REIT Analysis: FFO, AFFO, NAV & Dividend Coverage
Analyse a fictional REIT the way REIT analysts do, from FFO and AFFO to P/FFO, NAV, leverage and same-store growth, with every formula checked on a live spreadsheet. Educational only, not investment advice.
The first lesson is free — no account needed.
About this course
A REIT analysis course that values one fictional real estate investment trust the way REIT analysts do, in a spreadsheet that checks every formula, for investors, analysts and finance students. You turn net income into funds from operations by adding back real estate depreciation and removing gains on property sales, adjust FFO for straight-line rent and recurring capex to get AFFO and draw the bridge, test whether the dividend is covered by FFO and AFFO and why the EPS payout misleads, compare P/FFO and AFFO yield with five peers, value the buildings with cap-rated NOI for NAV per share, read the premium or discount to NAV and the implied cap rate, measure leverage with debt to EBITDAre, interest coverage and LTV and track same-store NOI growth and occupancy. Educational only, not investment advice. The first lab is free.