When a REIT reports rising net operating income, an obvious question follows: is the income growing because the existing properties are performing better, or simply because the REIT bought more buildings? Same-store NOI — also called same-property NOI — exists to answer exactly that question. It measures the change in net operating income from properties the REIT owned in both comparison periods, stripping out the effect of acquisitions, dispositions, and recent developments. The result isolates organic performance: how much the REIT is growing rents, lifting occupancy, and controlling expenses on the portfolio it already owns. That makes same-store NOI one of the most revealing numbers in REIT analysis, because growth bought with new acquisitions tells you little about the health of the underlying business, while organic growth speaks directly to pricing power and operating quality. This guide explains what same-store NOI measures, how it separates organic from acquisition growth, where to find it in filings, how to interpret the trend, and the limitations to watch. Note that this is educational information, not investment advice — verify the current data and your situation with your advisors.
What Same-Store NOI Measures
Same-store NOI measures the change in net operating income from properties a REIT owned in both periods being compared. To understand it, start with NOI itself: net operating income is property revenue minus operating expenses, calculated before debt service and depreciation. It's the core measure of how much cash a property's operations generate. Same-store NOI then narrows the lens to only the properties present in both the current and prior comparison periods — the 'same-store' or 'same-property' pool — so the comparison is apples-to-apples.
The point of this narrowing is to capture organic performance. By including only properties owned throughout both periods, same-store NOI excludes the income from newly acquired buildings (which would inflate growth artificially) and the income lost from sold buildings (which would understate it). What remains is the change in income from the stable, continuously owned portfolio — driven by rent changes, occupancy shifts, and expense control. REITs usually report this as a same-store NOI growth percentage (for example, a year-over-year change), which tells you how much the existing portfolio's operating income rose or fell on a like-for-like basis.
So same-store NOI measures the organic change in net operating income from properties owned in both comparison periods, isolating operating performance from the effect of buying or selling buildings. What same-store NOI measures is the period-over-period change in net operating income (property revenue minus operating expenses, before debt service and depreciation) for the pool of properties a REIT owned throughout both periods — the same-store pool — usually expressed as a growth percentage. It excludes acquisitions and dispositions to isolate organic performance driven by rents, occupancy, and expenses. Understanding what it measures frames why analysts rely on it. Same-store NOI is the like-for-like change in operating income from a REIT's continuously owned properties, isolating organic growth from the noise of acquisitions and sales.
Organic vs. Acquisition Growth
The central reason same-store NOI matters is that it separates two very different kinds of growth: organic growth and growth by acquisition. Organic growth is the improvement a REIT achieves on the properties it already owns — by raising rents, increasing occupancy, and managing expenses well. Acquisition (or external) growth is the increase in total income that comes from buying or developing new properties. Both raise a REIT's overall NOI, but they mean very different things about the underlying business.
Organic growth is the higher-quality signal. Steady same-store NOI growth shows that a REIT's existing assets have pricing power and are being run well — it reflects real, sustainable improvement rather than simply a larger asset base. Acquisition growth, by contrast, can lift reported NOI even when the existing portfolio is flat or declining, because new buildings add income regardless of how the old ones perform. A REIT can also overpay for acquisitions or fund them by issuing shares or debt, so headline NOI growth driven by deals doesn't necessarily create value per share. So same-store NOI cuts through this by showing the organic engine on its own.
So same-store NOI separates organic growth (rent, occupancy, and expense improvements on existing properties) from acquisition growth (income added by buying or building), and the organic figure is the higher-quality signal of business health. Organic versus acquisition growth is the key distinction same-store NOI illuminates: organic growth reflects genuine improvement on the continuously owned portfolio (pricing power, occupancy, expense control), while acquisition growth simply reflects a larger asset base and can mask flat or declining performance in the existing properties. The organic figure speaks to sustainable quality. Understanding the distinction explains why analysts prize same-store NOI. Same-store NOI isolates organic growth from acquisition growth, and because organic growth reflects real operating quality and pricing power, it's the more telling measure of a REIT's underlying health.
A REIT can always grow its total NOI by buying more buildings; same-store NOI asks the harder question — is the business it already owns getting better?
How to Find It in Filings
Same-store NOI isn't usually a line on the face of the income statement — you'll typically find it in a REIT's quarterly supplemental package and in the earnings materials that accompany the financial filings. Public REITs publish a detailed 'supplemental' (a supplemental operating and financial data package) alongside each quarter's results, and this is where same-store (or same-property) NOI is reported, often with a breakdown of the same-store pool, the revenue and expense changes within it, and the resulting NOI growth percentage. The earnings press release and the management discussion in the periodic SEC filings also commonly reference it.
When you locate it, read the surrounding disclosure carefully. REITs define their same-store pool differently — the number of properties included, the ownership period required to qualify, and how recently developed or redeveloped assets are treated all vary by company. The supplemental usually spells out these definitions, along with whether the figure is reported on a cash or GAAP basis. You can find the underlying SEC filings (10-Q, 10-K, and 8-K exhibits that include supplementals) through the SEC's EDGAR database, and the supplemental itself is typically posted in the investor-relations section of the REIT's website. So the data is accessible, but it lives in the supplemental detail rather than the headline statements.
So same-store NOI is found in a REIT's quarterly supplemental package and earnings materials (with underlying filings on SEC EDGAR), reported with the same-store pool definition, revenue and expense detail, and a growth percentage. How to find same-store NOI: look in the REIT's quarterly supplemental operating and financial data package and earnings release rather than on the face of the income statement, where it's reported with the same-store pool composition, the underlying revenue and expense changes, and the NOI growth percentage — on a cash or GAAP basis. The underlying SEC filings are available on EDGAR, and supplementals are posted to investor-relations pages. Understanding where to find it lets you analyze it properly. Same-store NOI lives in REIT supplementals and earnings materials (with filings on SEC EDGAR), where the pool definition and revenue-and-expense detail accompany the reported growth rate.
Interpreting the Trend
Interpreting same-store NOI is less about any single quarter's number and more about the trend over time. Positive, steady same-store NOI growth signals a healthy organic engine — the REIT is successfully raising rents, maintaining or improving occupancy, and controlling expenses on its existing portfolio, which points to pricing power and sound operations. A consistent track record of positive same-store growth across several periods is a stronger signal than one good quarter, because it suggests durable performance rather than a one-off.
Negative or decelerating same-store NOI growth, by contrast, is a warning. Falling same-store NOI means the existing portfolio's operating income is shrinking — perhaps because rents are under pressure, occupancy is slipping, or expenses are outpacing revenue. Even if a REIT's total NOI is still rising on acquisitions, deteriorating same-store growth suggests the underlying business is weakening. It's also worth comparing a REIT's same-store NOI growth to its sector peers and to the broader environment, since some sectors structurally grow faster than others, and macro conditions affect everyone. So the trend, viewed in context and over time, is what gives same-store NOI its analytical power.
So interpreting same-store NOI means watching the multi-period trend and the context: steady positive growth signals organic health and pricing power, while negative or decelerating growth warns of weakening fundamentals. Interpreting the trend in same-store NOI is the heart of the analysis: consistent positive growth across several periods signals a healthy organic engine with pricing power and good operations, while negative or decelerating growth flags weakening fundamentals even if total NOI keeps rising on acquisitions. Comparing the figure to sector peers and the macro backdrop adds context. Understanding how to read the trend turns the metric into insight. Steady positive same-store NOI growth signals organic health and pricing power; negative or slowing growth warns of underlying weakness — and the multi-period trend, read in context, matters more than any single quarter.
- Same-store NOI measures the change in net operating income from properties owned in both comparison periods, isolating organic performance.
- It separates organic growth (rents, occupancy, expense control) from acquisition growth — and the organic figure is the higher-quality signal.
- Find it in a REIT's quarterly supplemental package and earnings materials, with underlying filings on SEC EDGAR; read the same-store pool definition carefully.
- Steady positive same-store NOI growth signals organic health and pricing power; negative or decelerating growth warns of weakening fundamentals.
Limitations to Watch
As useful as same-store NOI is, it has limitations that every analyst should keep in mind. First, the same-store pool definition isn't standardized — each REIT decides which properties qualify, how long they must be owned, and how to treat recently developed or redeveloped assets. This means same-store figures aren't perfectly comparable across companies, and a REIT can, intentionally or not, shape the pool in ways that flatter the result. Always read how a given REIT defines its pool before comparing it to a peer.
Second, one-time items and exclusions can distort the figure. Lease-termination fees, non-recurring expenses, bad-debt adjustments, or items tied to specific events can move same-store NOI in a single period without reflecting the ongoing trend, so a single quarter can mislead. Redevelopment exclusions matter too — properties pulled out of the pool for redevelopment may be precisely the ones being repositioned for growth, so excluding them can understate or distort the picture. Third, and fundamentally, same-store NOI by design ignores growth from acquisitions and development, so it tells you nothing about whether a REIT's external growth is creating value — it's only half the story.
So same-store NOI's limitations include non-standardized pool definitions, distortion from one-time items and redevelopment exclusions, and the fact that it ignores acquisition and development growth entirely. Limitations to watch with same-store NOI: the same-store pool definition varies by company (so cross-REIT comparisons require care), one-time items and bad-debt or termination-fee adjustments can distort a single period, redevelopment exclusions can omit assets being repositioned, and by design the metric ignores growth from acquisitions and development — so it captures only organic performance, not the whole business. Understanding these limits keeps the metric in proper perspective. Same-store NOI is powerful but partial: pool definitions vary, one-time items and redevelopment exclusions can distort it, and it deliberately ignores acquisition and development growth — so use it alongside other measures, not alone.
Same-store NOI is one of the most honest numbers a REIT reports — but only if you read how the pool is defined, because the company gets to draw that line itself.
Using Same-Store NOI in Analysis
Same-store NOI is most valuable when used as part of a fuller analysis rather than in isolation. Pair it with growth measures that capture the acquisition side — total NOI growth, FFO and AFFO per share, and the REIT's development pipeline — so you see both the organic engine and the external growth, and whether the latter is creating value per share or simply adding bulk. A REIT with strong same-store growth and disciplined, accretive acquisitions is a different proposition from one whose headline growth depends entirely on deals.
It also helps to put same-store NOI in context. Compare a REIT's figure to its own history (is organic growth accelerating or fading?), to sector peers (how does it stack up against similar property types?), and to leading indicators like occupancy and leasing spreads, which often foreshadow where same-store NOI is heading. Reading several quarters together, and across a cycle, separates durable performers from those benefiting from a temporary tailwind. So same-store NOI becomes a window into the quality and direction of a REIT's organic business — one input among several that, combined, give a grounded view of the underlying fundamentals.
So using same-store NOI well means pairing it with acquisition-side growth measures and leading indicators, comparing it to history and peers, and reading it over multiple quarters and across a cycle. Using same-store NOI in analysis means treating it as one input among several: combine it with total NOI growth, FFO and AFFO per share, and the development pipeline to see the whole growth story, and compare it to the REIT's own history, sector peers, and leading indicators like occupancy and leasing spreads. Reading several periods together distinguishes durable performers from temporary winners. Understanding how to deploy it turns a metric into genuine insight. Same-store NOI is most useful alongside acquisition-side measures and leading indicators, compared to history and peers over multiple quarters — a window into organic quality, not a standalone verdict.
How Baker 1031 Helps You Use Same-Store NOI
Baker 1031 Investments helps investors use same-store NOI in REIT analysis — understanding what same-property NOI measures, how it separates organic from acquisition growth, where to find it in filings, how to interpret the trend, and the limitations to watch — so you can judge a REIT's organic performance and overall quality more clearly.
REIT and non-traded-REIT interests and related securities are offered through the broker-dealer, Aurora Securities, Inc. (member FINRA/SIPC), and any recommendation follows a suitability review — non-traded and private REITs typically require accredited or otherwise suitable investors, while publicly traded REITs trade through ordinary brokerage accounts. We help you locate and read same-store NOI in a REIT's supplemental and earnings materials, interpret the trend in context, weigh it against acquisition-side growth and leading indicators, and account for its limitations (pool definitions, one-time items, redevelopment exclusions). Baker 1031 does not provide tax or legal advice; your CPA handles how REIT distributions are taxed in your situation. We're candid that fundamentals and metrics describe the past and present, not the future, and that past performance does not guarantee future results — no yields or returns are ever promised, and REIT prices and distributions fluctuate. Our role is to help you analyze REITs rigorously and invest only when suitable for your goals and risk tolerance.
Frequently Asked Questions
What is same-store NOI?
Same-store NOI — also called same-property NOI — is the change in net operating income from the properties a REIT owned throughout both periods being compared. Net operating income (NOI) itself is property revenue minus operating expenses, calculated before debt service and depreciation, so it's the core measure of a property's operating cash generation. Same-store NOI narrows the comparison to only the properties present in both the current and prior periods — the same-store pool — so it's an apples-to-apples measure. By including only continuously owned properties, it excludes the income added by newly acquired buildings and lost from sold ones, isolating the organic change driven by rents, occupancy, and expense control. REITs usually report it as a growth percentage (for example, year-over-year). So same-store NOI tells you how the existing portfolio is performing on its own, apart from the effects of buying or selling buildings. That makes it one of the most revealing metrics in REIT analysis for gauging organic operating quality and pricing power.
Why is same-store NOI important?
Same-store NOI is important because it separates organic growth from growth by acquisition — two very different things. A REIT can always increase its total NOI by buying more buildings, but that tells you little about the health of the business it already owns. Same-store NOI strips out acquisitions and dispositions to show how the continuously owned portfolio is performing, which reflects pricing power, occupancy trends, and expense control. Steady positive same-store growth signals a healthy organic engine and sustainable improvement, while negative or decelerating growth warns that the underlying business is weakening — even if total NOI is still rising on deals. This makes it one of the highest-quality signals in REIT analysis, because it can't be inflated simply by getting bigger. It's especially useful for spotting a REIT whose headline growth depends entirely on acquisitions rather than on genuine operating improvement. So same-store NOI matters because it isolates the part of a REIT's performance that speaks to real, sustainable quality rather than just a larger asset base.
How is same-store NOI different from total NOI?
Total NOI is the net operating income from a REIT's entire portfolio, including properties it acquired or developed during the period; same-store NOI is the net operating income only from properties it owned throughout both comparison periods. The difference is what each captures. Total NOI grows whenever a REIT adds income — including from new acquisitions — so it reflects the size of the whole business. Same-store NOI, by excluding acquisitions and dispositions, isolates the organic change in income from the stable, continuously owned portfolio, driven by rents, occupancy, and expenses. So a REIT could show strong total NOI growth (because it bought a lot of buildings) while its same-store NOI is flat or falling (because the existing properties aren't improving), or vice versa. Reading both together is informative: total NOI shows the overall scale of growth, while same-store NOI shows the quality of the organic engine. So same-store NOI is the like-for-like, organic subset of total NOI — the part that reveals operating health rather than just asset-base expansion.
Where can I find a REIT's same-store NOI?
You'll typically find same-store NOI in a REIT's quarterly supplemental operating and financial data package and in its earnings materials, rather than on the face of the income statement. Public REITs publish a detailed supplemental alongside each quarter's results, and that's where same-store (or same-property) NOI is reported — usually with a breakdown of the same-store pool, the revenue and expense changes within it, and the resulting NOI growth percentage. The earnings press release and the management discussion in the periodic SEC filings often reference it as well. The underlying SEC filings — the 10-Q, 10-K, and 8-K exhibits that include supplementals — are available through the SEC's EDGAR database, and the supplemental itself is typically posted in the investor-relations section of the REIT's website. So the figure is accessible, but it lives in the supplemental detail and earnings disclosure rather than the headline financial statements. When you find it, read the surrounding notes carefully, since they define the same-store pool and whether the figure is reported on a cash or GAAP basis.
What is the difference between organic and acquisition growth?
Organic growth is the improvement a REIT achieves on the properties it already owns — by raising rents, increasing occupancy, and controlling expenses — while acquisition (or external) growth is the increase in total income that comes from buying or developing new properties. Both raise a REIT's overall NOI, but they mean very different things. Organic growth reflects genuine operating quality and pricing power on the existing portfolio, which is sustainable and hard to fake. Acquisition growth simply reflects a larger asset base; it can lift reported NOI even when the existing properties are flat or declining, and a REIT can overpay for deals or fund them by issuing shares or debt, so it doesn't always create value per share. Same-store NOI isolates the organic portion, which is why analysts treat it as the higher-quality signal. So the distinction matters: organic growth tells you the business is getting better, while acquisition growth tells you it's getting bigger — and only same-store NOI lets you see the organic engine clearly, apart from the effect of deals.
What does positive same-store NOI growth mean?
Positive same-store NOI growth means the net operating income from a REIT's continuously owned properties rose compared with the prior period — the existing portfolio is generating more operating income on a like-for-like basis. This is a healthy signal: it usually reflects some combination of rising rents, improving or stable occupancy, and good expense control, which together point to pricing power and sound operations on the assets the REIT already owns. Steady positive same-store growth across several periods is a stronger signal than a single good quarter, because it suggests durable performance rather than a one-off event. It's also worth comparing the figure to sector peers and the broader environment, since some sectors structurally grow faster than others. So positive same-store NOI growth indicates the organic engine is working — the REIT is improving the income from its existing portfolio rather than relying solely on acquisitions to grow. That said, no single metric is decisive, so read it alongside other measures and over multiple periods to confirm the trend is genuine and sustainable rather than temporary.
What does negative same-store NOI growth signal?
Negative same-store NOI growth signals that the operating income from a REIT's continuously owned properties is shrinking — a warning that the underlying business may be weakening. It can result from rents coming under pressure, occupancy slipping, or expenses outpacing revenue on the existing portfolio. Importantly, this can happen even while a REIT's total NOI is still rising, if the growth is coming from acquisitions that mask deterioration in the existing assets. That's why same-store NOI is so useful: it can reveal organic weakness that the headline numbers hide. A single negative quarter isn't necessarily alarming — it could reflect a one-time item or a temporary factor — but a sustained negative or decelerating trend across periods is a meaningful concern, especially if leading indicators like occupancy and leasing spreads are also softening. So negative same-store NOI growth is a flag to investigate further: look at the causes, compare to sector peers, and check whether it reflects a passing event or a genuine deterioration in fundamentals before drawing conclusions about the REIT's quality.
Is same-store NOI standardized across REITs?
No — same-store NOI is not standardized across REITs, which is one of its key limitations. Each REIT defines its own same-store (or same-property) pool, deciding which properties qualify, how long a property must be owned to be included, and how to treat recently developed or redeveloped assets. As a result, two REITs' same-store figures aren't perfectly comparable, and a company can, intentionally or not, shape the pool in ways that flatter the result. There are also differences in whether the figure is reported on a cash or GAAP basis. Because of this, you should always read how a given REIT defines its same-store pool — usually disclosed in the supplemental — before comparing it to a peer's number. The lack of standardization doesn't make same-store NOI useless; it just means you have to read the definitions and use judgment, particularly in cross-company comparisons. So treat same-store NOI as a powerful but non-standardized metric: excellent for tracking a single REIT's organic trend over time, but requiring care and attention to the pool definition when comparing across different REITs.
How do one-time items affect same-store NOI?
One-time items can distort same-store NOI in a single period, making one quarter or year look better or worse than the underlying trend. Examples include lease-termination fees (which can boost revenue temporarily), non-recurring expenses or repairs, bad-debt adjustments, and items tied to specific events. Because same-store NOI is a period-over-period comparison, an unusual item in either period can swing the growth percentage in a way that doesn't reflect the ongoing organic performance. This is why it's important not to read too much into a single quarter and to focus instead on the multi-period trend, which smooths out one-off effects. Many REITs disclose the major non-recurring items in their supplementals, so you can identify and adjust for them. So when interpreting same-store NOI, watch for one-time items that may distort a given period, read several periods together to see the underlying direction, and check the disclosures for anything unusual. Doing so keeps you from mistaking a temporary blip for a genuine change in the REIT's organic operating performance, in either direction.
Why are redevelopment properties sometimes excluded?
Redevelopment properties are sometimes excluded from the same-store pool because their income is being disrupted by the redevelopment work itself, which would distort a like-for-like comparison. When a property is taken partly or fully offline to be repositioned, renovated, or re-tenanted, its revenue typically drops temporarily (and expenses may rise), so including it would understate same-store NOI growth in a way that doesn't reflect normal operations. Excluding it produces a cleaner read on the stabilized portfolio. However, this exclusion is also a limitation to watch: the properties pulled out for redevelopment may be precisely the ones being repositioned for higher future income, so leaving them out can understate the REIT's true growth potential — or, conversely, can let a REIT keep an underperforming asset out of the same-store figure. So redevelopment exclusions serve a legitimate purpose (avoiding distortion from disrupted operations) but can also shape the reported number. When analyzing same-store NOI, it's worth checking how a REIT handles redevelopment and whether excluded assets are a small or large part of the portfolio, since that affects how complete a picture the same-store figure provides.
Can same-store NOI be manipulated?
Same-store NOI can be shaped to some degree, even if not outright manipulated, because the REIT defines its own same-store pool and chooses how to present the figure. A company can influence the reported number through how it defines the pool (which properties qualify and the required ownership period), how it treats redevelopment and recently acquired assets, whether it reports on a cash or GAAP basis, and how it handles one-time items. None of this is necessarily improper — there's legitimate judgment involved — but it does mean the figure isn't perfectly objective or comparable across companies. That's why reading the disclosures matters: the supplemental usually spells out the pool definition and methodology, letting you judge whether the presentation is conservative or flattering. So while same-store NOI is one of the more honest and useful REIT metrics, it isn't immune to presentation choices, and a careful analyst reads how it's constructed rather than taking the headline percentage at face value. Combining it with other measures and tracking the trend over time also helps guard against being misled by a single, favorably presented period.
What other metrics should I use with same-store NOI?
Same-store NOI is best used alongside several other measures so you see the whole picture. Pair it with total NOI growth and FFO and AFFO per share to capture the acquisition and development side of growth — same-store NOI deliberately ignores those, so you need them to judge whether external growth is creating value per share or just adding bulk. Look at the development pipeline to understand future organic growth coming online. Combine it with leading indicators like occupancy rates and leasing (or renewal) spreads, which often foreshadow where same-store NOI is heading before it shows up in reported results. And consider the balance sheet — leverage, debt maturities, and liquidity — since a REIT's financial health shapes its ability to sustain and fund growth. Comparing same-store NOI to the REIT's own history and to sector peers adds context, since sectors grow at structurally different rates. So same-store NOI is one input among several; used with growth, profitability, leading-indicator, and balance-sheet measures, it contributes to a grounded view of a REIT's quality rather than serving as a standalone verdict.
Does same-store NOI predict future performance?
Same-store NOI describes recent organic performance and, when read as a trend, can hint at direction — but it doesn't predict future results with any certainty. A consistent track record of positive same-store growth suggests a healthy organic engine that may continue, while a deteriorating trend warns of weakening fundamentals; both are useful context. But conditions change: interest rates, the economy, sector dynamics, and company-specific events can all shift the trajectory, so past same-store NOI is no guarantee of future growth. Leading indicators like occupancy and leasing spreads can give an earlier read on where same-store NOI is heading, which is why analysts watch them alongside it. So treat same-store NOI as a high-quality measure of the past and present that informs, but does not promise, the future. As with any metric, past performance does not guarantee future results. The sensible approach is to use the same-store trend as one input into a forward-looking judgment — combined with leading indicators, the balance sheet, and an understanding of the sector and macro backdrop — rather than as a forecast on its own.
How does Baker 1031 help me use same-store NOI?
We help investors use same-store NOI in REIT analysis — understanding what same-property NOI measures, how it separates organic from acquisition growth, where to find it in filings, how to interpret the trend, and the limitations to watch — so you can judge a REIT's organic performance and overall quality more clearly. REIT and non-traded-REIT interests are offered through the broker-dealer, Aurora Securities, Inc. (member FINRA/SIPC), and any recommendation follows a suitability review; non-traded and private REITs typically require accredited or otherwise suitable investors, while publicly traded REITs trade through ordinary brokerage. We help you locate and read same-store NOI in a REIT's supplemental and earnings materials, interpret the trend in context, weigh it against acquisition-side growth and leading indicators, and account for its limitations (pool definitions, one-time items, redevelopment exclusions). Baker 1031 does not provide tax or legal advice; your CPA handles how distributions are taxed. We're candid that metrics describe the past and present, not the future, and that past performance does not guarantee future results — no yields or returns are ever promised.
Glossary
- Same-Store NOI
- The change in NOI from properties owned in both comparison periods.
- Same-Property NOI
- Another name for same-store NOI — the like-for-like organic measure.
- Net Operating Income (NOI)
- Property revenue minus operating expenses, before debt service and depreciation.
- Same-Store Pool
- The set of continuously owned properties included in the comparison.
- Organic Growth
- Income growth from existing properties via rents, occupancy, and expenses.
- Acquisition Growth
- Income growth from buying or developing new properties.
- Occupancy Rate
- The percentage of a property's space that is leased.
- Expense Control
- Managing operating costs to protect or grow NOI.
- Supplemental Package
- A REIT's detailed quarterly operating and financial data report.
- SEC EDGAR
- The SEC database of public company filings.
- Cash vs. GAAP Basis
- Two reporting conventions affecting how NOI is measured.
- Redevelopment Exclusion
- Removing assets under repositioning from the same-store pool.
- One-Time Items
- Non-recurring revenue or expense items that can distort a period.
- Pricing Power
- The ability to raise rents without losing occupancy.
- FFO / AFFO
- REIT earnings measures used alongside same-store NOI.
- Leading Indicator
- A metric like occupancy or leasing spreads that foreshadows NOI.
Sources & References
- Nareit. What's a REIT (Real Estate Investment Trust)?
- U.S. Securities and Exchange Commission. Investor.gov — Real Estate Investment Trusts (REITs)
- U.S. Securities and Exchange Commission. EDGAR — Search Company Filings
- FINRA. Real Estate Investments
Disclosures
This article is published by Baker 1031 Investments, LLC for general educational purposes for accredited investors and is not an offer to sell or a solicitation of an offer to buy any security, nor is it tax, legal, accounting, or investment advice or a recommendation. Any securities offering is made solely through a sponsor’s private placement memorandum (PPM) following a suitability determination. Securities offered through Aurora Securities, Inc. (ASI), member FINRA / SIPC; Baker 1031 Investments is independent of ASI.
Oil & gas mineral and royalty interests and DST programs are speculative, illiquid securities sold only to verified accredited investors and involve substantial risk, including possible loss of principal, commodity-price and production-decline risk, lack of control, and the risk that an intended 1031 exchange fails to qualify for tax deferral. Whether a particular interest qualifies as like-kind real property is a fact-specific legal determination that varies by state and by the terms of the instrument. Tax results depend on your individual circumstances. Consult your own CPA and attorney before acting. Past performance does not guarantee future results.
