Valuation Reit Property

Use Markdown reasoning only for:

• asset quality judgment
• market cap-rate selection
• peer inclusion and exclusion
• development pipeline quality and execution risk

Workflow

Step 1 — Property Bridge

Use scripts/property_bridge.py to build:

• property-level value rollup
• stabilized vs development asset split
• occupancy and same-store operating metrics
• balance-sheet bridge and leverage visibility
• normalized FFO / AFFO and per-share outputs

Step 2 — Primary Method

Use scripts/reit_nav.py when the main anchor is NAV.

Step 3 — Secondary Method

Use scripts/affo_valuation.py as the standard secondary method for stabilized REITs and listed property platforms.

Step 4 — Target Price Summary

Use scripts/reit_target_summary.py to combine the primary and secondary methods into:

• weighted target price
• bull / base / bear range
• method weights
• per-share conclusion

Step 5 — QC

Run scripts/reit_qc.py before finalizing.

Hard Rules

1. Stabilized and development assets must be separated explicitly.
2. Cap rates, occupancy, and recurring capex assumptions must be visible.
3. NAV must reconcile all real-estate assets, cash, debt, preferreds, minorities, and other claims.
4. AFFO must be explicit and per-share.
5. Refinance and leverage risk must be visible before a target price is finalized.

Output Contract

This pack should produce:

• property_bridge.json
• nav_output.json
• affo_output.json
• target_price_summary.json
• reit_qc.json

These outputs should plug back into the same downstream memo workflow as the core valuation pack.