Wall Street Prep – Real Estate (REIT) Modeling

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Wall Street Prep – Real Estate (REIT) Modeling

Wall Street Prep - Real Estate (REIT) Modeling

Wall Street Prep – Real Estate (REIT) Modeling

Original price was: $399.00.Current price is: $57.00.

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Original price was: $399.00.Current price is: $57.00.

Learn about the REIT industry’s unique drivers and challenges.

File Size: 2.53 GB.

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Description

Wall Street Prep – Real Estate (REIT) Modeling

Wall Street Prep - Real Estate (REIT) Modeling

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

 

At completion, trainees will have developed a comprehensive REIT model from scratch

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 Samples

Modeling the Income Statement, Part 1

Modeling CIP and Accum. Depreciation

REIT Operating Modeling Template

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.

 

Support Center

Upon enrollment, students gain 24-month free access to Wall Street Prep’s Online Support Center, where they receive answers to questions, free downloads, and important updates.

Course TOC

Chapter 1: REIT Industry Overview

Chapter 2: Modeling A REIT’s Income Statement

Chapter 3: Understanding & Modeling REIT’s Segments

Chapter 4: Ancillary Income & Non-Operating Items

Chapter 5: Understanding the REIT Balance Sheet

Chapter 6:Modeling the REIT Balance Sheet

Chapter 7: Cash Flow Statement & Model Cleanup

Chapter 8: The Revolver, Interest Expense & Circularity

Chapter 9: Modeling Future Developments

Chapter 10: Funds from Operations (FFO) & CAD

Chapter 11: REIT Valuation & the NAV Model

REIT Modeling Review

Course Agenda

REIT overview
  • Industry profile
  • Industry drivers and terminology
  • Tax advantages of REIT’s
  • REIT basics
  • The structure of REIT’s (UPREIT’s and DOWNREIT’s)
Modeling REIT financial statements
  • The financials of REIT’s as compared to other companies
  • Working with press releases, financial filings, and historical data
  • GAAP vs. Non-GAAP presentation of REIT financial data
  • Sector-specific  drivers and forecasting best practices
  • Forecasting Funds from operations (FFO), adjusted funds from operations (AFFO / CAD)Modeling same store properties
  • Impact of Modeling acquisitions, developments and dispositions on the three financial statements
  • Discontinued operations
  • REIT balance sheet forecasting Completed properties, CIP and land under development
  • Building a REIT cash flow statement
NAV modeling
  • Step-by-step modeling: Net Asset Value (NAV)
  • Common adjustments to NAV
  • Arriving at implied cap rates
  • Common NAV pitfalls and implicit assumptions

 

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