Intermediate
Reading a REIT annual report
A REIT annual report links the properties you can see with obligations you cannot. Read the operating story alongside the balance sheet, cash flow statement and...
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REITs Investment Guide
Understand property businesses, read REIT financial results and assess the price of income. Follow eight stages from ownership and leases to valuation, portfolio construction and advanced research.
Start with What you own when you buy a REIT, then follow the next lesson links. Explore 32 lessons with worked examples, exercises and further reading.
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Reading the Numbers · All lessons
Reading the Numbers
Work through cash flow, operating performance and distribution coverage.
Intermediate
Net operating income and the same property comparison
NOI describes property operations before several corporate and financing costs. A consistent set of properties helps reveal whether existing assets are improving.
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Intermediate
FFO and AFFO without confusing them with cash
FFO adjusts accounting earnings for certain real estate items. AFFO adds further issuer defined adjustments. Neither measure should be mistaken for a universally defined cash balance.
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Intermediate
Dividend coverage and recurring capital spending
Dividend coverage becomes more useful when you account for the cash needed to maintain properties. A payout ratio is the start of the investigation, not the...
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