REIT ANALYSIS AND VALUATION - COMPANION FILES
julianrsterling.com/reit

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Revised 24 September 2026.

WHAT IS IN THE ARCHIVE

1. The book's five workbooks, corrected
   Meridian_Industrial_Trust_Complete_Analysis.xlsx   Chapter 19
   REIT_Analysis_Template.xlsx                        Chapters 4 to 12 and 17
   Practice_Cases_1-2.xlsx                            Appendix C
   Analysis_Checklist.xlsx                            Appendix B
   The_Loop_Run.xlsx                                  Appendix F and Chapter 12
   00_START_HERE.md                                   what changed is at the end
   Each workbook with figures closes on a checks sheet that reads ALL OK.

2. Blank_Model_Set/  (new)
   Meridian_Blank.xlsx and The_Loop_Run_Blank.xlsx: the same models with
   every company input emptied, for your own REIT. Each checks sheet counts
   what is still missing and tests what holds for any inputs. The book's
   figures are in book_inputs.txt: type them back in and they come back.

3. Working_Documents.pdf  (new)
   Thirteen printable pages: the five facts and the reading order, FFO and
   AFFO rebuilt, same-store NOI, occupancy and the expiry profile, NAV line
   by line, the implied cap rate and the six explanations, the comparison
   table, the dividend, the balance sheet page, the cost of capital and the
   four ways out, governance, development and recycling, and the note with
   its break-evens. A4, fits Letter.

4. Forty_Questions.xlsx  (new)
   Forty questions across the book, marked by the file as you type.

5. Cases/  (new)
   Case_1_The_Four_Break_Evens.xlsx              Chapters 11 and 17
   Case_2_Meridian_Externally_Managed.xlsx       Chapter 13
   Case_3_The_Office_REIT_That_Must_Issue.xlsx   Chapters 6 and 10
   Each case: the note on the first sheet, the model after it, checks at the end.

The files open in Excel, LibreOffice Calc, Google Sheets and Numbers. No macros.
