African Real Estate Analyst

Day One
Learn how to build a property asset cash flow, analyse geared and un‑geared IRRS.

Introduction to financial modelling real estate transactions in an international and African context
Revision of income mathematics and yields
Single-let discounted cash flow
Cash flow inputs (rents, yields, growth rates, target returns)
Analysis and use of date series
Internal rate of return (IRR) and net present value (NPV)
Comparing value, price and worth
Switching between annual and monthly DCF models

Adding borrowing and analysing geared returns
Introducing rent reviews and other ‘events’ into cash flows
The ‘rent function’ concept and logic functions (IF, OR, AND)
Analysing the IRR for errors (data tables, charting)
Sensitivity analysis and scenario testing
Protecting, saving and auditing your work


Day Two

Learn how to build a multi-let property cash flow and analyse advanced debt
structures.
The ‘rent function’ and multi-let cash flows
The ‘date problem’ and assumptions in property asset cash flows
Pattern of rents in UK, African and international leases
Reducing the rent function, intermediate calculations and modelling theory
Modelling lease expiries, break clauses, voids, and upward only covenants
Incorporating time-varying rental growth rates

Analysing multi-let cash flows to see if the leases are sufficiently diversified
Further IRR analysis (XIRR, MIRR)
Creating annual summaries of quarterly/monthly cash flows
Modelling stressed cash flows for debt purposes
Interest only and amortising loans (PMT)
Debt criteria, rent-weighted minimum interest cover, maximum LTV (SUMIF)
Data validation, templates, auditing and other functions