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Real Estate (REIT) Modeling

Wall Street Prep
8 hrs 21 mins

Real Estate (REIT) Modeling

Wall Street Prep
8 hrs 21 mins
Included in GO1 PremiumStarting from $12 per user for teamsLearn moreTry it free
Included in GO1 PremiumStarting from $12 per user for teamsLearn moreTry it free

Course Overview

This course is designed to teach REIT modeling to students and professionals pursuing a career in finance, with a specific focus on analyzing REITs. 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 modeling best practices for same store properties, acquisitions, developments, and dispositions. In addition, we will model and deconstruct critical REIT profit metrics like FFO, AFFO, and CAD. The second part of the course will involve valuation modeling, with a focus on the Net Asset Value (NAV) approach.

Instructor - Matan Feldman

Matan Feldman is Wall Street Prep’s Founder and Managing Partner. His responsibilities include business development, development of courses, and overseeing training programs. Matan has overseen training programs for clients including Morgan Stanley, Credit Suisse, Raymond James, Stifel Nicolaus, FBR Capital Markets, Sagent Advisors, Giuliani Capital Advisors, JP Morgan, Cerberus, Wharton Business School, London Business School, Kellogg, Booth, Stern (NYU), and Cornell. Prior to founding Wall Street Prep, Matan served in several capacities on Wall Street — first as an Analyst in Chase Manhattan Bank's Mergers & Acquisitions Group in New York, and subsequently as an Associate within JP Morgan's Equity Research Group, covering Food & Drug Retail Equities.

Chapter 1: REIT Industry Overview
Welcome to REIT Modelingvideo • 1 min
REIT Industry Overview, Part 1video • 16 mins
REIT Industry Overview, Part 1video • 19 mins
Chapter 2: Modeling a REIT's Income Statement
Modeling the Income Statement, Part 1video • 10 mins
Modeling the Income Statement, Part 2video • 17 mins
Modeling the Income Statement, Part 3video • 7 mins
Chapter 3: Understanding & Modeling REIT's Segments
REIT Segments: Same Store Sales, Part 1video • 11 mins
REIT Segments: Same Store Sales, Part 2video • 12 mins
REIT Segments: Same Store Expenses and NOIvideo • 7 mins
REIT Segments: Lease Ups, Renovations & Acquisitionsvideo • 14 mins
REIT Segments: Dispositions & Discontinued Ops, Part 1video • 9 mins
REIT Segments: Dispositions & Discontinued Ops, Part 2video • 5 mins
Modeling Segments: Same Store Propertiesvideo • 22 mins
Modeling Segments: Acquisitionsvideo • 9 mins
Modeling Segments: Dispositionsvideo • 26 mins
Modeling Segments: Discontinued Ops and Dispositions Cleanupvideo • 20 mins
Modeling Segments: Developmentvideo • 2 mins
Chapter 4: Ancillary Income & Non-Operating Items
Modeling Ancillary and Other Incomevideo • 12 mins
Modeling Non-Operating Income and Finishing the Income Statementvideo • 16 mins
Chapter 5: Understanding the REIT Balance Sheet
Understanding the Balance Sheet: Assets and A/Pvideo • 17 mins
Understanding the Balance Sheet: Non-Debt Liabilitiesvideo • 20 mins
Understanding the Balance Sheet: Debtvideo • 8 mins
Chapter 6: Modeling the REIT Balance Sheet
Modeling Real Estate Assetsvideo • 16 mins
Modeling CIP and Accum. Depreciationvideo • 12 mins
Modeling Other Assetsvideo • 4 mins
Modeling Non-Debt Liabilities and Equityvideo • 12 mins
Modeling Non-Revolver Debtvideo • 5 mins
Balance Sheet Cleanupvideo • 6 mins
Chapter 7: Cash Flow Statement & Model Cleanup
Understanding the Cash Flow Statementvideo • 18 mins
Modeling the Cash Flow Statementvideo • 19 mins
Pre-Revolver Model Cleanupvideo • 3 mins
Chapter 8: The Revolver, Interest Expense & Circularity
Understanding the Revolvervideo • 10 mins
Modeling the Revolvervideo • 10 mins
Understanding Interest Expensevideo • 9 mins
Modeling Interest Expensevideo • 19 mins
Understanding Circularityvideo • 6 mins
Handling Circularity in a Modelvideo • 6 mins
Chapter 9: Modeling Future Developments
Understanding a REIT's Developmentsvideo • 13 mins
Modeling Developments, Part 1video • 12 mins
Modeling Developments, Part 2video • 12 mins
Modeling Developments, Part 3 & Finishing the Modelvideo • 10 mins
Chapter 10: Funds From Operations (FFO) & CAD
Understanding EBITDA, FFO and CADvideo • 10 mins
Modeling EBITDA, FFO and CADvideo • 19 mins
Chapter 11: REIT Valuation & The NAV Model
Introduction to REIT Valuation & NAVvideo • 18 mins
NAV Modeling, Part 1video • 4 mins
NAV Modeling, Part 2video • 22 mins
The Endvideo • 1 min
Supporting Documents
Step-by-Step Course Manualdocument
Supporting Documents - Excel Model Files
BRE 2012 Historical Financialsdocument
REIT Segment Mechanicsdocument
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