Real estate / hospitality modelling - why so tricky?

I am not in the RE team but get staffed on certain deals with them.

Every time without fail their models stump me. Multi-site, weird KPIs, formatting all over the place, 50+ tabs.

Been sent a client’s model and need to provide a summary of its portfolio, key drivers etc for my team. I’m used to vanilla, corporate models in the retail sector.

What should be some key stats I look to pull out/look for? How should I go about reviewing a model with 50+ tabs? What should I put on a dashboard tab?

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