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  "notes": "The slide highlights a discrepancy between company reporting and industry standards, noting that NAREIT does not provide a single definition for AFFO.",
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      "text": "AMT has, in its conference calls, stressed the growth in Adjusted Funds From Operations (“AFFO”) as one of its most important metrics, and this appears to have been followed by ATL’s telecom analysts.",
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      "text": "We believe that the confusion about AFFO arose because the analysts following AMT are almost exclusive telecom specialists, rather than REIT specialists.",
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      "text": "However, we researched a large number of REITs to identity the “comparable AFFO” metric, but few of them had the same formulation as ATL...",
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      "text": "Nevertheless, NAREIT provides a possible disclosure that can be used to develop AFFO in its National Policy Bulletin in February 2004:",
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      "text": "What is AFFO? AMT has, in its conference calls, stressed the growth in Adjusted Funds From Operations (“AFFO”) as one of its most important metrics...",
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      "text": "Although there is some considerable overlap among analysts as to what might be appropriate adjustments to Funds From Operations... NAREIT believes that there is not adequate consensus...",
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      "text": "Although there is some considerable overlap among analysts as to what might be appropriate adjustments to Funds From Operations that would make it a better measure of dividend paying capacity, NAREIT believes that there is not adequate consensus among preparers and users of the REIT financial statements to allow agreement on a single definition of Funds (Cash) Available for Distribution or AFFO. Further, NAREIT does not believe that there is a single measure of distributable cash that is consistently applicable to all REITs. — NAREIT 2002 White Paper",
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      "text": "166 AMT November 1, 2011 conference call. 167 AMT at REITweek: NAREIT's Investor Forum Jun 13, 2012 168 http://www.reit.com/... 169 “National Policy Bulletin: FFO White Paper Disclosures”, NAREIT, February 2004.",
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      "text": "APPENDIX A.6: AFFO",
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