REIT Property-Level DCF & NAV Valuation Model (Multi-Property)

Commercial Real Estate Properties, Financial Model, Real Estate, Residential Properties

Budget, Cap Rate (Capitalization Rate), Cash Flow Analysis, Cash Flow Projections, Cash on Cash Yield, Consolidation, Dashboard, DCF Model, Debt Service Coverage, Discount Rate, Dividends, Financial Analysis, Financial Feasibility, Financial Model, Financial Modeling, Financial modelling, Financial Projections, Forecast, Free Cash Flows, KPIs (Key Performance Indicators), NPV (Net Present Value), Pro-Forma, Property Appraisals, Property Valuation, Real Estate Valuation, Rental Income, Scenario Analysis, Sensitivity Analysis, Terminal Value, WACC (Weighted Average Cost of Capital), Weighted Average Unexpired Lease Term (WAULT)

Most REIT valuation templates treat the entire company as a single cash flow stream. That’s not how professional analysts value REITs. This template works at the individual property level — the same approach used by sell-side equity research teams and real estate private equity firms — because that’s where the real insight lives.

You get three fully independent property tabs, each running a 10-year discounted cash flow. Revenue, occupancy assumptions, operating expenses, capital expenditure, net operating income — everything flows through to a terminal value and present value calculation for that specific asset. The Consolidated tab pulls the three property values together, strips out net debt, and gives you a per-share NAV. Compare that number to the current share price and you immediately know whether the REIT trades at a premium or discount to what the real estate is actually worth.

The pre-populated examples include a CBD office tower, a logistics distribution centre, and a retail mall — three very different property types with different cap rate profiles and operating dynamics. You can study how the model handles each one, then overwrite every assumption with your own figures. All input cells are clearly marked.

The Assumptions tab centralises cap rates by property type, discount rates, leverage, and share count. Change one number and it cascades through the entire model. The Sensitivity tab shows you exactly how NAV per share moves when you flex cap rates and discount rates — the two variables that drive most of the valuation swing in any REIT.

The Dashboard tab gives you a single-page snapshot: each property’s valuation, NOI margins, and the equity NAV bridge. Print it, screenshot it, drop it into a pitch deck.

Nine worksheets. 670+ formulas. No circular references, no macros, no VBA. Works in Excel 2016+ and Google Sheets.

Built for equity analysts covering REITs, real estate PE associates running deal screens, and portfolio managers who want a clean, auditable template they can adapt to any listed REIT in under an hour.

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