Independent financial research   /   Evidence before inferenceAbout Jeong-Mo Goo
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Level 03 / Advanced

Stress the assumptions.

Move beyond a single ratio. Connect valuation, refinancing, per-share dilution and dividend funding across scenarios.

Before you start

Be able to reconcile FFO and AFFO and explain property-level NOI. Be comfortable with percentages and per-share calculations.

What you will be able to do

Build a valuation range, isolate a refinancing sensitivity and explain why company growth can differ from shareholder growth.

8 guides · Self-paced · Free access
Levels describe material difficulty, not a qualification or professional certification.

Conceptual illustration of property assets and the debt, preferred and common equity claims against them.
Common equity is the residual claim. Asset values, liabilities and senior claims must be measured on a consistent ownership basis. Open full-size illustration ↗Conceptual educational illustration; not company data. Image and source policy.
Read in this order

Your learning route.

Keep the glossary nearby ↗
  1. 01

    NAV: an estimate with assumptions, not a price promise

    Construct a simple net asset value bridge and test how debt and capitalization rates change the result.

  2. 02

    Cap rates: reading income, price, and risk together

    Understand the cap-rate equation, differences from dividend yield, and the limits of acquisition spreads.

  3. 03

    Debt maturities: read the calendar, not just the average

    Map refinancing needs against cash, committed liquidity, lease risk, and future borrowing costs.

  4. 04

    Interest coverage: test the earnings cushion

    Understand coverage ratios, covenant definitions, and why principal repayments require a separate check.

  5. 05

    Dilution: follow your share of the business

    Distinguish a rising share count from harmful economic dilution and evaluate acquisition growth per share.

  6. 06

    Dividend cuts: analyze the funding gap before the yield

    Build a dividend stress review using recurring earnings, liquidity, debt repayments, and board disclosures.

  7. 07

    REITs and interest rates: more than one transmission channel

    Separate financing costs, property valuation, tenant demand and rent growth when thinking about interest-rate changes.

  8. 08

    A REIT research checklist: from business model to open questions

    A repeatable, evidence-first worksheet for reviewing a REIT without reducing the analysis to a single score.

Apply what you have read

The practical exercise.

Combine the NAV and refinancing calculators. Hold NOI constant while increasing the cap rate; then reprice only the debt actually maturing. Write down what each model omits before interpreting the results.

Open the related calculator ↗
Check your understanding

Can you explain the difference?

1. With NOI fixed, increasing the cap rate used in NOI / cap rate will:
2. 200 million of debt reprices from 3% to 5%. The isolated full-year interest increase is:
3. AFFO grows from 100 to 110 while shares rise from 50 to 60. AFFO per share:

This self-check is for learning, not an assessment of investing suitability. Answers stay in this tab and are not saved.

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