He thinks Boston Properties' funds from operations will climb 8% this year, and another 8% in 2000.
The best companies tend to pay dividends that are a surprisingly small fraction of their funds from operations.
The stock trades at 21 times its adjusted funds from operations (net plus depreciation minus maintenance-level capital outlays).
" This is comparable to what U.S. REITs call their "funds from operations.
FORBES: The U.K. has joined the REIT revolution. Buy sparingly.
It pays dividends out of a flow of cash called "funds from operations"--essentially, net income with depreciation added back in.
As we will see when we examine performance, declining Funds From Operations have also created several dividend cuts over the years.
As Taubman's malls age, the depreciation writeoffs (as a percentage of funds from operations) will shrink and the tax shelter won't be as powerful.
The average REIT trades at 17 times the real estate version of earnings, called funds from operations (net income plus depreciation, minus nonrecurring gains).
To get a handle on who might be next, compare dividend checks to adjusted funds from operations (AFFO), a measure of real estate's cash-generating ability.
On October 22, American Campus reported third-quarter FFOM (funds from operations- modified) of 32 cents per share, which fell short of the Zacks Consensus Estimate.
FORBES: A College Try For Fat Yields: American Campus Communities
Over five years Simon Property Group, the largest mall REIT, has booked a respectable 7.5% average increase in earnings--in REIT parlance called "adjusted funds from operations, " or AFFO.
You might further note and recall from the above Funds From Operations and price correlated graph this was also a time when the price was touching the pink income valuation line.
With those higher dividend yields, single-tenant retail REITs also have a higher median 2013 estimated adjusted funds from operations (AFFO) payout ratio, at 83.5 percent, compared to 70.3 percent for all equity REITs.
Although the overall dividend rate and yield remained relatively high throughout this period, it is also important to recognize that Vornado Realty Trust did cut their dividend several times as Funds From Operations modestly weakened.
While most office landlords posted earnings largely in line with expectations, according to Mr. Goldfarb, Vornado's quarterly funds from operations missed Wall Street's target by nine cents as the company continues to dispose of its non-core properties.
The following performance table associated with the Funds From Operations and price correlating graph above says a lot about the opportunity for income and capital appreciation as well as the risk of investing in this diversified REIT.
Over five years Simon Property Group (nyse: SPG - news - people ), the largest mall REIT, has booked a respectable 7.5% average increase in earnings--in REIT parlance called "adjusted funds from operations, " or AFFO.
ProLogis has bested the others in the appreciation of its properties' worth, called net asset value, and in growth of earnings, whose REIT version is known as adjusted funds from operations (AFFO): net income plus depreciation, minus one-time items and maintenance outlays (see table).
During the 1990s, the DOD was repeatedly required to reprogram significant funds from modernization accounts to operations and support.
With Kenya "rehatting" as part of the African Union Mission in Somalia, or AMISOM, the nation will access funds from the U.N. to conduct its operations.
A-grade, would keep the present structure more or less unchanged but establish a Social Security Reserve Board (modelled on the Federal Reserve) empowered to diversify the Trust Funds' investments into private stocks and bonds, and with its operations removed from congressional and presidential budget presentations.
The bank, with operations in more than 100 countries and businesses that run the gamut from consumer loans to hedge funds, is too big to effectively manage itself and too massive to get any kind of reliable growth, or so the critique goes.
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