REIT University
Advanced track
Workbook-style courses for finance professionals that add the two dimensions intermediate analysis holds still: time — forecasting, scenarios, and stress — and combination — sizing many REITs against each other as a portfolio.
The Beginner track taught the vocabulary and the Intermediate track taught the craft of analyzing one REIT from its filings, today. The Advanced track adds the two dimensions intermediate analysis deliberately holds still: time — forecasting, scenarios, and stress — and combination — sizing many REITs against each other as a portfolio. It also pays the earlier tracks' outstanding debt: the deep-dive on the liability stack the Intermediate outline deferred.
Courses are written for finance professionals and serious practitioners. They assume the full Intermediate track, comfort building spreadsheet models, and tolerance for standards-level citations where they earn their place. Each lesson runs about twenty minutes and is workbook-style: it specifies a build you complete — a modelling exercise with checkable outputs — not just concepts to absorb. The track teaches frameworks for analysis and portfolio thinking; it does not provide personalized investment advice, and says so where readers are most tempted to hear it.
The first two courses are live now; the remaining four are in production. Choice Properties (CHP.UN) remains the running case study, with CAPREIT (CAR.UN) as the standing contrast.
The curriculum
| # | Course | What you build | Status |
|---|---|---|---|
| A-1 | The Liability Stack — Debt Structure in Depth | A full debt schedule and refinancing-erosion curve for one REIT | Available |
| A-2 | The Full Model — Forecasting FFO, AFFO, and Reported NAV | A three-year quarterly FFO / AFFO / Reported-NAV-per-unit forecast | Available |
| A-3 | Scenario Analysis and Stress Testing | A one-page scenario table across defined macro scenarios | Coming soon |
| A-4 | Risk Frameworks — Scoring What Can Go Wrong | A one-page risk card for two contrasting REITs | Coming soon |
| A-5 | Capital Allocation, External Growth, and the M&A Endgame | A capital-allocation scorecard for three years of deployment | Coming soon |
| A-6 | Portfolio Construction and the Monitoring Discipline | A model sleeve of 5–7 TSX REITs with theses and monitoring triggers | Coming soon |
Courses
The Liability Stack — Debt Structure in Depth
Take a Canadian REIT's liability stack apart instrument by instrument — CMHC-insured mortgages, conventional mortgages, unsecured debentures, facilities, and construction loans — rank every claim, read covenants from the indenture and compute headroom as a distance to breach, turn the maturity ladder into a refinancing-erosion schedule, and read real rate exposure from the IFRS 9 disclosures.
The Full Model — Forecasting FFO, AFFO, and Reported NAV
Build a NOI-driven forecast model for a fair-value IFRS REIT: the same-property engine run forward, the transactions layer, the A-1 financing stack, and a per-unit gate — then roll the issuer's Reported NAV forward with cap-rate marks isolated as scenario inputs, and back-test the whole machine against disclosed quarterly history.