Real Estate & REIT Modeling: Program Outline

This is the condensed version of this outline. Click Here for the full version.

How to Master Real Estate and REIT Valuation and Financial Modeling,
Dominate Your Investment Banking Interviews, And Succeed
On The Job After You've Landed Your Offer.

The topics in Real Estate & REIT Modeling teach you everything you need to know about developing, acquiring, and renovating properties and projecting and valuing real estate investment trusts (REITs).

  • In total, there are 113 lessons with accompanying Excel files as well as 7 quick reference guide PDFs on key topics. That amounts to over 45 hours of video altogether – but you also get full transcripts (nearly 300,000 words total), so you can quickly skip to anything you need to review.
  • All the content is downloadable to your preferred device (works with all media players and on common devices, including desktops, laptops, tablets, and smartphones).
  • Easily keep track of your progress: As you move through the lessons, you can check off what you’ve completed and what’s still on your “to-do” list.
  • Fast answers to all your questions: Our expert support team is standing by to answer any questions you have about any of the content, 365 days a year.
  • Quizzes and Certifications. After you have completed the course, you will be eligible to take our challenging Certification Quiz. Once you pass the Quiz, you’ll be issued a Certificate that you can add to your resume / CV and refer to in interviews.
  • Included Lifetime Access: You also get lifetime access, so you can come back to the course whenever you need it – whether that’s in 1 month, 1 year, or 10 years.

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Module 1: Overview, Accounting & Key Metrics
  • In this module, you’ll learn why and how real estate development works, and the key terms and metrics you need to know when modeling properties.
  • We’ll look at an example of an apartment construction and sale, and you’ll learn how to think about the development costs, revenue and expenses, and project returns.
  • Then, we’ll jump into an overview of REITs and the key REIT terminology you need to know, and you’ll learn what a REIT’s financial statements look like.
  • You’ll also learn how to link individual properties and REITs, and how to project revenue and expenses for a REIT based on its operating segments.
  • We conclude the module by analyzing key operating metrics and valuation multiples for REITs.
Module 2: Office Development & Sale
  • In this module, you’ll construct a detailed real estate development model for an office complex, starting with its lot size, FAR, and gross and rentable area.
  • Then, we’ll estimate the hard costs, soft costs, and other expenses before completing a Sources & Uses schedule and the construction timeline for the project.
  • Next, you will learn to create a monthly income statement and cash flow statement for the property that incorporate rental and parking income, property-level expenses, and development costs.
  • After that, you’ll learn how to complete the debt and equity schedules and how to link the statements properly.
  • We’ll conclude with the most technically difficult lesson on this entire site – where you’ll create a developer promote waterfall schedule that allocates returns differently depending on the IRR – and then create a transaction summary page to display the results.
Module 3: Hotel Acquisition & Renovation
  • In this module, you’ll build a model for the acquisition, renovation, and sale of a hotel property in a major city.
  • You’ll start by learning how to think about the key operational, renovation, and acquisition assumptions in the model, and then complete a Sources & Uses schedule based on the numbers there.
  • Then, you’ll learn how a hotel’s income statement and cash flow statement differ from those of an office property, and you’ll use key metrics such as RevPAR to complete the statements, taking into account the impact of the renovation period.
  • You will also learn an alternate method for projecting interest and principal repayment using the built-in IPMT and PPMT functions in Excel, and you will use those to complete the debt and equity schedules here.
  • We’ll conclude by calculating the IRR and creating a transaction summary page.
Module 4: REIT Operating Model
  • In this module, you’ll build a detailed operating model for AvalonBay based on its real estate segments and how much it spends on acquisitions, development, and redevelopment.
  • We’ll begin by going over their historical financial statements, and then jump into the projections for their same-store properties, development/redevelopment, acquisitions, and dispositions. Here, you’ll learn how to track assets by segment and how to shift around assets as they are developed and disposed of.
  • Then, we’ll project AvalonBay’s financial statements and create a debt schedule that supports the issuing and repayment of debt across different tranches.
  • We’ll conclude by linking together the company’s statements and supporting schedules, calculating FFO, AFFO, and dividends, and creating a summary page so that anyone can understand the model at a glance.
Module 5: REIT Valuation
  • In this module, you’ll learn how to value real estate investment trusts (and several methods that could apply to individual properties as well).
  • You’ll start by learning how comparable public companies and precedent transactions differ for REITs, and you’ll see a firsthand example of how to pull in all the relevant data from a peer company’s SEC filings.
  • Next, we’ll move into the Net Asset Value (NAV) model and you’ll learn the concept and mechanics, subtle variations you may see in equity research, and how to apply it to AvalonBay.
  • Then, we’ll create a Discounted Cash Flow analysis using Free Cash Flow to Equity, and a Dividend Discount Model before moving into the Replacement Cost method.
  • There, you’ll learn how you might use Cap Rates and Replacement Costs to value individual properties and how to apply the Replacement Cost method to REITs.
  • The final lesson of the module will present a valuation summary that incorporates these methodologies, and you’ll learn what the different methods imply about AvalonBay.

Our Promise To You...

  • Get Immediate Access. The instant you sign up, you'll have immediate access to 113 lessons, 45 hours of video and 7 PDF Quick Start Guides.
  • Unlimited, 365-Day Per Year Support. We have a team of experienced bankers standing by to respond to your questions, comments, and emails 365 days per year, for as long as you need.
  • Money-Back Guarantee. Breaking Into Wall Street is the first and only financial modeling training program that comes with an unconditional 12-Month Money-Back Guarantee.
  • Course Certifications. After completing the course material, you’re eligible to take our Certification Quiz. Once you pass the quiz, you’ll be issued a Certificate that you can add to your resume / CV and refer to in interviews.

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