What each metric means
Oct 29, 2026
Each of our 34 metrics is below: what it measures and, where it matters, what it leaves out.
PortfolioProperties ABR Occupancy WALT Same-store growth Top 10 tenants Investment grade Expiring in 12 months
Earnings and dividendAFFO/share FFO/share Core FFO/share AFFO growth (YoY) Dividend/share Payout ratio (AFFO)
DebtNet debt/EBITDA Debt interest rate Fixed-rate share of debt Debt maturity
Rent escalatorsEscalators: any Escalators: fixed Escalators: CPI Escalators: other Escalators: none Escalators: avg rate
AcquisitionsAcquisition volume Capital deployed Properties acquired Acquisition cap rate (cash) Acquisition cap rate (GAAP) Acquisition WALT Acquisition investment grade
DispositionsDisposition proceeds Properties sold Disposition cap rate
Where the values come from
Every value comes from the company's SEC reports for the quarter: the 10-Q, or the 10-K at year end, and the earnings release, supplement and slides that go with them. Each value links to where it appears: the words in the report, or the chart it was read from.
Portfolio
Properties
How many properties the company has at quarter end, by its own count.
Not counted: properties still being built. Properties the company runs itself, and ones that secure its loans, are in when its own total includes them.
ABR
The rent due under the company's leases at quarter end, stated for a full year. Many of the other percentages are shares of it.
Occupancy
How much of the company's whole portfolio is leased at quarter end. Companies measure it by space, property count, lease count or rent, and the same portfolio can score differently on each.
Not counted: space with a signed lease the tenant hasn't moved into yet.
WALT
How long the company's leases have left to run at quarter end, on average, weighted by rent. A short average means the rent resets sooner.
Same-store growth
How much income grew in the quarter on properties the company owned through both periods compared, so buying and selling don't move it.
Top 10 tenants
How much of the company's rent at quarter end comes from its ten largest tenants.
Investment grade
How much of the portfolio is leased at quarter end to tenants the company counts as investment grade. Each company sets its own bar.
Expiring in 12 months
How much of the portfolio has leases ending in the 12 months after quarter end. Where a company prints only the rest of the calendar year, we use that.
Earnings and dividend
AFFO/share
Adjusted funds from operations per share for the quarter: earnings with the non-cash items taken out, so it follows the cash the business brought in. Each company chooses its own adjustments.
FFO/share
Funds from operations per share for the quarter, on Nareit's definition: net income with property depreciation added back and gains on property sales taken out. It's the one earnings measure every company here defines the same way.
Core FFO/share
FFO per share for the quarter with one-off items taken out, so the results read as ordinary. Companies give it names such as core FFO or normalized FFO, and each decides what counts as one-off.
AFFO growth (YoY)
How much AFFO per share changed against the same quarter a year earlier.
Not counted: growth in AFFO in total, which also rises when the company issues new shares, and growth the company forecasts.
Dividend/share
The dividend per share declared for the quarter. For companies that pay monthly, it's the three months added together.
Not counted: special dividends, and dividends stated for a full year.
Payout ratio (AFFO)
The quarter's dividend as a share of its AFFO. It shows how much room the dividend has.
Debt
Net debt/EBITDA
The company's debt less its cash, as a multiple of a year's EBITDA: earnings before interest, tax, depreciation and amortization. It's the usual measure of how much a landlord owes against what it earns.
Not counted: money from shares the company has agreed to sell but hasn't received yet. Some companies take it off their debt, which can halve the ratio.
Debt interest rate
The average interest rate on all the company's debt at quarter end, weighted by how much it owes at each rate.
Fixed-rate share of debt
How much of the company's debt at quarter end carries a rate that can't move, counting floating debt it has swapped to a fixed rate.
Debt maturity
How long until the company's debt falls due, on average, weighted by the amount owed at quarter end.
Rent escalators
Escalators: any
How much of the portfolio at quarter end has a rent rise of any kind written into its leases.
Escalators: fixed
How much of the portfolio at quarter end has rent that rises by a set percentage written into the lease.
Escalators: CPI
How much of the portfolio at quarter end has rent that moves with an inflation index, with or without a cap.
Escalators: other
How much of the portfolio at quarter end has rent rises that are neither a set percentage nor tied to inflation, mostly rent tied to what the tenant sells.
Escalators: none
How much of the portfolio at quarter end has no rent rise at all: rent in the last year of the lease is the same as in the first.
Escalators: avg rate
One average yearly rent rise across the whole portfolio, from companies that don't split set rises from inflation-linked ones. Companies work it out in different ways.
Acquisitions
Acquisition volume
What the company spent buying properties in the quarter.
Not counted: money spent building or improving properties, loans made to others, and land bought with nothing on it. Those are in capital deployed. A finished building bought and leased back to the seller is counted, even when the company's accounts book it as a loan.
Capital deployed
Everything the company put to work in the quarter: buying properties, funding construction, lending, and anything else it counts as investment.
Not counted: money promised but not yet paid out, and upkeep or improvements to properties it already owns that earn no new rent.
Properties acquired
How many properties the company bought in the quarter, counted one by one even when a single deal carries fifty.
Not counted: properties that only secure a loan the company made, land bought to build on, and buildings still under construction. A finished building bought and leased back to the seller is counted, even when the company's accounts book it as a loan.
Acquisition cap rate (cash)
The first year's cash rent on what the company bought in the quarter, as a share of what it paid, weighted by how much went into each purchase.
Acquisition cap rate (GAAP)
The same yield on the quarter's purchases, on straight-line rent, which spreads future rent rises evenly over the lease. It reads higher than the cash rate.
Acquisition WALT
The average lease length left on what the company bought in the quarter, weighted by rent.
Acquisition investment grade
How much of what the company bought in the quarter is leased to tenants it counts as investment grade. Each company sets that bar itself.
Dispositions
Disposition proceeds
What the company received for the properties it sold in the quarter.
Properties sold
How many properties the company sold in the quarter.
Not counted: part of a property the company keeps, such as a parcel at a shopping center it still owns.
Disposition cap rate
The yield the buyer took on the properties the company sold in the quarter. Most companies work it out on leased properties only.
This is information about disclosures, not investment advice.