Real Assets

Handles real estate and infrastructure investment analysis with formulas for property valuation, REIT metrics, and leverage calculations. You'd reach for this when evaluating rental properties using cap rates and NOI, analyzing REITs with FFO and AFFO instead of misleading P/E ratios, or assessing infrastructure assets like toll roads and cell towers. The worked examples show practical scenarios like how a 100bp cap rate compression drives 20% appreciation, or how positive leverage amplifies equity returns when debt costs less than the cap rate. It's thorough on the mechanics but light on market context, so pair it with broader economic skills when macro factors matter.

skills.sh installs: 721
GitHub stars: 224
last updated: Aug 21, 2026

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Install

$ npx -y skills add joellewis/finance_skills --skill real-assets --agent claude-code

Installs into .claude/skills of the current project.

Files

Real Assets

Core Concepts

Property Income and Return Metrics

NOI (Net Operating Income): effective gross rental income (after vacancy) minus operating expenses; excludes debt service, capex, and depreciation.
Cap rate: NOI divided by property value — the unlevered property yield; lower cap rates mean higher valuations.
Income-approach value: NOI divided by the prevailing cap rate for comparable properties.
Cash-on-cash return: annual pre-tax cash flow (NOI minus debt service) divided by total cash invested — the levered equity yield.
GRM (Gross Rent Multiplier): price divided by gross annual rent; a quick screen that ignores expenses, vacancy, and financing.

REITs and REIT Metrics

REITs must distribute 90%+ of taxable income as dividends and trade on exchanges like equities. Sectors include residential, office, retail, industrial, data center, healthcare, self-storage, and specialty.

SKILL.md on GitHub