REIT Analyzer

Filings. Every fundamental figure comes from the company’s annual 10-K statements as filed with the SEC, one column per fiscal year, with year end share counts from the same filings’ XBRL data. Nothing is estimated: a figure the statements do not support shows as unavailable, and figures that combine the live price with a filing need a 10-K for a fiscal year that ended within the last 16 months.

FFO. Computed here from the 10-K, not the FFO the company reports: net income attributable to common shareholders (diluted where filed), plus every depreciation and amortization line, plus impairment charges, minus gains (plus losses) on sales of real estate and real estate interests, each as it appears in the operating section of the cash flow statement. Companies also adjust for their share of joint ventures and other items listed in their earnings releases, so their own FFO can differ. FFO per share divides by weighted average diluted shares. AFFO is not shown: it subtracts the company’s own estimate of recurring capital spending, which the statements do not report.

Leverage. Total debt adds the borrowing lines on the balance sheet (notes, term loans, mortgages, credit facilities and commercial paper) as filed. EBITDAre is net income including noncontrolling interests, plus interest expense, income tax, depreciation and amortization and impairments, minus gains on sales of real estate: Nareit’s definition without its joint venture adjustment. Interest coverage divides EBITDAre by interest expense, or by net interest expense when only that is filed. Book value per share is stockholders’ equity less preferred stock as carried on the balance sheet, divided by common shares outstanding at year end (or on the annual report’s cover when the year end count is not tagged).

Mortgage REITs. They hold loans and mortgage securities rather than buildings, so there is no depreciation to add back. The report shows book value, diluted earnings per share and liabilities to equity instead.

Dividends and returns. Dividends per share are cash dividends by ex-dividend date. A year’s total is its latest year of regular payments: the last 12 for a monthly payer or 4 for a quarterly one, taken from the 375 days to the year’s end, so an ex-dividend date that shifts across New Year never leaves 11 or 13 payments in one year. The same rule gives each fiscal year’s total and the last 12 months behind the yield. Calendar years leave out the first, often partial, year and the current year. Total returns are dividend-adjusted and annualized from the same weekly price series as the Top REITs list, and colored by rank among the REITs in that list. Property sector follows the industry classification of the listing.

Colors. Fixed REIT ranges: price to FFO green at 14x or less and red above 20x; FFO payout green at 75% or less and red above 90%; debt to EBITDAre green at 6x or less and red above 8x; debt to assets green at 40% or less and red above 55%; interest coverage green at 4x or more and red below 2.5x; dividend growth green at 3% a year or more and red when negative; mortgage REIT earnings payout green at 90% or less and red above 110%. Gold is in between.