REIT Board

Cash FFO = operating cash flow − the change in working capital, from the cash flow statement, trailing four filed quarters. It stands in for funds from operations: Nareit FFO is net income + real-estate depreciation − gains on property sales + impairments, and FMP's statements carry neither of the last two as a line, while the cash flow statement has already taken the gain out and put the write-down back. It is not the FFO a REIT reports — stock pay, straight-line rent and minority interests are in it — but a gap that stays the same each quarter cancels against the REIT's own five-year multiple. A negative Cash FFO leaves the multiple blank and the page says so. Cash FFO per share = Cash FFO ÷ the newest quarter's diluted shares; P/Cash FFO = last close ÷ Cash FFO per share.

EBITDA = operating income + D&A (before gains and JV income). Net debt = total debt − cash; when TTM interest ÷ total debt exceeds 12% the debt line is a filing error and the newest balance sheet that passes is used instead, with a note. Net debt / EBITDA, interest cover = EBITDA ÷ interest expense, net debt / assets and EV yield = EBITDA ÷ (market cap + net debt) follow.

Yield = dividends with an ex-date in the trailing twelve months ÷ last close; spread = yield − the 10-year Treasury. Cash FFO payout = trailing DPS ÷ Cash FFO per share. Cash FFO growth = trailing-four Cash FFO per share ÷ the four before − 1; the 3-year CAGR uses the four quarters twelve back. Five-year history: each of the last twenty quarters' own trailing Cash FFO per share against its quarter-end close; the 25th / 50th / 75th percentiles, and "vs. 5y median" = current ÷ median − 1.

Colours (never a sort key): payout ≤70% / 70%–85% / >85% · Cash FFO growth ≥5% / 0%–5% / <0% · net debt/EBITDA ≤5× / 5–7× / >7× · interest cover ≥4× / 2.5–4× / <2.5× · net debt/assets ≤35% / 35%–50% / >50%. Lights are on or off, no score: payout above 85% of Cash FFO; leverage above 7× EBITDA; coverage below 2.5×.

TTM = the four newest filed quarters. A quarter missing a required line (its cash flow statement included), or with negative depreciation or interest, or interest or depreciation above revenue, is dropped and the rest annualized (× 4/n); two failures and the REIT shows "data unavailable". Universe: US-listed equity REITs, the 24 largest by market cap; mortgage, lodging and timber REITs excluded. Excluded by rule: WY (timber REIT: no depreciable property base, FFO is not the measure); RYN (timber REIT: no depreciable property base, FFO is not the measure); PCH (timber REIT: no depreciable property base, FFO is not the measure).

This run: PLD — Quarter ending 2026-09-30 excluded: operatingCashFlow missing; changeInWorkingCapital missing. Sources: FMP quarterly statements and EOD prices, the US Treasury's daily par yield curve. Quantitative summary of public data, not investment advice; metrics are approximations, company-reported FFO and AFFO prevail.