I have an interview tomorrow for a real estate investment banking analyst position. I have been trying to value the private REIT I currently work for using DCF and NAV valuation methods. Should I use unlevered free cash flow in the first part of the DCF? My DCF analysis is drastically larger then the NAV Model. In order for the NAV Model to become comparable to the DCF I have to substantially increase the NOI and cap rates in my calculation of the market value of real estate assets. Is DCF a sufficient valuation method for REITs?
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