What best describes AFFO of a REIT?

a) It is rent revenue minus operating expenses, minus interest expenses, minus depreciation, plus the gains on sale of property

b) It is rent revenue minus operating expenses, minus interest expenses

c) It is rent revenue minus operating expenses, minus interest expenses minus recurring capex minus current expenditures on tenant improvements & lease concessions

d) It is the franchise value of the REIT, the premium over NAV.

e) It is normalized cash flow from operations minus interest expenses minus recurring capex minus current expenditures on tenant improvements & lease concessions