WHY IT’S IMPORTANT: This training gets you up to speed quickly with REIT fundamentals, 3-statement modeling, and valuation (including a “weekend prep plan” if you’re pressed for time).

In this module, you will get an introduction to REIT Financial Modeling, and you’ll practice the key skills with short case studies and several conceptual lessons.

You’ll complete 2 short case studies (90 minutes each): one for a U.S.-based REIT (Park Hotels) and one for a European REIT (Colonial SA). These let you get results without needlessly complicated models or documents.

These case studies cover the three statements and REIT valuation via a DCF, DDM, NAV, and comparable public companies. Each case study has accompanying video tutorials and written answers.

If you have limited time, you can complete this module in a weekend and feel confident and prepared for your interview by Monday morning.

WHY IT’S IMPORTANT: These lessons walk you through a detailed 3-statement model, Net Asset Value (NAV) model, Discounted Cash Flow (DCF) model, and analysis of comparable public companies and precedent transactions, including “on the job” nuances that require outside research.

In this case study, you will build a 3-statement model and valuation for AvalonBay, a leading U.S.-based multifamily REIT.

You’ll start by projecting the company’s developments, redevelopments, acquisitions, dispositions, and unconsolidated real estate (equity investments), and you will use these segment-level projections to build a 3-statement projection model.

Then, you will value the company using a Net Asset Value (NAV) Model, Comparable Public Companies, Precedent Transactions, and a Discounted Cash Flow (DCF) Analysis based on a 10-year projection period. You’ll also get practice finding the data based on disclosures in the SEC filings.

You’ll then summarize the results of this valuation and use it to outline a stock pitch, an equity research report, and an investment banking pitch book for the company.

WHY IT’S IMPORTANT: This case study explains how REITs evaluate their capital allocation and fundraising based on upcoming maintenance and expansion opportunities.

In this case study, you’ll project the performance of individual properties for SPH REIT, a Singaporean retail REIT, on a half-year basis, and you’ll create a 3-statement model that supports the S$ 500 million acquisition of Seletar Mall, a new property, using Equity and Debt.

You will create Base, Downside, and Extreme Downside Cases based on market data, and you’ll use the different Rental Reversions, NPI Margins, and Cap Rates in those cases to assess the company’s credit stats and ratios (Gearing, Debt / EBITDA, EBITDA / Interest, and others).

Then, you’ll try different combinations of Debt and Equity until you find one that allows the company to achieve its targeted metrics and ratios (Distribution Yield > 5%, DPU Accretion >= 0%, Gearing <= 35%, and Interest Coverage >= 5.0x) across all the cases.

Finally, you’ll answer the case study questions, present your recommended capital structure, and explain the key risk factors.

WHY IT’S IMPORTANT: This module delves into the nuances of REIT M&A deals, from standalone 3-statement and NAV models for each company to FFO and AFFO accretion/dilution, the Value Creation Analysis, Contribution Analysis, and more.

In this case study, you’ll complete a quarterly merger model and supplemental analysis for Digital Realty’s $5.8 billion acquisition of DuPont Fabros, and you’ll learn how purchase price allocation and the combination of the financial statements differ for REITs.

You’ll start by reviewing each company’s standalone quarterly projections and NAV models, and then you’ll set up the transaction assumptions, including the Sources & Uses and Purchase Price Allocation schedules with REIT-specific items such as Above- and Below-Market Lease Intangibles.

Then, you’ll combine and project the financial statements, calculate accretion/dilution for FFO and AFFO per unit & share, and analyze the credit profile of the combined entity.

Since most REIT M&A deals are 100% stock, the Contribution Analysis and Value Creation Analysis are especially important; you’ll use them to draw conclusions about the deal terms, the seller’s valuation, and the potential risk factors.

Finally, you’ll answer the case study questions, recommend for or against the deal, and get a sample client advisory presentation with these points.

WHY IT’S IMPORTANT: This module walks you through a leveraged buyout model and investment recommendation for an industrial REIT – critical skills in private equity interviews.

In this case study, you’ll analyze Blackstone’s $2.5 billion CAD leveraged buyout of Pure Industrial Real Estate Trust (PIRET) in Canada and make an investment recommendation.

You’ll start by learning about the key differences in REIT leveraged buyouts, and you’ll set up the transaction assumptions, drivers for the REIT’s same-store, acquisition, development, and disposition activity, and the full financial statement projections.

Then, you’ll add the Debt Schedule, examine the credit stats and ratios, and calculate the returns to all the investor groups, including a management rollover, options pool, and multiple-based incentive fee for Ivanhoé Cambridge (the other equity investor in the deal).

Finally, you’ll set up sensitivity tables and use them to answer the case study questions and make an investment recommendation (including a sample 10-slide presentation with your findings).

WHY IT’S IMPORTANT: This end-of-course certification quiz lets you test your knowledge and prove it to employers.

This quiz consists of 21 challenging questions that are all based on the case studies in the course.

If you pass the quiz with a 90% score (no restrictions on time or the number of attempts), you’ll gain our Certificate in REIT Financial Modeling, which you can add to your LinkedIn profile and present in interviews.