In my earlier Big Corp Tax Loophole Closer #35 on Accelerated Tax Depreciation, my recommendation was to change the present very short tax depreciation lifes and accelerated methods, which all Big Corps use to depreciate their Property, Plant and Equipment(PPE) for US federal income tax purposes, to the much longer economic lifes, and to the much slower depreciation methods, used by Big Corps to depreciate this PPE in their audited financial statements.
This change would be made for PPE additions starting in say 2013 or in 2014, after the US economy, the US housing crisis, and the US job situation have all significantly improved.
My very rough estimate was that the tax raised by the US Government over the next 10 years would be up to $2 trillion for making these substantial, but fair, changes in tax lifes and depreciation methods.
In this post, I am providing my research results on my quick review of US Big Corps with Total PPE, Net of at least $2 bil each at their most recent fiscal year end date, which is Dec 31, 2010 for the bulk of these Big Corps.
In their footnotes, companies are required to disclose the amount of their Deferred Income Tax Liability directly related to all of their PPE.
For most companies, this Deferred Income Tax Liability is precisely the amount of Income Taxes they have saved through the end of the most recent fiscal year end due to using shorter tax lifes and accelerated tax methods in their income tax returns rather than using the more realistic economic lifes and methods they used to record depreciation on all of their PPE in their audited financial statements.
Thus, for most companies, if these Big Corps would have used the same tax depreciation lifes and methods as that used in their audited financial statements, this Deferred Income Tax Liability would be the amount of additional income tax, on a worldwide basis, that Governmental entities would have received through the end of their most recent fiscal year ends.
Granted, for multinational Corps, there would be some foreign Deferred Income Tax Liability included in these Deferred Income Tax Liability totals.
However, this is offset by the substantial additional amount of money the US Government would receive if the many foreign corps made similar changes to compute their tax depreciation on their PPE in their US federal income tax returns.
Further, my numbers below are only for publicly-held US Big Corps that I could quickly find that had Total PPE, Net of at least $2 bil each.
I found tons of US Big Corps with Total PPE, Net just short of $2 bil, which I didn’t include.
Further, I compared the Gross Cost of Total PPE, which is what depreciation is computed on, with the related Total PPE, Net, for the nine Very Big Corps, which had Total PPE, Net above $100 bil each.
What I found here was that the Total PPE, Cost of these nine Big Corps, exceeded the Total PPE, Net by a huge 95%.
What that means is that if I used Cost instead of Net, I would only be including in my research here US Big Corps with Total PPE, Cost above $3.9 bil. Thus, if I reduced that $3.9 bil Cost down by quite a bit, there would be tons of additional Big Corps I would have included, and also there would be substantial amounts of additional Deferred Income Tax Liability.
Here are these nine Very Big Corps:
………………….........………PPE, Cost.......PPE, Net
.............................................(bils of $s)......
ExxonMobil......................374.............200.....+87%
Chevron............................208.............105.....+98%
ConocoPhillips..................143................83.....+73%
Royal Dutch Shell..............286..............143....+100%
BP.....................................234..............110....+113%
Walmart............................149..............105......+41%
ATT..................................244..............103.....+136%
Verizon.............................212...............88.....+141%
GE.....................................110...............66......+66%
Total 9 Super Big Corps..1,960..........1,003.....+95%
I included both Royal Dutch Shell and BP, even though they are foreign corps, because they have such substantial operations in the US.
Let me briefly summarize my overall research results below here.
I found 319 Big US Corps, with Total PPE, Net of at least $2 bil each. These 319 Big Corps had total PPE, Net of $4.038 trillion, and a directly related Deferred Income Tax Liability on this PPE of $654.0 bil.
In addition, in a very quick review, I also found 20 Big Real Estate Investment Trusts (REITs), and 18 Oil & Gas Partnerships, with Total PPE, Net of at least $2 bil each. Both of these organizations are presently tax free for US federal income tax purposes. Their income, including their accelerated tax depreciation, is passed through to their partners, for US federal income tax purposes.
Assuming that US federal income tax related to accelerated tax depreciation were to apply at the same overall rate as that of the above US Big Corps, the related additional US federal income tax would be $27.8 bil for these 20 Big REITs and would be $18.4 bil for these 18 Big Oil & Gas Partnerships, which when added to the above $654.0 bil related to the 319 Big Corps, brings the total amount of additional US federal income tax through the end of the most recent year of $700.2 bil.
For CBO scoring purposes, over the next 10 years, from 2012 to 2021, this $700.2 bil will grow each year. Thus the final positive CBO scoring to the US Government over that 10 year period would be $1.198 trillion, assuming average annual growth of 5%, and would be $1.633 trillion, assuming average annual growth of 8%.
When you also factor in the tons of Big Corps not included in these 319, both publicly-held and privately-held ones, the total positive CBO scoring to the US Government over the next 10 years should be higher than $2 trillion, even ignoring the massive interest savings.
And if you were to include all Corps, other than small businesses, the positive CBO scoring would be substantially higher than $2 trillion.
In focusing on specific industries, the ones that have heavy PPE would be the ones paying the most here. I think that is only fair, since they have obtained the out-sized economic tax benefits in the past 20 years or so.
Here is the related percentage mix of the Total Deferred Income Tax Liability by Industry, for the Big Corps included in my research:
Oil&Gas………….......................................33%
Utilities……………….................................19%
Telecomm……………................................14%
Transportation………..............................10%
Total for these 4 PPE-heavy Industries…76%
Three large industries pretty much getting relatively unscathed here are High Tech, Financial, and Health Care.
What this reveals is that if you want to stimulate hiring in the High Tech and Health Care sectors, the more effective focus should be on additional R&D tax credits, particularly if you can creatively intertwine them with wise foreign earnings repatriation tax incentive funding, rather than focusing on accelerated tax depreciation. However, many High Tech Corps do have their sales stimulated by bold accelerated tax depreciation. Also, many High Tech Corps benefit significantly by wise computer software tax incentives.
What this also reveals is that if you want to prop up the Financial Industry, the key is effectively solving the Underwater Home Mortgage mess, and also propping up the Commercial Real Estate market, rather than providing accelerated tax depreciation incentives to Financial Corps. However, providing very highly accelerated tax depreciation, and green energy tax credits, on Commercial Properties will both help to prop up the severely depressed Commercial Real Estate market.
Below are the individual Big Corps, in each industry sector, along with the PPE, Net and the Deferred Income Tax Liability(DTL) related to this PPE, at the most recent fiscal year end balance sheet date.
......................................................PPE.........DTL on
......................................................Net...........PPE..
.........................................................(mils of $s)
Big Oil & Gas Corps
ExxonMobil.........................TX..199,548.....42,657
Royal Dutch Shell.................TX..142,705.....15,909
BP........................................TX...110,163.....27,309
Chevron...............................CA..104,504.....19,855
ConocoPhillips(1).................TX....82,554.....20,344
Apache.................................TX....38,151.......4,569
Anadarko Petroleum.............TX...37,957.....10,305
Occidental Petroleum............CA...36,536.......4,558
Chesapeake Energy................OK..32,378.......2,258
Marathon Oil.........................TX...32,222.......5,663
Valero Energy.......................TX...22,669.......4,835
Transocean...........................TX...21,458..........699
Hess......................................NY...21,127.......3,853
El Paso..................................TX...21,072.......2,132
Williams Companies..............OK...20,272.......1,784
Devon Energy........................OK...19,652.......3,130
EOG Resources......................TX...18,681.......4,373
Spectra Energy......................TX...16,980.......2,414
Schlumberger........................TX...12,071............0
Murphy Oil............................AR...10,368.......1,432
Noble Energy.........................TX...10,264.......2,389
Noble Corp............................TX...10,048.........297
Nabors Industries..................TX....7,815.......1,124
Pioneer Natural Resources.....TX....7,564.......1,695
OneOK....................................OK....7,313.........520
Plains Exploration&Prod........TX....7,221........1,711
Sunoco...................................PA....7,055.......1,563
Weatherford Intl.....................TX....6,940.........317
Halliburton.............................TX....6,842.........631
Denbury Resources.................TX....6,737.......1,725
Newfield Exploration...............TX....6,608.......1,519
Baker Hughes...........................TX....6,310.........377
Pride International..................TX....5,961..........148
QEP Resources.........................CO....5,890.......1,459
Southern Union.......................TX....5,704.......1,032
Southwestern Energy...............TX....5,298.......1,411
Tesoro.....................................TX....5,170.........941
Petrohawk Energy....................TX....5,133.........505
Ensco Intl.................................TX....5,050.........336
Linn Energy..............................TX....5,050......4,323
Range Resources......................TX....4,997.........859
Concho Resources....................TX....4,914.........753
Rowan Companies....................TX....4,793.........722
Atmos Energy...........................TX....4,793.........941
Sandridge Energy......................OK....4,734...........0
Whiting Petroleum....................CO....4,355.........806
Diamond Offshore.....................TX....4,284.........558
Cabot Oil & Gas..........................TX....3,763.........925
Helmerich & Payne....................OK....3,275.........703
QuckSilver Resources................TX....3,068.........292
Continental Resources...............CO....2,982.........675
Cimarex Energy.........................CO....2,922.........691
ATP Oil & Gas.............................TX....2,905.........330
Berry Petroleum........................CO....2,656.........386
Patterson UTI............................TX....2,621.........547
Ultra Petroleum........................TX....2,589.........448
Helix Energy Solutions..............TX....2,527.........384
Targa Resources........................TX....2,509..........24
SM Energy.................................CO....2,434.........529
Unit Corp...................................OK...2,400.........593
Antero Resources......................CO....2,160.........168
Cheniere Energy........................TX....2,158............0
Total 62 Big Oil & Gas Corps.......1,208,880....213,436
Big Utility Corps
Southern Co...............................GA...42,002.......7,983
Duke Energy...............................NC...40,344.......6,052
Nextera Energy...........................FL...39,075.......7,795
American Electric Power............OH...35,674.......5,301
MidAmerican Energy..................IA...31,899.......5,962
PG&E..........................................CA...31,449.......5,236
Edison International...................CA...30,184.......6,637
Exelon.........................................IL...29,941.......5,931
Dominion Resources...................VA...26,713.......3,027
AES.............................................VA...24,621.......1,245
Consolidated Edison....................NY...23,863.......3,019
Entergy.......................................LA...23,848.......5,948
Progress Energy..........................NC...21,240.......2,439
PPL.............................................PA...20,858.......3,536
Xcel Energy................................MN...20,663.......3,853
Energy Future Holdings...............TX...20,366.......4,321
Sempra Energy............................CA...19,876..........982
First Energy................................OH...19,788.......3,617
Ameren......................................MO...17,853.......3,310
PacifiCorp...................................OR...16,392.......3,302
Public Service Enterpr Grp..........NJ...16,390.......3,169
DTE Energy.................................MI...12,992.......2,558
Calpine.......................................TX...12,978.......1,280
NRG Energy................................NJ...12,517.......1,652
CenterPoint Energy....................TX...11,732.......1,887
NiSource....................................IN...11,097.......2,671
CMS Energy................................MI...10,069.......1,382
ONCOR Electric Delivery............TX....9,676.............0
Wisconsin Energy.......................WI....9,602.......1,347
Pinnacle West Capital.................AZ.....9,579.......2,211
Northeast Utilities......................MA....9,568.......1,613
Allegheny Energy.......................PA....9,302.......2,012
Constellation Energy..................MD....9,279.......1,768
NV Energy..................................NV....8,930.......1,004
PEPCO Holdings..........................DC....7,673.......1,681
Puget Energy.............................WA....7,273.......1,100
Great Plains Energy....................MO....6,892.........976
OGE Energy................................OK....6,464.......1,071
Alliant Energy............................WI....6,460.......1,420
Interstate Power&Light...............IA....6,459.........851
Dynegy.......................................TX....6,273.......1,215
Westar Energy............................KS....5,964.........932
EQT.............................................PA....5,910.......1,552
TECO Energy...............................FL....5,841.........716
Integrys Energy..........................IL....5,013.........955
Nstar Electric.............................MA...4,205.........765
Aqua America............................PA....3,469.........482
PNM Resources..........................NM....3,444.........580
UGI Corp....................................PA....3,053.........415
Vectren......................................IN....2,955.........566
Questar......................................UT....2,885.........178
CLECO........................................LA....2,784.........527
Avista........................................WA...2,714.........458
Black Hills..................................SD....2,495.........414
IPALCO......................................IN....2,362.........504
Northwestern Corp.....................SD....2,118.........252
Total 56 Big Utility Corps..............793,066...131,660
Big Telecomm Corps
ATT............................................TX..103,196.....34,172
Verizon......................................NY...87,711.....11,758
Comcast(2).................................PA...23,515.....28,468
Sprint Nextel..............................KS....15,214.......1,792
Time Warner Cable.....................NY..13,873.......3,587
Qwest Communications..............CO...11,794.......1,943
Liberty Global............................CO...11,112..........874
CenturyLink...............................LA....8,754.......1,762
Frontier Communications..........CT.....7,591.......1,448
Charter Communications...........MO....6,819..........626
DirecTV......................................CA....6,679.........723
Windstream................................AR....4,773.........986
METROPCS..................................TX....3,659.........656
American Tower.........................MA....3,624.........372
Telephone&Data Systems.............IL....3,558.........423
Cablevision Systems....................NY....3,431.........602
DISH Network.............................CO....3,232..........701
CC Media Holdings(3)..................TX....3,146.......2,203
NII Holdings...............................VA....2,960...........18
CBS(4).........................................NY....2,694.......2,312
US Cellular...................................IL....2,615..........320
Leap Wireless..............................CA....2,037.........266
Viacom.......................................NY....1,102.........527
Total 23 Big Telecomm Corps...........333,089....96,539
Big Transportation Corps
Burlington NoSantaFe.................TX...45,486......15,652
Union Pacific..............................NE...38,253......11,581
CSX.............................................FL...23,799.......7,557
Norfolk Southern........................VA...23,231.......7,453
Delta Air Lines............................GA...20,307......4,837
United Parcel Service..................GA...17,387......3,335
United Continental......................IL...16,945.......4,091
FedEx.........................................TN...15,543.......2,675
AMR...........................................TX...14,838.......3,985
Southwest Airlines......................TX...10,578......3,020
Kansas City Southern..................MO....4,902.........610
JetBlue.......................................NY....4,641.........576
US Airways.................................AZ....3,796.........642
Republic Airways........................IN....3,174.........662
Alaska Air Group.........................AK....3,117.........660
Skywest.......................................UT....2,943.........734
Total 16 Big Transportation Corps.....248,940...68,070
Big Conglomerate Corps
Berkshire Hathaway....................NE...93,126.....24,746
GE...............................................CT...66,214.........951
Loews.........................................NY...12,636.........644
3M.............................................MN....7,279.........695
Tyco International......................NJ....4,156.........711
Total 5 Big Conglomerate Corps.........183,411....27,747
Big Retail Corps
Walmart............................AR..105,098.......4,848
Target.............................MN...25,493.......1,607
Home Depot.........................GA...25,060.......1,073
Lowes..............................NC...22,089.........870
McDonalds..........................IL...22,061.......1,655
Kroger.............................OH...14,147.......1,515
Costco.............................WA...11,314.........414
Walgreens..........................IL...11,184.......1,050
Safeway............................CA....9,910.........650
Macy's.............................OH....8,813.......1,793
Kohls..............................WI....7,256.........747
Supervalu..........................MN....6,604.........345
Publix Super Markets...............FL....4,353.........410
Yum Brands.........................KY....3,830.........104
Best Buy...........................MN....3,823.........316
Darden Restaurants.................FL....3,622.........314
GAP................................CA....2,563..........39
Autozone...........................TN....2,520..........36
TJX................................MA....2,450.........275
Starbucks..........................WA....2,417..........26
Nordstrom..........................WA....2,318...........4
Staples............................MA....2,148...........0
Total 22 Big Retail Corps..............299,073......18,091
Big Chemical Corps
Dow Chemical.......................MI...17,668.......3,098
DuPont.............................DE...11,339.......1,614
Praxair............................CT....9,532.......1,038
LyondellBasell NV..................TX....7,190.......1,653
Air Products & Chemicals...........PA....7,051.........841
Mosaic.............................MN....6,636.......1,050
Monsanto...........................MO....4,227.........409
CF Industries......................IL....3,926.......1,069
Huntsman...........................UT....3,605.........520
Eastman Chemical...................TN....3,219.........781
Celanese...........................TX....3,017.........323
PPG Industries.....................PA....2,686.........450
Ashland............................KY....2,018.........258
Total 13 Big Chemical Corps.............82,114......13,104
Big Health Care Corps
Pfizer.............................NY...19,123.......2,146
Merck..............................NJ...17,082.......1,407
JNJ................................NJ...14,553.........769
HCA................................TN...11,352.........211
CVS Caremark.......................RI....8,322.......4,307
Abbott Labs........................IL....7,971..........64
Eli Lilly..........................IN....7,941.........505
Commun Health Systems..............TN....6,458.........685
Amgen..............................CA....5,522.........181
Baxter.............................IL....5,260..........47
Bristol Myers Squibb...............NY....4,664..........52
Tenet Healthcare...................TX....4,304.........469
Universal Health Svcs..............PA....3,253.........300
Becton Dickinson...................NJ....3,100.........319
Health Management Assoc............FL....2,665..........55
Covidien...........................MA....2,608.........251
Medtronic..........................MN....2,511..........89
UnitedHealth Group.................MN....2,200.........140
Total 18 Big Health Care Corps.........128,889......11,997
Big Financial Corps
AIG(5).............................NY...41,355.......4,753
Bank of America....................NC...14,306...........0
JP Morgan Chase....................NY...13,355.......3,500
Wells Fargo........................CA....9,644...........0
Morgan Stanley.....................NY....6,154.........180
American Express(6)................NY....2,905.........834
Capital One Financial..............VA....2,749..........66
US Bancorp.........................MN....2,487.........113
Total 8 Big Financial Corps.............92,955.......9,446
Big Food Corps
PepsiCo............................NY...19,058.......1,984
Kraft Foods........................IL...13,792.......1,845
Archer Daniels Midland.............IL....9,500.......1,016
Bunge, Ltd.........................NY....5,312.........179
Tyson..............................AR....3,674.........347
General Mills......................MN....3,346.........395
Kellogg............................MI....3,128.........320
ConAgra Foods......................NE....2,670.........452
HJ Heinz...........................PA....2,505.........940
Smithfield Foods...................VA....2,309.........337
Corn Products Intl.................IL....2,123.........250
Campbell Soup......................NJ....2,051.........221
Total 12 Big Food Corps.................69,468.......8,286
Big Mining Corps
Freeport-McMoran Copper Gold.......AZ...16,785.......3,874
Newmont Mining.....................CO...12,907.........857
CONSOL Energy......................PA...10,129.......1,221
Peabody Energy.....................MO....7,426.......1,242
Southern Copper....................AZ....4,095.........216
Cliff's Natural Resources..........OH....3,979.........223
Arch Coal..........................MO....3,309...........0
Massey Energy......................VA....3,218.........477
Alpha Natural Resources............VA....3,016.........708
Total Big 9 Mining Corps................64,864.......7,633
Big US Defense Contractor Corps
Boeing.............................WA....8,931.......2,644
United Technologies................CT....6,280.........647
Northrop Grumman...................VA....5,042.........521
Honeywell..........................NJ....4,840.......1,113
Lockheed Martin....................MD....4,554.........558
General Dynamics...................VA....2,971...........0
Raytheon...........................MA....2,003.......1,337
Total 7 Big US Defense Contractors......34,621.......6,820
Big Gaming Corps
Caesars Entertainment..............NV...17,767........2,517
MGM Resorts........................NV...14,554........2,732
Las Vegas Sands....................NV...14,502..........293
Wynn Resorts Ltd...................NV....4,921..........236
Total 4 Big Gaming Corps................51,744........5,778
Big Leisure and Entertainment
Carnival...........................FL...30,967............0
Walt Disney........................CA...17,806........4,510
Royal Caribbean....................FL...16,769............0
Time Warner........................NY....3,874............0
Starwood Hotel & Resorts...........NY....3,323...........21
Total 5 Big Leisure&Entertain Corps.....72,739........4,531
Big Forest and Paper Product Corps
International Paper................TN...12,002........2,174
Weyerhaeuser.......................WA....7,375..........692
Meadwestvaco.......................VA....3,255..........839
NewPage............................OH....2,558..........623
Total 4 Big Forest & Paper Corps........25,190........4,328
Big Publishing and Printing Corps
NewsCorp...........................NY....6,542........3,960
RR Donnelley.......................IL....2,139..........275
Total 2 Big Publishing&Printing Corps....8,681........4,235
Big Metal Corps
Alcoa..............................PA...20,161........1,077
US Steel...........................PA....6,486........1,071
Nucor..............................NC....3,852..........407
Steel Dynamics.....................IN....2,213..........449
AK Steel...........................OH....2,033..........385
Total 5 Big Metal Corps.................34,745........3,389
Big Household and Personal Product Corps
Procter & Gamble...................OH...21,239........1,742
Kimberly Clark.....................TX....8,356........1,081
Colgate Palmolive..................NY....3,693..........344
Total 3 Big HH and PP Corps.............33,288........3,167
Big Motor Vehicle and Auto Part Corps
Ford Motor.........................MI...23,179........1,146
General Motors.....................MI...19,235............0
Chrysler...........................MI...15,352..........362
Goodyear Tire & Rubber.............OH....6,165..........383
Paccar.............................WA....3,693..........695
TRW Automotive.....................MI....2,100..........189
Total 6 Big Motor Vehicle& Parts Corps..69,724........2,775
Big High Tech Corps
Intel..............................CA...17,899..........564
IBM................................NY...14,096........1,223
Hewlett Packard....................CA...11,763............0
Corning............................NY....8,943............0
Microsoft..........................WA....8,162............0
Google.............................CA....7,759............0
Micron Technology..................ID....6,601............0
Apple..............................CA....4,768............0
Johnson Controls...................WI....4,096...........40
Cisco Systems......................CA....3,941..........120
Texas Instruments..................TX....3,680...........83
TE Connectivity, Ltd...............PA....2,867...........76
Oracle.............................CA....2,857............0
EMC................................MA....2,528..........103
Qualcomm...........................CA....2,373..........100
Seagate Technology.................CA....2,245............5
Western Digital....................CA....2,224..........116
Xerox..............................NY....2,201............0
Total 18 Big High Tech Corps...........109,003........2,430
Big Beverage Corps
Coca Cola..........................GA...14,727........2,227
Coca Cola Enterprises..............GA....2,220..........190
Total 2 Big Beverage Corps..............16,947........2,417
Big Farm and Construction Equip Corps
Caterpillar........................IL...12,539........1,423
Deere..............................IL....3,791..........521
CNH Global NV......................IL....2,408..........292
Cummins............................IN....2,041..........145
Total 4 Big Farm&Constr Equip Corps.....20,779........2,381
Big Waste Management Corps
Waste Management...................TX...11,868........1,045
Republic Services..................AZ....6,699..........722
Total 2 Big Waste Management Corps......18,567........1,767
Big Misc Manufacturer Corps
Emerson Electric...................MO....3,287..........233
Whirlpool..........................MI....3,134..........103
Owens-Illinois.....................OH....3,107..........169
Owens Corning......................OH....2,754..........379
Eaton..............................OH....2,477..........567
Ball Corp..........................CO....2,048..........221
Illinois Tool Works................IL....2,023...........90
Total 7 Big Misc Manufacturer Corps.....18,830........1,762
Big Other Sector Corps
Phillip Morris Intl................NY....6,499..........395
Sysco..............................TX....3,204..........288
Airgas.............................PA....2,456..........636
Altria Group.......................NY....2,380..........425
CHS................................MN....2,253..........338
Nike...............................OR....2,115..........151
Total 6 Big Other Sector Corps..........18,907........2,233
Total all 319 Big Corps....4,038,514.....654,022
Big Oil & Gas Partnerships
Enterprise Products................TX...19,333
Kinder Morgan Energy...............TX...14,604
Energy Transfer Equity.............TX...11,853
Energy Transfer....................TX....9,801
Enbridge Energy....................TX....8,642
Plains All American Pipe Line......TX....6,691
Boardwalk Pipe Line................TX....6,258
El Paso Pipe Line..................TX....5,692
TransContinental Gas PpLn..........TX....5,024
OneOK Partners.....................OK....4,757
Panhandle Eastern Pipeline.........TX....3,386
NuStar Energy LP...................MN....3,187
Magellan Midstream.................OK....3,179
Southern Natural Gas...............TX....2,495
MarWest Energy.....................CO....2,319
Buckeye Partners...................TX....2,305
Chesapeake Midstream...............OK....2,227
Sunoco Logistics Partners..........PA....2,128
Total 18 Oil&Gas Partnerships..........113,881
Big REITs
General Growth Properties..........IL...28,164
Simon Property Group...............IN...19,797
Equity Residential.................IL...15,365
Prologis...........................CO...11,284
Host Hotels & Resorts..............MD...10,514
Boston Properties..................MA...10,441
HCP................................CA....8,677
Public Storage.....................CA....7,533
Developers Diversified Realty......OH....6,959
Avalonbay Community................VA....6,956
Duke Realty........................IN....6,326
AMB Property.......................CA....5,638
CommonWealth.......................MA....5,507
Ventas.............................IL....5,280
United Dominion Realty.............CO....5,243
MACK Cali Realty...................NJ....3,938
Regency Centers....................FL....3,717
Home Properties....................NY....3,536
Corporate Office Property Trust....MD....3,445
Plum Creek Timber..................WA....3,405
Total 20 Big REITs.....................171,725
Grand Total 357 Big Organizations....4,324,120
============================================
Late Big Utility Corp Additions Not Included in Above Numbers
........................................................PPE.......DTL on
........................................................Net.........PPE..
...........................................................(mils of $s)
SCANA....................................SC..9,662........1,418
AGL Resources.......................GA..4,405..........863
Portland General Electric........OR..4,133..........754
National Fuel Gas...................NY..3,450..........850
Hawaiian Electric Industries...HI..3,166...........375
Southwest Gas.......................NV..3,072..........500
Nicor......................................IL..3,023..........352
Piedmont Natural Gas............NC..2,438..........370
WGL Holdings........................DC..2,346..........429
Total all 9...................................35,695........5,911
