REIT ANALYSIS AND VALUATION - BLANK MODEL SET: THE BOOK'S OWN INPUTS

Type these back into the blank files and the book's results come back. Cell references are sheet!cell.

Meridian_Blank.xlsx  (Chapter 19)

   Assumptions!B5              180
   Assumptions!B7              34.5
   Assumptions!B8              1.72
   Assumptions!B11             210
   Assumptions!B12             395
   Assumptions!B13             -85
   Assumptions!B14             12
   Assumptions!B15             -14
   Assumptions!B18             -38
   Assumptions!B19             -6
   Assumptions!B20             -52
   Assumptions!B21             -46
   Assumptions!B22             5
   Assumptions!B25             520
   Assumptions!B26             0.0525
   Assumptions!B27             42
   Assumptions!B28             98
   Assumptions!B29             2435
   Assumptions!B30             95
   Assumptions!B31             250
   Assumptions!B32             380
   Assumptions!B33             120
   Assumptions!B34             60
   Assumptions!B35             140
   Assumptions!B36             14
   Assumptions!B38             0.066
   Assumptions!B44             4.8
   Assumptions!B49             42
   Assumptions!B50             4
   Assumptions!B6              171.6
   Assumptions!B41             0.968
   Assumptions!B42             0.054
   Assumptions!B43             0.22
   Assumptions!B45             6.2
   Assumptions!B46             0.88
   Capital!B21                 0.04

   Result: NAV per share 42.97, implied cap rate 6.21%, AFFO per share 2.117, payout 81.3%, accretion -89 bp.

The_Loop_Run_Blank.xlsx  (Appendix F; the conventions on sheet 1 are kept)

   1 Inputs!B5                 2.117
   1 Inputs!B6                 2.878
   1 Inputs!B7                 42.97
   1 Inputs!B8                 34.5
   1 Inputs!B9                 0.0525
   1 Inputs!B10                0.0621
   1 Inputs!B11                180
   1 Inputs!B12                1.72
   1 Inputs!B13                0.054
   1 Inputs!B14                520
   1 Inputs!B15                42
   1 Inputs!B16                2340
   1 Inputs!B17                492
   1 Inputs!B18                0.045
   1 Inputs!B27                50

   Result: frontier $40.32 (6.2% discount), blended $37.99; three-year loop -24.2% down, +4.1% up.

