REIT Financial Modeling

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If you’ve ever searched for “REIT financial modeling” courses, you’ve probably come to three quick conclusions:

1) It’s really tough to find useful examples;

2) Most training does not focus on REITs but also covers individual properties – which are quite different!

3) And even if you can find relevant training, it’s probably not geared toward interviews and case studies.

The correct approach – the one our course uses – is to focus exclusively on REITs and teach based on real-life case studies.

These are the topics most likely to come up in interviews and the most useful material for on-the-job preparation.

We don’t teach 5,000-row Excel models that require 30 hours to understand; we teach what you need to know to complete case studies.

Also, we save time by assuming that you already know “standard” accounting, valuation, and financial modeling for normal companies.

We don’t spend re-explain basic concepts, such as the financial statements or a DCF analysis, which frees up time to teach the key differences for real estate investment trusts.

Our approach focuses on the 3 most important points in REIT Financial Modeling:

1) REIT Conceptual Differences – You need to know how the accounting differs for REITs vs. normal companies, how REITs operate differently, and how these differences show up on the financial statements.

2) REIT 3-Statement Modeling and Valuation – Next, you must understand how to build forecasts for REITs based on their properties, including acquisition, development, renovation, same-store, and divestiture activities.

And you need to know how valuation differs, in everything from the DCF analysis and valuation multiples to new methodologies such as the Net Asset Value (NAV) model.

3) REIT Transaction Modeling – Finally, you need to know the key differences in merger models and LBO models – since REIT-based transactions focus on different metrics and analyses.

For example, in REIT M&A deals, a key focus is the Value Creation Analysis, which estimates the combined REIT’s value based on an uplift in valuation multiples due to greater scale; this analysis is vital for REITs but rare for normal companies.

Finally, even if you understand everything above, there’s one final, vital component: how to put together all the pieces and use the financial model to advise a client or make an investment recommendation.

Each module of the course includes a “real-world conclusion” at the end, ranging from simple yes/no decisions on investments to an investment banking pitch book, an equity research report, a hedge fund stock pitch, and even an LBO recommendation that a private equity firm might use.

No other training on the market puts together all the pieces quite like this because they’re too busy teaching “theoretical” models or barely even covering REITs.

This course has 6 case studies, ranging from 90 minutes to 4 hours, that cover all the bases above – plus a whole lot more.

Through these case studies, you will:

  • Understand the key accounting, business model, and financial statement differences for REITs (both U.S. and non-U.S. since the rules differ!).
  • Project the 3 financial statements for REITs, including the links between revenue/expenses and same-store properties, new developments, acquisitions, and divestitures.
  • Build valuation models for REITs, including multiples (P / FFO, P/ AFFO, P / BV, P / NAV, etc.), the DCF analysis, the Dividend Discount Model (DDM), and the Net Asset Value (NAV) model.
  • Evaluate whether a REIT should raise debt, equity, or a mix of both to fund its future development, acquisition, and maintenance requirements.
  • Calculate the key metrics for REITs, including the Gross Yield, NOI Margin, Dividend Yield, FFO, AFFO (or EPRA Earnings for European REITs), and more.
  • Make REIT investment recommendations from the perspective of a hedge fund analyst, an equity research analyst, and a private equity professional.
  • Analyze REIT M&A deals, including the key differences in the transaction assumptions and the output (FFO and AFFO per share accretion/dilution, Value Creation, and the Contribution Analysis).
  • Build REIT leveraged buyout models, including support for constant debt and equity issuances and purchase and exit multiples linked to Cap Rates.
  • Account for multiple operational scenarios, including differences in rent, expenses, and capital costs based on economic conditions.
  • Assess the potential returns and the risk factors in deals and make recommendations based on quantitative and qualitative criteria.

We’d summarize this list of topics and modeling features by saying that two topics matter more than anything else in any REIT or REIT-related interview:

1) Your Interest in REITs and Knowledge of the Industry – You must be able to discuss real estate trends, industry norms, and deal analysis fluently to win offers.

2) Your Ability to Answer Technical Questions Competently and Prove That You Can Do the Work – Technical knowledge is required to win offers, especially if you already have banking experience and want to move into the Real Estate group.

Our REIT Financial Modeling Course is designed around these two critical topics.

Yes, there’s a lot more in the course – overview presentations, practice quizzes, data gathering from company filings, and more.

But if you answer questions in these two categories like a pro, the rest is icing on the cake.

Brian DeChesare

Brian DeChesare
Founder, Breaking Into Wall Street

Here’s What You’ll Get When You Sign Up for This REIT Financial Modeling Course:

Short Case Studies and Modeling Tests

$ 97

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.

REIT 3-Statement and Valuation Model

$ 97

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.

REIT Debt vs. Equity Case Study

$ 97

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.

REIT M&A and Merger Model Case Study

$ 97

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.

REIT Leveraged Buyout and LBO Model Case Study

$ 97

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).

Certification Quiz

$ 97

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.

Plus… This Course Comes With The Following
Valuable Tools To Accelerate Your Learning:

  • Full Subtitles and Transcripts

  • 365-Day-per-Year Q&A

  • Study Plans, Notes, and a 150-Page Guide

  • Free Updates

  • Watchable on ANY Device

  • Expert Support

  • Practice Quizzes with Full Answer Keys

…and Our Legendary, 90-Day
No-Questions-Asked Money-Back Guarantee

Take a full 90 days to review the REIT Modeling course and make certain it’s everything we promise.

You do not have to finish everything in that time – think of it as your “trial period” or “evaluation time.”

If you aren’t satisfied for any reason, simply ask for your money back, and we’ll issue a prompt refund – no questions asked.

Just moments after you enroll, you’ll gain Instant Access to the REIT Financial Modeling course.

But that’s not the best part.

The best part is expert support for a full 5 years after purchase!

If there’s anything that you don’t understand, just go to the “Question/Comment” area below each lesson and ask your question there.

These comments are monitored and responded to by our expert support team – every one of whom has personal experience working on deals at finance firms.

That ensures that you’ll get responses from people with deep experience in the field – not a clueless high school temp clutching the “Help Desk” manual.

This personalized, expert support is one of the things that sets Breaking Into Wall Street apart and gets you to your goals faster.

You can often learn just as much from reading other students’ questions and our responses as you will from the lessons themselves!

Our 1-on-1 coaching rate is $200+ per hour. But when you invest in the REIT Financial Modeling course, personal support is included for FREE.

NOTE: There are some limitations to these support services. For example, we cannot complete models, case studies, or homework assignments for you.

We also cannot provide play-by-play support with an earpiece during interviews.

Finally, we cannot answer questions about topics not covered in these courses, such as sales & trading interview questions.

We’re happy to answer career-related, qualitative, and technical questions that are related to the course materials.

What’s Your Investment In This REIT Financial Modeling Course?

To put this in context, let’s look at your Return on Investment in this course…

The pay for real estate jobs varies, and the REIT training in this course could apply to a wide variety of roles.

However, if we just focus on investment banking roles (e.g., in the real estate investment banking group), it’s safe to say that even entry-level Analysts right out of university earn $150,000 USD at the bare minimum.

And the pay range is often more like $150,000 – $200,000, depending on your region and firm.

At the MBA level, that climbs to $300,000 – $400,000 USD or more (again, just in your first year out of school).

And as you progress, your total compensation only gets higher and higher; top senior bankers earn over $1 million USD annually.

And every top banker had to start at the entry level and get their foot in the door – just like you today.

We could sell the 6 core components of this course for $97 each, for a total of $582, but since we want you to get “the full package,” we’re discounting it to just $247.

Compared with your potential upside – jobs that pay well into the six-figure range – your investment in the course is nominal.

By investing just $247 in this course, you’re greatly improving your chances of landing a job that pays upwards of $150,000 in Year 1 – that’s more than a 600x return on investment!

Even if this training only helps you win an internship, that’s still at least $10,000 USD at any reputable firm, for a 40x ROI.

There is no other way to get this level of training… this level of on-demand support… this level of testing and case study practice… and this level of access to a community of thousands of peers…

…at ANY price!

So yes, you have to invest in yourself to gain access to this specialized REIT modeling training, but it will be one of the smartest, highest-return investments you ever make – we guarantee it!

We’ve bent over backward to deliver the best, most comprehensive program on the market that gives you everything you need to land a great job and start a long-term career in REITs and real estate.

To date, over 56,763+ people have invested in BIWS training and gone on to secure lucrative jobs in the industry. I want you to be next, and I want to make this a “no-brainer” decision for you.

You’re Also 100% Protected By Our Unique
90-Day, No-Questions-Asked, Money-Back Guarantee

Since I want to make this a “no-brainer” decision for you, the REIT Financial Modeling course comes with the same iron-clad guarantee that we offer on everything:

You have 90 days to evaluate the course material and see if it’s right for you.

If you decide at any point during those 90 days that the REIT Financial Modeling course doesn’t meet your expectations, simply request a refund.

We perform for you, or you get your money back – that’s how it always should be.

Here’s What Will Happen Within a Few Short Moments of You Joining the REIT Financial Modeling Course:

The minute you join, you’ll have access to the complete REIT Financial Modeling course, including 59 separate videos, full written notes, transcripts and captions, “Before and After” Excel files for each lesson, the 6 case studies, and a comprehensive 150-page written guide that covers all aspects of real estate investment trusts.

And the best part: We’ll be here to guide you every step of the way because your enrollment comes with a full 5 years of expert support. If there’s something you don’t understand, just go to the “Question/Comment” area below each lesson and ask your question, and we’ll respond with a detailed answer.

On top of that, you’ll also get access to free updates over time.

Decision and Action Time

Of course, there are other options for learning this material.

For example, you could complete a course on this topic from another provider, buy a generic course on a random e-learning site for $10 or $20… or download random REIT models from another site.

These methods have their merits, but they won’t get you the same results as this course because they’re designed for “generalist” audiences – not people currently interviewing for advisory and investment roles that are specifically related to real estate investment trusts.

So, if you want to master REIT financial projections, NAV models, DCF models, multiples, and M&A/LBO analysis as they are done at banks and investment firms and hit the ground running on Day 1 of your internship or full-time job, this training is your best option.

Yes, it is more of an investment than a book or an online course written by monkeys at the keyboard, but ask yourself about the value of your time and interview opportunities.

If you win a coveted interview spot at a top bank in the real estate sector, such as Goldman Sachs, Morgan Stanley, or Bank of America, do you want to “wing it?”

Or do you want to ensure that you’ve prepared in the most comprehensive way possible?

If you’re serious about your future career in the finance industry, you should not even have to think about this one.

And if you have any doubts, it’s all backed by our no-questions-asked, no-hassle, 90-Day Money-Back Guarantee.

In fact, the ONLY risk is that you might apply for a job or walk into an interview without this course – and lose out to another candidate who has completed it.

The next move is up to you.

You can hope that an investment firm or bank hires you without knowledge of these topics or the ability to complete case studies and make investment recommendations…

…or you can confidently tell them you’ve completed the most comprehensive REIT training available, based on 6 case studies and authored by finance professionals who have collectively worked on dozens of deals.

I know you’ll make the right choice.

click here to get reit modeling
Just 1 Payment of $247
(100% Unconditional Money-Back Guarantee)

To YOUR success,

Brian DeChesare
Breaking Into Wall Street Founder

P.S. Remember that you have NOTHING to lose and nearly unlimited upside – your future career in a high-paying industry – to gain. You have a full 90 days to evaluate the program and return it for a full refund if you’re not satisfied.

Of course, it’s much more likely that you’ll be writing in to thank me in the future – just like so many others have. Here’s what some of our BIWS students have said about their experiences:

"A few months after I started at the REIT, they told me how impressed they were at my spreadsheet skills and how quickly I was able to pick up the underwriting of properties."

"As someone who's previously worked in a banking real estate coverage group, the material is practical and really solid. I learned things here that [have] strongly complemented my own work experience."

"I have used BIWS twice for my interview prep and case studies, and both times got an offer from two BBs for their IBD division as an experienced hire with no experience in investment banking."

"I used the REIT valuation course to help get a spot with Jefferies RE Group - coming from a non-target school and no banking background."

"Second, I just received and accepted a job offer from a boutique real estate research firm in Southern California. I wanted to thank you, as this site gave me a tremendous amount of confidence discussing financial statements."

"I first tried the Advanced Financial Modeling and then the REIT Modeling modules. Both were very comprehensive and extremely useful."

"I have tried other online methods or learning financial modeling and nothing comes close to being as good (and clearly articulated) as BIWS's courses."

"...they noted that BIWS is the recommended [option], as the explanations are deep and in a friendly way."

"I have taken the Real Estate and REIT Modeling course, and it is OUTSTANDING! This course saved my life."

"Your [REIT] Modeling course gave me the confidence and knowledge I needed to land a role at one of the top institutional RE investors in Canada."