P/AFFO Multiple Valuation Question

Not an RE person, but I'm running a very basic valuation of an S&P REIT using a Price/AFFO exit multiple. Projected out AFFO and discounted back, finding AFFO per share each year, and exiting with the terminal. My question surrounds dividends. Does AFFO account for funds that will be issued as dividends? I know P/AFFO is an equity multiple, but still unsure on the dividend. Basically, if I get a terminal value using AFFO, and then separately project and discount dividends and then sum them and add to the PV I got with the P/AFFO, will I be double counting the dividend earnings? Thanks!