Hey everyone, I was just wondering if you could provide me some important inputs for bloomberg terminals that would help analyze the real estate market. These ratios do not have to be directly related to real estate, and could be indirectly related such as certain macroeconomic inputs.
I understand that I could check out housing starts etc.
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The macro indicators are of course not real estate specific. The indicators are static - how you interpret them to apply to real estate U/W or mgmt is up to you. Again not to state the obvious, but the BT would only be applicable for TRADED REITs. There are always premiums/discounts as to how the market prices RE as you jump from public to private - just look at when NTREITs go public, and how their share price trades. If you normalize this out, removing the impact of any recent acquisitions, the effect is rarely ever identical.
Also - traded REITs are just analyzed entirely differently. PE firms, JVs, etc mainly U/W assets in an IRR driven model. Whereas traded REITs could really care less about IRR, to a degree -- little bit of hyperbole there. My point is analysts really look to see if you're making Accretive acquisitions, what your FFO/AFFO is doing, and how you same store pool is performing from an NOI perspective. It's tough to apply other stock ratios to real estate, just because of the type of asset you are dealing with. As you likely know, those above bullet points are necessarily displayed on a BT platform. However, you CAN take the reports that Bloomberg displays, and then incorporate/tweak them as necessary. I've worked on the public and private side at RE firms, and we never used a BT on the public side.
I think your best bet is to approach RE stocks/REITs from an NAV model - as that's how most of the stock analysts look at it, hence that's what the research reports are largely driven off of.
very quick response so take with a grain of salt - but just my 2c
If you are in brokerage, Bloomberg is a great way to get leads or to research a CMBS property looking to refinance without having to wait for the owner to give you a proforma or P&L.
At a minimum, use RV to compare a tenant to their peers. Helps understand underwriting risk.
I would suggest SNL over Bloomberg for RE info. SNL has compiled a lot of data and updates frequently. You can get a student account for much cheaper, btw
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