Real Estate (REIT) Modeling – Wall Street Prep

Real Estate (REIT) Modeling Information

This REIT modeling course is ideal for investment banking, equity research, and real estate professionals with a focus on REITs. Trainees build financial and valuation models for a REIT the way it’s done on the job.

Course Objective

First, we will learn about the REIT industry’s unique drivers and challenges. We will then build REIT financial and valuation models from scratch, using a step-by-step approach for an actual company, BRE Properties. Along the way, we will cover real estate modeling best practices for same store properties, acquisitions, developments, and dispositions. In addition, we model and deconstruct critical REIT profit metrics like FFO, AFFO, and CAD. Part 2 dives into valuation modeling, with a focus on the Net Asset Value (NAV) approach.

What You Will Learn

• In-depth REIT industry profile, drivers, terminology, tax advantages and structure (UPREIT’s and DOWNREIT’s)
• Segment-level modeling (same store properties, acquisitions, developments, and dispositions)
• REIT sector-specific drivers and forecasting best practices
• Common REIT valuation approaches including Net Asset Value (NAV), comparable company and transaction analyses, and discounted cash flow (DCF) analysis
• Modeling REIT-specific metrics and ratios – funds from operations (FFO) and adjusted funds from operations (AFFO / CAD)

Course Highlights

Step-By-Step Modeling Instruction

Wall Street Prep’s Real Estate (REIT) Modeling Course delivers step-by-step lessons through videos, readings, ready-to-use restructuring financial and valuation models and exercises using a real case study.

Real World “On the Job” Investment Banking Training

The Real Estate (REIT) Modeling Self Study program bridges the gap between academics and the real world and equips trainees with the practical financial skill set needed to succeed on the job. The program utilizes a case study format, as students follow their tutorial guide alongside the Excel model templates, and are directed to the appropriate external documents (SEC filings, research reports, etc.) in order to build complex Real Estate (REIT) models the way they would on the job.

Here’s what you’ll get in Real Estate (REIT) Modeling

Chapter 1: REIT Industry Overview

• Welcome to REIT Modeling
• REIT Industry Overview, Part 1
• Course Downloads
• REIT Industry Overview, Part 2

Chapter 2: Modeling A REIT’s Income Statement

• Modeling the Income Statement, Part 1
• Modeling the Income Statement, Part 2
• Modeling the Income Statement, Part 3

Chapter 3: Understanding & Modeling REIT’s Segments

• REIT Segments: Same Store Sales, Part 1
• REIT Segments: Same Store Sales, Part 2
• REIT Segments: Same Store Expenses and NOI
• REIT Segments: Lease Ups, Renovations & Acquisitions
• REIT Segments: Dispositions & Discontinued Ops, Part 1
• REIT Segments: Dispositions & Discontinued Ops, Part 2
• Modeling Segments: Same Store Properties
• Modeling Segments: Acquisitions
• Modeling Segments: Dispositions
• Modeling Segments: Discontinued Ops and Dispositions Cleanup
• Modeling Segments: Development

Chapter 4: Ancillary Income & Non-Operating Items

• Modeling Ancillary and Other Income
• Modeling Non-Operating Income and Finishing the Income Statement

Chapter 5: Understanding the REIT Balance Sheet

• Understanding the Balance Sheet: Assets and A/P
• Understanding the Balance Sheet: Non-Debt Liabilities
• Understanding the Balance Sheet: Debt

Chapter 6:Modeling the REIT Balance Sheet

• Modeling Real Estate Assets
• Modeling CIP and Accum. Depreciation
• Modeling Other Assets
• Modeling Non-Debt Liabilities and Equity
• Modeling Non-Revolver Debt
• Balance Sheet Cleanup

Chapter 7: Cash Flow Statement & Model Cleanup

• Understanding the Cash Flow Statement
• Modeling the Cash Flow Statement
• Pre-Revolver Model Cleanup

Chapter 8: The Revolver, Interest Expense & Circularity

• Understanding the Revolver
• Modeling the Revolver
• Understanding Interest Expense
• Modeling Interest Expense
• Understanding Circularity
• Handling Circularity in a Model

Chapter 9: Modeling Future Developments

• Understanding a REIT’s Developments
• Modeling Developments, Part 1
• Modeling Developments, Part 2
• Modeling Developments, Part 3 & Finishing the Model

Chapter 10: Funds from Operations (FFO) & CAD

• Understanding EBITDA, FFO and CAD
• Modeling EBITDA, FFO and CAD

Chapter 11: REIT Valuation & the NAV Model

• Introduction to REIT Valuation & NAV
• NAV Modeling, Part 1
• NAV Modeling, Part 2
• The End
• REIT Modeling Review

Who is Real Estate (REIT) Modeling course for?

This course does not assume a prior background in Real Estate (REIT) Modeling. However, those who enroll should have an introductory knowledge of accounting (e.g. interaction of balance sheet, cash flow, and income statement) and proficiency in Excel.

About author

Wall Street Prep was established in 2004 by investment bankers to train the financial services industry. Used by thousands of students and finance professionals, our instructor-led and online training programs bridge the gap between academia and the real world by teaching the practical skills needed to succeed on the job. Our Client List includes top investment banks, private equity firms, investment funds and business schools.

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