Apers for REITs
More accretive acquisitions. Without growing G&A.
Apers is the AI system that underwrites every deal in your acquisition pipeline against your firm's WACC and scores FFO accretion automatically — so your team closes more accretive deals, in your existing models, without growing the AFFO denominator.
The pipeline you guided to. The team you didn't.
You guided the Street to $400M of acquisitions this year at a blended 6.8% in-place cap. H1 closed $80M. Your acquisitions team — three analysts, one VP, your head of acquisitions — has 47 active deals in the funnel. By analyst-hour math, you'll fully underwrite maybe twelve of them. The other 35 die from neglect rather than quality, passed or stalled because no one will reach them before the LOI window closes. Each was probably 30 to 50 basis points of FFO accretion on a $40-80M check.
The instinct is to hire. Two more acquisitions analysts cost roughly $700K of fully-loaded G&A. That G&A flows straight to AFFO. Margin compresses. Fixed-charge coverage degrades by the precise increment that pauses a credit committee at Moody's. The implied cost of capital you were trying to defend with external growth ticks up before the new hires close their first deal. The flywheel runs the wrong way.
The unit of production in a public REIT acquisitions shop isn't an analyst — it's an underwriting model. Every accretive deal that gets passed because the team is at capacity is FFO growth that doesn't compound. Every press release you guided to but can't deliver is a re-rating you have to defend on the next call. The constraint isn't deal flow; it's the throughput of underwriting models your team can produce per quarter.
Apers produces those models — in your firm's exact format, scored against your firm's cost of capital, at the cadence required to actually close the pipeline you've guided to. No template adoption. No analyst hiring cycle. No proprietary IP transferred to a vendor's framework.
What changes with Apers
Every deal scored against your WACC, before IC
Apers scores every deal in your pipeline for FFO and AFFO accretion the moment it's underwritten — against your firm's current implied cap rate and cost of capital. Day-one. Year-one stabilized. Year-three with assumed leverage roll. Per-share at your current share count. Sensitivity on cap rate compression, debt-cost moves, and dividend coverage. Accretion becomes a number on the cover of the IC memo, not a debate during it.
Throughput multiplies. G&A stays flat. AFFO margin expands.
Three analysts underwrite the pipeline that used to require eight. The deals that would have died from neglect get screened, scored, and pushed to IC. AFFO margin expands by the gap between FFO growth and G&A growth. Fixed-charge coverage holds or improves. Net debt to EBITDA moves with the metrics, not against them. Next year's external growth guidance is something you set — not something you defend.
Built in your firm's underwriting template
Upload your firm's acquisition template, IC memo format, sensitivity conventions, and debt assumption library. Apers learns how your shop models — your tab structure, your formula logic, your formatting, the questions your IC chair always asks. Every new deal comes back in your format. No template adoption. No analyst retraining. No proprietary IP transferred to a vendor's framework. Your models stay yours; Apers just makes more of them.
Every active deal underwritten concurrently
Acquisitions today is single-threaded — analysts work one deal at a time, and the funnel narrows by capacity rather than quality. Apers multiplexes the pipeline: screening, full underwriting, accretion scoring, and IC prep happen concurrently across all active deals. Your team's role shifts from production to judgment — which assumptions to challenge, which deals to push to IC, which to kill.
From broker package to underwriting in hours
Drop the OM, rent roll, T-12, and existing Argus exports into Apers. Data extracted. Discrepancies reconciled across documents. Your firm's acquisition model populated. Every assumption traces back to a source page number — cite-ready for IC, audit-ready for diligence. Your analyst opens Excel and starts where they used to finish: stress-testing assumptions, not building structure.
An acquisition, start to finish
An $85M, four-property industrial portfolio in the Southeast. In-place cap of 6.7%. Your firm's WACC is 5.3%. The acquisitions team has it on the broker call Monday. Without Apers, it goes in the maybe pile — the team is already underwriting four other deals.
Monday — broker package in
OM, rent roll, T-12, and the Argus run drop into Apers Monday afternoon. By Tuesday morning, the output is your firm's standard industrial acquisition model — your tabs, your conventions, your formatting, populated with cite-traced assumptions. Your analyst opens it in Excel and starts where they used to finish: stress-testing assumptions, not building structure.
Tuesday — accretion scored
Day-one FFO accretion: +$0.04/share annualized. Year-one stabilized: +$0.07. Year-three with assumed leverage roll: +$0.11. Sensitivity on cap rate compression and the floating-rate debt assumption. The accretion view sits on a tab next to the levered IRR — both visible to the CIO before the deal team reads in.
Wednesday — IC memo in your firm's deck
The IC deck is drafted in your firm's template — same section order, same exhibits, same language. Your analyst reviews and edits the judgment calls. The package is committee-ready by Wednesday. Three days from broker package to IC, instead of two weeks.
Diligence — model updates with the data room
Under LOI. Apers re-runs the model against actual data room documents: estoppels, service contracts, true-up T-12s, environmental. Discrepancies between OM-stated and verified figures surface automatically. Your closing team works against a model that updates with new facts — not one that has to be rebuilt every time a document arrives.
Closed — accretion lands in the supplemental
The deal closes. The accretion the team modeled at LOI is what shows up in the next quarter's supplemental — because the model was your firm's model from day one, not a vendor template that someone had to translate. Your CFO references the contribution by name on the earnings call. Your CIO has eleven more deals like it in flight, instead of three.
Models for public REIT acquisitions
A growing collection covering the deal types public REIT acquisitions teams underwrite. Each can be reproduced in your firm's existing template — or built fresh with our team if standardizing across the shop is the better path.
Office / Industrial Acquisition
Tenant-level revenue, TI/LC reserves, lease expiration rollover, NNN vs. gross lease structures. The workhorse for industrial and office REITs.
Multifamily Acquisition
Unit-level rents, market rent burn-off, value-add CapEx phasing, levered returns. Built for residential REIT acquisitions teams.
FFO / AFFO Accretion Analysis
Day-one through year-three accretion scored against your firm's WACC. Sensitivity on cap rate compression, debt cost, and dividend coverage.
Multi-Tranche Debt Sizing
Senior + mezzanine + preferred equity. Each tranche constrained independently. Blended cost of capital. Cash sweep modeling.
Frequently Asked Questions
How is Apers different from Argus for REIT acquisitions?
Argus is a cash-flow modeling engine — you still build the surrounding acquisition model, accretion analysis, and IC memo by hand. Apers ingests the offering memorandum, rent roll, T-12, and your existing Argus runs, then produces a complete acquisition underwriting in your firm's template, with FFO and AFFO accretion scored against your current cost of capital. Argus stays in the workflow; Apers wraps around it.
Do we have to adopt a new underwriting template?
No. Apers learns your firm's existing acquisition model, IC deck format, and sensitivity conventions, then produces every new deal in that same format. If you'd rather use this as a moment to upgrade — standardize across the team, add a new asset class, tighten a convention — our team builds the new model with you. Either path keeps your IP yours.
How does Apers handle FFO and AFFO accretion modeling?
Every deal Apers underwrites is automatically scored for FFO and AFFO accretion against your firm's current implied cap rate and cost of capital — day-one, year-one stabilized, and year-three with assumed leverage roll. Sensitivity on cap rate compression, debt-cost moves, and dividend coverage runs on every deal by default.
How does Apers fit a CIO or Head of Acquisitions's evaluation process?
The first conversation is a working session — bring an OM and your firm's underwriting template, and we'll run model generation and accretion analysis on a real deal. We'll walk through the rest of the evaluation path on the call.
Who owns the models and the data?
Your models, your data, your underwriting IP — your property, contractually. Whether Apers reproduces your existing framework or our team builds new models with you, the output and the inputs remain yours. Deployment in your environment is available for firms with stricter security postures.