11/16/12

Hi all,

Just wondering if someone could tell me what the prerequisites are for working at a REIT? I understand that it is an old boys club so i wonder if leveraging the right contacts could soften the blow from having to start at the complete bottom of the pile.

Thanks!

Comments (5)

11/16/12

There are none. The only universal difference between REITs and any other real estate company is that REITs pay no corporate taxes as a result of paying a high percentage of all taxable income as dividends to investors.

You get a job at a REIT like a job anywhere else. Get your foot in the door, show up smiling, don't say anything too stupid, and get a little lucky.

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In reply to ms87
11/18/12
ms87:

There are none. The only universal difference between REITs and any other real estate company is that REITs pay no corporate taxes as a result of paying a high percentage of all taxable income as dividends to investors.

I recall an alum telling me that there does exist a certain type of person who tends to work for one REIT, then maybe another, then maybe another, because all REITs follow the same rules/structure. I'm not so sure how true this is, though. For CFO or compliance types I would understand, but otherwise I would tend to agree that a REIT is just another real estate company.

In reply to prospie
11/19/12

Prospie...not sure I understand your point. I know a lot of REITs that have different strategies. Some focus on existing assets in primary markets, others development deals in secondary markets, etc.
I agree with the earlier post that you should approach the interview the way you would for any other real estate company. Good luck!

In reply to atwoodt
11/19/12
atwoodt:

Prospie...not sure I understand your point. I know a lot of REITs that have different strategies. Some focus on existing assets in primary markets, others development deals in secondary markets, etc.

It's not my point, it was someone else's point, and I don't understand it either. But the guy is a partner at a respected firm here and has developed a bunch of complex deals, so I'm not going to say he doesn't know what he's talking about. Maybe he means that if you've worked in corpfin, whether at a prison REIT or at a cell tower REIT, you will understand AFFO and NAV and can take those skills to, say, a storage REIT. Who knows? I have no idea; like I said in my original post, I don't really agree with his point anyway.

In reply to prospie
11/20/12

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