Hi all -
Long time lurker but first time poster to WSO (in general).
Have an upcoming REPE case study and doing some swotting ahead of it. One question - is there any risk of being asked to model out a REIT, or would you expect the case study to focus on modelling out say a LBO of a hotel / office / resi / condo. I was told that it'd be a portfolio M&A related case study FWIW.
Appreciate it may be an obvious one (I come from outside real estate in my current day-to-day). Any insight much appreciated!
Thanks in advance
Depends on the firm, if they are in the business of buying companies / large portfolios you might get a REIT, but the back of the envelope LBO will look pretty similar to a single asset, i.e. three statements are generally not expected. If a REIT it will either be something ficticious, or with a very straightfoward capital structure, think IRT, DOC, STAG.
@TheShotgunAndTheBriefcase : Thanks - that's helpful and makes sense. The firm sometimes plays in buying large portfolios, less so when it comes to buying companies. It sounds like though I should do some prep. for REITs so I at least have the basics in place if needed.
@Solomeo : to your question, closer to BX/Oaktree, albeit AUM and typical deal sizes is smaller (they will do large deals, but not as 'regularly' is my impression).
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