Davide Tait
All courses

Module 1 · Coming soon

Real Assets

Property income, cap rates and the waterfall that decides who gets paid.

9 episodes2h 45mEntry · Intermediate · Advanced
Course on The Alternatives
Real Assets

Real assets look like the simplest alternative until you meet the capital stack. Rent is only the top line; vacancy, capex, financing and the promote decide what the equity holder keeps.

The module starts with definitions and ends with you building a JV waterfall in a spreadsheet, so you can read a sponsor deck and tell a fair split from a fee grab.

What you will learn

  • Define NOI, cap rates and the public versus private REIT trade off
  • Build a DCF property valuation with vacancy drag and cycle adjusted NOI
  • Model a JV equity waterfall with IRR hurdles and promotion splits
  • Judge sponsor economics before you sign anything

Episode curriculum

Entry

  1. What is a real asset, and what is not18m
  2. Public versus private REITs16m
  3. Cap rates and NOI defined19m

Intermediate

  1. DCF property valuation from scratch26m
  2. Vacancy drag and lease roll risk20m
  3. NOI adjustments across the cycle22m

Advanced

  1. JV equity waterfalls explained24m
  2. IRR hurdles and promotion splits28m
  3. Building the waterfall in Excel32m