human
Larry, Reported earnings and cash flow metrics (such as AFFO) are different beasts.
I'm strongly of the opinion that it's better to look at cash flow metrics rather than reported earnings/reported EPS.  The reason for this is that there are so many non-cash puts and takes in reported earnings per IFRS. This can dramatically effect reported earnings. For example, the lifecos can have wild swings in quarterly/annual earnings driven by the fact that they have to mark-to-market their long term instruments (which could have a life remaining of 10, 20 years or higher. 

REITs reported earnings are distorted by CCA (depreciation) which is deducted when calculating reported earnings even though it is a non-cash expense and typically a chunk or all of it is flowed through to unit holders in their distributions (that is why REITs typically have a large ROC (return of capital) component in their distributions).
Out of space - wasn't aware of stupid length restriction in this new format.
gpt
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