AFFO Calculator - Adjusted Funds From Operations

AFFO Calculator - Adjusted Funds From Operations helps REIT investors, analysts, and real estate finance teams turn scattered inputs into a defensible AFFO estimate. The page is designed for practical analysis rather than abstract definition: enter the relevant source figures, then review both the headline result and the supporting metrics. Because the calculation is shown on the page, the result can be checked, repeated, and compared across scenarios instead of treated as a black box. The core formula is AFFO = net income + depreciation and amortization - gains on sales + losses on sales + other non-cash items - recurring capital expenditures. The calculation starts with net income, adds back real estate depreciation and other non-cash charges, removes property sale gains, adds property sale losses, and subtracts recurring capital expenditures needed to maintain the portfolio. Optional fields are left out when blank, and required fields must be positive where the denominator, principal, income, or time period would otherwise make the result meaningless. That behavior is useful for early planning because a partial case can still be modeled without pretending that every input is known. It also makes sensitivity analysis straightforward: change one assumption at a time and watch how the AFFO estimate responds. Common use cases include screening dividend coverage, comparing REIT cash generation per share, reviewing supplemental packages, estimating payout ratios, and translating GAAP earnings into a recurring cash-flow view. In each case, the point is not just to produce a number, but to understand what drives that number. The most sensitive input depends on the metric: rates and terms drive time-value calculations, denominators drive per-unit metrics, deductions and exemptions drive tax estimates, and timing assumptions drive valuation or return measures. The examples below use realistic inputs and show the arithmetic outcome so the method is easy to audit. AFFO per share helps compare cash flow against dividends, while AFFO yield relates recurring cash flow to the property value entered on the page. The AFFO estimate is most reliable when the inputs use the same period, entity, and accounting basis. Avoid mixing annual and monthly values, book and market values, pre-tax and after-tax figures, or gross and net amounts unless the label explicitly calls for that treatment. REITs define AFFO differently in practice, especially around straight-line rent, leasing costs, maintenance capex, and non-recurring adjustments. Use the result for education, screening, and scenario comparison, then verify consequential filings, financing choices, investment decisions, or contracts against authoritative source documents.