© 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered tradem...
2
Safe Harbor Language
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
This presentat...
3
We Store & Manage Information Assets
73% 17% 10%
Records Management Data Management Shredding
Based on FY2013 result...
4
Diversified Global Business
 $3B annual revenues
 >155,000 customers
 Serving 95% of Fortune 1000
 67MM SF of r...
5
What You Will Hear Today
We are uniquely positioned to create value through our operating
model and real estate strat...
6
Global Real Estate Portfolio of More than 1,000 Facilities
67 million total square footage
 Owned: 24 million sq. ft...
7
Illustrative North America RM Storage
Annual Economics(1)
(per square foot, except for ROIC)
Investment
Customer ac...
8
NA Leased (47%) Owned (36%) INTL Leased (17%)
Significant global real estate footprint –
more than 1,000 facilities i...
9
2%
9%
16%
8%
4%
3%
3%
37%
18%
North America Revenue by Vertical
Other2
Insurance
Financial
Healthcare
Fed...
10
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
2007 2008 2009 2010 2011 2012 2013
Same Store NOI Growth
(Historical)
Indus...
11
Large & growing
 59% of revenues ($1.8B)
 4% - 5% constant dollar growth
GDP correlated & inflation hedged
25 Co...
12
Consistent Incoming Storage Volume
 6-7% new volume from existing customers globally
 Cut sheet paper demand growt...
13
Strategy to Extend Durability of Business
Speed and Agility
Simplification, Process Automation and Efficiency
Devel...
14
$2,694
$2,810-
$2,870
$1,047
$1,100-
$1,150
2013 Actual 2016 Targets
Revenue Adjusted OIBDA
Developed Market T...
15
Improved Retention and Acquisition Drive Net Volume
Growth
6.8% 6.6% 6.3% 6.3% 6.3% 6.2% 6.1% 6.1%
1.9% 1.9% 1.9% 2...
16
Capturing Opportunity in
Emerging Markets
 Investing to drive leadership
 Currently 12.2% of total revenue
 Goa...
17
$160
$50
$145
$55
$85
$30
IMLA EMEA Asia
New Territories Current Territories
Acquisition opportunities in both...
18
Evaluating Data Center Potential for Emerging Business
Opportunities
Illustrative Value Creation and
Estimated Stab...
19
$3,026
$3,360-
$3,470
$2,200
$2,400
$2,600
$2,800
$3,000
$3,200
$3,400
$3,600
2013 Base Incremental M&A 201...
20
Low-volatility, Moderate Growth with Attractive Yield
$919
$35-$60
$20-$45
$20-$30 $995 - $1,055
Adj. OIBDA 2013 ...
21
Stockholder Distributions
Receipts and Reporting for 2014
Amounts paid in Jan, April, July, Oct. & Dec. 2014 are
in...
22
Drivers of Net Asset Value (NAV)
Corporate
Governance
Balance Sheet
Risk
Franchise Value
Premium / Discount to N...
23
Significant Franchise Value Supports Enhanced
Valuation
 Solid track record of enhancing shareholder value
 Share...
24
Strong Corporate Governance Profile
 Demonstrated responsiveness to investors
 Non-staggered, independent Board wi...
25
Attractive Balance Sheet / Capital Structure Poised for
Improvement as a REIT
 Debt-to-total-market cap compares fa...
26
Overhead Structure Reflects Defensible Moat and
Operating Business
 High-return storage rental business
 Average ...
27
“Enterprise Storage” Compares Favorably
Iron Mountain Self-storage Industrial
North America annual rental revenue/SF...
28
Potential for Broadened Investor Base and
Enhanced Valuation
13.2
15.1
15.6
16.5
16.9
18.3
20.5
17.3
20.4
2...
29
Key Messages
We are uniquely positioned to create value through our operating
model and real estate strategy
We hav...
30
Questions?
© 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered tradem...
32
Ordinary distribution and core
real estate investment covered
by cash flow
Data Center business,
opportunistic Rea...
33
Updated Guidance
$MM
Current 2014
Guidance
Previous 2014
Guidance (If Different)
Preliminary 2015
Guidance C$ Y...
of 33

Nareit reit world-conference-final-v001_m3s1fw

a
Published on: Mar 3, 2016
Published in: Business      
Source: www.slideshare.net


Transcripts - Nareit reit world-conference-final-v001_m3s1fw

  • 1. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated. All other trademarks and registered trademarks are the property of their respective owners. November 2014 Durable Fundamentals and Differentiated Business Model Deliver Enhanced Returns
  • 2. 2 Safe Harbor Language Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws and is subject to the safe-harbor created by such Act. Forward-looking statements include our financial performance outlook and shareholder returns and statements regarding our operations, economic performance, financial condition, goals, beliefs, future growth strategies, investment objectives, plans and current expectations, such as projected revenues from our emerging market acquisition pipeline, valuation creation and returns associated with our data center business and the anticipated benefits of our conversion to a real estate investment trust for federal income tax purposes, including the opportunity to create value by acquiring leased space, our potential for a broadened investor base and enhanced valuations and the estimated range of our ordinary dividends to be paid in the last quarter of 2014. These forward-looking statements are subject to various known and unknown risks, uncertainties and other factors. When we use words such as "believes," "expects," "anticipates," "estimates" or similar expressions, we are making forward-looking statements. You should not rely upon forward-looking statements except as statements of our present intentions and of our present expectations, which may or may not occur. Although we believe that our forward-looking statements are based on reasonable assumptions, our expected results may not be achieved, and actual results may differ materially from our expectations. Important factors that could cause actual results to differ from our other expectations include, among others: (i) the actual cash dividends paid in the last quarter of 2014 may be materially different from our estimates (ii) the cost to comply with current and future laws, regulations and customer demands relating to privacy issues; (iii) the impact of litigation or disputes that may arise in connection with incidents in which we fail to protect our customers' information; (iv) changes in the price for our storage and information management services relative to the cost of providing such storage and information management services; (v) changes in customer preferences and demand for our storage and information management services; (vi) the adoption of alternative technologies and shifts by our customers to storage of data through non-paper based technologies; (vii) the cost or potential liabilities associated with real estate necessary for our business; (viii) the performance of business partners upon whom we depend for technical assistance or management expertise outside the U.S.; (ix) changes in the political and economic environments in the countries in which our international subsidiaries operate; (x) claims that our technology violates the intellectual property rights of a third party; (xi) changes in the cost of our debt; (xii) the impact of alternative, more attractive investments on dividends; (xiii) our ability or inability to complete acquisitions on satisfactory terms and to integrate acquired companies efficiently; (xiv) other trends in competitive or economic conditions affecting our financial condition or results of operations not presently contemplated; and (xv) other risks described more fully in our Annual Report on Form 10-K filed on February 28, 2014 under “Item 1A. Risk Factors”, our Quarterly Report on Form 10-Q filed on July 31, 2014 under “Item 1A Risk Factors” and other documents that we file with the SEC from time to time. Except as required by law, we undertake no obligation to release publicly the result of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
  • 3. 3 We Store & Manage Information Assets 73% 17% 10% Records Management Data Management Shredding Based on FY2013 results
  • 4. 4 Diversified Global Business  $3B annual revenues  >155,000 customers  Serving 95% of Fortune 1000  67MM SF of real estate in >1,000 facilities Compelling Customer Value Proposition  Reduce costs and risks of storing and protecting information assets  Broadest range of footprint and services  Most trusted brand Leading Global Presence 36 Countries 5 Continents
  • 5. 5 What You Will Hear Today We are uniquely positioned to create value through our operating model and real estate strategy We have a defensible moat that protects long-term value Fundamentals support stable growth in storage rental Leading storage rental-driven business, supported by defensible market leadership and stable fundamentals, drives attractive shareholder returns Attractive business characteristics underscore value creation
  • 6. 6 Global Real Estate Portfolio of More than 1,000 Facilities 67 million total square footage  Owned: 24 million sq. ft.  Leased: 43 million sq. ft.  Buyout option: ~3.4 million sq. ft.  Owned/Controlled: 40% of real estate by sq. ft.  Average size: 61k sq. ft. Leased facilities  Weighted avg. remaining lease obligation: 5.6 yrs.  Weighted avg. remaining lease obligation with exercise of all extension options: 12.5 yrs. Records Management Utilization rates  Building: 83%  Racking: 91% Data Protection Utilization Rates  Building: 69%  Racking: 81%
  • 7. 7 Illustrative North America RM Storage Annual Economics(1) (per square foot, except for ROIC) Investment Customer acquisition $ 42 Building and outfitting 54 Racking structures 54 Total investment $ 150 Storage Rental Income Storage rental revenue $ 27 Direct operating costs (3) Allocated field overhead (3) Storage rental income $ 21 Pre-Tax Storage Rental ROIC(2) ~14% High storage rental revenue /SF Occupancy costs incurred by the SF; revenue earned by the cubic foot Storage rental value creation drivers  Racking investment supports ability to drive higher NOI  Low maintenance capex requirements  Network utilization  Portfolio management of multiple tenants  Related services Attractive, High-Return Storage Rental Businesses (1) Reflects average portfolio pricing and assumes an owned facility (2) Includes maintenance CapEx, assumed at 2% of revenue
  • 8. 8 NA Leased (47%) Owned (36%) INTL Leased (17%) Significant global real estate footprint – more than 1,000 facilities in 67MM SF Acquisition opportunity of $700MM to $1B over 10-year timeframe Expanded real estate purchase program; purchased and under contract $40 million year to date or approximately 700k sq. ft.  Expected IRR of 9 – 12%  Supports REIT Asset Test  Enhances real estate residual value Real Estate Acquisitions to Enhance Returns Potential $2.5B - $3.0B Purchase Universe
  • 9. 9 2% 9% 16% 8% 4% 3% 3% 37% 18% North America Revenue by Vertical Other2 Insurance Financial Healthcare Federal Legal Energy Business Services Life Sciences High-quality, Diversified Customer Base 155,000 customers Serving 950 of Fortune 1000 No single customer represents greater than 2% Top 20 customers have historically represented between 6% to 7% of consolidated revenues Customer retention is consistently high with annual losses of less than 3% (on a volume basis) attributable to customer terminations Long average life of a box in storage (~15 yrs.)1 (1) Based on annual volume churn rate of ~7% (2) No single vertical within ‘Other’ comprises more than 1% of North America Revenue
  • 10. 10 -6% -4% -2% 0% 2% 4% 6% 8% 10% 2007 2008 2009 2010 2011 2012 2013 Same Store NOI Growth (Historical) Industrial average Self-storage average Storage Rental Revenue is Stable Throughout Cycles Source: Benchmark data provided by Green Street Advisors IRM average internal storage rental revenue growth
  • 11. 11 Large & growing  59% of revenues ($1.8B)  4% - 5% constant dollar growth GDP correlated & inflation hedged 25 Consecutive Years of Storage Rental Growth 2013 $1,785 Storage Rental ($MM)
  • 12. 12 Consistent Incoming Storage Volume  6-7% new volume from existing customers globally  Cut sheet paper demand growth flat, but documents still being produced and stored  Records becoming more archival in nature -4% -5% -3% -6% -3% 0% 3% 6% Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 New Volume From Existing Customers NA Paper Demand 1% -1% 1% -6% -3% 0% 3% 6% 9% 12% 15% Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 New Volume From Existing Customers Global Paper Demand Emerging Markets Developed Markets Source for paper trends data: Resource Information Systems Inc. (RISI)
  • 13. 13 Strategy to Extend Durability of Business Speed and Agility Simplification, Process Automation and Efficiency Developed Markets Drive Profitable Revenue Growth; Grow Tape and Cube Volume Strategic Plan Emerging Markets Expand and Leverage Emerging Businesses Identify, Incubate, Scale or Scrap (Data Center) Organization and Culture Organizational Capabilities, Talent and Processes CORE PILLARS ENABLERS
  • 14. 14 $2,694 $2,810- $2,870 $1,047 $1,100- $1,150 2013 Actual 2016 Targets Revenue Adjusted OIBDA Developed Market Targets ($MM) Driving profitable growth Enhanced cube volume growth  Sales force excellence  Acquisitions Speed & Agility drives profitability Getting More out of Global Developed Markets Stable Base Supports Moderate Growth with Low Risk 2013 Adj. OIBDA excludes restructuring charges
  • 15. 15 Improved Retention and Acquisition Drive Net Volume Growth 6.8% 6.6% 6.3% 6.3% 6.3% 6.2% 6.1% 6.1% 1.9% 1.9% 1.9% 2.0% 2.1% 2.1% 2.2% 2.1% 1.5% 1.5% 0.3% 2.1% 4.5% 5.2% 5.9% 3.7% -4.7% -4.7% -4.6% -4.6% -4.6% -4.5% -4.7% -4.5% -2.7% -2.7% -2.6% -2.6% -2.5% -2.3% -2.0% -1.9% 2.7% 2.6% 1.4% 3.2% 5.8% 6.7% 7.6% 5.5% Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Organic New Sales Acquisitions Destructions Outperm/Terms Year-over-Year Global Net Volume Growth Rates (Records Management Only) Net Volume Growth Rate
  • 16. 16 Capturing Opportunity in Emerging Markets  Investing to drive leadership  Currently 12.2% of total revenue  Goal: increase percentage of total revenue to 16%  ~50% of emerging market growth driven by acquisitions  First wave of outsourcing 2013 Adjusted OIBDA excludes restructuring charges M&A Key Driver of Emerging Market Strategy $319 $510-$550 $65 $100- $150 2013 Actual 2016 Targets Revenue Adjusted OIBDA Emerging Market Targets ($MM) 100- 120 Base 90- 110 Acquisitions
  • 17. 17 $160 $50 $145 $55 $85 $30 IMLA EMEA Asia New Territories Current Territories Acquisition opportunities in both emerging and developed markets  Developed markets – strategy to enhance storage growth while maintaining attractive returns  2014 YTD Acquisitions of $12 MM  Emerging markets – investing to build strong leadership positions  Diversified portfolio of targets  Streamlined acquisition process  2014 YTD Acquisitions of $150 MM M&A Pipeline is Strong and Execution Well Underway Revenue Pipeline Greater than 4x Target for 2016
  • 18. 18 Evaluating Data Center Potential for Emerging Business Opportunities Illustrative Value Creation and Estimated Stabilized Returns Post-2014 ($ MM) Revenue $27 Adjusted OIBDA ~$15 NOI ~$16 Capital invested ~$100 Data center cap rate 7.5% - 8.5% Implied value $185 - $215 Implied value creation $85 - $115 ROIC 10% - 14% Adjusted OIBDA reflects stabilized SG&A expenses
  • 19. 19 $3,026 $3,360- $3,470 $2,200 $2,400 $2,600 $2,800 $3,000 $3,200 $3,400 $3,600 2013 Base Incremental M&A 2016 E Strategic Plan Drives Solid Revenue Growth ($MM) $200 - $265 $135 - $175 + Potential Upside from EBOs + Potential Upside from Additional EBOs
  • 20. 20 Low-volatility, Moderate Growth with Attractive Yield $919 $35-$60 $20-$45 $20-$30 $995 - $1,055 Adj. OIBDA 2013 Base Incremental M&A Speed and Agility Adj. OIBDA 2016 E *Assumes a 4% dividend yield 2013 excludes restructuring charges ROIC 9.7% 10% - 11% Avg. Inv. Capital ~$5.5B ~$6.3B ($MM) Driving Total Shareholder Returns - projected to be between 8% to 9%* + Potential Upside from EBOs + Potential Upside from Additional EBOs
  • 21. 21 Stockholder Distributions Receipts and Reporting for 2014 Amounts paid in Jan, April, July, Oct. & Dec. 2014 are included in 2014 taxable income First REIT distribution of $0.475/share paid on 10/15/14  Reflected quarterly rate expected in December following issuance of shares associated with Special Distribution For 2014, IRM stockholders should report:  $400mm quarterly distributions PLUS Special Distribution Under IRS rules, historical C-Corp earnings and profits need to be distributed prior to any REIT distributions  Character of each distribution to stockholders (including qualified vs non-qualified ordinary distributions) will vary, depending upon each stockholder’s specific situation, final amounts distributed, and the final characterization of such distributions at year-end, among other factors Mid-year Conversion Results in Catch-up Distribution Declaration Date Paid Date Distribution Amount Cash Amount Distribution Per Share Dec 16, ‘13 Jan 15, ‘14 $52mm $52mm $0.27 Mar 14, ‘14 Apr 15, ‘14 $52mm $52mm $0.27 May 28, ‘14 Jul 15, ‘14 $52mm $52mm $0.27 Sept 15, ‘14 Oct 15, ‘14 $92mm $92mm $0.475 Nov ’14 1 (catch-up) Dec ‘14 ~$52mm ~$52mm ~$0.248 Nov ’14 1 Dec ‘14 ~$100mm ~$100mm $0.477 2014 Special Distribution1 Sept 15, ‘14 Nov 4, ’14 $700mm $140mm $3.61 1 Subject to Board approval and reflects 15.8 million shares issued related to the Special Distribution 2 80% stock / 20% cash , resulted in 15.8 million in additional shares outstanding
  • 22. 22 Drivers of Net Asset Value (NAV) Corporate Governance Balance Sheet Risk Franchise Value Premium / Discount to NAV Overhead Structure
  • 23. 23 Significant Franchise Value Supports Enhanced Valuation  Solid track record of enhancing shareholder value  Share buybacks, pursuing REIT conversion, dividend enhancement  Most expansive global platform  Difficult and expensive to replicate  Strong international expansion opportunity  Attractive real estate characteristics  Low turnover costs  Low maintenance capex  High retention, low volatility  Formal corporate responsibility program and inclusion in SRI Indexes
  • 24. 24 Strong Corporate Governance Profile  Demonstrated responsiveness to investors  Non-staggered, independent Board with significant investment  No antitakeover provisions  Rights plan implemented in 2013 to preserve REIT benefit for shareholders in 2014  Will be rescinded upon stockholder approval of REIT merger  Low potential conflicts of interest
  • 25. 25 Attractive Balance Sheet / Capital Structure Poised for Improvement as a REIT  Debt-to-total-market cap compares favorably  IRM debt-to-total market cap of 36%1  Minor amount of secured debt  Low percentage of floating rate debt  Low repayment/refinancing risk  Limited development/unfunded development  Intend to de-lever over time as a REIT  Refinancing in international markets to provide natural hedge and get benefits of interest rate tax shield in taxable jurisdictions (1) Based on 10/30/2013 closing prices of $35.38 and 209.3 million shares outstanding
  • 26. 26 Overhead Structure Reflects Defensible Moat and Operating Business  High-return storage rental business  Average Adjusted OIBDA margins consistent with other property types  Service business margins ~19% including overhead  Greater allocation to service due to nature of business  Lower capital intensity, so returns in line with storage business  Integrated business model drives new sales and retention, but overhead will naturally be higher than traditional REITs  Limited additional operating leverage  Low downside risk, but limited upside potential
  • 27. 27 “Enterprise Storage” Compares Favorably Iron Mountain Self-storage Industrial North America annual rental revenue/SF $27.00 $13.80 $5.50 Tenant Improvements/SF N/A N/A $1.96 CapEx(1) ~3% 5.3% 12% Average lease term Large customers: 3 Yrs. Small customers: 1 Yr. Month-to-Month ~4-6 yrs. Customer retention ~98% ~85% ~75% Customer concentration Very low Very Low Low Customer type Business Consumer Business Non-Real Estate %(2) 30% 20% 10% Stabilized Occupancy (building & racking utilization) Building: 80% to 85% Racking: 90% to 95% 90% 93% Operating Margin(3) Storage: 70% - 75% 68% 70% (1) IRM CapEx represents maintenance CapEx as a percentage of Revenues. Comps represent recurring CapEx as a percentage of NOI. Excludes leasing commissions. (2) Non-Real Estate % for IRM is as a % of Total Adj. OIBDA. Comps are as a % of Assets. (3) Operating margin for IRM is storage gross margin. Source: Company estimates and filings. Benchmark data provided by Green Street Advisors and J.P. Morgan
  • 28. 28 Potential for Broadened Investor Base and Enhanced Valuation 13.2 15.1 15.6 16.5 16.9 18.3 20.5 17.3 20.4 21.0 16.1 x LPT DRE FR PSB DCT EGP PLD CUBE EXR PSA IRM Price-to-2015 Pro Forma FFO 5.5% 3.6% 2.1% 2.4% 3.3% 3.4% 3.2% 2.6% 3.3% 3.1% 5.6% LPT DRE FR PSB DCT EGP PLD CUBE EXR PSA IRM Pro Forma Current Dividend Yield *Based on a pro forma 2015 dividend of $2.20 per share, and 209MM shares outstanding and a stock price of $35.38 as of 10/30/2014. REIT pricing as of 10/30/2014 Source: Company estimates and FactSet mean FFO and AFFO estimates. 17.3 19.1 24.9 23.4 24.1 23.8 24.4 18.3 21.3 22.2 12.6 x LPT DRE FR PSB DCT EGP PLD CUBE EXR PSA IRM Price-to-2015 Pro Forma AFFO INDUSTRIAL SELF-STORAGE
  • 29. 29 Key Messages We are uniquely positioned to create value through our operating model and real estate strategy We have a defensible moat that protects long-term value Fundamentals support stable growth in storage rental Leading storage rental-driven business, supported by defensible market leadership and stable fundamentals, drives attractive shareholder returns Attractive business characteristics underscore value creation
  • 30. 30 Questions?
  • 31. © 2013 Iron Mountain Incorporated. All rights reserved. Iron Mountain and the design of the mountain are registered trademarks of Iron Mountain Incorporated. All other trademarks and registered trademarks are the property of their respective owners. Appendix
  • 32. 32 Ordinary distribution and core real estate investment covered by cash flow Data Center business, opportunistic Real Estate purchases and acquisitions funded by incremental borrowing at targeted leverage ratio and/or potential equity proceeds Cash Available for Distributions and Investment ($MM) Normalized 2015(1) Adjusted OIBDA $965 Add: Other Non-Cash Items & Adjustments ~$40 Less: Interest Cash Taxes (run rate) Maintenance CapEx Other (non-Real Estate) CapEx Customer Acquisition Costs ~$265 ~$55 ~$90 ~$50 ~$30 Cash Available for Distributions and Investment $515 Normalized, Growing Cash Flows Support Capital Allocation Strategy Ordinary Distributions(3) ~$415 Excess Cash Flow Available for Investment: ~$100 (1) Cash interest expense, cash taxes, and customer acquisition costs are not intended to represent specific projections for 2015 Real Estate (Building Purchases and Data Centers) Core Acquisitions Core Real Estate (Racking, Building & Leasehold improvements) Illustrative example
  • 33. 33 Updated Guidance $MM Current 2014 Guidance Previous 2014 Guidance (If Different) Preliminary 2015 Guidance C$ YOY Growth Operating Performance Revenues $3,100 - $3,150 $3,090 - $3,170 $3,135 - $3,290 1% - 5% 1 Adjusted OIBDA (Operating) 2 $925 - $945 $915 - $945 $945 - $985 2% - 5% 1 Adjusted EPS – Fully Diluted 2 $1.33 - $1.44 3 $1.37 - $1.52 $1.23 - $1.38 4 Cash Flow FFO (NAREIT) $440 - $480 FFO (NAREIT) per share $2.12 - $2.28 4 FFO (Normalized) $435 - $465 $440 - $480 FFO (Normalized) per share $2.21 - $2.46 3 $2.12 - $2.28 4 AFFO $555 - $595 $570 - $610 Capital Allocation Ordinary Dividends $400 $400 - $420 $410 - $420 Total Capital (excluding Dividends) $540 $550 - $650 Real Estate Investments $190 - $210 $240 - $280 Maintenance CapEx $80 - $100 $80 - $100 Other Investment $45 - $55 $40 - $60 $40 - $60 Acquisitions $190 - $200 $190 - $210 $150 - $250 $2.25 - $2.51 $435 - $485 $555 - $605 (1) YOY growth compared to 2014 constant dollar (C$) budget rates; includes 1% - 2% internal growth revenue (2) Includes on-going REIT compliance costs of ~$15 million that we expect to incur in 2014 and future years (3) Assumes 196 million shares outstanding (4) Assumes 209 million shares outstanding

Related Documents