Funds From Operations (FFO)

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Related Articles REIT - Residential REIT - Healthcare REIT - Mortgage P/e Real Estate Investment Trust (REIT)

Top Contributors Parker Conrad

FFO, is a performance metric used to evaluate Real Estate Investment Trusts. The metric takes into account earnings from existing properties but not cash from acquisitions or sales of assets. It measures the cash-generating potential of the REIT's holdings (IE, via rental income from tenants). REIT stocks are often evaluated on their Funds from Operations multiple (stock price divided by funds from operations per share) instead of the P/E Ratio commonly used for other companies.

FFO is obtained from a company's net income, excluding any gain on real estate sold during the period and excluding any depreciation/amortization.

Industries where FFO is important:

• Health Care REITs
• Apartment REITs
• Mortgage REITs
• Retail REITs
• REIT - Industrial
• REIT - Hotel/Motel
• REIT - Residential
• REIT - Office

Funds From Operations (FFO)

Company	2004	2005	2006	2007	2008
Alexandria Real Estate Equities (ARE)	86620000	102689000	131665000	168200000	Add
AMB Property (AMB)	207314000	254363000	297912000	365492000	Add
American Campus Communities (ACC)	8609000	19975000	30943000	28393000	Add
American Financial Realty Trust (AFR)	72868000	19790000	99146000	73734000	Add
American Land Lease (ANL)	Add	Add	Add	Add	Add
American Spectrum Realty (AQQ)	-1573000	6198000	17554000	4430000	Add
Apartment Investment and Management Company (AIV)	349595000	322596000	380668000	389552000	Add
Ashford Hospitality Trust (AHT)	11076000	32741000	84748000	147680000	Add
Associated Estates Realty (AEC)	24257000	17495000	2822000	22669000	Add
AvalonBay Communities (AVB)	235514000	271096000	320199000	368057000	Add
Biomed Realty Trust (BMR)	13099000	57748000	102470000	130348000	Add
Boston Properties (BXP)	459497000	488972000	527665000	562516000	Add
BRE Properties (BRE)	Add	Add	Add	Add	Add
Camden Property Trust (CPT)	143669000	195290000	237790000	227153000	Add
Capital Lease Funding (LSE)	2640000	15842000	29873000	42366000	Add
CBL & Associates Properties (CBL)	310405000	389958000	390089000	361528000	Add
Cedar Shopping Centers (CDR)	-20588000	15625000	25923000	41954000	Add
Cogdell Spencer (CSA)	17656000	16821000	15037000	18259000	Add
Colonial Properties Trust (CLP)	137610000	177931000	215460000	101192000	Add
Corporate Office Properties Trust (OFC)	76248000	88801000	98937000	125309000	Add
DCT Industrial Trust (DCT)	19008000	58307000	-62260000	115437000	Add
Developers Diversified Realty (DDR)	343041000	410271000	432978000	515956000	Add
Diamondrock Hospitality Company (DRH)	-1065000	20254000	87573000	140003000	Add
Digital Realty Trust (DLR)	1204000	71803000	99425000	156937000	Add
EastGroup Properties (EGP)	52576000	57733000	63749000	74166000	Add
Education Realty Trust (EDR)	3878000	12594000	23182000	25914000	Add
Entertainment Properties Trust (EPR)	70852000	84992000	101025000	113720000	Add
Equity Lifestyle Properties (ELS)	Add	Add	Add	Add	Add
Equity One (EQY)	113663000	124836000	110311000	98409000	Add
EQUITY RESIDENTIAL (EQR)	651741000	784625000	716143000	723484000	Add
Essex Property Trust (ESS)	1.1438E+11	1.1509E+11	1.30518E+11	1.53909E+11	Add
EXTRA SPACE STORAGE (EXR)	-11813000	27236000	56336000	76621000	Add
Federal Realty Investment Trust (FRT)	148671000	163544000	177113000	206762000	Add
FelCor Lodging Trust (FCH)	-30608000	-191139000	93451000	135919000	Add
Feldman Mall Properties (FMP)	Add	10900000	11744000	Add	Add
First Industrial Realty Trust (FR)	181802000	152044000	236593000	299308000	Add
General Growth Properties (GGP)	611817000	726491000	740566000	907010000	Add
Glimcher Realty Trust (GRT)	89629000	77666000	-25502000	55395000	Add
Healthcare Realty Trust (HR)	110172000	107943000	101106000	Add	Add
Health Care Property Investors (HCP)	227683000	157664000	254050000	449638000	Add

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