Advanced module · NAV modeling · Separate from M1–M4 Final Exam

Module 5 — REIT Valuation Case Study

Rebuild Alstria's net asset value from the annual report, line by line. Independently re-value the property, debt and developments, then reconcile your number to the reported NNNAV of €13.03. This is the analyst's independent NAV skill — EPRA-native, US-aware.

The case study · seven steps, in order
SM0 · Sub-module 1 of 7
Data Room
The brief, the source-doc inventory, vintage handling, and the reported NAV "to beat." Read-only.
~10 min · read→
SM1 · Sub-module 2 of 7
Balance-Sheet Triage
Classify each of 18 BS lines as FACE / REVALUE / EXCLUDE. Locks "other assets" and "other liabilities."
~20 min · interactive→
SM2 · Sub-module 3 of 7
Revalue the Property
Stabilised NOI, a cap rate built from first principles, capitalised to GAV. The number you defend.
~18 min · interactive→
SM3 · Sub-module 4 of 7
Development Portfolio
Add only the development margin the remaining spend creates — discounted hard, no double-count.
~14 min · interactive→
SM4 · Sub-module 5 of 7
Revalue the Debt
A floating, fully-hedged loan book sits at par. The swap mark and credit-margin gap as the EPRA-NDV overlay.
~15 min · interactive→
SM5 · Sub-module 6 of 7
Assemble the NAV
Every carry-forward snaps into one bridge. Build NAV/share and the discount to price — live cap-rate slider.
~16 min · interactive→
SM6 · Sub-module 7 of 7
Reconcile & Verdict
€13.03 book vs your €10.09 vs €8.20 market. Bridge every euro of the gap and call the number.
~15 min · interactive→
Bonus · bridges Module 2 (FFO) to Module 5 (NAV)
Bonus · ~7 min · source-cited
FFO to AFFO — the US Analyst Bridge
Where FFO ends and US-style AFFO begins. Maintenance capex, straight-line rent, the European equivalent (and why no standardised AFFO exists in EPRA). Worked Alstria example with 4 cited third-party sources (Nareit, EPRA, SEC EDGAR, BXP IR).
Read · reference-grade→
Interactive teaser · the mechanic in one screen
Teaser · Interactive
Cap-Rate Slider
Drag the cap rate and watch Alstria re-value live — a lower-touch overview of the SM5 NAV-bridge mechanic. A good public-facing taste of the full case study.
~5 min · play→
Why this module exists. The original course teaches the 3-statement build (M1–M4). It does not cover NAV, cap-rate valuation, or fair-value challenge — the analyst skills that come AFTER the model. Module 5 is the missing valuation layer, built on the same Alstria case study so the inputs you already know carry forward.