Welltower - Senior Living / Healthcare - Case study
Dear macaques,
Anyone with information on a Welltower modeling test? Apparently it's 2 hours (potentially including a presentation but sounds a bit tough, unless if that's a very light CF model).
They are huge and do many things from funding operators to Healthy systems development, including senior housing acquisition & development...
I suspect, based on their website that the most suitable thing for a case study would be Senior Housing NNN. As they're not looking for someone with experience in healthcare but more of a RE Acquisition guy (background is in Office Acquisition & Dev).
Do you reckon that from a modeling perspective it sounds like a residential rental model?
- Welltower + Operator sitting in the OPCO: Set-up vacancy % rather than a proper rent roll/lease tab, potentially some line-items regarding care and would be looking for CF from operations as my main metrics? Then I'm wondering if they would give indications for the split between Operator & Welltower? AM fee + Waterfall?
Or
NNN
- Single tenant = Operator: pays rent and I should not be concerned by care line-items nor sector-specific expenses as I would imagine the operator would deal with that and I'll stay focus on basic CF + Returns + KPIs.
Finally assuming that there is no need for a waterfall here, Welltower having this deal funded through its Eq.
Thanks all
What office is this for?
It is the first one. Senior living, similar to hotels, is an actual business not just renting to a tenant. Well-tower spends a lot of time and effort deciding which markets to enter, permitting land, developing senior housing and then brings on an operator to run it. It’s not like retail where you just build a white box, hire CBRE to lease it up, and collect rent
That wasn't my question. I am asking which WELL office you are interviewing with; did a stint there as an Associate.
mind if I ask where you were able to exit on to? another REIT or was REPE an option?
What is the culture like? Here it is pretty toxic?
Which office? Can shed some light.
CAN - any information on the case study would be highly appreciated
Is this for analyst level or associate? Usually differs from what I hear.
Not clearly disclosed re. title... Composed of a model + presentation, take-home test 48 hours and not 2 hours
A ground up development with waterfall returns - partnership and property level.
Thanks a lot!
Don't want to "cheat" but may I ask a couple of questions? (happy to ask them here if it can help anyone else and no offense if you don't want to answer them):
- Is this pure RE modeling / RE Asset level: Land Acq, Construction, Operations, Exit (then partnership level waterfall/returns) ie: no P&L, cash reserve, dividends, cash-flow statement...
- Any advice you would give? (generally speaking for 48h tests or specifically for this case study)
- Training wise, any advice/websites?
can anyone answer whether an exit from the likes of Welltower investments - would get you anywhere in REPE? I mean I don't think these guys are underwriting / transacting a lot right?
They’re not. Especially not in Canada. US if you’re part of Wellness Housing team then you’ll have your hands full. Canada expect to focus on asset management mostly.
interesting. Would you take a role here over a mid-market / smaller REPE for the brand name, and move to REPE in a few years?
Are you brain dead? In no world should you consider a no name REPE over one of the largest REITs.
Pay is probably double too lol. This site is littered with clowns who want to say they work in “private equity”
Fair enough I just asked cus theyre not aquiring anything so.....
what is the reason for the office ?
Any advice on the interview for the final round?
You likely got it. Final they don’t meet many people.
Incoming 3-hour interview in the diary post-modeling test (Apparently meeting several people including head of the branch). Been told it's the final round.
Anyone can shed some light?
OP would you take this despite knowing the acquisition side is silent? :o
Given its a REIT, and not REPE, there will probably be plenty of AM and reporting work for OP as well I guess?
Canada is primarily AM and reporting. The struggle to allocate capital to Canada over US / UK is real. You're looking at ~7-8% IRR (unlevered) in Canada whereas in UK / US you're 10%+
OP what did you do before this role and how many years exp you had?
Following.
Did OP get the job?
Why did Welltower post looking for an analyst again? Saw that this was for Toronto.
If welltower arent acquiring jack why join?
No one is buying shit, not only welltower
Did OP land the job - are you going for it dude?
OP didn't get it and now at the modelling stage of another process
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