I am doing a research report/valuation on a Canadian-based REIT (TSE:BAM.A). Does anyone have suggestions on what to model for the firm and what valuation format to use. It seems that a NAV would be appropriate but time consuming. A DCF is also applicable but would be riddled with forecasting errors for all line items due to different sensitivities across all line items which would be hard to model.
Please let me know if you have examples or experience valuing a REIT and what valuation model you prefer.