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  "notes": "Includes two tables showing financial adjustments for Armada Hoffler Properties and City Office REIT.",
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      "text": "CTO’s refusal to factor in recurring capex is highly unusual for a shopping center REIT.",
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      "text": "Not every REIT includes recurring capex in their AFFO; however, multi-tenant and shopping center REITs do because they are the ones who bear the recurring capex costs, which are real cash expenses.",
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      "text": "Appendix A: CTO’s AFFO Is the Only One Among Peers That Does Not Include Maintenance Capex",
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