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REIT Performance and Industry Metrics

REIT terms for AFFO, funds from operations, and industry association context.

REIT Performance and Industry Metrics covers REITs, FFO, AFFO, rental income, income property, investment property, property syndications, private real estate, and real-estate investment vehicles.

Use these pages when property exposure is held as an investment, security, fund, partnership, syndication, rental business, or income-producing asset. It sits inside REIT Structures and Performance Metrics, so readers can move up when the broader property-finance context matters.

Use the table below to choose the narrower mortgage or real-estate finance branch before applying a term to a loan file, closing record, servicing review, investor report, appraisal, or valuation model. Move into the term page when the document, calculation, party role, lien position, or property cash flow matters.

What This Branch Covers

AreaUse it for
Adjusted Funds From Operations (AFFO)REIT cash-flow measure that adjusts FFO for recurring capital spending and other items affecting sustainable distributions.
Funds From OperationsREIT performance measure commonly used to compare operating results after adjusting for real-estate depreciation and sale effects.
NareitREIT industry association whose definitions and data are often referenced for FFO, AFFO, and REIT-market conventions.

What to Check

  • Vehicle type, ownership claim, property type, income stream, leverage, fees, liquidity, and governance rights.
  • REIT filings, fund documents, partnership agreement, operating statements, rental records, and investor reports.
  • NOI, FFO, AFFO, occupancy, capex, distributions, debt, and valuation method.
  • Tax, legal, securities, property-management, and jurisdiction context.
  • Effect on cash yield, total return, liquidity, diversification, leverage, and investor risk.

Common Mistakes

  • Treating direct real estate, REITs, syndications, and rental property as the same exposure.
  • Ignoring leverage, fees, liquidity, tenant risk, and property-level capex.
  • Using FFO, AFFO, NOI, and cash distributions interchangeably.
  • Assuming historical property income guarantees future returns.

Real-estate investment content is educational and does not provide investment, securities, tax, legal, or property-management advice.

In this section

Choose a subsection first. Deeper term pages live inside each subsection, which keeps large topic hubs readable.

Adjusted Funds From Operations (AFFO)

Adjusted Funds From Operations (AFFO) is a real-estate investment trust concept used to evaluate property income, distributions, and public market exposure.

Funds From Operations

Funds From Operations is a real-estate investment trust concept used to evaluate property income, distributions, and public market exposure.

Nareit

Nareit is a real-estate investment trust concept used to evaluate property income, distributions, and public market exposure.

Revised on Sunday, June 21, 2026