Financial Fundamentals

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Financial Fundamentals

Balance Sheet

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  Year Ending Dec 2025 (Update) Year Ending Dec 2024 (Update) Year Ending Dec 2023 (Update) Year Ending Dec 2022 (Update) Year Ending Dec 2021 (Update)
Cash & Equivalents 32.28 90.23 58.32 17.55 27.46
Cash and Short Term Investments 32.28 90.23 58.32 17.55 27.46
Accounts Receivable - Trade, Gross 205.23 197.92 201.36 194.72 183.22
Provision for Doubtful Accounts -0.42 -0.91 -2.67 -3.95 -4.13
Accounts Receivable - Trade, Net 204.81 197.02 198.69 190.77 179.09
Total Receivables, Net 204.81 197.02 198.69 190.77 179.09
Other Property/Plant/Equipment - Gross 3,970.49 3,578.49 3,788.03 3,948.18 3,892.21
Property/Plant/Equipment, Total - Gross 3,970.49 3,578.49 3,788.03 3,948.18 3,892.21
Accumulated Depreciation, Total -1,259.09 -1,171.80 -1,131.79 -1,063.06 -957.45
Property/Plant/Equipment, Total - Net 2,780.61 2,425.10 2,675.27 2,904.79 2,955.07
Intangibles - Gross 30.66 15.98 24.47 56.21 73.03
Accumulated Intangible Amortization -8.23 -10.47 -16.77 -37.76 -44.47
Intangibles, Net 22.43 5.51 7.69 18.45 28.56
LT Investment - Affiliate Companies 314.33 570.46 601.23 567.64 435.51
Long Term Investments 314.33 570.46 601.23 567.64 435.51
Deferred Charges 79.55 84.32 95.98 96.64 86.86
Discontinued Operations - Long Term Asset 0.00 0.00 0.00 0.00 0.56
Restricted Cash - Long Term 30.02 5.95 9.22 0.00 0.00
Other Long Term Assets, Total 109.57 90.27 105.20 96.64 87.42
Other Assets 122.23 113.65 86.05 78.67 133.09
Other Assets, Total 122.23 113.65 86.05 78.67 133.09
Total Assets 3,586.24 3,492.21 3,732.45 3,874.51 3,846.20
Payable/Accrued 143.83 129.72 123.83 132.44 150.15
Accrued Expenses 23.72 23.55 23.37 23.17 22.96
Notes Payable/Short Term Debt 0.00 0.00 0.00 0.00 0.00
Dividends Payable 14.11 26.26 26.02 32.79 32.77
Other Current liabilities, Total 14.11 26.26 26.02 32.79 32.77
Long Term Debt 2,556.86 2,212.81 2,138.83 1,965.04 1,853.59
Total Long Term Debt 2,556.86 2,212.81 2,138.83 1,965.04 1,853.59
Total Debt 2,556.86 2,212.81 2,138.83 1,965.04 1,853.59
Minority Interest 5.12 5.95 6.77 7.70 10.95
Discontinued Operations - Liabilities 0.00 0.00 0.00 0.00 0.00
Other Liabilities 49.87 55.29 96.25 87.74 85.51
Other Liabilities, Total 49.87 55.29 96.25 87.74 85.51
Total Liabilities 2,793.51 2,453.58 2,415.06 2,248.87 2,155.93
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 1.73 1.72 1.72 1.72 1.71
Common Stock, Total 1.73 1.72 1.72 1.72 1.71
Additional Paid-In Capital 3,199.84 3,182.62 3,163.95 3,153.23 3,146.79
Retained Earnings (Accumulated Deficit) -2,407.40 -2,148.23 -1,847.62 -1,533.21 -1,456.21
Treasury Stock - Common -23.07 -20.46 -19.97 -19.60 -18.49
Other Comprehensive Income 21.63 22.98 19.30 23.50 16.47
Other Equity, Total 21.63 22.98 19.30 23.50 16.47
Total Equity 792.73 1,038.64 1,317.38 1,625.63 1,690.27
Total Liabilities & Shareholders' Equity 3,586.24 3,492.21 3,732.45 3,874.51 3,846.20
Shares Outstanding – Common Stock Primary Issue 173.70 172.67 172.10 171.57 171.13
Total Common Shares Outstanding 173.70 172.67 172.10 171.57 171.13
Treasury Shares – Common Primary Issue 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 - Preferred Issue 5 0.00 0.00 0.00 0.00 0.00
Employees 268.00 285.00 323.00 328.00 324.00
Part-Time Employees 10.00 5.00 8.00 6.00 3.00
Number of Common Shareholders 511.00 544.00 561.00 559.00 564.00
Accumulated Intangible Amortization 8.23 10.47 16.77 37.76 44.47
Deferred Revenue - Long Term 22.57 35.41 24.25 25.08 23.85
Net Debt 2,529.70 2,128.54 2,087.29 1,955.19 1,837.08
Tangible Book Value 770.31 1,033.13 1,309.69 1,607.18 1,661.71
Tangible Book Value per Share 4.43 5.98 7.61 9.37 9.71
Total Long Term Debt, Supplemental 2,563.95 2,226.34 2,147.43 1,971.41 1,851.61
Long Term Debt Maturing within 1 Year 178.01 70.00 340.00 54.30 273.00
Long Term Debt Maturing in Year 2 700.00 32.73 70.00 350.00 350.00
Long Term Debt Maturing in Year 3 350.00 700.00 13.82 0.00 350.00
Long Term Debt Maturing in Year 4 900.00 595.00 700.00 88.50 0.00
Long Term Debt Maturing in Year 5 0.00 750.00 595.00 700.00 0.00
Long Term Debt Maturing in 2-3 Years 1,050.00 732.73 83.82 350.00 700.00
Long Term Debt Maturing in 4-5 Years 900.00 1,345.00 1,295.00 788.50 0.00
Long Term Debt Maturing in Year 6 & Beyond 435.93 78.61 428.61 778.61 878.61
Total Operating Leases 23.72 23.55 23.37 23.17 22.96
Operating Lease Payments Due in Year 1 1.34 1.32 1.31 1.26 1.25
Operating Lease Payments Due in Year 2 1.36 1.34 1.32 1.31 1.26
Operating Lease Payments Due in Year 3 1.37 1.36 1.34 1.32 1.31
Operating Lease Payments Due in Year 4 1.42 1.37 1.36 1.34 1.32
Operating Lease Payments Due in Year 5 1.22 1.42 1.37 1.36 1.34
Operating Lease Payments Due in 2-3 Years 2.73 2.69 2.66 2.63 2.57
Operating Lease Payments Due in 4-5 Years 2.64 2.79 2.73 2.69 2.66
Standardized Operating Lease Payments Due in Year 6 and Beyond 17.02 16.74 16.68 16.58 16.49
Number of Operating Partnership Units 515,595.00 515,595.00 515,595.00 0.00 823,983.00
Net Asset Value (NAV) 792.73 1,038.64 1,317.38 1,625.63 1,690.27
Number of Units or Properties 65.00 63.00 69.00 72.00 77.00
Total Square Meters Available for Lease 1,048,779.59 1,108,348.00 1,179,654.88 1,189,120.00 1,211,382.00
Average Square Meters Leased 16,135.07 17,592.83 17,096.45 16,515.56 15,732.23

Income Statement

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  Year Ending Dec 2025 (Update) Year Ending Dec 2024 (Update) Year Ending Dec 2023 (Update) Year Ending Dec 2022 (Update) Year Ending Dec 2021 (Update)
Net Sales 484.45 505.52 514.65 506.10 486.82
Revenue 484.45 505.52 514.65 506.10 486.82
Total Revenue 484.45 505.52 514.65 506.10 486.82
Cost of Revenue 183.05 185.19 187.79 192.23 186.17
Cost of Revenue, Total 183.05 185.19 187.79 192.23 186.17
Gross Profit 301.41 320.33 326.86 313.87 300.65
Selling/General/Administrative Expense 44.18 44.92 37.02 37.17 32.30
Selling/General/Administrative Expenses, Total 44.18 44.92 37.02 37.17 32.30
Depreciation 176.43 178.17 188.80 177.98 178.11
Depreciation/Amortization 176.43 178.17 188.80 177.98 178.11
Impairment-Assets Held for Use 67.54 53.03 168.75 4.66 0.70
Other Unusual Expense (Income) 12.06 -57.69 -0.32 -26.28 -2.97
Unusual Expense (Income) 79.60 -4.66 168.43 -21.62 -2.28
Total Operating Expense 483.26 403.62 582.04 385.77 394.29
Operating Income 1.20 101.90 -67.38 120.33 92.53
Interest Expense - Non-Operating -152.55 -139.67 -116.24 -82.37 -74.14
Interest Capitalized - Non-Operating 12.47 18.36 16.41 10.52 8.69
Interest Expense, Net Non-Operating -140.07 -121.31 -99.83 -71.86 -65.45
Interest Income, Non-Operating 4.40 3.85 1.67 1.91 8.30
Investment Income, Non-Operating -53.53 -183.21 -40.74 -22.02 -26.00
Interest/Investment Income, Non-Operating -49.13 -179.36 -39.07 -20.11 -17.71
Interest Income (Expense), Net-Non-Operating, Total -189.20 -300.67 -138.89 -91.97 -83.16
Gain (Loss) on Sale of Assets 9.25 2.30 8.95 25.68 3.05
Other Non-Operating Income (Expense) -- -- -- -- --
Other, Net -- -- -- -- --
Net Income Before Taxes -178.76 -196.47 -197.33 54.05 12.41
Income Tax – Total 0.11 0.01 0.07 0.06 0.05
Income After Tax -178.87 -196.49 -197.40 53.99 12.37
Minority Interest 0.62 0.58 0.61 -0.17 -0.08
Net Income Before Extraordinary Items -178.25 -195.91 -196.79 53.82 12.29
Discontinued Operations -- -- -- -- --
Total Extraordinary Items -- -- -- -- --
Net Income -178.25 -195.91 -196.79 53.82 12.29
Preferred Dividends -- -- -- -- --
Miscellaneous Earnings Adjustment -1.23 -1.18 -0.57 -0.46 -0.42
Total Adjustments to Net Income -1.23 -1.18 -0.57 -0.46 -0.42
Income Available to Common Excluding Extraordinary Items -179.48 -197.09 -197.36 53.37 11.87
Income Available to Common Stocks Including Extraordinary Items -179.48 -197.09 -197.36 53.37 11.87
Basic Weighted Average Shares 173.46 172.53 171.96 171.49 170.88
Basic EPS Excluding Extraordinary Items -1.03 -1.14 -1.15 0.31 0.07
Basic EPS Including Extraordinary Items -1.03 -1.14 -1.15 0.31 0.07
Diluted Net Income -179.48 -197.09 -197.36 53.37 11.87
Diluted Weighted Average Shares 173.46 172.53 171.96 172.33 172.27
Diluted EPS Excluding Extraordinary Items -1.03 -1.14 -1.15 0.31 0.07
Diluted EPS Including Extraordinary Items -1.03 -1.14 -1.15 0.31 0.07
DPS - Common Stock Primary Issue 0.52 0.60 0.69 0.76 0.76
Gross Dividends - Common Stock 80.92 104.71 117.62 130.82 130.35
Total Special Items 70.35 -6.96 159.48 -47.30 -5.32
Normalized Income Before Taxes -108.40 -203.43 -37.85 6.74 7.09
Effect of Special Items on Income Taxes 24.62 -2.43 55.82 -0.05 -0.02
Income Taxes Excluding Impact of Special Items 24.74 -2.42 55.89 0.01 0.03
Normalized Income After Taxes -133.14 -201.01 -93.74 6.74 7.06
Normalized Income Available to Common -133.75 -201.61 -93.69 6.11 6.57
Basic Normalized EPS -0.77 -1.17 -0.54 0.04 0.04
Diluted Normalized EPS -0.77 -1.17 -0.54 0.04 0.04
Funds From Operations - REIT 93.39 148.87 198.30 238.23 237.64
Depreciation, Supplemental 176.43 178.17 188.80 177.98 178.11
Interest Expense, Supplemental 140.07 121.31 99.83 71.86 65.45
Interest Capitalized, Supplemental -12.47 -18.36 -16.41 -10.52 -8.69
Rental Expense, Supplemental 2.10 2.10 2.10 2.10 2.10
Stock-Based Compensation, Supplemental 17.60 18.89 10.88 7.72 6.35
Equity in Affiliates, Supplemental -53.53 -183.21 -40.74 -22.02 -26.00
Minority Interest, Supplemental 0.62 0.58 0.61 -0.17 -0.08
Audit-Related Fees, Supplemental -- 1.76 1.56 1.43 1.23
Audit-Related Fees -- -- -- 0.00 0.00
Tax Fees, Supplemental -- -- -- 0.00 0.00
All Other Fees Paid to Auditor, Supplemental -- -- -- 0.00 0.00
Gross Margin 62.22 63.37 63.51 62.02 61.76
Operating Margin 0.25 20.16 -13.09 23.78 19.01
Pretax Margin -36.90 -38.87 -38.34 10.68 2.55
Effective Tax Rate -- -- -- 0.10 0.38
Net Profit Margin -37.05 -38.99 -38.35 10.54 2.44
Normalized EBIT 80.80 97.24 101.05 98.71 90.25
Normalized EBITDA 257.23 275.41 289.84 276.69 268.36
Defined Contribution Expense - Domestic 0.60 0.90 0.70 0.40 0.40
Total Pension Expense 0.60 0.90 0.70 0.40 0.40
FFO per Share (Diluted) 0.52 0.85 1.15 1.38 1.37
Net Operating Income (NOI) 299.26 318.19 324.70 311.70 298.51

Cash Flow

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  Year Ending Dec 2025 (Update) Year Ending Dec 2024 (Update) Year Ending Dec 2023 (Update) Year Ending Dec 2022 (Update) Year Ending Dec 2021 (Update)
Net Income/Starting Line -178.87 -196.49 -197.40 53.99 12.37
Depreciation – Supplemental 176.43 178.17 188.80 177.98 178.11
Depreciation/Depletion 176.43 178.17 188.80 177.98 178.11
Deferred Taxes 0.11 0.01 0.07 0.06 0.05
Unusual Items 66.39 -15.33 122.31 -47.30 -6.02
Equity in Net Earnings (Loss) 57.68 191.59 77.92 23.52 26.70
Other Non-Cash Items 20.95 13.32 3.43 -8.62 -9.93
Non-Cash Items 145.02 189.57 203.66 -32.40 10.75
Accounts Receivable -8.81 -0.01 0.24 1.33 2.51
Other Assets -4.95 -7.09 -2.83 -1.12 -19.33
Payable/Accrued 2.71 0.95 -12.93 5.41 2.97
Other Liabilities -14.95 16.01 -2.33 4.07 3.45
Changes in Working Capital -25.99 9.86 -17.85 9.68 -10.39
Cash from Operating Activities 116.70 181.13 177.27 209.31 190.87
Purchase of Fixed Assets -113.40 -129.76 -164.21 -266.46 -135.12
Capital Expenditures -113.40 -129.76 -164.21 -266.46 -135.12
Acquisition of Business -105.82
Sale of Fixed Assets 74.32 155.87 76.80 64.21 10.30
Sale/Maturity of Investment 13.12 56.59 3.79 46.90 27.03
Purchase of Investments -70.65 -194.03 -85.92 -47.43 -31.64
Other Investing Cash Flow -3.86 -8.86 -5.38 12.19 29.12
Other Investing Cash Flow Items, Total -92.89 9.58 -10.71 75.87 34.81
Cash from Investing Activities -206.28 -120.19 -174.91 -190.59 -100.32
Other Financing Cash Flow -9.43 -7.67 -5.11 -13.27 0.32
Financing Cash Flow Items -9.43 -7.67 -5.11 -13.27 0.32
Cash Dividends Paid - Common -93.02 -104.48 -124.26 -130.72 -130.26
Total Cash Dividends Paid -93.02 -104.48 -124.26 -130.72 -130.26
Sale/Issuance of Common
Repurchase/Retirement of Common --
Common Stock, Net --
Repurchase/Retirement of Preferred -- -- -0.01 -4.01 -2.33
Preferred Stock, Net -- -- -0.01 -4.01 -2.33
Options Exercised -- -- -0.06
Issuance (Retirement) of Stock, Net -- -- -0.01 -4.01 -2.40
Long Term Debt Issued 736.21 619.91 543.82 828.00 154.00
Long Term Debt Reduction -534.43 -540.06 -367.66 -708.63 -131.00
Long Term Debt, Net 201.78 79.85 176.16 119.37 23.00
Total Debt Reduction -43.62
Issuance (Retirement) of Debt, Net 158.16 79.85 176.16 119.37 23.00
Cash from Financing Activities 55.71 -32.30 46.79 -28.63 -109.34
Net Change in Cash -33.88 28.64 49.15 -9.91 -18.78
Net Cash - Beginning Balance 96.18 67.53 18.39 28.30 47.08
Net Cash - Ending Balance 62.30 96.18 67.53 18.39 28.30
Cash Interest Paid 132.04 132.25 107.84 85.76 72.39
Cash Taxes Paid 0.11 0.57 0.55 0.90 0.79

In millions of USD (except for per share items)

Source: LSEG

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Washington D.C.