Real Estate (REIT) Modeling and Valuation
Learn about Real Estate Investment Trusts (REITs), how to analyze them and the different REIT valuation methods used. Discover how to build a fully comprehensive operating model, equipping you with the skills to dive straight into a career in the real estate sector.
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7
Hours to Complete
8
Topics
31
Practical exercises
Real Estate (REIT) Modeling and Valuation includes
- What is a REIT?
- How a REIT is structured
- Presentation in the financials
- How REITs grow
- Defining and calculating Funds from Operations (FFO)
- Defining and calculating Adjusted Funds from Operations (AFFO)
- Understanding straight-line leases
- Summary of IFRS 40
- FFO and AFFO for non-US REITs
- Impact on valuation
- Calculating NOI
- How leases and property types affect cap rate
- Applying the analysis to investments
- Preparing the supplemental calculations of Revenues & Costs
- Preparing fixed assets calculations of Property Acquisitions, Property Development/Redevelopment, Asset Disposals
- Calculating Dividends using FFO
- Calculating Equity Investments and NCI
- Preparing the Income Statement
- Preparing the Balance Sheet
- Preparing the Cash Flow Statement
- Calculating the Debt and Equity needed to fund future growth
- How valuing REITs differs from traditional corporates
- Valuation using NAV, trading and transaction comparables, and DCF
- Calculating cost of capital for a REIT
- Calculating fully diluted shares
- Calculating the operating assets with capitalized income
- Calculating equity investments and other operating, non-real-estate assets
- Calculating liabilities and other claims on assets
- Calculating WACC
- Calculating PV of FCF
- Determining dilution from future equity issuances
- Calculating terminal valuing using multiples and perpetuity method
- Running sensitivities
Real Estate (REIT) Modeling and Valuation
| skills-certificate
Real Estate (REIT) Modeling and Valuation
6.5
Hours
31
Practical exercises
1
Exam
Get to grips with real estate modeling and valuation in full. Bridge the gap between your existing accounting knowledge and learn what REITs are, how to analyze them, and how to value them with our online real estate investing course. Master the critical skills needed to complete a comprehensive REIT valuation model based on real company data.
Introduction to REITs
10 video minutes
0 excel exercises
Video minutes 10
Excel Exercises 0
FFO and AFFO
15 video minutes
3 excel exercises
Video minutes 15
Excel Exercises 3
US GAAP vs IFRS
3 video minutes
0 excel exercises
Video minutes 3
Excel Exercises 0
Cap Rates
14 video minutes
2 excel exercises
Video minutes 14
Excel Exercises 2
Building a REIT Operating Model
63 video minutes
13 excel exercises
Video minutes 63
Excel Exercises 13
REIT Valuation
32 video minutes
2 excel exercises
Video minutes 32
Excel Exercises 2
Comprehensive REIT Valuation Model - NAV
14 video minutes
4 excel exercises
Video minutes 14
Excel Exercises 4
Comprehensive REIT Valuation Model - DCF
30 video minutes
7 excel exercises
Video minutes 30
Excel Exercises 7
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