Communications Sales & Leasing Valuation – Initial Coverage $CSAL

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Communications Sales & Leasing, Inc. (CSAL) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Communications Sales & Leasing, Inc. (CS&L) is an internally managed real estate investment trust (REIT) engaged in the acquisition and construction of a range of infrastructure in the communications industry. The Company is focused on acquiring and constructing fiber optic broadband networks, wireless communications towers, copper and coaxial broadband networks and data centers. The Company operates through two segments: Leasing and Consumer competitive local exchange carrier (CLEC). The Company’s Leasing segment represents its REIT operations. The Consumer CLEC segment represents the operations of its Consumer CLEC Business. It conducts the Consumer CLEC Business through its subsidiary, Talk America Services, LLC, which provides local telephone, high-speed Internet and long distance service to approximately 46,000 customers. The Company owns approximately 3.6 million fiber strand miles, over 230,800 route miles of copper, and other property across 30 states.

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ModernGraham Valuation of CSAL – February 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $4,666,858,756 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.43 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -1500100.00% Fail
6. Moderate PEmg Ratio PEmg < 20 647.90 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 -3.15 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.43 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -16.52 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $0.04
MG Growth Estimate 15.00%
MG Value $1.72
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $0.65
MG Value based on 0% Growth $0.38
Market Implied Growth Rate 319.70%
Current Price $28.94
% of Intrinsic Value 1682.86%

Communications Sales & Leasing Inc does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, insufficient earnings stability or growth over the last ten years, the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings stability over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $0 in 2013 to an estimated $0.04 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 319.7% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Communications Sales & Leasing Inc revealed the company was trading above its Graham Number of $0. The company pays a dividend of $2.4 per share, for a yield of 8.3%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 647.9, which was above the industry average of 31.91. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-29.74.

Communications Sales & Leasing Inc scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$29.74
Graham Number $0.00
PEmg 647.90
Current Ratio 0.43
PB Ratio -3.15
Current Dividend $2.40
Dividend Yield 8.29%
Number of Consecutive Years of Dividend Growth 2

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Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $187,035,000
Total Current Liabilities $430,902,000
Long-Term Debt $4,028,214,000
Total Assets $3,318,752,000
Intangible Assets $422,918,000
Total Liabilities $4,721,197,000
Shares Outstanding (Diluted Average) 152,473,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate -$0.11
Dec2016 -$0.04
Dec2015 $0.00
Dec2014 $0.69

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.04
Dec2016 $0.12
Dec2015 $0.18
Dec2014 $0.23

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

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Camden Property Trust Valuation – Initial Coverage $CPT
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Senior Housing Properties Trust Valuation – Initial Coverage $SNH
Tanger Factory Outlet Centers Inc Valuation – Initial Coverage $SKT
Mack Cali Realty Corp Valuation – Initial Coverage $CLI
Chesapeake Lodging Trust Valuation – December 2016 $CHSP

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Uniti Group Inc Valuation – August 2018 $UNIT

Company Profile (excerpt from Reuters): Uniti Group Inc., formerly Communications Sales & Leasing, Inc., incorporated on September 04, 2014, is an internally managed real estate investment trust (REIT) engaged in the acquisition and construction of infrastructure in the communications industry. The Company focuses on acquiring and constructing fiber optic broadband networks, wireless communications towers, copper and coaxial broadband networks and data centers. The Company operates through four segments: Leasing, Fiber Infrastructure, Towers and Consumer Competitive Local Exchange Carrier (Consumer CLEC). The Leasing segment includes Uniti Leasing. The Fiber Infrastructure segment represents the operations of the Uniti Fiber business. The Towers segment includes Uniti Towers and its ground lease investments. The Consumer CLEC segment includes Talk America. As of Juy 3, 2017, the Company and its subsidiaries owned approximately 88,100 fiber network route miles, representing approximately 4.8 million fiber strand miles and approximately 231,900 route miles of copper cable lines across 32 states.

 

Downloadable PDF version of this valuation:

ModernGraham Valuation of UNIT – August 2018

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $3,615,638,673 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.16 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -633.33% Fail
6. Moderate PEmg Ratio PEmg < 20 3,087.00 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 -2.79 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.16 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -6.38 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

 

Stage 2: Determination of Intrinsic Value

EPSmg $0.01
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $0.10
MG Value based on 0% Growth $0.06
Market Implied Growth Rate 1539.25%
Current Price $20.58
% of Intrinsic Value N/A

Uniti Group Inc does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, insufficient earnings stability or growth over the last ten years, and the poor dividend history, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings stability or growth over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $0.23 in 2014 to an estimated $0.01 for 2018. This level of demonstrated earnings growth does not support the market’s implied estimate of 1539.25% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Uniti Group Inc revealed the company was trading above its Graham Number of $0. The company pays a dividend of $2.4 per share, for a yield of 11.7%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 3087, which was above the industry average of 47.15. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-32.1.

Uniti Group Inc scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$32.10
Graham Number $0.00
PEmg 3,087.00
Current Ratio 0.16
PB Ratio -2.79
Current Dividend $2.40
Dividend Yield 11.66%
Number of Consecutive Years of Dividend Growth 2

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 6/1/2018
Total Current Assets $143,137,000
Total Current Liabilities $876,338,000
Long-Term Debt $4,679,304,000
Total Assets $4,471,658,000
Intangible Assets $1,097,605,000
Total Liabilities $5,761,451,000
Shares Outstanding (Diluted Average) 175,011,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $0.01
Dec2017 -$0.13
Dec2016 -$0.04
Dec2015 $0.00
Dec2014 $0.69

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.01
Dec2017 $0.04
Dec2016 $0.12
Dec2015 $0.18
Dec2014 $0.23

Recommended Reading:

Other ModernGraham posts about the company

Communications Sales & Leasing Valuation – Initial Coverage $CSAL

Other ModernGraham posts about related companies

Crombie Real Estate Investment Trust Valuation – August 2018 $TSE-CRR.UN
Charles River Laboratories International Inc Valuation – August 2018 $CRL
SmartCentres Real Estate Investment Trust Valuation – August 2018 $TSE-SRU.UN
Camden Property Trust Valuation – August 2018 $CPT
Senior Housing Properties Trust Valuation – August 2018 $SNH
CoreSite Realty Corp Valuation – August 2018 $COR
Tanger Factory Outlet Centers Inc Valuation – July 2018 $SKT
Capstead Mortgage Corp Valuation – July 2018 $CMO
Mack-Cali Realty Corp Valuation – July 2018 $CLI
Chesapeake Lodging Trust Valuation – July 2018 $CHSP

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Cominar Real Estate Investment Trust – Initial Coverage $TSE:CUF.UN

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – March 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Cominar Real Estate Investment Trust (TSE:CUF.UN) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Cominar Real Estate Investment Trust is a Canada-based real estate investment trust (REIT). The Company is a commercial property owner and manager in the province of Quebec. Its segments include Office, Retail, and Industrial and mixed-use. Its activities include a portfolio of three property types, including office properties, retail properties, and industrial and mixed-use properties located in Canadian provinces. It owns and manages a portfolio of approximately 570 properties, including over 140 office buildings, approximately 200 retail buildings and over 230 industrial and mixed-use buildings located in Quebec, Ontario, the Atlantic Provinces and Western Canada. Its portfolio of properties includes 4635 1re Avenue, 5055 Wilfrid-Hamel Ouest Blvd, 2014 Cyrille-Duquet St, 455 du Marais St, 979 de Bourgogne Ave, 400 Cooper St, 355 du Marais St, 3323 du Carrefour St, 1990 Cyrille-Duquet St, 2025 Lavoisier St and 280 Racine St.

CUF.UN Chart

CUF.UN data by YCharts

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Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

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Downloadable PDF version of this valuation:

ModernGraham Valuation of TSE-CUF.UN – February 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $2,599,857,498 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.55 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 61.48% Pass
6. Moderate PEmg Ratio PEmg < 20 9.12 Pass
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 0.63 Pass
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.55 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -79.01 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Fail

Stage 2: Determination of Intrinsic Value

EPSmg $1.54
MG Growth Estimate -4.25%
MG Value $0.00
Opinion Overvalued
MG Grade B+
MG Value based on 3% Growth $22.32
MG Value based on 0% Growth $13.08
Market Implied Growth Rate 0.31%
Current Price $14.04
% of Intrinsic Value N/A

Cominar Real Estate Investment Trust qualifies for both the Defensive Investor and the Enterprising Investor. The Defensive Investor is only initially concerned with the low current ratio. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings growth over the last five years. As a result, all value investors following the ModernGraham approach should feel comfortable proceeding with the analysis.

As for a valuation, the company appears to be Overvalued after seeing its EPSmg (normalized earnings) decline from $2.19 in 2013 to an estimated $1.54 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 0.31% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Cominar Real Estate Investment Trust revealed the company was trading below its Graham Number of $27.01. The company pays a dividend of $1.47 per share, for a yield of 10.5%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 9.12, which was below the industry average of 31.91, which by some methods of valuation makes it one of the most undervalued stocks in its industry. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-25.54.

Cominar Real Estate Investment Trust performs fairly well in the ModernGraham grading system, scoring a B+.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$25.54
Graham Number $27.01
PEmg 9.12
Current Ratio 0.55
PB Ratio 0.63
Current Dividend $1.47
Dividend Yield 10.48%
Number of Consecutive Years of Dividend Growth 1

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Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $66,510,000
Total Current Liabilities $121,576,000
Long-Term Debt $4,350,696,000
Total Assets $8,287,785,000
Intangible Assets $166,971,000
Total Liabilities $4,472,272,000
Shares Outstanding (Diluted Average) 172,505,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $1.55
Dec2016 $1.40
Dec2015 $1.62
Dec2014 $1.45
Dec2013 $1.98
Dec2012 $2.91
Dec2011 $2.45
Dec2010 $1.72
Dec2009 $0.57
Dec2008 $0.54
Dec2007 $0.69
Dec2006 $0.98
Dec2005 $0.95
Dec2004 $0.98
Dec2003 $1.14
Dec2002 $1.14
Dec2001 $1.08
Dec2000 $1.03
Dec1999 $1.01
Dec1998 $0.56

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $1.54
Dec2016 $1.65
Dec2015 $1.87
Dec2014 $2.03
Dec2013 $2.19
Dec2012 $2.08
Dec2011 $1.51
Dec2010 $0.99
Dec2009 $0.67
Dec2008 $0.75
Dec2007 $0.89
Dec2006 $1.00
Dec2005 $1.03
Dec2004 $1.07
Dec2003 $1.10
Dec2002 $1.04
Dec2001 $0.91

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

Caretrust REIT Inc Valuation – Initial Coverage $CTRE
Federal Realty Investment Trust Valuation – Initial Coverage $FRT
Extra Space Storage Inc Valuation – Initial Coverage $EXR
UDR Inc Valuation – Initial Coverage $UDR
Digital Realty Trust Inc Valuation – Initial Coverage $DLR
Mid-America Apartment Communities Inc Valuation – Initial Coverage $MAA
American Tower Corp Valuation – February 2017 $AMT
Chartwell Retirement Residences Valuation – Initial Coverage $TSE:CSH.UN
Equity Residential Valuation – February 2017 $EQR
Communications Sales & Leasing Valuation – Initial Coverage $CSAL

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Essex Property Trust Inc Valuation – March 2017 $ESS

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – March 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Essex Property Trust Inc (ESS) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Essex Property Trust, Inc. is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets. The Company owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). Its properties include Mio, Form 15, Emerson Valley Village and Ashton Sherman Village. As of December 31, 2016, it owned or held an interest in 245 communities, aggregating 59,645 apartment homes, excluding its ownership in preferred equity investments, as well as two operating commercial buildings (totaling approximately 140,564 square feet), and six active development projects with 2,223 apartment homes in various stages of development.

ESS Chart

ESS data by YCharts

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To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

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Downloadable PDF version of this valuation:

ModernGraham Valuation of ESS – March 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $14,771,574,817 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 1.40 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 115.80% Pass
6. Moderate PEmg Ratio PEmg < 20 55.27 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 2.39 Pass
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 1.40 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 48.54 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $4.08
MG Growth Estimate 6.46%
MG Value $87.33
Opinion Overvalued
MG Grade C-
MG Value based on 3% Growth $59.12
MG Value based on 0% Growth $34.66
Market Implied Growth Rate 23.36%
Current Price $225.15
% of Intrinsic Value 257.80%

Essex Property Trust Inc does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PEmg ratio. The Enterprising Investor has concerns regarding the level of debt relative to the current assets. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $2.85 in 2013 to an estimated $4.08 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 23.36% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Essex Property Trust Inc revealed the company was trading above its Graham Number of $86.14. The company pays a dividend of $6.4 per share, for a yield of 2.8%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 55.22, which was above the industry average of 31.91. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-85.78.

Essex Property Trust Inc receives an average overall rating in the ModernGraham grading system, scoring a C-.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$85.78
Graham Number $86.14
PEmg 55.22
Current Ratio 1.40
PB Ratio 2.38
Current Dividend $6.40
Dividend Yield 2.84%
Number of Consecutive Years of Dividend Growth 20

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $398,911,000
Total Current Liabilities $284,305,000
Long-Term Debt $5,563,260,000
Total Assets $12,217,408,000
Intangible Assets $0
Total Liabilities $6,025,230,000
Shares Outstanding (Diluted Average) 65,588,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $3.49
Dec2016 $6.27
Dec2015 $3.49
Dec2014 $2.06
Dec2013 $4.04
Dec2012 $3.41
Dec2011 $1.24
Dec2010 $1.14
Dec2009 $2.91
Dec2008 $2.09
Dec2007 $4.24
Dec2006 $2.45
Dec2005 $3.32
Dec2004 $3.36
Dec2003 $1.57
Dec2002 $2.60
Dec2001 $2.63
Dec2000 $2.37
Dec1999 $2.36
Dec1998 $1.36
Dec1997 $1.92

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $4.08
Dec2016 $4.20
Dec2015 $3.06
Dec2014 $2.69
Dec2013 $2.85
Dec2012 $2.22
Dec2011 $1.86
Dec2010 $2.30
Dec2009 $2.92
Dec2008 $2.98
Dec2007 $3.28
Dec2006 $2.76
Dec2005 $2.84
Dec2004 $2.57
Dec2003 $2.22
Dec2002 $2.45
Dec2001 $2.29

Recommended Reading:

Other ModernGraham posts about the company

Essex Property Trust Inc. Analysis – October 2015 Update $ESS
Essex Property Trust Inc. Analysis – Initial Coverage $ESS

Other ModernGraham posts about related companies

Caretrust REIT Inc Valuation – Initial Coverage $CTRE
Federal Realty Investment Trust Valuation – Initial Coverage $FRT
Extra Space Storage Inc Valuation – Initial Coverage $EXR
UDR Inc Valuation – Initial Coverage $UDR
Digital Realty Trust Inc Valuation – Initial Coverage $DLR
Mid-America Apartment Communities Inc Valuation – Initial Coverage $MAA
American Tower Corp Valuation – February 2017 $AMT
Chartwell Retirement Residences Valuation – Initial Coverage $TSE:CSH.UN
Equity Residential Valuation – February 2017 $EQR
Communications Sales & Leasing Valuation – Initial Coverage $CSAL

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Caretrust REIT Inc Valuation – Initial Coverage $CTRE

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how CareTrust REIT Inc (CTRE) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): CareTrust REIT, Inc. is a self-administered, self-managed real estate investment trust. The Company is engaged in the ownership, acquisition and leasing of healthcare-related properties. It makes investments in healthcare-related real estate assets. As of December 31, 2016, its real estate portfolio included 154 skilled nursing facilities (SNFs), SNF Campuses, assisted living facilities and independent living facilities. As of December 31, 2016, the 93 facilities leased to The Ensign Group, Inc. had a total of 9,916 beds and units and are located in Arizona, California, Colorado, Idaho, Iowa, Nebraska, Nevada, Texas, Utah and Washington; the 16 facilities leased to affiliates of Pristine Senior Living, LLC had a total of 1,488 beds and units; and the 42 remaining leased properties had a total of 3,515 beds and units and are located in California, Colorado, Florida, Georgia, Idaho, Indiana, Iowa, Maryland, Michigan, Minnesota, North Carolina, Texas, Virginia, Washington and Wisconsin.

CTRE Chart

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ModernGraham Valuation of CTRE – March 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $1,015,882,595 Fail
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.64 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Fail
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 4466.67% Pass
6. Moderate PEmg Ratio PEmg < 20 45.71 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.91 Pass
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.64 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -53.24 Fail
3. Earnings Stability Positive EPS for 5 years prior Fail
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $0.34
MG Growth Estimate 15.00%
MG Value $13.01
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $4.90
MG Value based on 0% Growth $2.87
Market Implied Growth Rate 18.61%
Current Price $15.45
% of Intrinsic Value 118.73%

Caretrust REIT Inc does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the small size, low current ratio, insufficient earnings stability over the last ten years, the poor dividend history, and the high PEmg ratio. The Enterprising Investor has concerns regarding the level of debt relative to the current assets, and the lack of earnings stability over the last five years. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $-0.01 in 2013 to an estimated $0.34 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 18.61% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Caretrust REIT Inc revealed the company was trading above its Graham Number of $9.63. The company pays a dividend of $0.67 per share, for a yield of 4.3%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 45.71, which was above the industry average of 31.91. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-8.18.

Caretrust REIT Inc scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$8.18
Graham Number $9.63
PEmg 45.71
Current Ratio 0.64
PB Ratio 1.91
Current Dividend $0.67
Dividend Yield 4.34%
Number of Consecutive Years of Dividend Growth 1

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
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Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $14,765,000
Total Current Liabilities $23,212,000
Long-Term Debt $449,716,000
Total Assets $925,358,000
Intangible Assets $0
Total Liabilities $472,928,000
Shares Outstanding (Diluted Average) 56,030,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $0.59
Dec2016 $0.52
Dec2015 $0.26
Dec2014 -$0.36
Dec2013 -$0.02
Dec2012 $0.01

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.34
Dec2016 $0.17
Dec2015 -$0.01
Dec2014 -$0.12
Dec2013 -$0.01

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

Federal Realty Investment Trust Valuation – Initial Coverage $FRT
Extra Space Storage Inc Valuation – Initial Coverage $EXR
UDR Inc Valuation – Initial Coverage $UDR
Digital Realty Trust Inc Valuation – Initial Coverage $DLR
Mid-America Apartment Communities Inc Valuation – Initial Coverage $MAA
American Tower Corp Valuation – February 2017 $AMT
Chartwell Retirement Residences Valuation – Initial Coverage $TSE:CSH.UN
Equity Residential Valuation – February 2017 $EQR
Communications Sales & Leasing Valuation – Initial Coverage $CSAL
Kite Realty Group Trust Valuation – Initial Coverage $KRG

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Federal Realty Investment Trust Valuation – Initial Coverage $FRT

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Federal Realty Investment Trust (FRT) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Federal Realty Investment Trust is an equity real estate investment trust (REIT). The Company specializes in the ownership, management and redevelopment of retail and mixed-use properties located primarily in affluent communities in selected metropolitan markets in the Northeast and Mid-Atlantic regions of the United States, as well as in California and South Florida. As of December 31, 2016, the Company owned or had an interest in community and neighborhood shopping centers and mixed-use properties, which operated as 96 retail real estate projects and included approximately 22.6 million square feet. As of December 31, 2016, its 96 retail shopping center and mixed-use properties were located in 12 states and the District of Columbia. As of December 31, 2016, there were approximately 2,900 leases with tenants providing a range of retail products and services. These tenants range from sole proprietorships to national retailers, or corporate group of tenants.

FRT Chart

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ModernGraham Valuation of FRT – March 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $9,562,718,693 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.59 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 65.00% Pass
6. Moderate PEmg Ratio PEmg < 20 44.22 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 4.83 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.59 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -22.83 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $3.04
MG Growth Estimate 5.03%
MG Value $56.37
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $44.05
MG Value based on 0% Growth $25.82
Market Implied Growth Rate 17.86%
Current Price $134.33
% of Intrinsic Value 238.29%

Federal Realty Investment Trust does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $2.28 in 2013 to an estimated $3.04 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 17.86% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Federal Realty Investment Trust revealed the company was trading above its Graham Number of $43.23. The company pays a dividend of $3.84 per share, for a yield of 2.9%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 44.22, which was above the industry average of 31.91. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-46.12.

Federal Realty Investment Trust scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$46.12
Graham Number $43.23
PEmg 44.22
Current Ratio 0.59
PB Ratio 4.83
Current Dividend $3.84
Dividend Yield 2.86%
Number of Consecutive Years of Dividend Growth 3

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $170,021,000
Total Current Liabilities $289,481,000
Long-Term Debt $2,726,862,000
Total Assets $5,423,279,000
Intangible Assets $0
Total Liabilities $3,446,546,000
Shares Outstanding (Diluted Average) 71,049,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $3.04
Dec2016 $3.50
Dec2015 $3.03
Dec2014 $2.41
Dec2013 $2.46
Dec2012 $2.35
Dec2011 $2.28
Dec2010 $1.98
Dec2009 $1.63
Dec2008 $2.19
Dec2007 $3.45
Dec2006 $1.92
Dec2005 $1.94
Dec2004 $1.41
Dec2003 $1.59
Dec2002 $0.85
Dec2001 $1.09
Dec2000 $1.35
Dec1999 $1.02
Dec1998 $0.94
Dec1997 $1.14

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $3.04
Dec2016 $2.94
Dec2015 $2.61
Dec2014 $2.37
Dec2013 $2.28
Dec2012 $2.15
Dec2011 $2.14
Dec2010 $2.12
Dec2009 $2.20
Dec2008 $2.39
Dec2007 $2.34
Dec2006 $1.71
Dec2005 $1.53
Dec2004 $1.30
Dec2003 $1.22
Dec2002 $1.04
Dec2001 $1.13

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

Extra Space Storage Inc Valuation – Initial Coverage $EXR
UDR Inc Valuation – Initial Coverage $UDR
Digital Realty Trust Inc Valuation – Initial Coverage $DLR
Mid-America Apartment Communities Inc Valuation – Initial Coverage $MAA
American Tower Corp Valuation – February 2017 $AMT
Chartwell Retirement Residences Valuation – Initial Coverage $TSE:CSH.UN
Equity Residential Valuation – February 2017 $EQR
Communications Sales & Leasing Valuation – Initial Coverage $CSAL
Kite Realty Group Trust Valuation – Initial Coverage $KRG
Kilroy Realty Corp Valuation – Initial Coverage $KRC

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Extra Space Storage Inc Valuation – Initial Coverage $EXR

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Extra Space Storage Inc (EXR) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Extra Space Storage Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company operates through three segments: rental operations; tenant reinsurance, and property management, acquisition and development. The Company owns, operates, manages, acquires, develops and redevelops self-storage properties (stores). The Company has interests in approximately 1000 operating stores. Of these stores, the Company owns approximately 270 stores in joint venture partnerships. An additional approximately 350 operating stores are owned by third parties and operated by the Company. The Company’s operating stores are located in over 30 states of the United States, Washington D.C. and Puerto Rico, and contains approximately 100 million square feet of net rentable space in approximately 896,000 units. The Company’s businesses are conducted through Extra Space Storage LP. The Company’s rental operations activities include rental operations of stores.

EXR Chart

EXR data by YCharts

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Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

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ModernGraham Valuation of EXR – March 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $9,914,532,260 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.16 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 504.42% Pass
6. Moderate PEmg Ratio PEmg < 20 36.26 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 4.44 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.16 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -10.05 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $2.18
MG Growth Estimate 15.00%
MG Value $83.96
Opinion Fairly Valued
MG Grade D+
MG Value based on 3% Growth $31.62
MG Value based on 0% Growth $18.54
Market Implied Growth Rate 13.88%
Current Price $79.08
% of Intrinsic Value 94.19%

Extra Space Storage, Inc. does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Fairly Valued after growing its EPSmg (normalized earnings) from $0.99 in 2013 to an estimated $2.18 for 2017. This level of demonstrated earnings growth supports the market’s implied estimate of 13.88% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value within a margin of safety relative to the price.

At the time of valuation, further research into Extra Space Storage, Inc. revealed the company was trading above its Graham Number of $30.78. The company pays a dividend of $2.93 per share, for a yield of 3.7%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 36.26, which was above the industry average of 31.91. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-37.89.

Extra Space Storage, Inc. scores quite poorly in the ModernGraham grading system, with an overall grade of D+.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$37.89
Graham Number $30.78
PEmg 36.26
Current Ratio 0.16
PB Ratio 4.44
Current Dividend $2.93
Dividend Yield 3.71%
Number of Consecutive Years of Dividend Growth 8

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $74,353,000
Total Current Liabilities $466,388,000
Long-Term Debt $3,941,223,000
Total Assets $7,091,446,000
Intangible Assets $0
Total Liabilities $4,846,554,000
Shares Outstanding (Diluted Average) 125,948,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $2.36
Dec2016 $2.91
Dec2015 $1.56
Dec2014 $1.53
Dec2013 $1.53
Dec2012 $1.14
Dec2011 $0.54
Dec2010 $0.30
Dec2009 $0.37
Dec2008 $0.46
Dec2007 $0.53
Dec2006 $0.27
Dec2005 -$0.14
Dec2004 -$1.68
Dec2003 -$5.62
Dec2002 -$3.84

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $2.18
Dec2016 $1.97
Dec2015 $1.42
Dec2014 $1.24
Dec2013 $0.99
Dec2012 $0.66
Dec2011 $0.43
Dec2010 $0.38
Dec2009 $0.38
Dec2008 $0.22
Dec2007 -$0.38
Dec2006 -$1.29
Dec2005 -$2.13
Dec2004 -$2.83
Dec2003 -$2.90
Dec2002 -$1.28

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

American Tower Corp Valuation – February 2017 $AMT
Chartwell Retirement Residences Valuation – Initial Coverage $TSE:CSH.UN
Equity Residential Valuation – February 2017 $EQR
Communications Sales & Leasing Valuation – Initial Coverage $CSAL
Kite Realty Group Trust Valuation – Initial Coverage $KRG
Kilroy Realty Corp Valuation – Initial Coverage $KRC
Crombie Real Estate Investment Trust Valuation – Initial Coverage $TSE:CRR.UN
Smart REIT Valuation – Initial Coverage $TSE:SRU.UN
Prologis Inc Valuation – February 2017 $PLD
Camden Property Trust Valuation – Initial Coverage $CPT

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

UDR Inc Valuation – Initial Coverage $UDR

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how UDR Inc (UDR) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): UDR, Inc. is a real estate investment trust. The Company owns, operates, acquires, renovates, develops, redevelops and manages multifamily apartment communities generally located in various markets across the United States. The Company operates through two segments: Same-Store Communities and Non-Mature Communities/Other. The Company’s consolidated real estate portfolio includes approximately 130 communities located in over 20 markets, with a total of approximately 40,730 completed apartment homes. The Company holds an ownership interest in approximately 30 communities containing over 6,700 apartment homes through unconsolidated joint ventures or partnerships. The Company is engaged in the development of a community with approximately 520 apartment homes and over four unconsolidated joint venture communities with approximately 1,170 apartment homes. The Company’s properties are located in various areas, such as California, Florida, Maryland, Oregon, Massachusetts and Texas.

UDR Chart

UDR data by YCharts

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To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

Learn More About Premium Membership

[/level-free]
[not-level-free]

Downloadable PDF version of this valuation:

ModernGraham Valuation of UDR – March 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $9,471,963,779 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.15 Fail
3. Earnings Stability Positive EPS for 10 years prior Fail
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end -34.26% Fail
6. Moderate PEmg Ratio PEmg < 20 50.19 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.10 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.15 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -14.80 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $0.72
MG Growth Estimate 15.00%
MG Value $27.54
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $10.37
MG Value based on 0% Growth $6.08
Market Implied Growth Rate 20.84%
Current Price $35.90
% of Intrinsic Value 130.35%

UDR, Inc. does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, insufficient earnings stability or growth over the last ten years, and the high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $0.16 in 2013 to an estimated $0.72 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 20.84% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into UDR, Inc. revealed the company was trading above its Graham Number of $7.85. The company pays a dividend of $1.18 per share, for a yield of 3.3%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 50.19, which was above the industry average of 31.91. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-17.

UDR, Inc. scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$17.00
Graham Number $7.85
PEmg 50.19
Current Ratio 0.15
PB Ratio 3.10
Current Dividend $1.18
Dividend Yield 3.29%
Number of Consecutive Years of Dividend Growth 0

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $41,896,000
Total Current Liabilities $271,654,000
Long-Term Debt $3,401,478,000
Total Assets $7,679,584,000
Intangible Assets $0
Total Liabilities $4,586,474,000
Shares Outstanding (Diluted Average) 267,311,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $0.24
Dec2016 $1.08
Dec2015 $1.29
Dec2014 $0.59
Dec2013 $0.16
Dec2012 $0.85
Dec2011 $0.05
Dec2010 -$0.68
Dec2009 -$0.64
Dec2008 $5.29
Dec2007 $1.41
Dec2006 $0.85
Dec2005 $1.03
Dec2004 $0.56
Dec2003 $0.21
Dec2002 $0.24
Dec2001 $0.27
Dec2000 $0.41
Dec1999 $0.54
Dec1998 $0.49
Dec1997 $0.60

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $0.72
Dec2016 $0.90
Dec2015 $0.74
Dec2014 $0.37
Dec2013 $0.16
Dec2012 $0.43
Dec2011 $0.51
Dec2010 $0.91
Dec2009 $1.66
Dec2008 $2.48
Dec2007 $0.99
Dec2006 $0.71
Dec2005 $0.58
Dec2004 $0.35
Dec2003 $0.28
Dec2002 $0.34
Dec2001 $0.41

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

American Tower Corp Valuation – February 2017 $AMT
Chartwell Retirement Residences Valuation – Initial Coverage $TSE:CSH.UN
Equity Residential Valuation – February 2017 $EQR
Communications Sales & Leasing Valuation – Initial Coverage $CSAL
Kite Realty Group Trust Valuation – Initial Coverage $KRG
Kilroy Realty Corp Valuation – Initial Coverage $KRC
Crombie Real Estate Investment Trust Valuation – Initial Coverage $TSE:CRR.UN
Smart REIT Valuation – Initial Coverage $TSE:SRU.UN
Prologis Inc Valuation – February 2017 $PLD
Camden Property Trust Valuation – Initial Coverage $CPT

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Digital Realty Trust Inc Valuation – Initial Coverage $DLR

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Digital Realty Trust Inc (DLR) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Digital Realty Trust, Inc. is a real estate investment trust (REIT). The Company owns, acquires, develops and manages technology-related real estate. The Company is focused on providing data center and colocation solutions for domestic and international tenants across a range of industry verticals ranging from financial services, cloud and information technology services, to manufacturing, energy, healthcare and consumer products. The Company’s types of properties within its portfolio include corporate data centers; Internet gateway data centers, which serve as hubs for Internet and data communications within and between metropolitan areas, and office and other non-data center space. The Company’s portfolio consists of approximately 140 operating properties. The Company owns approximately 98.1% common general partnership interest in Digital Realty Trust, L.P.

DLR Chart

DLR data by YCharts

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ModernGraham Valuation of DLR – March 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $17,382,182,416 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.65 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 200.60% Pass
6. Moderate PEmg Ratio PEmg < 20 68.05 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 3.20 Fail
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.65 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -17.06 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $1.59
MG Growth Estimate 0.96%
MG Value $16.57
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $23.08
MG Value based on 0% Growth $13.53
Market Implied Growth Rate 29.77%
Current Price $108.33
% of Intrinsic Value 653.61%

Digital Realty Trust, Inc. does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PEmg and PB ratios. The Enterprising Investor has concerns regarding the level of debt relative to the current assets. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $1.5 in 2013 to an estimated $1.59 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 29.77% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Digital Realty Trust, Inc. revealed the company was trading above its Graham Number of $26.99. The company pays a dividend of $3.52 per share, for a yield of 3.2%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 68.05, which was above the industry average of 31.91. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-42.94.

Digital Realty Trust, Inc. scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$42.94
Graham Number $26.99
PEmg 68.05
Current Ratio 0.65
PB Ratio 3.20
Current Dividend $3.52
Dividend Yield 3.25%
Number of Consecutive Years of Dividend Growth 14

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $626,735,000
Total Current Liabilities $969,072,000
Long-Term Debt $5,838,607,000
Total Assets $12,192,585,000
Intangible Assets $2,125,750,000
Total Liabilities $7,096,570,000
Shares Outstanding (Diluted Average) 150,680,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $1.26
Dec2016 $2.20
Dec2015 $1.56
Dec2014 $0.99
Dec2013 $2.12
Dec2012 $1.48
Dec2011 $1.32
Dec2010 $0.68
Dec2009 $0.61
Dec2008 $0.38
Dec2007 $0.30
Dec2006 $0.47
Dec2005 $0.25
Dec2004 -$0.30

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $1.59
Dec2016 $1.73
Dec2015 $1.49
Dec2014 $1.41
Dec2013 $1.50
Dec2012 $1.09
Dec2011 $0.81
Dec2010 $0.54
Dec2009 $0.44
Dec2008 $0.31
Dec2007 $0.24
Dec2006 $0.16
Dec2005 $0.00
Dec2004 -$0.10

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

American Tower Corp Valuation – February 2017 $AMT
Chartwell Retirement Residences Valuation – Initial Coverage $TSE:CSH.UN
Equity Residential Valuation – February 2017 $EQR
Communications Sales & Leasing Valuation – Initial Coverage $CSAL
Kite Realty Group Trust Valuation – Initial Coverage $KRG
Kilroy Realty Corp Valuation – Initial Coverage $KRC
Crombie Real Estate Investment Trust Valuation – Initial Coverage $TSE:CRR.UN
Smart REIT Valuation – Initial Coverage $TSE:SRU.UN
Prologis Inc Valuation – February 2017 $PLD
Camden Property Trust Valuation – Initial Coverage $CPT

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

Mid-America Apartment Communities Inc Valuation – Initial Coverage $MAA

Benjamin Graham taught that Intelligent Investors must do a thorough fundamental analysis of investment opportunities to determine their intrinsic value and inherent risk.  This is best done by utilizing a systematic approach to analysis that will provide investors with a sense of how a specific company compares to another company or by reviewing the 10 Stocks for Using A Benjamin Graham Value Investing Strategy – February 2017.  By using the ModernGraham method one can review a company’s historical accomplishments and determine an intrinsic value that can be compared across industries.  What follows is a stock analysis showing a specific look at how Mid-America Apartment Communities Inc (MAA) fares in the ModernGraham valuation model.

Company Profile (obtained from Google Finance): Mid-America Apartment Communities, Inc. (MAA) is a multifamily focused, self-administered and self-managed real estate investment trust (REIT). The Company’s segments include Large market same store communities segment, including communities in markets with a population of approximately one million and approximately 1% of the total public multifamily REIT units that it has owned and that have been stabilized for over 12 months; Secondary market same store communities segment, including communities in markets with populations of approximately one million with over 1% of the total public multifamily REIT units or markets with populations of approximately one million that it has owned and that have been stabilized for approximately 12 months, and Non same store communities and other segment, including recent acquisitions, communities in development or lease-up, communities that have been identified for disposition, and communities that have undergone a significant casualty loss.

MAA Chart

MAA data by YCharts

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To read the details of this valuation, you must be logged in as a premium member. If you are not a premium member, please consider becoming one.

Premium members can view a full ModernGraham valuation of the company and have access to download a PDF version of the valuation for easy reference. Recent valuations of the components of the Dow Jones Industrial Average are available for free members, including this one of Microsoft Corporation.  In addition, here is a post detailing what can be found within each individual company’s valuation.

Learn More About Premium Membership

[/level-free]
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Downloadable PDF version of this valuation:

ModernGraham Valuation of MAA – March 2017

Stage 1: Is this company suitable for the Defensive Investor or the Enterprising Investor?

What kind of Intelligent Investor are you?

Defensive Investor; must pass 6 out of the following 7 tests.
1. Adequate Size of the Enterprise Market Cap > $2Bil $11,445,455,685 Pass
2. Sufficiently Strong Financial Condition Current Ratio > 2 0.28 Fail
3. Earnings Stability Positive EPS for 10 years prior Pass
4. Dividend Record Dividend Payments for 10 years prior Pass
5. Earnings Growth Increase of 33% in EPS in past 10 years using 3 year averages at beginning and end 341.95% Pass
6. Moderate PEmg Ratio PEmg < 20 37.93 Fail
7. Moderate Price to Assets PB Ratio < 2.5 OR PB*PEmg < 50 1.24 Pass
Enterprising Investor; must pass 4 out of the following 5 tests, or be suitable for the Defensive Investor.
1. Sufficiently Strong Financial Condition Current Ratio > 1.5 0.28 Fail
2. Sufficiently Strong Financial Condition Debt to NCA < 1.1 -14.42 Fail
3. Earnings Stability Positive EPS for 5 years prior Pass
4. Dividend Record Currently Pays Dividend Pass
5. Earnings Growth EPSmg greater than 5 years ago Pass

Stage 2: Determination of Intrinsic Value

EPSmg $2.67
MG Growth Estimate 6.89%
MG Value $59.41
Opinion Overvalued
MG Grade D
MG Value based on 3% Growth $38.65
MG Value based on 0% Growth $22.66
Market Implied Growth Rate 14.71%
Current Price $101.09
% of Intrinsic Value 170.16%

Mid-America Apartment Communities Inc does not satisfy the requirements of either the Enterprising Investor or the more conservative Defensive Investor. The Defensive Investor is concerned with the low current ratio, high PEmg ratio. The Enterprising Investor has concerns regarding the level of debt relative to the current assets. As a result, all value investors following the ModernGraham approach should explore other opportunities at this time or proceed cautiously with a speculative attitude.

As for a valuation, the company appears to be Overvalued after growing its EPSmg (normalized earnings) from $1.83 in 2013 to an estimated $2.67 for 2017. This level of demonstrated earnings growth does not support the market’s implied estimate of 14.71% annual earnings growth over the next 7-10 years. As a result, the ModernGraham valuation model, based on the Benjamin Graham value investing formula, returns an estimate of intrinsic value below the price.

At the time of valuation, further research into Mid-America Apartment Communities Inc revealed the company was trading above its Graham Number of $49.88. The company pays a dividend of $3.28 per share, for a yield of 3.2%, putting it among the best dividend paying stocks today. Its PEmg (price over earnings per share – ModernGraham) was 37.93, which was above the industry average of 31.91. Finally, the company was trading above its Net Current Asset Value (NCAV) of $-64.45.

Mid-America Apartment Communities Inc scores quite poorly in the ModernGraham grading system, with an overall grade of D.

Stage 3: Information for Further Research

Net Current Asset Value (NCAV) -$64.45
Graham Number $49.88
PEmg 37.93
Current Ratio 0.28
PB Ratio 1.24
Current Dividend $3.28
Dividend Yield 3.24%
Number of Consecutive Years of Dividend Growth 7

[/not-level-free]

Useful Links:

ModernGraham tagged articles Morningstar
Google Finance MSN Money
Yahoo Finance Seeking Alpha
GuruFocus SEC Filings

Most Recent Balance Sheet Figures

Balance Sheet Information 12/1/2016
Total Current Assets $121,800,000
Total Current Liabilities $433,776,000
Long-Term Debt $4,499,712,000
Total Assets $11,604,491,000
Intangible Assets $1,239,000
Total Liabilities $5,200,672,000
Shares Outstanding (Diluted Average) 78,800,000

Earnings Per Share History

EPS History
Next Fiscal Year Estimate $1.96
Dec2016 $2.69
Dec2015 $4.41
Dec2014 $1.97
Dec2013 $2.25
Dec2012 $2.56
Dec2011 $1.31
Dec2010 $0.56
Dec2009 $0.85
Dec2008 $0.64
Dec2007 $1.01
Dec2006 $0.29
Dec2005 $0.25
Dec2004 $0.50
Dec2003 -$0.07
Dec2002 -$0.11
Dec2001 $0.72
Dec2000 $0.78
Dec1999 $0.93
Dec1998 $0.82
Dec1997 $0.43

Earnings Per Share – ModernGraham History

EPSmg History
Next Fiscal Year Estimate $2.67
Dec2016 $2.94
Dec2015 $2.87
Dec2014 $1.98
Dec2013 $1.83
Dec2012 $1.47
Dec2011 $0.91
Dec2010 $0.70
Dec2009 $0.71
Dec2008 $0.61
Dec2007 $0.53
Dec2006 $0.25
Dec2005 $0.24
Dec2004 $0.27
Dec2003 $0.26
Dec2002 $0.49
Dec2001 $0.77

Recommended Reading:

Other ModernGraham posts about the company

None. This is the first time ModernGraham has covered the company.

Other ModernGraham posts about related companies

American Tower Corp Valuation – February 2017 $AMT
Chartwell Retirement Residences Valuation – Initial Coverage $TSE:CSH.UN
Equity Residential Valuation – February 2017 $EQR
Communications Sales & Leasing Valuation – Initial Coverage $CSAL
Kite Realty Group Trust Valuation – Initial Coverage $KRG
Kilroy Realty Corp Valuation – Initial Coverage $KRC
Crombie Real Estate Investment Trust Valuation – Initial Coverage $TSE:CRR.UN
Smart REIT Valuation – Initial Coverage $TSE:SRU.UN
Prologis Inc Valuation – February 2017 $PLD
Camden Property Trust Valuation – Initial Coverage $CPT

Disclaimer:

The author did not hold a position in any company mentioned in this article at the time of publication and had no intention of changing that position within the next 72 hours.  See my current holdings here.  This article is not investment advice; any reader should speak to a registered investment adviser prior to making any investment decisions.  ModernGraham is not affiliated with the company in any manner.  Please be sure to review our detailed disclaimer.

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