Financial Fundamentals

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Financial Fundamentals

Financial Fundamentals

Balance Sheet

  Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Restated) Year Ending Dec 2017 (Update) Year Ending Dec 2016 (Update)
Cash & Equivalents 46.34 90.50 22.84 202.18 193.92
Cash and Short Term Investments 46.34 90.50 22.84 202.18 193.92
Accounts Receivable - Trade, Gross 173.99 198.48 194.56 204.81 178.19
Provision for Doubtful Accounts -5.09 -7.98 -12.92 -17.11 -16.12
Accounts Receivable - Trade, Net 168.91 190.51 181.64 187.70 162.07
Total Receivables, Net 168.91 190.51 181.64 187.70 162.07
Other Property/Plant/Equipment - Gross 3,841.59 4,322.89 4,228.38 4,051.78 4,034.73
Property/Plant/Equipment, Total - Gross 3,841.59 4,322.89 4,228.38 4,051.78 4,034.73
Accumulated Depreciation, Total -896.56 -973.32 -885.41 -895.09 -852.48
Property/Plant/Equipment, Total - Net 2,966.01 3,371.23 3,342.98 3,156.69 3,182.25
Intangibles - Gross 94.17 177.58 196.42 123.81 160.68
Accumulated Intangible Amortization -45.60 -92.73 -65.07 -58.83 -88.20
Intangibles, Net 48.57 84.85 131.35 64.97 72.48
LT Investment - Affiliate Companies 401.33 120.29 169.10 194.62 281.33
Long Term Investments 401.33 120.29 169.10 194.62 281.33
Note Receivable - Long Term 0.00 0.00 0.00 0.00 0.00
Deferred Charges 84.86 95.56 91.08 96.70 91.34
Discontinued Operations - Long Term Asset 7.35 7.35 11.60 0.39 41.72
Other Long Term Assets, Total 92.21 102.91 102.67 97.09 133.06
Other Assets 176.75 115.68 126.40 92.20 74.10
Other Assets, Total 176.75 115.68 126.40 92.20 74.10
Total Assets 3,900.11 4,075.97 4,076.98 3,995.45 4,099.21
Payable/Accrued 121.98 113.35 125.70 107.07 103.40
Accrued Expenses 22.76 22.55 0.00 0.00 0.00
Notes Payable/Short Term Debt 0.00 0.00 0.00 0.00 0.00
Dividends Payable 32.71 33.82 33.63 32.46 30.03
Other Current liabilities, Total 32.71 33.82 33.63 32.46 30.03
Long Term Debt 1,830.60 2,144.42 2,028.05 1,930.83 2,013.11
Total Long Term Debt 1,830.60 2,144.42 2,028.05 1,930.83 2,013.11
Total Debt 1,830.60 2,144.42 2,028.05 1,930.83 2,013.11
Minority Interest 10.51 10.43 12.20 17.42 17.09
Discontinued Operations - Liabilities 0.00 0.00 0.00 0.00 0.08
Other Liabilities 87.42 73.53 78.57 78.49 69.15
Other Liabilities, Total 87.42 73.53 78.57 78.49 69.23
Total Liabilities 2,105.96 2,398.09 2,278.15 2,166.27 2,232.87
Convertible Preferred Stock – Non-Redeemable 0.00 0.00 0.00 0.00 0.04
Preferred Stock - Non Redeemable, Net 0.00 0.00 0.00 0.00 0.04
Common Stock 1.71 1.77 1.77 1.78 1.75
Common Stock, Total 1.71 1.77 1.77 1.78 1.75
Additional Paid-In Capital 3,138.15 3,192.16 3,200.31 3,218.56 3,258.87
Retained Earnings (Accumulated Deficit) -1,338.16 -1,513.68 -1,408.28 -1,393.57 -1,392.57
Treasury Stock - Common -17.52 -16.22 -14.02 -12.45 -13.68
Other Comprehensive Income 9.96 13.85 19.05 14.84 11.94
Other Equity, Total 9.96 13.85 19.05 14.84 11.94
Total Equity 1,794.14 1,677.88 1,798.83 1,829.18 1,866.34
Total Liabilities & Shareholders' Equity 3,900.11 4,075.97 4,076.98 3,995.45 4,099.21
Shares Outstanding – Common Stock Primary Issue 170.57 176.48 176.87 178.29 175.14
Total Common Shares Outstanding 170.57 176.48 176.87 178.29 175.14
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 3 0.00 0.00 0.00 0.00 0.00
Shares Outstanding - Preferred Issue 4 0.00 0.00 0.00 0.00 0.00
Shares Outstanding - Preferred Issue 5 0.00 0.00 0.00 0.00 4.00
Total Preferred Shares Outstanding 0.00 0.00 0.00 0.00 4.00
Treasury Shares – Primary Preferred Issue 0.00 0.00 0.00 0.00 0.00
Treasury Shares - Preferred Issue 3 0.00 0.00 0.00 0.00 0.00
Treasury Shares - Preferred Issue 4 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 341.00 337.00 329.00 342.00 363.00
Number of Common Shareholders 563.00 570.00 589.00 598.00 614.00
Accumulated Intangible Amortization 45.60 92.73 65.07 58.83 88.20
Deferred Revenue - Long Term 21.40 35.28 28.29 42.59 31.62
Net Debt 1,794.76 2,064.35 2,017.41 1,746.07 1,836.33
Tangible Book Value 1,745.57 1,593.03 1,667.48 1,764.21 1,793.83
Tangible Book Value per Share 10.23 9.03 9.43 9.90 10.24
Total Long Term Debt, Supplemental 1,828.61 2,144.05 0.00 1,948.72 2,028.65
Long Term Debt Maturing within 1 Year 0.00 87.23 0.00 6.60 304.93
Long Term Debt Maturing in Year 2 250.00 15.14 0.00 7.36 331.60
Long Term Debt Maturing in Year 3 350.00 256.33 0.00 86.98 7.36
Long Term Debt Maturing in Year 4 350.00 556.74 0.00 6.10 86.98
Long Term Debt Maturing in Year 5 0.00 350.00 0.00 256.33 6.10
Long Term Debt Maturing in 2-3 Years 600.00 271.48 0.00 94.34 338.96
Long Term Debt Maturing in 4-5 Years 350.00 906.74 0.00 262.43 93.08
Long Term Debt Maturing in Year 6 & Beyond 878.61 878.61 0.00 1,585.35 1,291.68
Total Operating Leases 22.76 22.55 0.00 62.37 72.93
Operating Lease Payments Due in Year 1 1.23 1.22 0.00 1.21 1.34
Operating Lease Payments Due in Year 2 1.25 1.23 0.00 1.21 1.34
Operating Lease Payments Due in Year 3 1.26 1.25 0.00 1.21 1.34
Operating Lease Payments Due in Year 4 1.31 1.26 0.00 1.21 1.34
Operating Lease Payments Due in Year 5 1.32 1.31 0.00 1.21 1.34
Operating Lease Payments Due in 2-3 Years 2.51 2.48 0.00 2.42 2.68
Operating Lease Payments Due in 4-5 Years 2.63 2.57 0.00 2.42 2.68
Standardized Operating Lease Payments Due in Year 6 and Beyond 16.39 16.29 0.00 56.32 66.23
Number of Operating Partnership Units 0.00 981,634.00 982,871.00 1,479,799.00 1,479,799.00
Net Asset Value (NAV) 1,794.14 1,677.88 1,798.83 0.00 0.00
Number of Units or Properties 78.00 90.00 93.00 100.00 113.00
Total Square Meters Available for Lease 1,246,029.70 1,496,622.90 1,511,834.25 2,145,990.00 2,378,240.00
Average Square Meters Leased 15,974.74 16,629.14 16,256.28 21,459.90 21,046.37

Income Statement

  Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Restated) Year Ending Dec 2017 (Restated) Year Ending Dec 2016 (Update)
Net Sales 534.85 580.42 544.35 520.49 525.46
Revenue 534.85 580.42 544.35 520.49 525.46
Total Revenue 534.85 580.42 544.35 520.49 525.46
Cost of Revenue 203.31 223.69 218.10 206.08 209.45
Cost of Revenue, Total 203.31 223.69 218.10 206.08 209.45
Gross Profit 331.54 356.73 326.25 314.42 316.02
Selling/General/Administrative Expense 32.43 34.31 27.80 28.54 26.60
Selling/General/Administrative Expenses, Total 32.43 34.31 27.80 28.54 26.60
Depreciation 188.28 210.01 176.00 180.32 189.68
Depreciation/Amortization 188.28 210.01 176.00 180.32 189.68
Impairment-Assets Held for Use -- 0.00 71.71 3.06 40.52
Other Unusual Expense (Income) -- 0.00 0.11 3.93 66.59
Unusual Expense (Income) -- 0.00 71.81 6.99 107.11
Total Operating Expense 424.03 468.01 493.71 421.93 532.83
Operating Income 110.83 112.41 50.63 98.57 -7.36
Interest Expense - Non-Operating -81.47 -84.28 -80.70 -84.32 -88.08
Interest Capitalized - Non-Operating 4.65 -- -- -- --
Interest Expense, Net Non-Operating -76.82 -84.28 -80.70 -84.32 -88.08
Interest Income, Non-Operating 1.94 2.32 4.70 1.11 1.24
Investment Income, Non-Operating -18.58 -9.92 -15.23 -8.31 -11.50
Interest/Investment Income, Non-Operating -16.65 -7.60 -10.53 -7.19 -10.27
Interest Income (Expense), Net-Non-Operating, Total -93.46 -91.88 -91.23 -91.51 -98.35
Gain (Loss) on Sale of Assets 289.74 14.02 176.49 113.50 146.22
Other Non-Operating Income (Expense) -- -- -- -- 0.00
Other, Net -- -- -- -- 0.00
Net Income Before Taxes 307.10 34.54 135.90 120.55 40.50
Income Tax – Total -0.22 0.01 0.42 -0.63 --
Income After Tax 307.33 34.53 135.47 121.18 40.50
Minority Interest -1.80 -0.26 -0.95 -1.00 -0.31
Net Income Before Extraordinary Items 305.53 34.27 134.52 120.17 40.19
Discontinued Operations -- -- -- -- 0.00
Total Extraordinary Items -- -- -- -- 0.00
Net Income 305.53 34.27 134.52 120.17 40.19
Preferred Dividends -- 0.00 0.00 -5.21 -6.90
Miscellaneous Earnings Adjustment -0.41 -0.40 -0.37 -0.33 -0.34
Total Adjustments to Net Income -0.41 -0.40 -0.37 -5.54 -7.24
Income Available to Common Excluding Extraordinary Items 305.12 33.87 134.15 114.63 32.95
Income Available to Common Stocks Including Extraordinary Items 305.12 33.87 134.15 114.63 32.95
Basic Weighted Average Shares 171.93 176.13 178.52 175.48 175.02
Basic EPS Excluding Extraordinary Items 1.77 0.19 0.75 0.65 0.19
Basic EPS Including Extraordinary Items 1.77 0.19 0.75 0.65 0.19
Dilution Adjustment -- -- -- -- --
Diluted Net Income 305.12 33.87 134.15 114.63 32.95
Diluted Weighted Average Shares 172.32 176.69 179.64 176.81 176.01
Diluted EPS Excluding Extraordinary Items 1.77 0.19 0.75 0.65 0.19
Diluted EPS Including Extraordinary Items 1.77 0.19 0.75 0.65 0.19
DPS - Common Stock Primary Issue 0.76 0.76 0.72 0.64 0.63
Gross Dividends - Common Stock 130.01 134.32 130.17 116.64 110.61
Total Special Items -289.74 -14.02 -104.68 -106.51 -39.11
Normalized Income Before Taxes 17.37 20.53 31.22 14.04 1.39
Effect of Special Items on Income Taxes -101.41 0.00 -0.33 -37.28 0.00
Income Taxes Excluding Impact of Special Items -101.63 0.01 0.10 -37.91 0.00
Normalized Income After Taxes 119.00 20.52 31.12 51.95 1.39
Normalized Income Available to Common 116.79 19.86 29.80 45.40 -6.16
Basic Normalized EPS 0.68 0.11 0.17 0.26 -0.04
Diluted Normalized EPS 0.68 0.11 0.17 0.26 -0.03
Funds From Operations - REIT 240.49 253.35 247.62 -- 166.98
Depreciation, Supplemental 188.28 210.01 176.00 180.32 189.68
Interest Expense, Supplemental 76.82 82.03 77.11 80.79 75.25
Interest Capitalized, Supplemental -4.65 -2.25 -3.59 -3.53 -12.84
Rental Expense, Supplemental 2.10 2.15 -- -- --
Stock-Based Compensation, Supplemental 6.24 10.03 5.85 6.70 4.31
Equity in Affiliates, Supplemental -18.58 -9.92 -15.23 -8.31 -11.50
Minority Interest, Supplemental -1.80 -0.26 -0.95 -1.00 -0.31
Audit-Related Fees, Supplemental 1.23 1.53 1.26 -- 1.28
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 61.99 61.46 59.93 60.41 60.14
Operating Margin 20.72 19.37 9.30 18.94 -1.40
Pretax Margin 57.42 5.95 24.96 23.16 7.71
Effective Tax Rate -0.07 0.03 0.31 -0.52 --
Net Profit Margin 57.05 5.84 24.64 22.02 6.27
Normalized EBIT 110.83 112.41 122.44 105.56 99.74
Normalized EBITDA 299.11 322.42 298.44 285.88 289.42
Defined Contribution Expense - Domestic 0.50 0.40 -- -- 0.40
Total Pension Expense 0.50 0.40 -- -- 0.40
FFO per Share (Diluted) 1.39 1.43 1.37 1.29 0.94
Net Operating Income (NOI) 329.40 354.57 326.25 314.49 316.02

Cash Flow

  Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Reclassified) Year Ending Dec 2017 (Reclassified) Year Ending Dec 2016 (Restated)
Net Income/Starting Line 307.33 34.53 135.47 121.18 40.50
Depreciation – Supplemental 188.28 210.01 176.00 180.32 189.68
Depreciation/Depletion 188.28 210.01 176.00 180.32 189.68
Deferred Taxes -0.22 0.01 0.42 -0.63 --
Unusual Items -289.74 -14.02 -72.32 -101.66 -39.11
Equity in Net Earnings (Loss) 18.58 10.24 12.87 3.46 12.13
Other Non-Cash Items -8.14 -10.27 -32.79 -18.93 -25.13
Non-Cash Items -279.30 -14.04 -92.23 -117.13 -52.11
Accounts Receivable -2.03 -0.25 3.52 -6.27 2.37
Other Assets -5.03 9.37 -14.33 1.75 0.54
Payable/Accrued 14.37 -5.60 12.58 4.00 -8.00
Other Liabilities 2.41 0.20 5.92 -0.65 0.82
Changes in Working Capital 9.72 3.73 7.69 -1.16 -4.27
Cash from Operating Activities 225.81 234.23 227.35 182.58 173.80
Purchase of Fixed Assets -202.20 -198.30 -409.22 -234.70 -274.90
Capital Expenditures -202.20 -198.30 -409.22 -234.70 -274.90
Sale of Fixed Assets 278.11 51.53 384.44 317.28 805.35
Sale/Maturity of Investment 9.00 3.34 0.19 0.15 --
Purchase of Investments -0.72 -2.43 -176.08 -6.64 -31.99
Other Investing Cash Flow -65.91 15.21 -13.83 3.72 2.44
Other Investing Cash Flow Items, Total 220.49 67.64 194.72 314.50 775.81
Cash from Investing Activities 18.29 -130.66 -214.51 79.80 500.91
Other Financing Cash Flow -2.09 -4.24 -6.07 -6.31 -2.20
Financing Cash Flow Items -2.09 -4.24 -6.07 -6.31 -2.20
Cash Dividends Paid - Common -131.15 -134.14 -128.86 -116.31 -115.70
Total Cash Dividends Paid -131.15 -134.14 -128.86 -116.31 -115.70
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 -- -7.04 -100.00 --
Preferred Stock, Net -- -7.04 -100.00 --
Options Exercised 0.05 3.77 -- 1.23 1.29
Issuance (Retirement) of Stock, Net -59.95 -13.51 -28.47 -47.55 1.29
Long Term Debt Issued 318.00 564.87 455.50 891.13 281.90
Long Term Debt Reduction -412.99 -448.60 -485.18 -974.52 -702.07
Long Term Debt, Net -94.99 116.28 -29.68 -83.39 -420.17
Issuance (Retirement) of Debt, Net -94.99 116.28 -29.68 -83.39 -420.17
Cash from Financing Activities -288.19 -35.61 -193.07 -253.56 -536.79
Net Change in Cash -44.09 67.96 -180.23 8.82 137.92
Net Cash - Beginning Balance 91.17 23.21 203.44 194.62 56.69
Net Cash - Ending Balance 47.08 91.17 23.21 203.44 194.62
Cash Interest Paid 79.50 66.51 76.86 83.14 97.84
Cash Taxes Paid 0.69 1.39 0.41 0.23 --

In millions of USD (except for per share items)

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