CAPREIT Financial Model is a financial model of a North American Real Estate Investment Trust in the real estate industry that is ideal for investment banking, equity research, real estate professionals and valuation experts. The model includes the following features:
- A 3-statement financial model of REIT’s operation including: revenue schedule, cost schedule, acquisition and disposition of properties schedule, working capital schedule, investment properties & other non-current assets schedule, fair value adjustments of investment properties schedule, depreciation and amortization schedule, tax schedule (Canadian tax standards), debt and interest schedule, shareholder’s equity schedule, shares outstanding schedule, covenants and credit statistics spanning across earnings quality, cash flow quality, operating efficiency, balance sheet quality and valuation risk metrics, income statement, cash flow statement and balance sheet for a five year forecast period.
- Historical financial statements for the period of four years, company specific operating metrics, covenants and credit statistics including earnings quality, cash flow quality, operating efficiency, balance sheet quality and valuation risk metrics.
- Critical REIT operating and profitability metrics such as FFO, ACFO, NOI and Non-IFRS measures among others.
- Annual financial statements built based on the quarterly actuals and forecasts of financial statements.
- Valuation of the REIT based on the Net Asset Value (NAV) approach.
- Valuation of the REIT based on relative valuation and comparable analysis of peer group companies.
- Calculation and quantification of risk measures for purposes of valuation including beta and cost of equity.
- Operating, valuation and profitability charts of the REIT operations.
- A summary dashboard of company report, market data, key financial metrics, annual figures, comps, valuation and other statistics.
- The tabs of the models are: Cover, Summary, Assumptions, Annual, Historicals, Model, NAV, Charts, Beta, Forward Multiples, Historical Multiples and Notes.
- The model is a rolling, valuation model that can also be used for equity research.
- The initiation report as well as 2020Q1 equity research note is included with the package. The initiation report describes the relative as well as asset-based valuation of the company, the operation and historical performance of the company as well as corporate governance issues in full details.
CAPREIT Financial Model
Guidelines for a seamless access to and operation of the model
- This financial model is a circular, 3-statement model along with many other features explained in the product description. Please ensure prior to opening the excel sheet, iterative calculations within the excel workbook environment has been enabled under: File/Options/Formulas/Enable iterative calculations.
- Set the Calculation options under File/Options/Formulas to ‘Automatic except data tables’. In case of the existence of data tables in the models, press F9 to refresh and update the table calculations.
- The workbook contains a Macro in the form of the product Disclaimer which should be accepted by the user; hence, please enable macros in the workbook. The financial model itself contains no macros.
- Please ensure the above steps are implemented prior to opening the excel sheet.
- If at any point #Value! appears in the Model and the results, toggle the circularity switch on the Assumptions tab to ON and then OFF to address the problem. This switch sets all interest expenses to zero when turned ON.
- All blue fonts in the model are hardcoded inputs, black font is calculation, red font is the references to the blue inputs on the Assumptions tab, and any orange cells are values sourced from Refinitiv.