 2021 (Update) Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Reclassified) Year Ending Dec 2017 (Reclassified)
Net Income/Starting Line 12.37 307.33 34.53 135.47 121.18
Depreciation – Supplemental 178.11 188.28 210.01 176.00 180.32
Depreciation/Depletion 178.11 188.28 210.01 176.00 180.32
Deferred Taxes 0.05 -0.22 0.01 0.42 -0.63
Unusual Items -6.02 -289.74 -14.02 -72.32 -101.66
Equity in Net Earnings (Loss) 26.70 18.58 10.24 12.87 3.46
Other Non-Cash Items -9.93 -8.14 -10.27 -32.79 -18.93
Non-Cash Items 10.75 -279.30 -14.04 -92.23 -117.13
Accounts Receivable 2.51 -2.03 -0.25 3.52 -6.27
Other Assets -19.33 -5.03 9.37 -14.33 1.75
Payable/Accrued 2.97 14.37 -5.60 12.58 4.00
Other Liabilities 3.45 2.41 0.20 5.92 -0.65
Changes in Working Capital -10.39 9.72 3.73 7.69 -1.16
Cash from Operating Activities 190.87 225.81 234.23 227.35 182.58
Purchase of Fixed Assets -135.12 -202.20 -198.30 -409.22 -234.70
Capital Expenditures -135.12 -202.20 -198.30 -409.22 -234.70
Sale of Fixed Assets 10.30 278.11 51.53 384.44 317.28
Sale/Maturity of Investment 27.03 9.00 3.34 0.19 0.15
Purchase of Investments -31.64 -0.72 -2.43 -176.08 -6.64
Other Investing Cash Flow 29.12 -65.91 15.21 -13.83 3.72
Other Investing Cash Flow Items, Total 34.81 220.49 67.64 194.72 314.50
Cash from Investing Activities -100.32 18.29 -130.66 -214.51 79.80
Other Financing Cash Flow 0.32 -2.09 -4.24 -6.07 -6.31
Financing Cash Flow Items 0.32 -2.09 -4.24 -6.07 -6.31
Cash Dividends Paid - Common -130.26 -131.15 -134.14 -128.86 -116.31
Total Cash Dividends Paid -130.26 -131.15 -134.14 -128.86 -116.31
Sale/Issuance of Common -- 0.42 51.23
Repurchase/Retirement of Common -- -60.00 -17.28 -21.84 --
Common Stock, Net -- -60.00 -17.28 -21.43 51.23
Sale/Issuance of Preferred
Repurchase/Retirement of Preferred -2.33 -- -7.04 -100.00
Preferred Stock, Net -2.33 -- -7.04 -100.00
Options Exercised -0.06 0.05 3.77 -- 1.23
Issuance (Retirement) of Stock, Net -2.40 -59.95 -13.51 -28.47 -47.55
Long Term Debt Issued 154.00 318.00 564.87 455.50 891.13
Long Term Debt Reduction -131.00 -412.99 -448.60 -485.18 -974.52
Long Term Debt, Net 23.00 -94.99 116.28 -29.68 -83.39
Issuance (Retirement) of Debt, Net 23.00 -94.99 116.28 -29.68 -83.39
Cash from Financing Activities -109.34 -288.19 -35.61 -193.07 -253.56
Net Change in Cash -18.78 -44.09 67.96 -180.23 8.82
Net Cash - Beginning Balance 47.08 91.17 23.21 203.44 194.62
Net Cash - Ending Balance 28.30 47.08 91.17 23.21 203.44
Cash Interest Paid 72.39 79.50 66.51 76.86 83.14
Cash Taxes Paid 0.79 0.69 1.39 0.41 0.23

In millions of USD (except for per share items)

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