Operating Adjusted Funds From Operations is a non-GAAP supplemental financial performance measure to evaluate the operating performance of our real estate portfolio. OAFFO, as defined by our company, excludes from AFFO property acquisition expenses. In evaluating the performance of our portfolio over time, management employs business models and analyses that differentiate the costs to acquire investments from the investments’ revenues and expenses. Management believes that excluding the items noted to derive OAFFO provides investors with supplemental performance information that is consistent with the performance models and analysis used by management, and provides investors a view of the performance of our portfolio over time, including after the Company ceases to acquire properties on a frequent and regular basis. OAFFO also allows for a comparison of the performance of our real estate portfolio with other REITs that are not currently engaging in acquisitions and mergers.
