funds from operations指的是营运现金流。

这是房地产投资信托用来评估来自营运现金流的指标。根据GAAP的定义，是指扣除债务重组所得或损失及房产销售收入，加上不动产折旧，以及对合资企业中所持有利益调整后的净收入。使用FFO，或是直接看减去折旧前的净收入，或是将折旧费用加回到报告的净收入中，使得REITs及他们的投资者能够分析持有的物业的现金流。其英文释义如下：

The term funds from operations (FFO) refers to the figure used by real estate investment trusts (REITs) to define the cash flow from their operations. Real estate companies use FFO as a measurement of operating performance. FFO is calculated by adding depreciation, amortization, and losses on sales of assets to earnings and then subtracting any gains on sales of assets and any interest income. It is sometimes quoted on a per-share basis. 

adjusted funds from operations则为经调整的营运现金流。

“调整后的营运现金流AFFO”的概念，由一家领导性的REITs研究机构Green Street Advisors在很多年前提出，能够有助于被救FFO的一些缺陷。调整后的运营资金是在运营资金的基础上调整那些虽然被资本化的但是没有提升物业价值的费用支出，它还进一步将租金的straight-lining剔除。其计算方式如下：

1、所有收入（包括资本利得）减去运营费用、核减、折旧、摊销、利息支出及一般的管理费用=净收入。

2、净收入减去从房地产出售中的资本利得，加上房地产折旧费用=FFO。

3、FFO减去正常的及经常发生的资本支出、租客改善和租赁佣金的摊销，再去除租金的straight-lining，以及对提前偿还的债务的利得或损失进行调整=AFFO。

AFFO的英文释义如下：

Adjusted funds from operations (AFFO) refers to the financial performance measure primarily used in the analysis of real estate investment trusts (REITs). The AFFO of a REIT, though subject to varying methods of computation, is generally equal to the trust's funds from operations (FFO) with adjustments made for recurring capital expenditures used to maintain the quality of the REIT's underlying assets. The calculation takes in the adjustment to GAAP straight-lining of rent, leasing costs, and other material factors.

以下为相关双语示例，供参考：

Funds from operations before non-recurring items (FFO) amounted to €119 million, versus €89 million in first-half 2010, representing a like-for-like increase of 20.2%, in line with the Group’s target of more than 10% normalized annual growth. 

非经常性项目前的营运现金流(FFO)为1.19亿欧元，而2010上半年则为8千9百万欧元，较去年同期成长20.2%，与集团正常成长率10%以上的目标相符。

知识拓展

REITs（房地产投资信托基金Real Estate Investment Trusts）

房地产投资信托基金是一种以发行收益凭证的方式汇集特定多数投资者的资金，由专门投资机构进行房地产投资经营管理，并将投资综合收益按比例分配给投资者的一种信托基金。与我国信托纯粹属于私募性质所不同的是，国际意义上的REITs在性质上等同于基金，少数属于私募，但绝大多数属于公募。REITs既可以封闭运行，也可以上市交易流通，类似于我国的开放式基金与封闭式基金。