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Real Estate & Property Intermediate

REIT Analysis: FFO, AFFO, NAV & Dividend Coverage

Analyse a fictional REIT the way REIT analysts do, from FFO and AFFO to P/FFO, NAV, leverage and same-store growth, with every formula checked on a live spreadsheet. Educational only, not investment advice.

8 lessons 8 labs 2 h Certificate

  • One-time payment
  • 14-day money-back guarantee
  • Secure checkout with Stripe

What you'll build

What you will be able to do

Each lab ends with a concrete result that you build yourself and the checker confirms, cell by cell.

  • Turn Cedar Harbor REIT's net income into funds from operations (FFO), in total and per share.
  • Adjust FFO for non-cash rent and the capex needed to keep the buildings let, and draw the FFO → AFFO bridge.
  • Test whether Cedar Harbor's dividend is covered by FFO and AFFO, and see why the EPS payout misleads.
  • Price Cedar Harbor on P/FFO and AFFO yield, compare it with five peers and rank the multiples in a chart.
  • Value Cedar Harbor's buildings with private-market cap rates and work out net asset value (NAV) per share.
  • Compare Cedar Harbor's share price with its NAV and work out the cap rate the stock market is paying.
  • Measure how much debt Cedar Harbor carries against its earnings, its interest bill and its property value.
  • Measure organic growth on the buildings Cedar Harbor owned in both years and how full they are.

About this course

Net income tells you little about a REIT, so analysts rebuild earnings their own way. This course shows how. Starting from reported profit you add back real estate depreciation and gains to reach funds from operations, then adjust for straight-line rent and recurring capital spending to get AFFO. You test whether the dividend is covered, compare P/FFO and AFFO yields with peers and estimate net asset value by capitalising NOI. From the share price you back out the premium or discount to NAV and the implied cap rate. Leverage is checked with debt to EBITDAre, interest coverage and loan-to-value, and same-store NOI growth completes the picture. For equity analysts and income investors.

Curriculum

Course content

8 lessons · 8 labs · 2 h · final exam

  1. FFO from net incomeLab14 min4 checked tasks
    Unlocked when you buy the course
  2. AFFO: straight-line rent & recurring capexLab16 min5 checked tasks
    Unlocked when you buy the course
  3. Payout ratio & dividend coverageLab13 min4 checked tasks
    Unlocked when you buy the course
  4. P/FFO & AFFO yield vs peersLab15 min5 checked tasks
    Unlocked when you buy the course
  5. NAV from cap-rated NOILab16 min4 checked tasks
    Unlocked when you buy the course
  6. Premium/discount to NAV & implied cap rateLab14 min4 checked tasks
    Unlocked when you buy the course
  7. Leverage: debt/EBITDAre, interest coverage & LTVLab15 min4 checked tasks
    Unlocked when you buy the course
  8. Same-store NOI growth & occupancyLab14 min4 checked tasks
    Unlocked when you buy the course
  9. Final exam12 questions, 75% to pass, unlimited retries.

Certificate

Finish with a certificate you can verify

Complete every lesson and pass the final exam to receive a certificate of completion for this course, with a unique credential ID and a public verification page.

  • Names the course, your score and the date of issue
  • A verification link for your CV or LinkedIn profile
  • 12 questions, 75% to pass, unlimited retries.

A Tutorvo certificate confirms that you completed a course. It is not an official or professional qualification.

Illustration. Your certificate shows your own name, course and credential ID.

Before you buy

Questions about this course

Is this a subscription?

No. You pay $9.99 once for this course. There is no subscription and nothing renews automatically. Prices are in US dollars; taxes may be added where required.

What exactly do I get?

All lessons and labs of this course, the final exam and the certificate, including later updates to the course, for as long as Tutorvo offers it. Access is personal and tied to your account.

Can I get a refund?

Yes. If you are not satisfied, email hello@tutorvo.com within 14 days of buying and we refund the course in full via Stripe. The guarantee does not apply once a certificate for the course has been issued to you, or where there are signs of abuse.

When can I start?

Right after payment. Access starts immediately at your request; for consumers in the EU/EEA the statutory right of withdrawal therefore ends once access has begun, while our 14-day money-back guarantee applies regardless.

Do I need Excel or other software?

No. The labs run in a spreadsheet inside your browser on a laptop, tablet or phone. Function names and syntax follow Excel.

Is the certificate an official qualification?

No. It confirms that you completed all lessons of the course and passed its final exam. It is not an official, state-recognised or professional qualification. The name is taken from your profile when the certificate is issued.

Full details are in our Terms · hello@tutorvo.com

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