Real Estate Model Test

I am interviewing for an acquisitions role and they have notified me that I will be given a modeling test. However, I have never modeled a shopping center before. What should I expect? Does anyone have any examples of case studies that they could send me way?

Thank you

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when you model shopping centers, its a little bit different than office or industrial. obviously it is done on argus, and the differences are: percentage rent - most tenants have a % rent clause in their leases by which if they reach a certain $ amount in sales, the LL gets some kick back. there can either be a hard stop or natural break point over a certain amount in sales. secondly are reimbursements. there are sometimes clauses in retail leases in which the in-line tenants reimburse after the anchor tenants (like a supermarket). So, in argus, you would need to make a tenant group called "anchor" and when you have specific reimbursement methods for each tenant, you select the "reimburse after" option in argus. basically what this does is that if the anchors don't reimburse for some year because maybe their base year is higher than the current amount in opex or RET, then the in-lines don't reimburse either. some tenants have this and some don't, just like % rent.

 
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