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This chapter covers valuing Real Estate Investment Trusts (REITs). It explains REIT basics, their characteristics, and differences in US GAAP and IFRS accounting standards. The chapter outlines building a projection model, including revenue, expenses, acquisitions, developments, and dispositions. It extends the model into discounted cash flow (DCF) or dividend discount model (DDM) and discusses the importance of net asset value (NAV) for US-based REITs. Practical examples and public comps illustrate these valuation methods.

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