REIT and real estate analysis from the filings
SpreadSpace reads the 10-K and 10-Q a REIT or a mortgage REIT files, statements and notes tables alike, and keeps every printed figure traced to its page. Segment NOI, the FFO reconciliation, the debt maturities and the property tables come into one review for the lenders, investors and operators who analyze them.
SpreadSpace™ is built for the tables a real estate company prints. A REIT reports net operating income by segment in its notes and reconciles it to net income, prints funds from operations in the management discussion, and lays out its properties, its occupancy and its debt in tables of their own. SpreadSpace reads each of those tables as printed and keeps the company, the period and the stated unit on every figure.
Lenders, investors and the operators themselves work from the same spread. Build adjusted NOI with every adjustment shown, compare the quarters and the years as the filings report them, line up the peers under one chart of accounts and deliver the memo in your firm's format.
Read the statements and the notes tables a REIT prints
Upload the 10-K or the 10-Q and SpreadSpace reads the balance sheet, the income statement and the cash flow statement as the filing prints them. The notes tables come with them. The segment note reports net operating income by segment and reconciles it to net income, and SpreadSpace reads that table with its segments, its periods and each adjustment between the two. Specialized operators, senior housing and healthcare REITs among them, read with the segments and the measures their own filings print.
The debt note lays out each borrowing with its rate and its maturity in their own columns, and the maturity schedule reads as a ladder by year with the weighted rate the filing prints beneath it. The property tables read the same way, properties by state with their units and licensed beds kept as counts, and units and occupancy by property type with the revenue per unit the filing states.
Funds from operations lives in the management discussion rather than the notes, and SpreadSpace reads it there. Nareit FFO, normalized or adjusted FFO and funds available for distribution each keep their printed row, with the per-share figures beside them.
Build adjusted NOI and read the FFO reconciliation with every adjustment shown
A REIT defines its own NOI, and the printed reconciliation is the source. SpreadSpace reads the company's walk from net income to NOI as printed, every add-back and deduction on its own row, and serves the result as the company's reported NOI. Same-store, cash and adjusted NOI keep their own names where the segment tables print them, and so does EBITDAre.
Adjusted NOI is the analyst's. SpreadSpace builds NOI from the rental income line the statement of operations prints and the property costs beneath it, and the company's own reconciliation stays beside it as printed, so reported NOI and adjusted NOI never blur together. Open the adjustments menu, switch the standard add-backs for depreciation and amortization, interest expense and income taxes on or off, add or deduct any line the statements print, and the card walks through each adjustment to adjusted NOI and its margin. Save the configuration, reuse it and read adjusted NOI into debt service coverage as its numerator.
Adjusted FFO comes off the page the same way. The reconciliation from net income through real estate depreciation, gains on sales and impairments to FFO, and on through the company's own adjustments to adjusted FFO or funds available for distribution, reads as one table with every row traced to its line. A reviewer who asks where an adjustment came from opens the filing at that row.
Read a mortgage REIT as the lender it is
A mortgage REIT prints a lender's income statement. Interest income is its revenue, its funding cost is its cost of sales and net interest income is the result between them, and SpreadSpace reads the statement that way rather than forcing it into an operating company's shape. The provision for credit losses and the noninterest expenses keep their own places beneath it.
The loan book reads from the schedules the filing prints. Schedule IV lays out the mortgage loans on real estate, a row per loan or per state with its rate, its maturity and its carrying amount, and the reconciliation of those loans from the opening balance through advances, collections and write-offs to the closing balance. The debt note reads each term loan and note with its rate and its due date in their own columns.
Compare the periods and the peers
A 10-Q prints the quarter beside the same quarter of the prior year and the year to date beside its comparative, and SpreadSpace keeps each column as the filing states it. Upload each quarter as it arrives and the 10-K when the year closes, and every statement and notes table keeps its own periods and its own pages.
Map the income statement and the balance sheet to your firm's chart of accounts and the same presentation applies across every REIT under review, with the reported lines kept behind the mapped figures. Line up the peers your team supplies, read the measures each one prints by its own name, and chart them with every bar and point opening the figure behind it.
Deliver the memo in your firm's format
Upload a past credit memo or investment memo as a PDF or Word document and SpreadSpace reproduces its structure as a reusable template. Bring the spread, the adjusted NOI schedule, the FFO reconciliation and the charts into it as exhibits and write the recommendation around them.
A reader opens a figure in an exhibit and lands on the filing page behind it. Finalizing records the version the committee received, and reopening it is an explicit, recorded step.
Bring a REIT your team already covers
Upload the latest 10-K and 10-Q of a REIT or a mortgage REIT your team analyzes, and the memo you wrote on it. Follow segment NOI from the note into adjusted NOI and the exhibit, open the FFO reconciliation at its page, and see whether a second reviewer can do the same.