Big Dawg REIT, a national office REIT, reported GAAP net income of $88,706,000 in 2023. It also reported the following items: Net Income: $88,706,000 Real
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Big Dawg REIT, a national office REIT, reported GAAP net income of $88,706,000 in 2023. It also reported the following items: Net Income: $88,706,000 Real estate depreciation $123,546,000 Gains on Sales of $4,250,000 Tenant Improvements of $3,100,100 Leasing Commissions of $6,300,000 Shares Outstanding of 12,500,000 OP units Outstanding of 3,000,000 a). What was the REIT'S FFO for 2023? b) What was the REIT's FFO per share in 2023? c) Given that the REIT reported a net straight-line rent adjustment loss of $4,619,000 and capital expenditures of $17,500,000, what was the REIT'S AFFO in 2023? d) Given the above in c, what was the REIT's AFFO per share in 2023? e) Given that the REIT paid out $143,826,000 in common stock dividends in 2023, what was its dividend/FFO ratio in that year? f). After all distributions, what percentage of the REIT'S AFFO was left over (for what the industry calls "plowing back into the business)? (g) By what percentage did Big Dawg REIT exceed its payout requirement? h) What was Big Dawg REIT's FFO payout ratio for 2023? i) What was Big Dawg REIT's AFFO payout ratio for 2023
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Sure lets break down the solution step by step for each question Part a FFO Funds From Operations Funds From Operations FFO is a measure often used in the analysis of real estate investment trusts REI... View full answer

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