Pick one of the Following REITS: Kimco $($KIM$)$; Prologis $($PLD$)$ or Crown Castle International $($CCI$)$

You must find by yourself the necessary financial statements and numbers by finding your REIT$$s web site

and downloading their $202310$K which you will find in the Investor Relations section of their website,

under SEC filings. I do not expect you to read the entire $10$K$,$ but it is chock full of information.

Search through financial statements to get what you need $($i$.$e$.$depreciation$,$ EBITDA, etc.$).$ You can also

use their Annual Report and other company investor presentations as resources. Bloomberg or Yahoo

Finance can also be helpful.

Resources:

$$ Your REIT$$s $10-$K as of December $31,2023$

$$ Any other supporting financial documents published directly by your REIT $($not by a third party$),$ AND

the $2020$ Annual Report. If your REIT has published any investor presentations those would be

helpful to read. You will find them under the investor section, maybe called $$presentations$,$ for

your REIT

$$ CBRE Cap Rate Survey $($Attached in BlackBoard$).$ You Can use this to calc the value of your

REIT$$s underlying properties. You do not need to calc every underlying asset, but can do a

general calc when needed.

DELIVERABLE:

PAPER & Excel : The Analysis Paper shall be composed of five $(5)$ parts and no more than three to four

pages total and will contain the following. You Can also complete in a PowerPoint format if that is easier

for you. An accompanying excel file showing any applicable below calculations is required.

$$ Part $1-$ Summary of the REIT:

$$ Summarize the company what it does and its dealings $($Do not cut and paste from other

sources$).$ Read the annual report or some other description of the company and tell me

what it does!

REIT ANALYSIS ASSIGNMENT

pring $2020$

$2018$

Page $2$ of $3$

REIT Assignment

$$ Find and tell me the closing share price $12/31/23($or last business day$)$

$$ Holdings of REIT $($# and type$($s$)$ of Properties, geographies, competitive position, etc.$)$

$$ Risks of this particular REIT? Company? Properties? Sector? Competitors? You can find info

on the competition by using search engines such as Yahoo Finance.

$$ Part $2-$Basic REIT Calculations:

$$ REIT$$s year end $12/31/23$ EBITDA, and GAAP earnings used to calculate the year$-$end annual

dividend. You can calculate or these numbers are typically calculated by the REIT and

included within the $10$K if you search.

$$ Calculate FFO and AFFO. Include total and per share using the year end $2023$ closing price

which you can look up $($last business day of $2023).$

$$ To calculate an approximation of FFO, find the depreciation in the $10$K and use that

number.

$$ To calculate AFFO, you will need to find what was spent on capital expenditures $($not

ongoing maintenance expenses, but actual CapEx$)$

$$ Part $3-$ REIT Performance Metrics: Use ALL of the numbers you found in the financial

statements or on Yahoo Finance.

$$ P $/$ FFO $($make sure to tell what day you used for stock price$)$

$$ P $/$ AFFO

$$ Net Debt $/$ EBITDA

$$ Dividend Yield

$$ Comparison of your REIT to its comp set or at least one competitor. Can you find this? This is

a very important part of your analysis. Tell me why your REIT is better or worse. Make sure

your competitors make sense Even if Yahoo Finance shows you a Timber REIT and compares it

to yours, use your heads to decide if that is a good comp.

$$ Part $4$: GGM$,$ NAV, WACC

$$ GGM Valuation

$$ Calculate NAV using the tools you learned in class and from the readings. You can use the cap

rate survey provided for Cap Rate info. NOI will most likely not be calculated by the REIT in a

form that will be appropriate for this assignment. NOTE$-$ REIT Net Income cannot be used. For

this part, use the Income Statement to calculate NOI $($Rents and other revenue less CASH

expenses only $$ although this is not the technically correct way to calculate NOI from

financial statements, however in the interest of time, it is a viable approximation for the

purposes of this assignment$)$

$$ Calculate the REIT$$s WACC and P$/$NAV$.$ What does this tell us$?$

$$ Part $5-$Conclusion

$$ What$$s your opinion of the REIT? Is it a $$deal$$ or is it overvalued? How is it performing in its

industry? Any thoughts on how they can improve their strategy$/$direction in the near term

or long term? How would that translate given current market conditions?