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Mar 22, 2018

Development Analyst imo. You're A) On the buy side and B) On the equity side. I'd imagine a major REIT in Chicago would probably pay you somewhere in the realm of 85K~ all-in your first year. HFF might pay more but the hours are tough and imo the capital markets/brokering side of the business isn't as cool as acquisitions & development.

Both will give you great exit opps though.

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Mar 22, 2018

Do you know for sure what GGP is like? See the users post below and my subsequent comment.

I want to be on the finance side of things for sure.

Mar 22, 2018

That's something you should ask your interviewers. If it's underwriting pre-development or develop-to-core deals, then I'd take that for sure. If it's more geared toward the other aspects of development then I'd probably go for HFF.

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Mar 22, 2018

Depends on what the development analyst title really means. I've heard these jobs can be less finance oriented and more focused on managing the development process. There's a really good thread about it titled "Life at a mega developer" that discusses the difference between different development jobs.

At HFF you'd see tons of deals across lots of property types and financing scenarios, but I've heard varying stories about the underwriting involvement in debt brokerage. At GGP you'd be developing a handful of malls which is a pretty specific property type which is probably less transferable to REPE.

I'd follow up with the people you interviewed with to get more color on your responsibilities in both positions. It also sounds like you don't have either job yet? Focus on that first

Mar 22, 2018

For the development; They told me it's pretty excel heavy for whatever that's worth. You're right about the sorta management stuff I have heard that, I will follow up with them regarding that. They said hours about 60 a week at GGP.

I was wondering specifically if anyone knew. And also along the lines of being in retail only. Will that hurt me in the long run in sense limiting my options to REPE?

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Mar 22, 2018

GGP is getting bought out. Brookfield has been trying to take the firm private for the last year as their NAV is significantly discounted. The transition could may not be the smoothest when that happens so keep that in mind.

HFF may be a better choice here. Retail is scary for everyone right now (including GGP shareholders) and tying yourself to that wagon right out of school when you have optionality could be unjustifiably risky. Exit opps at HFF will always be strong, and you'll probably look at all product types vs specializing which I would view as a positive early on in your career. Others may disagree on that.

Mar 22, 2018

Ok, do you know much about the role in general as a development analyst? Now what are some HFF exit opps? I don't want to be in brokerage.

Mar 23, 2018

Debt placement is brokerage for them. You'd be the intermediary sourcing debt for developers and other investors on a deal by deal basis.

Development analyst would probably be trying to figure out how to redevelop malls that have big box stores failing. Could be interesting, once the acquisition is over with. If anything I would be asking a lot of questions of GGP about the buyout, how your role with be effected if at all, and the changing retail landscape.

Mar 23, 2018

Is there a lot of analysis at HFF, or is it mostly just a "sales" job.

Mar 24, 2018

From what I've heard, their debt/equity placement folks will typically model client deals from scratch, and then go raise said debt or equity. The relationships you develop from engaging top lenders/debt funds/PE firms/lifecos in the daily work can help to build your network. I was always told deal flow should be top priority coming out of school; look, I think you could do fine at either gig, but again I would strongly question going into retail right now. Again, I would talk to people (rather than just this forum) who may have a different opinion on this.

Apr 2, 2018

Always go buy-side if that is an option for you...im a VP for an REPE firm. I interview people often...There is no substitute for buy-side experience. GL

Apr 19, 2018

What is your comp like? It is my goal to make it to REPE! The comp is pretty cloudy in my opinion. Is it the same as standard PE?

Apr 23, 2018

Check out the "What is your compensation in Real Estate Finance?" thread in the Real Estate Forum. Very informative on development, REPE and brokerage comp.

Apr 23, 2018

Hi Malpa, whoops, looks like nobody chimed in here.... maybe one of these discussions below is relevant:

  • REIT Retail Real Estate Mall Developer Exit Opss I was recently offered a job as a financial analyst on the development and construction team at ... a major mall developer REIT. Most the people I have talked to with similar REIT experience have worked at ... places like Duke in the industrial space. I was just wondering what kind of exit opps would be available ...
  • Moving to real estate- Investment Sales Analyst vs. REIT Investment Analyst a Financial Analyst position on their investment sales team supporting the brokers and at an industrial REIT ... as an Investment Analyst working on acquisitions, development and dispositions. Both of them went ... I was lucky enough to have interviews at both a regional commercial real estate group for ...
  • List of all US Real Estate Developers and REITs posts of 2017, this one ranks #30 (based on # of silver bananas) real estate developers to Wednesday, ... I figured a CapIQ screen of every developer in the nation sorted by State/City would probably be a good ...
  • Pros and cons of working for a large public real estate company compared to a 5 man development shop I've been working for a large public real estate investment trust, and have been very taken ... is it par for the course where in the commercial real estate arena things just take forever and thus ... love to hear if anyone has gone from a large REIT to a small 5 man development shop and whether or not ...
  • Development analyst at a major REIT? I want to eventually make it to REPE. Where is my best option? Pursuing a development analyst role ... REPE <p class="h4 m-t-none">Real Estate Forum Resources</p><ul ... at GGP? Major REIT. Leaning towards this... What kind of salary/ bonus can I expect to start and for ...
  • What kind of money can you make in Real Estate? What are the best roles? REPE, Brokerage, REIT, etc. Passed Level 1 CFA, going after Level 2 in June! <p class="h4 m-t-none">Real Estate Forum ... What kind of money can be made for example at a REPE fund or working for a developer? I want to ... or developer, so if anyone has experience in those I'd love to hear. I am a senior in College. ...
  • Real Estate Lending Groups with Best Exit Ops estate after graduation and want to eventually be able to work my way into a job with a REIT or REPE ... in. This is what I am hoping that you guys could help me with. I know that I want to get into real ... career path as well. My questions are 1) would joining the full-time analyst program put me in a good ...
  • Q&A With a Buy Side Analyst at Real Estate Investment & Development Firm A little background: I work for a privately owned real estate investment and development firm. We have ... answering a few questions (if anyone has any) about life as an analyst at a buy side real estate firm. ... real estate when the internet (not just WSO) is filled with 100x more info about IB. ...
  • More suggestions...

Or maybe the following pros can chime in... @DAmbrosio @kami_kazii @jsmith337

Hope that helps.

Apr 23, 2018

Note: Also, his operations include approximately 3mil in direct lending for real estate ventures.

Apr 23, 2018

Newer to the game, are houses (not multifamily) big for the REITs? If you're paying dividends how are you making the money off housing to continually pay shareholders?

Apr 23, 2018

Oy vey...

Apr 23, 2018

Sounds like you and your partner are both very successful and intelligent but I don't think either of you should be in the position to legally set up a REIT. Talk to a good securities and/or real estate attorney about this formation because it is a lot more complicated than you think.

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Apr 23, 2018
KramerTheAssMan:

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p>Sounds like you and your partner are both very successful and intelligent.

Agreed. I am awed and humbled by the success of both the OP and his "wealthy and powerful" friend who is a homebuilder - AMONG OTHER OCCUPATIONS. It is wonderful that he left medical school and is now on track to be a Portfolio Manager (with both a capital P and a capital M). It is also impressive that he does not know what a REIT actually is but that he is confident that it "will have 10 mil in private cash to begin with."

Apr 23, 2018

It is my understanding that - as you elude to - a REIT must pay out >90% of profit/income to shareholders in the form of dividends. The income from the sale of a house, the rental income, etc.

I am intelligent, but unless you consider dropping out of medical school after incurring $140K of debt, I am hardly successful. My friend, however, is Successful with a capital S ;)

My OP question seems like a niche question, and ultimately I think that consulting an attorney is the next logical step for my friend. From my perspective, I just got really excited at the prospect of performing any job remotely related to managing a REIT. And so, I posted to try to get some general feedback, as I am brand-new to this industry.

Thx

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Apr 23, 2018
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Apr 23, 2018