BB REGAL Interview Advice

okay not sure about UBS/DB but at least for MS it doesn't pigeonhole you that much, as you almost always are working on the corporate level not the property level, and gaming/lodging/leisure are all ebitda based businesses, not FFO based (like REITs). Have seen analysts break into MF buyout from BB RE groups. Also, since MS doesn't really lend like the other top RE groups (BAML, JPM, Wells), they focus much more on sell-side M&A transactions, which they do quite well in, so you have that to look forward to (or not, depending on what you like). MS does kill it in the space though and they've won some of the best mandates as of late. WRT modeling/technicals, I believe UBS doesn't model within the coverage group and MS does (unsure of DB, don't have any friends in that group). Just some things to keep in mind/generally good info for ppl who come across this thread.

Now to what you asked, the most important thing i've noticed in every RE interview is that you need a GENUINE story for why you're interested in RE as an asset class (or in your case as an industry vertical). Obviously know shit like cap rates, cash on cash yield, why we use FFO, opco/propco distinction, and other really basic stuff, but a lot of it just boils down to being educated and interested enough in the space to have an informed opinion. Would read the RE m&i guides and make sure you have a solid understanding of the corporate finance that is expected for any IB position.

Know this isn't really the case for UBS but generally REIB guys are cut from more of an old school cloth than their vanilla IB counterparts, so would keep that in mind for prepping behaviorals/how you approach the interviews. Good luck man.