First, I should emphasize the dividend coverage and growth remains our most important goal and notwithstanding that decrease in AFFO, adjusted cash flow from operations did increase year-to-date from $55.9 million last year to $58.3 million so far this year. Because we increased the dividend the payout ratio also increased slightly from 76% to approximately 79%, but still this demonstrates our continued ability to cover the dividend despite some of the swing factors that I’ll get into in a moment.
Returning to AFFO, we reported $1.65 per share for the first half of the year down from $2.79 per share for the same period in 2011. As I just mentioned, the problem with this comparison is that last year’s liquidation of CPA:14 skewed our first half 2001 results. For example, of that $2.79 per share AFFO that we reported for the first half of last year $1.01 of it resulted from the recognition of $52.5 million in termination and subordination disposition revenue that we earned from that liquidation.
Without that transaction, the core business would have generated a $1.78 per share during the first six months of 2011 versus that $1.65 per share that I mentioned for the same period this year. Most of the remaining $0.13 per share decline in AFFO stem from the fact that structuring revenues are lower so far this year compared with the same period last year. That’s because we had lower deal volume of course.
As we stated on this call many times, deal volume can swing up and down due to many factors beyond our control and I’ll talk about that and our pipeline in a moment, but as a result of this bunching or lumpiness as we sometime say of deal flow from quarter to quarter and year to year. The structuring fees are more variable source of revenues for us as compared to real estate related income and ongoing asset management fees. But I certainly don’t want to imply that we don’t like structuring fees far from it.