Choice Properties REIT Comp and Exits Toronto
What does analyst comp look like at Choice? Exit Opps?
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All toronto real estate is under paid with limited exit ops.
Be prepared to make max $200K until you’re 30
Interned on the AQ team there in undergrad. WLB is great and the culture is friendly.
The deal exposure isn’t the best. 1/3 of all properties they “buy” are vended in from the ParentCo, so there’s less emphasis on learning how to manage a process.
Does this also apply to the real estate teams at the pensions? From my understanding some real estate teams have same base comp as other asset classes and comp progression is quite similar as well. Could be wrong but happy to learn more.
I’d go to a pension before a REIT - you’ll get better exposure to asset classes, geographies, and development.
It’s a good gig and good WLB - only places you’re getting traditional PE type pay in Toronto is Tricon, Fitzrovia, and Centrecourt
They pay market for a public/institution - don't know lower levels anymore but I was relatively recently quoted $200k as the lower end of the range for an AVP role (AM team), plus 30% LTIC (stock), plus up to 30% bonus. Good living but you're not getting rich and your ceiling is fairly low unless you make it to the C suite, but the WLB is way better than at a private.
That said I'll reiterate what someone else said - because of their structure you're not looking at a lot of interesting or complex deals. Its certainly not the "majority" getting vended in by the parent company (very few actually), thats nonsense, but they are almost exclusively core buyers so its simple, easy to diligence and structure deals.
If you want solid enough pay to live comfortably, good WLB/culture, and are ok with working on less exciting deals its a great option.
If you're either in it for the money, or to use your brain and do hairier deals, or both, its not the place for you. Most privates will pay more than the publics/institutions, albeit for the most part not substantially more (salaries are more or less the same with a few exceptions, but better bonuses and/or carry).
There are a few outliers here that pay closer to US rates, although still not the same, but they're also all sweat shops/
Curious to know about the outliers, except pension funds.
Tricon, KingSett, Brookfield, supposedly Fitzrovia (I think their salaries are more Canadian market but they offer carry earlier and more readily) are the ones that come to mind.
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