Introduction The last blog covered the 1:1 spin-off of AIR from AIV, and the blog before that spoke to creating a dummy NAV build. This blog will attack the first half of the NAV equation – calculating gross asset value. To begin, we’ll model AIV as the pre-spin company. Once we’ve established our pre-spin NAV, […]
Public REIT Valuation Part 11: Gross Asset Value (GAV) Read More »
This week, Aimco announced a plan to separate into two separate and distinct public companies. This adds a fun layer of real-life complexity to our real estate private equity case study! Here’s the quick take: Apartment Income REIT (“AIR”): Most operating apartment buildings will spin into a new self-managed REIT, valued at ~$10.4B Aimco: The
Public REIT Valuation Part Ten: Aimco News Flash Read More »
Introduction Welcome back to the REPE career development series series focused on building a public valuation model of Aimco. If you’re lost, part one is here. If you want my exact model, scroll down and click the download button; but you’ll need a course membership subscription first. However if you aren’t yet a member, this
Public REIT Valuation Part Nine: Setting Up the NAV Build in Excel Read More »
Introduction Welcome to part eight of our Public REIT valuation series where we build a real estate private equity model covering Aimco. In this post, I am going to publicize my greatest, never-before-revealed trick: global and local checks. Plenty of people build checks inside their models, but I’ve never seen anyone else do it this
Public REIT Valuation Part Eight: Centralize your Checks to Model Faster Read More »
Introduction This is part seven of a series focused on Public REIT valuation. The first six posts were more qualitative in nature, contextualizing the information available in Aimco’s public filings. This seventh post begins a new thread where we focus on building our Excel model. If you’re looking for the best real estate private equity
Public REIT Valuation Part Seven: Net Asset Value Read More »
Introduction This is part six of a series teaching real estate private equity for beginners, specifically focused on public REIT valuation. If you’re just joining us, you should probably flip back to part one. And if you’re looking for immediate prep before an upcoming real estate private equity interview process, you might find these resources
Public REIT Valuation Part Six: Subsequent Events and Financial Statements Read More »
Introduction Real estate private equity jobs are just as much about reading and learning as they are about modeling. This is part five in a series in which we will ultimately build a full-scale M&A model for a publicly traded real estate company. But first, I want to make you read the source materials the
Public REIT Valuation Part Five: Development and Redevelopment Read More »
Introduction This is part four of our real estate private equity skill series focused on public REIT valuation, highlighting Aimco. We are beginning with a read through of the source materials because modeling is only the tip of the iceberg of a career in real estate private equity. The core of your job is to
Public REIT Valuation, Part Four: Operational Metrics Read More »
Introduction This is part three of our series on REPE public valuation, one of many core real estate private equity skills we teach at Leveraged Breakdowns. If you’re just now diving into this series, I urge you to begin at part one. In the previous post (part two), we discussed the purpose of the various
Public REIT Valuation, Part Three: Reading the Supplemental Read More »
Introduction This post continues our series on public REIT valuation. The first post introduced our target, AIMCO (NYSE: AIV) and emphasized that the best place to start is by reading the filings. If you haven’t yet, go back and read through that first post. You should have at least skimmed through each of the filings
Public REIT Valuation, Part Two: Getting to Know the Filings Read More »