{"id":23726,"date":"2021-11-23T13:10:59","date_gmt":"2021-11-23T13:10:59","guid":{"rendered":"https:\/\/analystprep.com\/study-notes\/?p=23726"},"modified":"2026-03-31T12:08:47","modified_gmt":"2026-03-31T12:08:47","slug":"reit-valuation-using-funds-from-operations-ffo-and-adjusted-funds-from-operations-affo","status":"publish","type":"post","link":"https:\/\/analystprep.com\/study-notes\/cfa-level-2\/reit-valuation-using-funds-from-operations-ffo-and-adjusted-funds-from-operations-affo\/","title":{"rendered":"REIT Valuation Using Funds From Operations (FFO) and Adjusted Funds from Operations (AFFO)"},"content":{"rendered":"<p><script type=\"application\/ld+json\">\r\n{\r\n  \"@context\": \"https:\/\/schema.org\",\r\n  \"@type\": \"QAPage\",\r\n  \"mainEntity\": {\r\n    \"@type\": \"Question\",\r\n    \"name\": \"When calculating adjusted funds from operations (AFFO) from funds from operations (FFO), an analyst is most likely to:\",\r\n    \"text\": \"When calculating adjusted funds from operations (AFFO) from funds from operations (FFO), an analyst is most likely to:\\n\\nA. Add depreciation and amortization.\\nB. Deduct non-cash rent.\\nC. Add frequent maintenance-type capital expenditures and leasing commissions.\",\r\n    \"answerCount\": 3,\r\n    \"acceptedAnswer\": {\r\n      \"@type\": \"Answer\",\r\n      \"text\": \"The correct answer is B. When calculating AFFO from FFO, non-cash rent is deducted. In addition, recurring maintenance-type capital expenditures and leasing commissions are also deducted to arrive at AFFO. Depreciation and amortization are added back when calculating FFO, not AFFO.\"\r\n    }\r\n  }\r\n}\r\n<\/script><\/p>\r\n<p><iframe loading=\"lazy\" src=\"\/\/www.youtube.com\/embed\/TiS1BrzLU4k\" width=\"611\" height=\"343\" allowfullscreen=\"allowfullscreen\"><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><span data-mce-type=\"bookmark\" style=\"display: inline-block; width: 0px; overflow: hidden; line-height: 0;\" class=\"mce_SELRES_start\">\ufeff<\/span><\/iframe><\/p>\r\n<h2>Funds from Operation (FFO)<\/h2>\r\n<p>FFO amends reported earnings and is a popular measure of the ongoing operating income of a REIT or REOC. It is calculated as follows:<\/p>\r\n<p>$$ {\\begin{array}{l|r} \\text{Accounting Net Earnings} &amp; XX \\\\ \\hline\\text{Add: Depreciation expense} &amp; XX \\\\ \\hline\\text{Add: Deferred tax expenses } &amp; XX \\\\ \\hline {\\text{Add: Losses in respect to sales of} \\\\ \\text{property and debt restructuring}} &amp; XX \\\\ \\hline {\\text{Less: Sales of property and debt} \\\\ \\text{restructuring }}&amp; (XX) \\\\ \\hline &amp; \\textbf {FFOXXX}\\\\ \\end{array}} $$<\/p>\r\n<p><em><strong>Note:<\/strong><\/em><\/p>\r\n<ol type=\"1\">\r\n\t<li>Depreciation expense is added back because real estate maintains its value to a more considerable extent than other business assets. In fact, the value of real estate often appreciates during the real estate property\u2019s useful life. That depreciation deduction is provided for under IFRS, and US GAAP doesn\u2019t represent the economic reality.<\/li>\r\n\t<li>Gains and losses from property sales and debt restructuring are factored in because they don\u2019t represent sustainable expected income.<\/li>\r\n\t<li>Deferred tax expenses are added back. This is done on the pretext that a taxable REOC that uses a moderate degree of leverage and chooses to reinvest most of its income in its business is usually able to defer its annual tax liability. In this scenario, income will be low as a result of accelerated depreciation rates for tax purposes.<\/li>\r\n<\/ol>\r\n<div style=\"text-align: center; margin: 20px 0;\"><a style=\"display: inline-block; padding: 10px 18px; border: 2px solid #1e5bd8; color: #1e5bd8; border-radius: 9999px; text-decoration: none; font-weight: 600;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"> Practice fiscal policy roles and objectives with our free trial <\/a><\/div>\r\n<h3>Adjusted Funds from Operation (AFFO)<\/h3>\r\n<p>AFFO is an extension of FFO but is proposed to be a more useful illustration depicting the income in the current economy. AFFO can also be referred to as cash available for distribution (CAD) or funds available for distribution (FAD) and is calculated as follows:<\/p>\r\n<p>$$ {\\begin{array}{l|r} \\text{Funds from operations (FFO)} &amp; XX \\\\ \\hline\\text{Less: Non-cash (straight line) rent adjustments} &amp; (XX) \\\\ \\hline {\\text{Less: Recurring maintenance type capital} \\\\ \\text{expenses\/leasing commissions} }&amp; (XX) \\\\ \\hline &amp; \\textbf{AFOXXX} \\\\ \\end{array}}$$<\/p>\r\n<p><em><strong>Note:<\/strong><\/em><\/p>\r\n<ol type=\"1\">\r\n\t<li>Straight-line rent refers to average contractual rent over a lease period and no cash rent is paid during the lease. The non-cash rent reflects contractually increasing rental rates.<\/li>\r\n\t<li>Maintenance capital expenditures and expenses related to leasing the properties are deducted since they are related to costs incurred to maintain the property value.<\/li>\r\n<\/ol>\r\n<p>There is a reason for making adjustments to net earnings when calculating FFO and AFFO. It aims at obtaining a more tangible, cash-focused measure of viable economic income that decreases dependence on non-cash accounting estimates and excludes non-economic, non-cash charges.<\/p>\r\n<p>AFFO is argued to be a better measure of economic income than FFO. This is because AFFO considers the capital expenditures incurred to sustain the property\u2019s economic income. Consequentially, FFO is more often mentioned in practice since AFFO relies more on estimates and is considered more subjective.<\/p>\r\n<h4>Example: Calculating FFO per Share<\/h4>\r\n<p>An investor in a property REIT has consolidated the following information for a REIT:<\/p>\r\n<p>$$ {\\begin{array}{l|r} \\text{Non-cash (straight-line) rent} &amp; $305,450 \\\\ \\hline\\text{Depreciation } &amp; $720,250 \\\\ \\hline {\\text{Recurring maintenance-type capital} \\\\ \\text{expenditures and leasing commission}} &amp; $605,750 \\\\ \\hline\\text{Adjusted funds from operations } &amp; $3,525,000 \\\\ \\hline \\text{AFFO per share }&amp; $4.55 \\\\ \\end{array}}$$<\/p>\r\n<p>The REIT\u2019s fund from operations (FFO) per share is <em>closest<\/em> to:<\/p>\r\n<h4>Solution<\/h4>\r\n<p><strong>Step 1: Calculate the FFO:<\/strong><\/p>\r\n<p>$$ {\\begin{array}{l|r} \\text{Adjusted funds from operations} &amp; $3,525,000 \\\\ \\hline\\text{Add: Non-cash (straight-line) rent} &amp; $305,450 \\\\ \\hline \\text{Add: Recurring maintenance-type capital expense }&amp; $605,750 \\\\ \\hline\\text{}&amp; \\bf $4,436,200 \\\\\u00a0 \\end{array}}$$<\/p>\r\n<p><strong>Step 2: Calculate the number of outstanding shares:<\/strong><\/p>\r\n<p>$$ \\begin{align*} \\text{Outstanding shares} &amp; =\\frac{\\text{Adjusted funds from operations}}{\\text{AFFO per share}} \\\\ &amp; =\\frac{$3,525,000}{$ 4.55} \\\\ &amp; = 774,725 \\text{ shares} \\end{align*} $$<\/p>\r\n<p><strong>Step 3: Calculate the FFO per share as follows:<\/strong><\/p>\r\n<p>$$ \\text{FFO per share}=\\frac{\\text{Total FFO}}{\\text{Outstanding shares}}=\\frac{$4,436,200}{774,725}= $5.73 $$<\/p>\r\n<blockquote>\r\n<h2>Question<\/h2>\r\n<p>When calculating adjusted funds from operations (AFFO) from funds from operations (FFO), an analyst is <em>most likely<\/em> to:<\/p>\r\n<ol style=\"list-style-type: upper-alpha;\">\r\n\t<li>Add depreciation and amortization.<\/li>\r\n\t<li>Deduct non-cash rent.<\/li>\r\n\t<li>Add frequent maintenance-type capital expenditures and leasing commissions.<\/li>\r\n<\/ol>\r\n<h4>Solution<\/h4>\r\n<p><strong>The correct answer is B.<\/strong><\/p>\r\n<p>Non-cash rent, maintenance-type capital expenditures, and leasing commissions are deducted from FFO when calculating AFFO.<\/p>\r\n<p><strong>A is incorrect.<\/strong>\u00a0Addition of depreciation and amortization only applies when calculating funds from operation.<\/p>\r\n<p><strong>C is incorrect.<\/strong>\u00a0Recurring maintenance-type capital expenditures and leasing commission is deducted when calculating AFFO.<\/p>\r\n<\/blockquote>\r\n<p>Reading 37: Investments in Real Estate Through Publicly Traded Securities<\/p>\r\n<p><em>LOS 37 (c) Describe the use of funds from operations (FFO) and adjusted funds from operations (AFFO) in REIT valuation.<\/em><\/p>\r\n\r\n<div style=\"text-align: center; margin: 30px 0;\"><a style=\"display: inline-block; padding: 12px 24px; border-radius: 9999px; background: #1e5bd8; color: #ffffff; font-weight: bold; text-decoration: none;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"> Start Free Trial \u2192 <\/a>\r\n<p style=\"margin-top: 12px; font-size: 16px; line-height: 1.5;\">Strengthen your CFA Level II equity valuation skills with exam-style practice on REIT valuation, FFO, and adjusted funds from operations.<\/p>\r\n<\/div><!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>\ufeff\ufeff Funds from Operation (FFO) FFO amends reported earnings and is a popular measure of the ongoing operating income of a REIT or REOC. It is calculated as follows: $$ {\\begin{array}{l|r} \\text{Accounting Net Earnings} &amp; XX \\\\ \\hline\\text{Add: Depreciation expense}&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[562,102],"tags":[],"class_list":["post-23726","post","type-post","status-publish","format-standard","hentry","category-alternative-investments","category-cfa-level-2","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>REIT Valuation Using FFO and AFFO<\/title>\n<meta name=\"description\" content=\"Learn how FFO and AFFO are used in REIT valuation and how these measures assess operating income and cash flow.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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