REIT 3-statement Model
URGENT Will be given a REIT 3-statement model test at a large REPE shop at an interview in two days - anyone has a template that can be shared? Much appreciated!
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Hey I have one for a hotel REIT, but I’m trying to break in to the REIB / corporate real estate industry so I’d appreciate a little background from you first.
What work experience do you have and how’d you get the interview? Did they share any additional info on what the modeling test will entail? Will you just get a 10-k and build the projections from scratch without a template? Does the firm actually do entity level real estate acquisitions (buying RE operating companies)?
You can also PM me the info if you don’t want to share publicly. You’ll also need to PM me your email because I’m not sure how to upload excel files on WSO. Make an anonymous gmail if you’re not comfortable sharing one that has your name in it (that’s what I do).
If you have any doubts about whether I’ll deliver, check my post history I’ve done this before.
a 3 statement model in real estate is fairly simple and standard. Caveat, what guy above said about asset level vs entity level.
income, projected expenses usually using a given growth rate for both income and expenses. Then there is a financing component, make a debt table, then add the payments to the dashboard tab.
so lines in excel, PGI, -vacany = EGI. EGI-Expenses = NOI. NOI-Debt Service = Free Cash flow, and depending on test you get your return metrics from the equity amount in the acquisition and the free cash flows.
Usually a reversion(sale) is included in terminal year of hold with NOI/Cap Rate. Make sure NOI is the year after the hold.
They could ask for dcf which isn't that hard to add on, but doubtful.
no, he's talking about modeling a REIT/corporation
kinda thought so, but wasn't sure. I'll leave this here just
How did the modelling test go for you in the end?
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