Make the research reproducible.
Work through definition differences, joint-venture ownership, financing timing and competing interpretations in an evidence-led research memo.
Before you start
Complete the advanced path or bring equivalent experience with issuer reconciliations, capital structures and valuation sensitivities.
What you will be able to do
Produce an auditable worksheet and a bounded conclusion that distinguishes reported facts, your calculations, assumptions and unresolved evidence.
4 guides · Self-paced · Free access
Levels describe material difficulty, not a qualification or professional certification.
Your learning route.
- 01
Expert workshop: normalize AFFO across competing definitions
Rebuild two hypothetical issuer reconciliations, distinguish owner earnings from cash timing, and test whether apparent dividend coverage survives normalization.
- 02
Expert workshop: build NAV through joint ventures
Reconcile proportionate ownership with consolidated reporting, eliminate duplicate assets, and stress a multi-entity NAV model.
- 03
Expert workshop: model refinancing, fees, and dilution
Build partial-year and full-year earnings bridges for debt refinancing with and without equity, then reconcile the separate cash budget.
- 04
Expert workshop: write a falsifiable REIT research memo
Separate facts from assumptions, test opposing explanations, and turn a valuation spreadsheet into an auditable research document.
The practical exercise.
Prepare a two-page research memo and a supporting calculation sheet. Include one operating scenario, one financing scenario, a counterargument and the next disclosure that could change your conclusion. Use the workshop self-checks to test consistency.
Open the related calculator ↗Can you explain the difference?
This self-check is for learning, not an assessment of investing suitability. Answers stay in this tab and are not saved.