Recall which REIT metrics answer performance, cash, value, and leverage questions.
What question does same-store NOI growth answer? How the existing property base is performing before acquisitions, dispositions, and major portfolio changes. It is an operating read, not a full value or dividend read. Operating performance FFO versus AFFO-style cash view Use FFO to start the story and recurring cash to test payout safety. FFO is up, so the dividend is safe. Investor or board member overreads the headline metric. Your line FFO growth is positive, but dividend safety depends on recurring cash after maintenance capex, tenant improvements, leasing costs, and debt service. Do not argue that FFO is useless; it…
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