Adjusted funds from operations, also known as AFFO. Warren Buffett is famously a critic of EBITDA and he is for the reason that it gives the company credit for the depreciation as a non-cash expense but it entirely ignores the fact that companies must invest in their assets if they want to grow. This is what's known as CapEx. Similarly, there are issues with FFO that should be kept in mind. There is wear and tear on all sorts of buildings but especially apartment, office and retail buildings that lead to maintenance capital expenditures. This is unavoidable. Many amortization expenses are actually real costs that benefit a single tenant and do not enhance long-term building value. Therefore, simply adding them back as a non-cash expense does not really make a lot of sense. Some examples of these are leasing commissions, financing costs, and tenant improvements, also known as TIs. There are still accounting peculiarities, such as straight line rent increases that actually distort earnings growth. These are not being picked up in the traditional definition of FFO and despite attempts to standardize the definition of FFO, not all REITs account for and report items the same. So where does this leave us? A new metric has been in use for some time and this is what is known as adjusted funds from operations or AFFO. Now, AFFO begins with FFO or funds from operations and it attempts to take FFO to a further degree of specificity by addressing some of these issues. AFFO is calculated by starting with the NARI definition of funds from operations and subtracts the maintenance capital expenditures or CapEx, subtracts, the amortization of leasing commissions, or tenant improvements. It removes straight line rent expense by adding or subtracting, and we'll do an example of this in a minute, and it makes adjustments for financing costs and the gains and losses on the early retirement of debt. Remember that REITs are constantly issuing and repaying debt and they often incur gains and losses on the early retirement of debt. So this is very important.