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Adam, on the FFO, I’ll let you talk.
FFO multiples often mislead, and do so here.
For 2022 FFO from continuing operations was $102 million or $0.43 per unit compared to $117.9 million or $0.53 per unit in 2021.
For the 2023 fiscal year, management said that normalized FFO per share should be between $1.50 and $1.61.
Fourth quarter FFO per share as adjusted for comparability of $0.60 was at the midpoint of guidance and the full-year result of $2.36 was $0.02 higher than the midpoint of our original guidance.
G&A is expected to increase approximately $3.8 million and decrease FFO by approximately $0.05 per FFO share in 2023.
G&A is expected to increase approximately $3.8 million and decrease FFO by approximately $0.05 per FFO share in 2023.
Host Hotels and Resorts had revenue of $1.19 billion in third-quarter operating results, up 40.88% from the third quarter of 2021, and FFO of $0.38, up 36% from $0.20 in the third quarter of 2021, but missed analyst expectations by $0.
In 2023, for example, interest expense is expected to negatively impact incremental core FFO by $0.22/share.
In addition, we will be discussing non-GAAP numbers during this call, including normalized funds from operations, or normalized FFO; cash available for distribution, or CAD; and cash basis net operating income, or cash basis NOI.
Industrial and Residential REITs have been upside standouts - forecasting mid-single-digit FFO growth in 2023.
Source: https://seekingalpha.com/article/4577604-all-eyes-on-cpi?source=feed_all_articles
It also trades at the lowest P/FFO multiple of the peer group at 12x FFO.
It’s more useful to use funds from operations (FFO) and compare there.
Source: https://investorplace.com/2023/10/7-affordable-stocks-to-invest-in-as-americas-population-ages/
Looking beyond 2023, we believe our portfolio can deliver mid- to high single-digit FFO per share growth on a long-term basis given our internal and external growth drivers.
NNN missed on revenue during its recent Q2 earnings, but increased their FY23 core FFO guidance.
Since my last article, BN grew total FFO by 11.54% over the past three quarters while the share price declined by a bit more than 15%.
So on an FFO yield basis, the valuation isn't expensive.
Source number one is, our FFO less our dividends on a run rate basis, generates around $60 million of cash for us.
So we acquire one or two hotels, it really moves the needle, and very, really, really pushes our FFO up substantially.
Terreno Realty Corporation has achieved impressive FFO and dividend growth since 2011.