AFFO / FFO Calculator (REIT Funds from Operations)
Compute a REIT's Funds From Operations (FFO) and Adjusted FFO (AFFO): FFO = net income + depreciation & amortisation - gain on property sales; AFFO = FFO - recurring capex - straight-line rent adjustment.
輸入資料
計算結果
重點速覽：FFO = net income + depreciation & amortisation - gain on property sales. AFFO = FFO - recurring capital expenditure - straight-line rent adjustment. They restore the cash-generating ability hidden by large non-cash depreciation in REIT net income; AFFO is closest to distributable cash for dividend assessment.
計算公式
FFO = 淨利 + 折舊及攤銷 − 出售物業收益。
AFFO = FFO − 經常性資本支出 − 直線租金調整。
$$FFO = \text{淨利} + \text{折舊及攤銷} - \text{出售物業收益}$$$$AFFO = FFO - \text{經常性資本支出} - \text{直線租金調整}$$使用說明
- Enter the REIT's net income, depreciation & amortisation and gain on sales.
- Enter recurring capex and the straight-line rent adjustment.
- View FFO and the more distributable-cash-like AFFO.
淨利 HK$1,000,000、出售收益 HK$100,000、經常性資本支出 HK$150,000、直線租金調整 HK$50,000 時，不同折舊攤銷對 FFO/AFFO 的影響
| 折舊及攤銷 | FFO | AFFO | 說明 |
|---|---|---|---|
| HK$300,000 | HK$1,200,000 | HK$1,000,000 | 折舊較低 |
| HK$500,000 | HK$1,400,000 | HK$1,200,000 | 本工具預設值 |
| HK$800,000 | HK$1,700,000 | HK$1,500,000 | 折舊高，淨利被壓更多 |
理財情境案例
案例一：計算 FFO 與 AFFO
某 REIT 淨利 HK$1,000,000、折舊攤銷 HK$500,000、出售物業收益 HK$100,000、經常性資本支出 HK$150,000、直線租金調整 HK$50,000。
FFO = 1,000,000 + 500,000 − 100,000 = HK$1,400,000；AFFO = 1,400,000 − 150,000 − 50,000 = HK$1,200,000。AFFO 較淨利高出 20 萬，說明淨利確實低估了這家 REIT 的現金創造力。
案例二：用 AFFO 派息比率判斷股息可持續性
延續上例，AFFO = HK$1,200,000。若該 REIT 全年派息 HK$1,000,000，AFFO 派息比率 = 1,000,000 ÷ 1,200,000 = 83.3%，尚在合理範圍，股息有現金支撐。
但若派息升至 HK$1,200,000，比率達 100%，等於把可分派現金全數派出，一旦資本支出上升或租金下滑，股息就難以維持。分析 REIT 股息時，AFFO 派息比率比用淨利算的派息比率更可靠。
常見問題
Why use FFO/AFFO instead of net income for a REIT?
REIT net income is depressed by large non-cash depreciation on property, yet quality real estate often appreciates — so net income understates cash flow. FFO adds depreciation back and removes one-off sale gains; AFFO further deducts recurring capex, nearer to cash available for distribution. FFO/AFFO are the core metrics for REIT profitability and dividends, far more relevant than net income.
What is the difference between FFO and AFFO?
FFO = net income + depreciation & amortisation - gain on sales (restores operating cash flow; has NAREIT's standard definition, so comparable across firms). AFFO = FFO - recurring capex - straight-line rent adjustment (deducts real cash to maintain properties, closest to distributable cash). Use FFO for cross-firm comparison and trends; use AFFO payout ratio to judge dividend sustainability. WARNING: AFFO has no uniform standard, so definitions vary.
What traps should I avoid with FFO/AFFO?
First, AFFO has no standard definition — firms differ on what counts as recurring capex and adjustments, so never compare AFFO figures blindly. Second, capitalising vs expensing is subjective (maintenance vs growth capex). Third, metrics cannot replace asset-quality judgement (location, tenant credit, lease expiry, leverage, rate risk). Fourth, check one-off items are properly excluded. Treat FFO/AFFO as a start, not an end — pair with balance sheet, rent growth, occupancy and dividend cover.
What Hong Kong REITs exist, and what to note?
Hong Kong-listed REITs are governed by the SFC's Code on Real Estate Investment Trusts and must distribute at least 90% of after-tax net income to unitholders, so dividends are the core return. When analysing with FFO/AFFO: note each REIT's differing definitions of recurring capex (no uniform AFFO standard); Hong Kong REITs often hold malls and offices where depreciation heavily depresses net income, making FFO/AFFO essential; and still combine with occupancy, rent growth, leverage and rate risk. Consult the fund's reports and offering documents.
How does FFO/AFFO differ from free cash flow (FCF)?
Both aim to show real available cash but differ in scope. FCF (general firms) = operating cash flow minus all capex including growth; FFO/AFFO are REIT-specific, adding back property depreciation (since quality property seldom falls in value) and deducting only recurring (maintenance) capex, not acquisition growth capex. For REITs, FFO/AFFO better reflect ongoing operations and dividends; use FCF as supplementary.
相關工具
參考資料
內容審核：香港計算器財經團隊。計算邏輯與公式參考香港金融管理局（HKMA）及投資者及理財教育委員會（IFEC）之個人理財計算指引，結果僅供參考，實際以相關機構公佈為準。