and AFFO are supplemental non-GAAP financial measures used in the real estate industry to measure and compare the operating performance of real estate companies.
The author calculated the cash flows using the following formulas based on Compustat line items: CFFO
= Income before extraordinary items + depreciation and amortization + deferred taxes + equity in net loss (earnings) + loss (gain) from sale of property, plant, and equipment and investments + funds from operations-others + accounts receivable-decrease (increase) + inventory-decrease (increase) + other current assets-decrease (increase) + current liabilities other than current debt-increase (decrease).
has 4,100 members across the province and develops public policy initiatives for agriculture.
This aggressive dividend policy has been mainly underpinned by the company's strong CFFO
and its unleveraged capital structure.
Brookdale's management utilizes Adjusted EBITDA and CFFO
to evaluate the Company's performance and liquidity because these metrics exclude non-cash items such as depreciation and amortization, asset impairment charges, non-cash stock-based compensation expense, gain (loss) on facility lease termination and straight-line lease expense, net of deferred gain amortization.
Note that healthy firms' CFFO
and CFFF decline slightly from year three to year two, but recover in year one, the year preceding their matched firms' default or bankruptcy.
We continue our geographic concentration by acquiring high-quality senior living communities in existing markets that generate meaningful increases in CFFO
The company continues to target new investment opportunities, including acquisitions and new development projects; however, the company's 2015 FFO and CFFO
estimates do not reflect the impact of any other future new investments (acquisitions or development), or related financing activity, as the impact of such investments may vary significantly based on the nature of these investments, timing and other factors.
Excluding integration, transaction-related and EMR roll-out costs, CFFO
Our FFO and CFFO
attributable to common shares and partnership and LTIP units and a reconciliation to net income for the three months ended March 31, 2015 and 2014 was as follows:
For the full year 2015, the Company expects CFFO
per share in a range of $2.
1 times (x) and cash plus CFFO
to short-term debt ratio of 1.