Funds From Operations ( FFO ) for the fourth quarter of 2008 amounted to a loss of $ 25.6 million , or $ 1.24 per basic and diluted share . Adjusted Funds From Operations ( AFFO ) resulted in a loss of $ 1.7 million , or $ 0.08 per basic and diluted share in the fourth quarter of 2008 . FFO was impacted by the valuation allowance on loans held for sale of $ 29.3 million , or $ 1.42 per share . AFFO was impacted by an unrealized loss of $ 4.9 million , or $ 0.23 per share , which is a portion of the valuation allowance on loans held for sale which was realized in the first quarter of 2009 when a mortgage loan was sold to the Company 's Manager . For the fiscal year ended 2008 , Funds From Operations ( FFO ) resulted in a loss of $ 19.8 million , or $ 0.95 per basic and diluted share . Adjusted Funds From Operations ( AFFO ) amounted to $ 4.6 million , or $ 0.22 per basic and diluted share . FFO was impacted by the valuation allowance on loans held for sale of $ 29.3 million , or $ 1.40 per share . AFFO was impacted by the unrealized loss of $ 4.9 million , or $ 0.23 per share , which is a portion of the valuation allowance on loans held for sale which was realized in the first quarter of 2009 when a mortgage loan was sold to the Company 's Manager .