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Calendar spread
= Price of contract maturing earlier - Price of contract maturing later.
• Calendar spread is positive when the futures market is in backwardation and negative when the futures market is in contango.
RE FFO
accounting net earnings excluding:
1. Depreciation charges on real estate
2. Deferred tax charges (deferred portion of tax expenses)
3. Gains/losses from sale of property and debt restructuring
RE AFFO
FFO – Non-cash rent – Recurring capital expenditures.