P / FFO Per Share
P / AFFO Per Share
P / NAV Per Share
FFO = Funds from Operations, which adds D&A and subtracts capital gains
AFFO = FFO + capital expenditures + rent increases
Interest is core to business, so debt is considered
NAV = Net Asset Value (Assets – Liabilities) -> Note that this is a different type of NAV than in mining
FFO and AFFO reflect the cash flow profitability of its core real estate business, such as rental incomes. They purposely reverse the effect of “market noise” such as capital gains from property price appreciation.