How to get better at analyzing tenant financials?

I'm an AM at an owner operator and have the pleasure of reviewing tenant financials, from personal tax returns of moms and pops to $500m balance sheets of massive private companies.

I'm wondering if there are any courses you guys would recommend for getting a good sense of the financial health of a tenant, from sources like balance sheets, P&L's, tax returns, etc.

Thanks!

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Based on the most helpful WSO content, here are some recommendations to improve your skills in analyzing tenant financials:

Read a Ton of Leases and Abstract Them:
- Understanding the foundation of value in investment real estate, which is the lease, is crucial. Look up leases on SEC EDGAR and practice abstracting them to extract important information.
Learn to Use Standardized Underwriting Software:
- Tools like Argus or standardized Excel templates can be very helpful. Focus on learning to underwrite deals accurately without changing formulas.
Financial Accounting:
- This is essential as it is the language of business. Understanding financial accounting will help you analyze balance sheets, P&L statements, and tax returns effectively.
Corporate Finance/Advanced Corporate Finance:
- These courses provide in-depth knowledge that is better applied to valuation and financial analysis.
Financial Statement Analysis:
- Also known as fundamental analysis or valuation, this course will help you understand how to evaluate the financial health of a tenant.
Corporate Restructuring:
- This course covers M&A, LBOs, and other financial and non-financial aspects that are crucial for understanding the financial stability of a tenant.
Training the Street:
- If available, taking classes from Training the Street can be highly beneficial. They offer practical training in financial modeling and analysis.
Books and Online Resources:
- Look for books on asset management and real estate analysis on platforms like PEI or Amazon. These can provide higher-level concepts and practical insights.

By following these steps and utilizing these resources, you can significantly improve your ability to analyze tenant financials effectively.

Sources: CRE Asset Management Learning Materials, Lunch & Learn -Ins and Outs of Multifamily, Top Financial Modeling Courses - List of Top Financial Analyst Courses, Don't understand technicals, Resources for Learning How to Finance Affordable Housing - LIHTC Course

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Authored by: Certified Real Estate Professional - 1st Year AssociateCertified Real Estate Pro

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How to get better at analyzing tenant financials?

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