How to use this with source records
Locate the dated operating measure, debt and other claims in the filing. A cap rate is a separately justified valuation assumption, not a reported NAV fact. Match ownership scope and subtract each senior claim only once.
The Realty Income FY2024 filing lab offers evidence-reading practice only. It is not a completed NAV valuation and does not provide every input for this calculator.
The calculation
Property value = stabilized annual NOI ÷ cap rate. Simplified common equity NAV = property value + cash and other net assets − debt and other senior claims. NAV per share = equity NAV ÷ common shares.
Check the arithmetic.
100 million NOI at a 6% cap rate implies 1,666.67 million of property value. Add 50 million of cash and subtract 600 million of senior claims: equity NAV is 1,116.67 million, or 11.17 per share with 100 million shares.
Assumptions and limitations
This is not an appraisal or price target. Corporate costs, taxes, transaction costs, development, joint ventures, preferred claims and other assets or liabilities must be reflected appropriately. A negative result is displayed as a scenario result, not floored to zero. One cap rate may be unsuitable for a mixed portfolio.
The output is an educational scenario. It is not a forecast, a tax determination or a personalized investment recommendation.