Junior equity research analysts on REIT-coverage desks, RE PE associates, IB juniors in real-estate coverage groups, MBA students concentrating in real estate, and corporate-finance teams at REIT operators. Also a strong refresher for senior analysts who learned generic financial modeling years ago and now need RE-specific competence.

If you’ve never opened a financial statement, take an introductory accounting refresher first — this course is intermediate, not zero-to-one.

Basic familiarity with the three financial statements helps. You don’t need to be an expert — Module 1 reviews the conventions you’ll use, working from a real published P&L, so you’ll re-learn what you’ve forgotten as you go.

Excel proficiency is recommended; the course teaches keyboard shortcuts and modeling discipline, but it doesn’t teach Excel from zero.

Microsoft Excel (desktop version, Windows or Mac) — version 2016 or newer recommended. Excel for Web has limitations for some features (Iterative Calculation in particular, which is required for the cash-and-debt schedule). Desktop Excel is preferred.

A modern web browser (Chrome, Firefox, Safari, Edge) for the video lessons.

Yes. All video lessons, written materials, the exam, and customer support are in English. The case study (Alstria) is a German-listed REIT, but we use the English-language version of the annual report. Many alumni are non-native speakers — the videos are clear and at a measured pace.

No. The case study uses a European REIT (Alstria) because its disclosures are unusually rich, but the modeling techniques are jurisdiction-neutral. FFO, fair-value accounting, JVs under the equity method, the iterative cash-and-debt schedule — these apply to US REITs, UK REITs, Asian REITs, and European REITs equally.

Most graduates finish in 3-5 days of focused study. The course is self-paced — clear it in a focused weekend, or spread it across evenings; both work.

Strong students with prior modeling experience finish faster.

Two layers, taught together:

Generalist modeling fundamentals — the same content any 3-statement modeling course covers. P&L projection, balance-sheet roll-forwards, cash-flow construction, iterative interest-expense calculation, working capital, capex. Taught from the basics; no prerequisite generalist course required.

REIT-specific divergences — the items where REIT accounting and analyst practice differ from generic corporate modeling. Cleaning published financials (which non-cash and non-recurring items to strip, taught as a judgement skill). FFO bridge calculation from disclosure footnotes. Investment property at fair value (vs PP&E at historical cost). Lease revenue modeling. Equity-method treatment of joint ventures with the “model-in-a-model” build-up. Cash-and-debt schedule using Excel’s iterative calculation.

Each module pairs the generalist topic with the REIT divergence in the same lesson sequence — you don’t need to “translate” generic concepts later.

Bonus materials included: step-by-step PDF solution guides paired with each Excel exercise, optional in-depth written reading materials per module, Excel-shortcut references throughout, the full Alstria annual report PDF as your working document, and two versions of the final exam (Pro tier) so you can retake if needed.

Not covered. Full property-level acquisition / disposition modeling. Standalone property-investment underwriting. Detailed sensitivity analysis or Monte Carlo. Direct cap rate modeling at the asset level. M&A or LBO modeling for RE.

If you want property-level acquisition or LBO-style modeling, this isn’t the course for that — it’s a 3-statement REIT modeling course.

Each exercise is a downloadable Excel file with formula cells you fill in. Hidden cells calculate whether your value matches the expected one. A green check appears next to correct cells; a red cross appears next to incorrect ones, with no auto-revealed answer. You correct it yourself.

That’s deliberate. The point is to find your own modeling mistakes inside the file — the same way you’d troubleshoot a model on the desk.

Because the modeling mechanics are timeless and Alstria’s 2010 disclosures are unusually rich for teaching purposes — specifically around the fair-value adjustment, the JVs under the equity method, and the cash-and-debt schedule.

The line items, the conventions, and the construction techniques are identical to what you’d build today. We refresh the case study periodically; the date doesn’t compromise the learning.

Basic (€497) is the full course with 12-month access. You watch every lesson and complete every exercise. After 12 months, your access expires. The final exam + verifiable Certificate of Completion are Pro-tier only.

Pro (€697) is the same course with lifetime access, plus a verifiable Certificate of Completion issued via Accredible. The certificate includes a public verification URL and a one-click “Add to LinkedIn” button. Pro also includes priority email support.

If you’re a student or junior analyst preparing for interviews, Pro pays back the €200 difference the first time the cert helps you stand out in screening.

The Certificate of Completion is not a regulated qualification. It does not carry CFA, CPA, or any government-recognized accreditation. It is a course-completion credential issued by REIT Modeling, verifiable via Accredible.

It signals to a recruiter that you’ve completed a rigorous, RE-specific financial modeling program. Recruiters in real-estate finance understand course-completion credentials of this kind.

The certificate doesn’t expire. Once you’ve earned it, it stays in your Accredible account and on your LinkedIn profile permanently.

14 days from the date of enrollment, with up to 25% of course content completed. After 25% completion or 14 days, the course is non-refundable. To request a refund, email info@reitmodeling.com within the window.

Stripe (credit/debit cards) and PayPal. VAT is applied at checkout where applicable.

Yes. Most buyers do. We provide a VAT invoice on request — email info@reitmodeling.com after enrollment with your billing details. Many firms cover continuing-education spend under their professional development budgets; the course typically falls well within those policies.

Instantly. Checkout completes, you’re redirected to a registration page, and the course unlocks. You’ll receive a welcome email with login details and a getting-started guide. If you don’t see the email within 5 minutes, check your spam folder; if it’s not there, email info@reitmodeling.com.

Your course access ends. Any models, exercise files, or PDF references you downloaded during your access window remain yours. If you want to continue, you can upgrade to Pro for lifetime access — email info@reitmodeling.com for the upgrade path.