performance of REITs and provide a relevant basis for comparison among REITs. We also use these measures internally to measure the operating performance of our portfolio. We are providing different components of NOI, such as Portfolio NOI (a component of beneficial interest of combined NOI that relates to the operational performance of our global real estate portfolio), to provide investors with disaggregated information to further differentiate our global real estate portfolio performance from corporate and other platform investments. We determine FFO based upon the definition set forth by the National Association of Real Estate Investment Trusts (“NAREIT”) Funds From Operations White Paper – 2018 Restatement. Our main business includes acquiring, owning, operating, developing, and redeveloping real estate in conjunction with the rental of real estate. Gains and losses of assets incidental to our main business are included in FFO. We determine FFO to be our share of consolidated net income computed in accordance with GAAP: • excluding real estate related depreciation and amortization, • excluding gains and losses from extraordinary items, • excluding gains and losses from the acquisition of controlling interest, sale, disposal or property insurance recoveries of, or any impairment related to, depreciable retail operating properties, • plus the allocable portion of FFO of unconsolidated joint ventures based upon economic ownership interest, and • all determined on a consistent basis in accordance with GAAP. We determine real estate FFO utilizing the definition of FFO as stated above excluding the impact of operations from • other platform investments, net of tax, • gain due to disposal, exchange, or revaluation of equity interests, net of tax, and • unrealized gains or losses in fair value of publicly traded equity instruments and derivative instrument. You should understand that our computations of these non-GAAP measures might not be comparable to similar measures reported by other REITs and that these non-GAAP measures: • do not represent cash flow from operations as defined by GAAP, • should not be considered as an alternative to net income determined in accordance with GAAP as a measure of operating performance, and • are not an alternative to cash flows as a measure of liquidity.
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