HELP RE investment industrial interview
Good afternoon monkeys, I have an interview coming up with a large asset manager for a summer analyst position in their logistics/industrial department. I honestly have no idea how to prepare for the technical side, there is not that many resources out there on this asset class and my experience is mainly for office brokerage. If you have resources on the subject or logistics/industrial specific important things I need to know please help me out!
Property level analysis isn't really that different from office to industrial. Just do some broader research on what the outlook on the sector is and maybe dig up some info on markets you know they are in or deals they have done.
https://www.naiop.org/-/media/Research/Research/Research-Reports/Terms-…
https://www.prologis.com/industrial-real-estate
In terms of modeling there's nothing special about industrial, consider it a very simple office building but with more roof to replace.
Industrial is where I spend 75% of my time so if you have any specific questions I can try and help out.
When it comes to leases, are most leases the same type like triple net for example? Are there specific metrics that apply only to logistics? What kind of localisation makes someone say it's a last mile logistic platform or a regular one? Sorry if my questions sound dumb but I honestly have no clue, at my firm the industrials desk was inexsitent while I was there so I've never had the chance to work with them.
Thanks to REITs 90% of the industrial industry in NNN leases with % escalations (which was not necessarily true 10-15 years ago. When buying from the local family sometimes you'll see modified gross leases with base years for RET and or insurance.
What constitutes last mile is tough because its just a label, one that every broker is trying to throw on any deal they can now. Last mile is generally infill locations, if you look on google satellite you should see no large green spots to throw up competing buildings. Last Mile is starting to be re branded "Last Touch" because 1) Its more accurate of the actual use and 2) Last mile could be 40 miles away in areas that don't have a lot of land constraint. But try and think of a Last Mile location being the last time a package is touched before ending up at its final location.
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