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WSO Free Modeling Series - Now Open Through
May 31, 2024
9 Free Financial Modeling Lessons
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
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+Bonus: Get 27 financial modeling templates in swipe file
Is this interview for a traditional REIB (i.e. REIT m&a advisory, IPOs, Debt Offerings, etc) or is it more so a brokerage interview doing asset level? A lot of brokers label themselves as REIBs, so I don't want to lead you in the wrong direction.
M&A and capital raises
At a high level, you will probably want to know all of the basic real estate questions i.e. cap rates, NOI, why real estate, etc. Know how valuation for REITs is different than typical valuation. You're gonna want to know what FFO, AFFO, and NAV are and how to calculate them. For comps, it is important to know that REITs are usually looked at using equity value multiples and not enterprise value multiples (ex. Equity Value-to-FFO, Equity Value-to-AFFO, etc).
Interview probably won't be super technical, so make sure you have your behaviorals down. Personality is super important in real estate, so I would focus a lot more on the behavioral stuff.
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