Comparing Public and Private Real Estate Investments

Riverbay's adjusted funds from operations (AFFO) is _closest_ to:

Incorrect. This answer doesn't take into account depreciation.

You got it! First, you have to find the FFO. $$\displaystyle \text{FFO = NI + Depreciation}$$ $$\displaystyle = 3{,}875.4 + 2{,}786.1 = 6{,}661.5$$ Then calculate the AFFO. $$\displaystyle \text{AFFO = FFO - NCR - CAPEX}$$ $$\displaystyle =6{,}661.5 - 975.7 - 583.2 = 5{,}102.6$$

Incorrect. This answer doesn't take into account the non-cash rent adjustment.

GBP 2,316,500,000.

GBP 5,102,800,000.

GBP 6,078,300,000.