Included courses

Real Estate (REIT) Modeling and Valuation

4.9 STARS

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About

Learn real estate modeling and valuation in full. Discover what REITs are, how to analyze them, and how to value them with our online real estate investing course. Bridge the gap between your existing accounting knowledge and the world of Real Estate and REITs. Learn the critical skills needed to complete comprehensive valuation models based on real company data.

Completion time

6.5 Hours

Level

Skills Certificate

About

Learn real estate modeling and valuation in full. Discover what REITs are, how to analyze them, and how to value them with our online real estate investing course. Bridge the gap between your existing accounting knowledge and the world of Real Estate and REITs. Learn the critical skills needed to complete comprehensive valuation models based on real company data.

Completion time

6.5 Hours

Level

Skills Certificate

Module

Video Minutes

Excel Exercises

Introduction to REITs

10

0

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Video minutes10

Excel Exercises0

  • What is a REIT?
  • How a REIT is structured
  • Presentation in the financials
  • How REITs grow

FFO and AFFO

15

3

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Video minutes15

Excel Exercises3

  • Defining and calculating Funds from Operations (FFO)
  • Defining and calculating Adjusted Funds from Operations (AFFO)
  • Understanding straight-line leases

GAAP vs IFRS

3

0

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Video minutes3

Excel Exercises0

  • Summary of IFRS 40
  • FFO and AFFO for non-US REITs
  • Impact on valuation

Capitalization Rates

14

2

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Video minutes14

Excel Exercises2

  • Calculating NOI
  • How leases and property types affect cap rate
  • Applying the analysis to investments

Building a REIT Operating Model

63

13

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Video minutes63

Excel Exercises13

  • Preparing the supplemental calculations of Revenues & Costs
  • Preparing fixed assets calculations of Property Acquisitions, Property Development/Redevelopment, Asset Disposals
  • Calculating Dividends using FFO
  • Calculating Equity Investments and NCI
  • Preparing the Income Statement
  • Preparing the Balance Sheet
  • Preparing the Cash Flow Statement
  • Calculating the Debt and Equity needed to fund future growth

REIT Valuation

32

2

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Video minutes32

Excel Exercises2

  • How valuing REITs differs from traditional corporates
  • Valuation using NAV, trading and transaction comparables, and DCF
  • Calculating cost of capital for a REIT

Comprehensive REIT Valuation Model - NAV

14

4

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Video minutes14

Excel Exercises4

  • Calculating fully diluted shares
  • Calculating the operating assets with capitalized income
  • Calculating equity investments and other operating, non-real-estate assets
  • Calculating liabilities and other claims on assets

Comprehensive REIT Valuation Model - DCF

30

7

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Video minutes30

Excel Exercises7

  • Calculating WACC
  • Calculating PV of FCF
  • Determining dilution from future equity issuances
  • Calculating terminal valuing using multiples and perpetuity method
  • Running sensitivities

Frequently Asked Questions

What tech do I need?

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Access your course across desktop, laptop, tablet or phone; either via our web portal or the dedicated mobile app. While we have optimized our video quality and size, we recommend a broadband connection to enable uninterrupted video playback. A PDF reader and spreadsheet application are required to open the supporting resources.

Is it right for me?

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We recommend a fundamental understanding of financial accounting and financial modeling, available via The Accountant and Modeler. This course provides a comprehensive overview of REITs, introduction to REIT analysis, building a REIT operating model, and how to value a REIT company via three different methodologies. You will be able to apply much of the theory into real estate analysis, perfect for anyone looking to pursue a career in the real estate sector.

Are Financial Edge's courses credible?

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The 4 leading investment banks, as rated by the FT, hire us to train their incoming analysts. If you are looking to join the best analysts in the world, why not challenge yourself with the same content and certification with the same Wall Street instructors ready to answer your questions.

Will this course help me get a job in real estate?

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Absolutely. Develop practical skills you can use to impress at interviews, whether you’re looking to break into real estate investing or other finance roles.

How long do I have to complete the courses?

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We are delighted to announce that we now offer lifetime access on all online courses! Fit studying around your schedule. Learn at your own pace with on-demand video, practical examples to download and expert instructor support.

Are there any hidden costs?

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No. Everything you need to earn your skill certificate is included, from instructor-led videos and Excel exercises to the exam.

How do I join Financial Edge's alumni?

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Join our world-class alumni on LinkedIn by upgrading your skill certification to any one of our micro-degree’s. To unlock all alumni benefits, you will need to verify you have successfully passed all courses within the online program.

Want to Join Our Prestigious Alumni?

JOIN THE BEST

By completing any one of our micro-degree’s, you will be able to join our prestigious alumni on LinkedIn alongside hires at the top 4 investment banks. After becoming a member of this elite community, you can unlock exclusive benefits such as course discounts and more.

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