Financial Fundamentals

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Financial Fundamentals

Balance Sheet

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  Year Ending Dec 2023 (Update) Year Ending Dec 2022 (Update) Year Ending Dec 2021 (Update) Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update)
Cash & Equivalents 58.32 17.55 27.46 46.34 90.50
Cash and Short Term Investments 58.32 17.55 27.46 46.34 90.50
Accounts Receivable - Trade, Gross 201.36 194.72 183.22 173.99 198.48
Provision for Doubtful Accounts -2.67 -3.95 -4.13 -5.09 -7.98
Accounts Receivable - Trade, Net 198.69 190.77 179.09 168.91 190.51
Total Receivables, Net 198.69 190.77 179.09 168.91 190.51
Other Property/Plant/Equipment - Gross 3,788.03 3,948.18 3,892.21 3,841.59 4,322.89
Property/Plant/Equipment, Total - Gross 3,788.03 3,948.18 3,892.21 3,841.59 4,322.89
Accumulated Depreciation, Total -1,131.79 -1,063.06 -957.45 -896.56 -973.32
Property/Plant/Equipment, Total - Net 2,675.27 2,904.79 2,955.07 2,966.01 3,371.23
Intangibles - Gross 24.47 56.21 73.03 94.17 177.58
Accumulated Intangible Amortization -16.77 -37.76 -44.47 -45.60 -92.73
Intangibles, Net 7.69 18.45 28.56 48.57 84.85
LT Investment - Affiliate Companies 601.23 567.64 435.51 401.33 120.29
Long Term Investments 601.23 567.64 435.51 401.33 120.29
Note Receivable - Long Term 0.00 0.00 0.00 0.00 0.00
Deferred Charges 95.98 96.64 86.86 84.86 95.56
Discontinued Operations - Long Term Asset 0.00 0.00 0.56 7.35 7.35
Restricted Cash - Long Term 9.22 0.00 0.00 0.00 0.00
Other Long Term Assets, Total 105.20 96.64 87.42 92.21 102.91
Other Assets 86.05 78.67 133.09 176.75 115.68
Other Assets, Total 86.05 78.67 133.09 176.75 115.68
Total Assets 3,732.45 3,874.51 3,846.20 3,900.11 4,075.97
Payable/Accrued 123.83 132.44 150.15 121.98 113.35
Accrued Expenses 23.37 23.17 22.96 22.76 22.55
Notes Payable/Short Term Debt 0.00 0.00 0.00 0.00 0.00
Dividends Payable 26.02 32.79 32.77 32.71 33.82
Other Current liabilities, Total 26.02 32.79 32.77 32.71 33.82
Long Term Debt 2,138.83 1,965.04 1,853.59 1,830.60 2,144.42
Total Long Term Debt 2,138.83 1,965.04 1,853.59 1,830.60 2,144.42
Total Debt 2,138.83 1,965.04 1,853.59 1,830.60 2,144.42
Minority Interest 6.77 7.70 10.95 10.51 10.43
Discontinued Operations - Liabilities 0.00 0.00 0.00 0.00 0.00
Other Liabilities 96.25 87.74 85.51 87.42 73.53
Other Liabilities, Total 96.25 87.74 85.51 87.42 73.53
Total Liabilities 2,415.06 2,248.87 2,155.93 2,105.96 2,398.09
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 1.72 1.72 1.71 1.71 1.77
Common Stock, Total 1.72 1.72 1.71 1.71 1.77
Additional Paid-In Capital 3,163.95 3,153.23 3,146.79 3,138.15 3,192.16
Retained Earnings (Accumulated Deficit) -1,847.62 -1,533.21 -1,456.21 -1,338.16 -1,513.68
Treasury Stock - Common -19.97 -19.60 -18.49 -17.52 -16.22
Other Comprehensive Income 19.30 23.50 16.47 9.96 13.85
Other Equity, Total 19.30 23.50 16.47 9.96 13.85
Total Equity 1,317.38 1,625.63 1,690.27 1,794.14 1,677.88
Total Liabilities & Shareholders' Equity 3,732.45 3,874.51 3,846.20 3,900.11 4,075.97
Shares Outstanding – Common Stock Primary Issue 172.10 171.57 171.13 170.57 176.48
Total Common Shares Outstanding 172.10 171.57 171.13 170.57 176.48
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 323.00 328.00 324.00 341.00 337.00
Part-Time Employees 8.00 6.00 3.00 0.00 0.00
Number of Common Shareholders 561.00 559.00 564.00 563.00 570.00
Accumulated Intangible Amortization 16.77 37.76 44.47 45.60 92.73
Deferred Revenue - Long Term 24.25 25.08 23.85 21.40 35.28
Net Debt 2,087.29 1,955.19 1,837.08 1,794.76 2,064.35
Tangible Book Value 1,309.69 1,607.18 1,661.71 1,745.57 1,593.03
Tangible Book Value per Share 7.61 9.37 9.71 10.23 9.03
Total Long Term Debt, Supplemental 2,147.43 1,971.41 1,851.61 1,828.61 2,144.05
Long Term Debt Maturing within 1 Year 340.00 54.30 273.00 0.00 87.23
Long Term Debt Maturing in Year 2 70.00 350.00 350.00 250.00 15.14
Long Term Debt Maturing in Year 3 13.82 0.00 350.00 350.00 256.33
Long Term Debt Maturing in Year 4 700.00 88.50 0.00 350.00 556.74
Long Term Debt Maturing in Year 5 595.00 700.00 0.00 0.00 350.00
Long Term Debt Maturing in 2-3 Years 83.82 350.00 700.00 600.00 271.48
Long Term Debt Maturing in 4-5 Years 1,295.00 788.50 0.00 350.00 906.74
Long Term Debt Maturing in Year 6 & Beyond 428.61 778.61 878.61 878.61 878.61
Total Operating Leases 23.37 23.17 22.96 22.76 22.55
Operating Lease Payments Due in Year 1 1.31 1.26 1.25 1.23 1.22
Operating Lease Payments Due in Year 2 1.32 1.31 1.26 1.25 1.23
Operating Lease Payments Due in Year 3 1.34 1.32 1.31 1.26 1.25
Operating Lease Payments Due in Year 4 1.36 1.34 1.32 1.31 1.26
Operating Lease Payments Due in Year 5 1.37 1.36 1.34 1.32 1.31
Operating Lease Payments Due in 2-3 Years 2.66 2.63 2.57 2.51 2.48
Operating Lease Payments Due in 4-5 Years 2.73 2.69 2.66 2.63 2.57
Standardized Operating Lease Payments Due in Year 6 and Beyond 16.68 16.58 16.49 16.39 16.29
Number of Operating Partnership Units 515,595.00 0.00 823,983.00 0.00 981,634.00
Net Asset Value (NAV) 1,317.38 1,625.63 1,690.27 1,794.14 1,677.88
Number of Units or Properties 69.00 72.00 77.00 78.00 90.00
Total Square Meters Available for Lease 1,179,654.88 1,189,120.00 1,211,382.00 1,246,029.70 1,496,622.90
Average Square Meters Leased 17,096.45 16,515.56 15,732.23 15,974.74 16,629.14

Income Statement

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  Year Ending Dec 2023 (Update) Year Ending Dec 2022 (Update) Year Ending Dec 2021 (Update) Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update)
Net Sales 514.65 506.10 486.82 534.85 580.42
Revenue 514.65 506.10 486.82 534.85 580.42
Total Revenue 514.65 506.10 486.82 534.85 580.42
Cost of Revenue 187.79 192.23 186.17 203.31 223.69
Cost of Revenue, Total 187.79 192.23 186.17 203.31 223.69
Gross Profit 326.86 313.87 300.65 331.54 356.73
Selling/General/Administrative Expense 37.02 37.17 32.30 32.43 34.31
Selling/General/Administrative Expenses, Total 37.02 37.17 32.30 32.43 34.31
Depreciation 188.80 177.98 178.11 188.28 210.01
Depreciation/Amortization 188.80 177.98 178.11 188.28 210.01
Impairment-Assets Held for Use 168.75 4.66 0.70 -- 0.00
Other Unusual Expense (Income) -0.14 0.44 -- -- 0.00
Unusual Expense (Income) 168.61 5.10 0.70 -- 0.00
Total Operating Expense 582.22 412.49 397.27 424.03 468.01
Operating Income -67.57 93.61 89.55 110.83 112.41
Interest Expense - Non-Operating -116.24 -82.37 -74.14 -81.47 -84.28
Interest Capitalized - Non-Operating 16.41 10.52 8.69 4.65 --
Interest Expense, Net Non-Operating -99.83 -71.86 -65.45 -76.82 -84.28
Interest Income, Non-Operating 1.67 1.91 8.30 1.94 2.32
Investment Income, Non-Operating -40.74 -22.02 -26.00 -18.58 -9.92
Interest/Investment Income, Non-Operating -39.07 -20.11 -17.71 -16.65 -7.60
Interest Income (Expense), Net-Non-Operating, Total -138.89 -91.97 -83.16 -93.46 -91.88
Gain (Loss) on Sale of Assets 9.13 52.40 6.02 289.74 14.02
Other Non-Operating Income (Expense) -- -- -- -- --
Other, Net -- -- -- -- --
Net Income Before Taxes -197.33 54.05 12.41 307.10 34.54
Income Tax – Total 0.07 0.06 0.05 -0.22 0.01
Income After Tax -197.40 53.99 12.37 307.33 34.53
Minority Interest 0.61 -0.17 -0.08 -1.80 -0.26
Net Income Before Extraordinary Items -196.79 53.82 12.29 305.53 34.27
Discontinued Operations -- -- -- -- --
Total Extraordinary Items -- -- -- -- --
Net Income -196.79 53.82 12.29 305.53 34.27
Preferred Dividends -- -- -- -- 0.00
Miscellaneous Earnings Adjustment -0.57 -0.46 -0.42 -0.41 -0.40
Total Adjustments to Net Income -0.57 -0.46 -0.42 -0.41 -0.40
Income Available to Common Excluding Extraordinary Items -197.36 53.37 11.87 305.12 33.87
Income Available to Common Stocks Including Extraordinary Items -197.36 53.37 11.87 305.12 33.87
Basic Weighted Average Shares 171.96 171.49 170.88 171.93 176.13
Basic EPS Excluding Extraordinary Items -1.15 0.31 0.07 1.77 0.19
Basic EPS Including Extraordinary Items -1.15 0.31 0.07 1.77 0.19
Dilution Adjustment -- -- -- -- --
Diluted Net Income -197.36 53.37 11.87 305.12 33.87
Diluted Weighted Average Shares 171.96 172.33 172.27 172.32 176.69
Diluted EPS Excluding Extraordinary Items -1.15 0.31 0.07 1.77 0.19
Diluted EPS Including Extraordinary Items -1.15 0.31 0.07 1.77 0.19
DPS - Common Stock Primary Issue 0.69 0.76 0.76 0.76 0.76
Gross Dividends - Common Stock 117.62 130.82 130.35 130.01 134.32
Total Special Items 159.48 -47.30 -5.32 -289.74 -14.02
Normalized Income Before Taxes -37.85 6.74 7.09 17.37 20.53
Effect of Special Items on Income Taxes 55.82 -0.05 -0.02 -101.41 0.00
Income Taxes Excluding Impact of Special Items 55.89 0.01 0.03 -101.63 0.01
Normalized Income After Taxes -93.74 6.74 7.06 119.00 20.52
Normalized Income Available to Common -93.69 6.11 6.57 116.79 19.86
Basic Normalized EPS -0.54 0.04 0.04 0.68 0.11
Diluted Normalized EPS -0.54 0.04 0.04 0.68 0.11
Funds From Operations - REIT 198.30 238.23 237.64 240.49 253.35
Depreciation, Supplemental 188.80 177.98 178.11 188.28 210.01
Interest Expense, Supplemental 99.83 71.86 65.45 76.82 82.03
Interest Capitalized, Supplemental -16.41 -10.52 -8.69 -4.65 -2.25
Rental Expense, Supplemental 2.10 2.10 2.10 2.10 2.15
Stock-Based Compensation, Supplemental 10.88 7.72 6.35 6.24 10.03
Equity in Affiliates, Supplemental -40.74 -22.02 -26.00 -18.58 -9.92
Minority Interest, Supplemental 0.61 -0.17 -0.08 -1.80 -0.26
Audit-Related Fees, Supplemental 1.56 1.43 1.23 1.23 1.53
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 63.51 62.02 61.76 61.99 61.46
Operating Margin -13.13 18.50 18.40 20.72 19.37
Pretax Margin -38.34 10.68 2.55 57.42 5.95
Effective Tax Rate -- 0.10 0.38 -0.07 0.03
Net Profit Margin -38.35 10.54 2.44 57.05 5.84
Normalized EBIT 101.05 98.71 90.25 110.83 112.41
Normalized EBITDA 289.84 276.69 268.36 299.11 322.42
Defined Contribution Expense - Domestic 0.70 0.40 0.40 0.50 0.40
Total Pension Expense 0.70 0.40 0.40 0.50 0.40
FFO per Share (Diluted) 1.15 1.38 1.37 1.39 1.43
Net Operating Income (NOI) 324.70 311.70 298.51 329.40 354.57

Cash Flow

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  Year Ending Dec 2023 (Update) Year Ending Dec 2022 (Update) Year Ending Dec 2021 (Update) Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update)
Net Income/Starting Line -197.40 53.99 12.37 307.33 34.53
Depreciation – Supplemental 188.80 177.98 178.11 188.28 210.01
Depreciation/Depletion 188.80 177.98 178.11 188.28 210.01
Deferred Taxes 0.07 0.06 0.05 -0.22 0.01
Unusual Items 122.31 -47.30 -6.02 -289.74 -14.02
Equity in Net Earnings (Loss) 77.92 23.52 26.70 18.58 10.24
Other Non-Cash Items 3.43 -8.62 -9.93 -8.14 -10.27
Non-Cash Items 203.66 -32.40 10.75 -279.30 -14.04
Accounts Receivable 0.24 1.33 2.51 -2.03 -0.25
Other Assets -2.83 -1.12 -19.33 -5.03 9.37
Payable/Accrued -12.93 5.41 2.97 14.37 -5.60
Other Liabilities -2.33 4.07 3.45 2.41 0.20
Changes in Working Capital -17.85 9.68 -10.39 9.72 3.73
Cash from Operating Activities 177.27 209.31 190.87 225.81 234.23
Purchase of Fixed Assets -164.21 -266.46 -135.12 -202.20 -198.30
Capital Expenditures -164.21 -266.46 -135.12 -202.20 -198.30
Sale of Fixed Assets 76.80 64.21 10.30 278.11 51.53
Sale/Maturity of Investment 3.79 46.90 27.03 9.00 3.34
Purchase of Investments -85.92 -47.43 -31.64 -0.72 -2.43
Other Investing Cash Flow -5.38 12.19 29.12 -65.91 15.21
Other Investing Cash Flow Items, Total -10.71 75.87 34.81 220.49 67.64
Cash from Investing Activities -174.91 -190.59 -100.32 18.29 -130.66
Other Financing Cash Flow -5.11 -13.27 0.32 -2.09 -4.24
Financing Cash Flow Items -5.11 -13.27 0.32 -2.09 -4.24
Cash Dividends Paid - Common -124.26 -130.72 -130.26 -131.15 -134.14
Total Cash Dividends Paid -124.26 -130.72 -130.26 -131.15 -134.14
Sale/Issuance of Common --
Repurchase/Retirement of Common -- -60.00 -17.28
Common Stock, Net -- -60.00 -17.28
Repurchase/Retirement of Preferred -0.01 -4.01 -2.33 --
Preferred Stock, Net -0.01 -4.01 -2.33 --
Options Exercised -- -- -0.06 0.05 3.77
Issuance (Retirement) of Stock, Net -0.01 -4.01 -2.40 -59.95 -13.51
Long Term Debt Issued 543.82 828.00 154.00 318.00 564.87
Long Term Debt Reduction -367.66 -708.63 -131.00 -412.99 -448.60
Long Term Debt, Net 176.16 119.37 23.00 -94.99 116.28
Issuance (Retirement) of Debt, Net 176.16 119.37 23.00 -94.99 116.28
Cash from Financing Activities 46.79 -28.63 -109.34 -288.19 -35.61
Net Change in Cash 49.15 -9.91 -18.78 -44.09 67.96
Net Cash - Beginning Balance 18.39 28.30 47.08 91.17 23.21
Net Cash - Ending Balance 67.53 18.39 28.30 47.08 91.17
Cash Interest Paid 107.84 85.76 72.39 79.50 66.51
Cash Taxes Paid 0.55 0.90 0.79 0.69 1.39

In millions of USD (except for per share items)

Source: LSEG

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Washington D.C.