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I still believe that FFO is a faulty metric. However, ACC's debt covenants are based on FFO (FFOM to be exact). Therefore, for debt covenant/dividend analysis, I have to use those metrics.
Apr 28 17:22 pm
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All Comments by Richard Woon »American Campus Communities: Debt Covenants and Dividends, Part II [View article]
As a measure of a REITs financial strength and earnings, I still believe it is a metric that is based on a faulty assumption as we now know that real estate does decrease in value.