Financial Fundamentals

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Financial Fundamentals

Balance Sheet

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  Year Ending Dec 2022 (Update) Year Ending Dec 2021 (Update) Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Restated)
Cash & Equivalents 17.55 27.46 46.34 90.50 22.84
Cash and Short Term Investments 17.55 27.46 46.34 90.50 22.84
Accounts Receivable - Trade, Gross 183.72 183.22 173.99 198.48 194.56
Provision for Doubtful Accounts -3.95 -4.13 -5.09 -7.98 -12.92
Accounts Receivable - Trade, Net 190.77 179.09 168.91 190.51 181.64
Total Receivables, Net 190.77 179.09 168.91 190.51 181.64
Other Property/Plant/Equipment - Gross 3,948.18 3,892.21 3,841.59 4,322.89 4,228.38
Property/Plant/Equipment, Total - Gross 3,948.18 3,892.21 3,841.59 4,322.89 4,228.38
Accumulated Depreciation, Total -1,063.06 -957.45 -896.56 -973.32 -885.41
Property/Plant/Equipment, Total - Net 2,904.79 2,955.07 2,966.01 3,371.23 3,342.98
Intangibles - Gross 56.21 73.03 94.17 177.58 196.42
Accumulated Intangible Amortization -37.76 -44.47 -45.60 -92.73 -65.07
Intangibles, Net 18.45 28.56 48.57 84.85 131.35
LT Investment - Affiliate Companies 567.64 435.51 401.33 120.29 169.10
Long Term Investments 567.64 435.51 401.33 120.29 169.10
Note Receivable - Long Term 0.00 0.00 0.00 0.00 0.00
Deferred Charges 96.64 86.86 84.86 95.56 91.08
Discontinued Operations - Long Term Asset 0.00 0.56 7.35 7.35 11.60
Other Long Term Assets, Total 96.64 87.42 92.21 102.91 102.67
Other Assets 78.67 133.09 176.75 115.68 126.40
Other Assets, Total 78.67 133.09 176.75 115.68 126.40
Total Assets 3,874.51 3,846.20 3,900.11 4,075.97 4,076.98
Payable/Accrued 132.44 150.15 121.98 113.35 125.70
Accrued Expenses 23.17 22.96 22.76 22.55 0.00
Notes Payable/Short Term Debt 0.00 0.00 0.00 0.00 0.00
Dividends Payable 32.79 32.77 32.71 33.82 33.63
Other Current liabilities, Total 32.79 32.77 32.71 33.82 33.63
Long Term Debt 1,965.04 1,853.59 1,830.60 2,144.42 2,028.05
Total Long Term Debt 1,965.04 1,853.59 1,830.60 2,144.42 2,028.05
Total Debt 1,965.04 1,853.59 1,830.60 2,144.42 2,028.05
Minority Interest 7.70 10.95 10.51 10.43 12.20
Discontinued Operations - Liabilities 0.00 0.00 0.00 0.00 0.00
Other Liabilities 87.74 85.51 87.42 73.53 78.57
Other Liabilities, Total 87.74 85.51 87.42 73.53 78.57
Total Liabilities 2,248.87 2,155.93 2,105.96 2,398.09 2,278.15
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 1.71 1.71 1.77 1.77
Common Stock, Total 1.72 1.71 1.71 1.77 1.77
Additional Paid-In Capital 3,153.23 3,146.79 3,138.15 3,192.16 3,200.31
Retained Earnings (Accumulated Deficit) -1,533.21 -1,456.21 -1,338.16 -1,513.68 -1,408.28
Treasury Stock - Common -19.60 -18.49 -17.52 -16.22 -14.02
Other Comprehensive Income 23.50 16.47 9.96 13.85 19.05
Other Equity, Total 23.50 16.47 9.96 13.85 19.05
Total Equity 1,625.63 1,690.27 1,794.14 1,677.88 1,798.83
Total Liabilities & Shareholders' Equity 3,874.51 3,846.20 3,900.11 4,075.97 4,076.98
Shares Outstanding – Common Stock Primary Issue 171.57 171.13 170.57 176.48 176.87
Total Common Shares Outstanding 171.57 171.13 170.57 176.48 176.87
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 328.00 324.00 341.00 337.00 329.00
Part-Time Employees 6.00 3.00 0.00 0.00 0.00
Number of Common Shareholders 559.00 564.00 563.00 570.00 589.00
Accumulated Intangible Amortization 37.76 44.47 45.60 92.73 65.07
Deferred Revenue - Long Term 25.08 23.85 21.40 35.28 28.29
Net Debt 1,955.19 1,837.08 1,794.76 2,064.35 2,017.41
Tangible Book Value 1,607.18 1,661.71 1,745.57 1,593.03 1,667.48
Tangible Book Value per Share 9.37 9.71 10.23 9.03 9.43
Total Long Term Debt, Supplemental 1,971.41 1,851.61 1,828.61 2,144.05 0.00
Long Term Debt Maturing within 1 Year 54.30 273.00 0.00 87.23 0.00
Long Term Debt Maturing in Year 2 350.00 350.00 250.00 15.14 0.00
Long Term Debt Maturing in Year 3 0.00 350.00 350.00 256.33 0.00
Long Term Debt Maturing in Year 4 88.50 0.00 350.00 556.74 0.00
Long Term Debt Maturing in Year 5 700.00 0.00 0.00 350.00 0.00
Long Term Debt Maturing in 2-3 Years 350.00 700.00 600.00 271.48 0.00
Long Term Debt Maturing in 4-5 Years 788.50 0.00 350.00 906.74 0.00
Long Term Debt Maturing in Year 6 & Beyond 778.61 878.61 878.61 878.61 0.00
Total Operating Leases 23.17 22.96 22.76 22.55 0.00
Operating Lease Payments Due in Year 1 1.26 1.25 1.23 1.22 0.00
Operating Lease Payments Due in Year 2 1.31 1.26 1.25 1.23 0.00
Operating Lease Payments Due in Year 3 1.32 1.31 1.26 1.25 0.00
Operating Lease Payments Due in Year 4 1.34 1.32 1.31 1.26 0.00
Operating Lease Payments Due in Year 5 1.36 1.34 1.32 1.31 0.00
Operating Lease Payments Due in 2-3 Years 2.63 2.57 2.51 2.48 0.00
Operating Lease Payments Due in 4-5 Years 2.69 2.66 2.63 2.57 0.00
Standardized Operating Lease Payments Due in Year 6 and Beyond 16.58 16.49 16.39 16.29 0.00
Number of Operating Partnership Units 0.00 823,983.00 0.00 981,634.00 982,871.00
Net Asset Value (NAV) 1,625.63 1,690.27 1,794.14 1,677.88 1,798.83
Number of Units or Properties 72.00 77.00 78.00 90.00 93.00
Total Square Meters Available for Lease 1,189,120.00 1,211,382.00 1,246,029.70 1,496,622.90 1,511,834.25
Average Square Meters Leased 16,515.56 15,732.23 15,974.74 16,629.14 16,256.28

Income Statement

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  Year Ending Dec 2022 (Update) Year Ending Dec 2021 (Update) Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Restated)
Net Sales 506.10 486.82 534.85 580.42 544.35
Revenue 506.10 486.82 534.85 580.42 544.35
Total Revenue 506.10 486.82 534.85 580.42 544.35
Cost of Revenue 192.23 186.17 203.31 223.69 218.10
Cost of Revenue, Total 192.23 186.17 203.31 223.69 218.10
Gross Profit 313.87 300.65 331.54 356.73 326.25
Selling/General/Administrative Expense 37.17 32.30 32.43 34.31 27.80
Selling/General/Administrative Expenses, Total 37.17 32.30 32.43 34.31 27.80
Depreciation 177.98 178.11 188.28 210.01 176.00
Depreciation/Amortization 177.98 178.11 188.28 210.01 176.00
Impairment-Assets Held for Use 4.66 0.70 -- 0.00 71.71
Other Unusual Expense (Income) 0.44 -- -- 0.00 0.11
Unusual Expense (Income) 5.10 0.70 -- 0.00 71.81
Total Operating Expense 412.49 397.27 424.03 468.01 493.71
Operating Income 93.61 89.55 110.83 112.41 50.63
Interest Expense - Non-Operating -82.37 -74.14 -81.47 -84.28 -80.70
Interest Capitalized - Non-Operating 10.52 8.69 4.65 -- --
Interest Expense, Net Non-Operating -71.86 -65.45 -76.82 -84.28 -80.70
Interest Income, Non-Operating 1.91 8.30 1.94 2.32 4.70
Investment Income, Non-Operating -22.02 -26.00 -18.58 -9.92 -15.23
Interest/Investment Income, Non-Operating -20.11 -17.71 -16.65 -7.60 -10.53
Interest Income (Expense), Net-Non-Operating, Total -91.97 -83.16 -93.46 -91.88 -91.23
Gain (Loss) on Sale of Assets 52.40 6.02 289.74 14.02 176.49
Other Non-Operating Income (Expense) -- -- -- -- --
Other, Net -- -- -- -- --
Net Income Before Taxes 54.05 12.41 307.10 34.54 135.90
Income Tax – Total 0.06 0.05 -0.22 0.01 0.42
Income After Tax 53.99 12.37 307.33 34.53 135.47
Minority Interest -0.17 -0.08 -1.80 -0.26 -0.95
Net Income Before Extraordinary Items 53.82 12.29 305.53 34.27 134.52
Discontinued Operations -- -- -- -- --
Total Extraordinary Items -- -- -- -- --
Net Income 53.82 12.29 305.53 34.27 134.52
Preferred Dividends -- -- -- 0.00 0.00
Miscellaneous Earnings Adjustment -0.46 -0.42 -0.41 -0.40 -0.37
Total Adjustments to Net Income -0.46 -0.42 -0.41 -0.40 -0.37
Income Available to Common Excluding Extraordinary Items 53.37 11.87 305.12 33.87 134.15
Income Available to Common Stocks Including Extraordinary Items 53.37 11.87 305.12 33.87 134.15
Basic Weighted Average Shares 171.49 170.88 171.93 176.13 178.52
Basic EPS Excluding Extraordinary Items 0.31 0.07 1.77 0.19 0.75
Basic EPS Including Extraordinary Items 0.31 0.07 1.77 0.19 0.75
Dilution Adjustment -- -- -- -- --
Diluted Net Income 53.37 11.87 305.12 33.87 134.15
Diluted Weighted Average Shares 172.33 172.27 172.32 176.69 179.64
Diluted EPS Excluding Extraordinary Items 0.31 0.07 1.77 0.19 0.75
Diluted EPS Including Extraordinary Items 0.31 0.07 1.77 0.19 0.75
DPS - Common Stock Primary Issue 0.76 0.76 0.76 0.76 0.72
Gross Dividends - Common Stock 130.82 130.35 130.01 134.32 130.17
Total Special Items -47.30 -5.32 -289.74 -14.02 -104.68
Normalized Income Before Taxes 6.74 7.09 17.37 20.53 31.22
Effect of Special Items on Income Taxes -0.05 -0.02 -101.41 0.00 -0.33
Income Taxes Excluding Impact of Special Items 0.01 0.03 -101.63 0.01 0.10
Normalized Income After Taxes 6.74 7.06 119.00 20.52 31.12
Normalized Income Available to Common 6.11 6.57 116.79 19.86 29.80
Basic Normalized EPS 0.04 0.04 0.68 0.11 0.17
Diluted Normalized EPS 0.04 0.04 0.68 0.11 0.17
Funds From Operations - REIT 238.23 237.64 240.49 253.35 247.62
Depreciation, Supplemental 177.98 178.11 188.28 210.01 176.00
Interest Expense, Supplemental 71.86 65.45 76.82 82.03 77.11
Interest Capitalized, Supplemental -10.52 -8.69 -4.65 -2.25 -3.59
Rental Expense, Supplemental 2.10 2.10 2.10 2.15 --
Stock-Based Compensation, Supplemental 7.72 6.35 6.24 10.03 5.85
Equity in Affiliates, Supplemental -22.02 -26.00 -18.58 -9.92 -15.23
Minority Interest, Supplemental -0.17 -0.08 -1.80 -0.26 -0.95
Audit-Related Fees, Supplemental 1.43 1.23 1.23 1.53 1.26
Audit-Related Fees 0.00 0.00 0.00 0.00 0.00
Tax Fees, Supplemental 0.00 0.00 0.00 0.00 0.00
All Other Fees Paid to Auditor, Supplemental 0.00 0.00 0.00 0.00 0.00
Gross Margin 62.02 61.76 61.99 61.46 59.93
Operating Margin 18.50 18.40 20.72 19.37 9.30
Pretax Margin 10.68 2.55 57.42 5.95 24.96
Effective Tax Rate 0.10 0.38 -0.07 0.03 0.31
Net Profit Margin 10.54 2.44 57.05 5.84 24.64
Normalized EBIT 98.71 90.25 110.83 112.41 122.44
Normalized EBITDA 276.69 268.36 299.11 322.42 298.44
Defined Contribution Expense - Domestic 0.40 0.40 0.50 0.40 --
Total Pension Expense 0.40 0.40 0.50 0.40 --
FFO per Share (Diluted) 1.38 1.37 1.39 1.43 1.37
Net Operating Income (NOI) 311.70 298.51 329.40 354.57 326.25

Cash Flow

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  Year Ending Dec 2022 (Update) Year Ending Dec 2021 (Update) Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Reclassified)
Net Income/Starting Line 53.99 12.37 307.33 34.53 135.47
Depreciation – Supplemental 177.98 178.11 188.28 210.01 176.00
Depreciation/Depletion 177.98 178.11 188.28 210.01 176.00
Deferred Taxes 0.06 0.05 -0.22 0.01 0.42
Unusual Items -47.30 -6.02 -289.74 -14.02 -72.32
Equity in Net Earnings (Loss) 23.52 26.70 18.58 10.24 12.87
Other Non-Cash Items -8.62 -9.93 -8.14 -10.27 -32.79
Non-Cash Items -32.40 10.75 -279.30 -14.04 -92.23
Accounts Receivable 1.33 2.51 -2.03 -0.25 3.52
Other Assets -1.12 -19.33 -5.03 9.37 -14.33
Payable/Accrued 5.41 2.97 14.37 -5.60 12.58
Other Liabilities 4.07 3.45 2.41 0.20 5.92
Changes in Working Capital 9.68 -10.39 9.72 3.73 7.69
Cash from Operating Activities 209.31 190.87 225.81 234.23 227.35
Purchase of Fixed Assets -266.46 -135.12 -202.20 -198.30 -409.22
Capital Expenditures -266.46 -135.12 -202.20 -198.30 -409.22
Sale of Fixed Assets 64.21 10.30 278.11 51.53 384.44
Sale/Maturity of Investment 46.90 27.03 9.00 3.34 0.19
Purchase of Investments -47.43 -31.64 -0.72 -2.43 -176.08
Other Investing Cash Flow 12.19 29.12 -65.91 15.21 -13.83
Other Investing Cash Flow Items, Total 75.87 34.81 220.49 67.64 194.72
Cash from Investing Activities -190.59 -100.32 18.29 -130.66 -214.51
Other Financing Cash Flow -13.27 0.32 -2.09 -4.24 -6.07
Financing Cash Flow Items -13.27 0.32 -2.09 -4.24 -6.07
Cash Dividends Paid - Common -130.72 -130.26 -131.15 -134.14 -128.86
Total Cash Dividends Paid -130.72 -130.26 -131.15 -134.14 -128.86
Sale/Issuance of Common -- 0.42
Repurchase/Retirement of Common -- -60.00 -17.28 -21.84
Common Stock, Net -- -60.00 -17.28 -21.43
Sale/Issuance of Preferred
Repurchase/Retirement of Preferred -4.01 -2.33 -- -7.04
Preferred Stock, Net -4.01 -2.33 -- -7.04
Options Exercised -- -0.06 0.05 3.77 --
Issuance (Retirement) of Stock, Net -4.01 -2.40 -59.95 -13.51 -28.47
Long Term Debt Issued 828.00 154.00 318.00 564.87 455.50
Long Term Debt Reduction -708.63 -131.00 -412.99 -448.60 -485.18
Long Term Debt, Net 119.37 23.00 -94.99 116.28 -29.68
Issuance (Retirement) of Debt, Net 119.37 23.00 -94.99 116.28 -29.68
Cash from Financing Activities -28.63 -109.34 -288.19 -35.61 -193.07
Net Change in Cash -9.91 -18.78 -44.09 67.96 -180.23
Net Cash - Beginning Balance 28.30 47.08 91.17 23.21 203.44
Net Cash - Ending Balance 18.39 28.30 47.08 91.17 23.21
Cash Interest Paid 85.76 72.39 79.50 66.51 76.86
Cash Taxes Paid 0.90 0.79 0.69 1.39 0.41

In millions of USD (except for per share items)

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Austin
Washington D.C.