Companion files
A Practitioner's Guide to Reading the Filings, Building the Model and Reaching a Recommendation
These are the four Excel workbooks that go with the book. Every number in them is a live formula, and every figure Chapter 19 publishes is reproduced exactly — FFO of 532.0, AFFO of 381.0, net asset value of $42.97 a share, an implied cap rate of 6.21%, net debt to EBITDA of 4.76× and a payout ratio of 81.3%. Nothing is locked, protected or watermarked.
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Chapter 19
Eight sheets and 121 live formulas, working from the filings to the recommendation: the income statement and balance sheet as reported, the FFO and AFFO bridges, the net asset value build asset by asset, the leverage and coverage tests, the dividend safety analysis and the valuation summary. Six checks sit at the top and all six pass. Change the cap rate on the NAV sheet and watch the recommendation move — which is the fastest way to see why Chapter 12 says the cap rate is doing more work than the multiple.
DownloadXLSX · 23 KBChapters 5 to 13
The same structure, empty, for a REIT of your own. Every formula is wrapped so that a blank column shows blanks rather than a screen of errors — you can open it, look at how it is built, and fill it in later. The FFO and AFFO bridges, the NAV build, the leverage tests and the dividend coverage are already wired.
DownloadXLSX · 12 KBAppendix C
Two timed cases with the brief, a working area and a live solution: reconciling reported FFO to a defensible AFFO, and building a net asset value from a property schedule with a debt mark. Both reproduce the appendix exactly. Work them against a clock before opening the solution block.
DownloadXLSX · 13 KBAppendix B
All 54 items with a status dropdown, a notes column and a counter, grouped the way the book groups them: the filings, the income measures, the balance sheet, the portfolio, the dividend, the valuation and the recommendation. A "no" is the next question to ask on the call.
DownloadXLSX · 12 KB| Blue text | a hardcoded input — you may edit these |
| Black text | a formula — do not overtype these |
| Green text | a link to another sheet |
| Yellow fill | the assumptions that carry the answer |
Chapter 19 publishes a NAV sensitivity table of $45.86 and $40.36 at cap rates 25 basis points either side of the base case. The live build in the workbook returns $45.72 and $40.47 — a rounding difference in the published table, not a modelling error, and the base case of $42.97 reproduces to the cent.
Both sets of figures are shown side by side on the sensitivity sheet, with the variance displayed. A companion file that quietly adjusted its own output to match a printed table would teach the opposite of what the book teaches.
The workbooks open in Microsoft Excel, LibreOffice Calc, Google Sheets and Numbers. They use no macros and no add-ins, so nothing needs to be enabled or trusted. If your spreadsheet asks to update links on opening, decline — there are none.
The other books with companion files. The full list of titles is on the author page.