FFO Calculator (Funds From Operations)

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Net income attributable to common shareholders as reported under GAAP. Enter a negative number for a net loss.
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Total depreciation and amortization on real estate assets. This non-cash charge is added back because real estate typically appreciates in value over time, making the GAAP write-down misleading.
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Gains recognized from selling real estate assets. NAREIT excludes these because they are non-recurring and do not reflect ongoing operational performance.
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Losses recognized from selling real estate assets. Added back for the same reason gains are removed: to focus on recurring operational results.
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Write-downs of depreciable real estate assets that qualify for add-back under NAREIT guidelines. Non-depreciable asset impairments (e.g., land) are not added back.
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FFO from unconsolidated joint ventures or partnerships attributable to the REIT's ownership share. Use a positive number to add FFO in, negative to remove it.
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Weighted average diluted share count (including operating partnership units) used as the denominator for per-share metrics.
The latest market price per share used to compute the Price-to-FFO (P/FFO) valuation multiple. Leave blank (or 0) to skip this calculation.
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Total cash dividends or distributions paid to common shareholders during the period. Used to calculate the FFO payout ratio.
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Funds From Operations (FFO)Moderate payout
13,000,000USD

NAREIT-defined FFO: net income + D&A - gains + losses + impairments + JV adjustments

FFO per Share0.26USD
P/FFO Multiple173.08x
FFO Payout Ratio0.7%
Total FFO Adjustments3,000,000USD
FFO13,000,000
Total Adjustments3,000,000

FFO is $13,000,000, a positive result that covers distributions and funds continued operations.

  • FFO per share is $0.2600, the figure analysts compare against REIT guidance and consensus estimates.
  • The P/FFO multiple of 173.1x is above 20x, suggesting the market is pricing in significant growth or a premium portfolio.
  • The FFO payout ratio of 69.2% is moderate - dividend coverage is adequate but watch for rising capital expenditures.
  • Non-cash and non-recurring adjustments make FFO $3,000,000 higher than GAAP net income, illustrating why GAAP earnings alone can mislead when evaluating REITs.

Next stepFor a more conservative view of distributable cash, calculate Adjusted FFO (AFFO) by further deducting recurring maintenance capital expenditures and straight-line rent adjustments from FFO.

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