BIWS REIT Projection Reference
BIWS REIT Projection Reference
BIWS REIT Projection Reference
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REIT Income Statement – Common Items: How to Project Income Statement Line Items:
Revenue:
+ Rental Income Same-Store Rent + Development/Redevelopment Rent
+ Miscellaneous Revenue & Fees + Acquisition Rent – Disposition Rent
= Total Revenue Average Previous Years or Hold Constant
Expenses:
– Property-Level Operating Expenses Flows in from Segment Buildup
– Property Taxes Flows in from Segment Buildup
– G&A / Corporate Overhead % Revenue or Average Previous Years
– Amortization of Financing Fees Flows in from Amortization Schedule or Constant
– Stock-Based Compensation % Revenue or Average Previous Years
– Impairment Charge Assume Constant, Average, or $0
– Depreciation Buildings / Useful Life + FF&E / Useful Life
– Net Interest Expense Flows in from Debt Schedule
+ Earnings / (Loss) from Equity Investments Average Previous Years or Hold Constant
+ Gain / (Loss) on Sale of Land Average Previous Years or Hold Constant
= Income from Continuing Operations
Discontinued Operations:
+ Income from Discontinued Operations Flows in from Dispositions Schedule
+ Gain / (Loss) on Sale of Buildings and FF&E Flows in from Dispositions Schedule; Net Sale
Proceeds – Book Value of Assets
= Net Income
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REIT Balance Sheet – Common Items: How to Project Balance Sheet Line Items:
Assets:
+ Land Net Change to Gross RE Assets * % Land
+ Buildings and Improvements Net Change to Gross RE Assets * % Buildings
+ Furniture, Fixtures & Equipment Net Change to Gross RE Assets * % FF&E
= Gross Real Estate Operating Assets
– Accumulated Depreciation Subtract Total Depreciation on CFS
= Net Operating Real Estate Assets
+ Construction in Progress Flows in from CFS
+ Land Held for Development Flows in from CFS
+ Real Estate Assets Held for Sale Flows in from CFS
= Total Real Estate Assets
Liabilities:
+ Total Debt, Net of Discounts Add Borrowings and Subtract Repayments
+ Accounts Payable % Operating Expenses
+ Accrued Expenses & Other Liabilities % Operating Expenses
= Total Liabilities
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REIT Cash Flow Statement – Common Items: How to Project Cash Flow Statement Line Items:
Cash Flow from Operations:
+ Net Income to Common Flows in from Income Statement
+ Depreciation from Continuing Operations Flows in from Income Statement
+ Depreciation from Discontinued Operations Flows in from Dispositions Schedule
+ Amortization of Financing Fees Flows in from Income Statement
+ Stock-Based Compensation Flows in from Income Statement
+ Impairment Charge Flows in from Income Statement
+ Noncontrolling Interest Earnings / (Loss) Flows in from Income Statement
– Equity Interest Earnings / (Loss) Flows in from Income Statement
– Gain / (Loss) on Sale of Real Estate Assets Flows in from IS; Include Land, Buildings, and FF&E
– Increase in Operating Assets / Liabilities Flows in from Balance Sheet
= Cash Flow from Operations (CFO)