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NOI Leakage
Hi All, Wondering if someone could explain theoretically why firms include rent frees and leasing commissions as below the line expenses, as in below NOI rather than above? Is it simply a matter of them being non-recurring expenses and not actual costs of operating the property?
Switch to Industrial RE
My company announced a new area of real estate we will be investing in - Industrial, with a focus on distribution centers with single tenant leases in place. 100% of my experience is in MF so I have practically no knowledge of the industrial segment. My question is what are the best educational...
Phoenix Value-Add Multifamily in 2022
How are value-add investors evaluating new multifamily acquisitions in today's market? Specifically, what type of YOC figure are sponsors solving to and what assumptions are they using to get there? The obvious tailwinds in Phoenix are the rapidly growing/diversifying economy and population growth,...
Best Ways to Get into RE out of undergrad
I am an undergraduate (sophomore) and recently realized that I am very interested in Real Estate. I have a few questions and would appreciate any insight you can offer: -What are the best REPE placements out of undergrad? BX, KKR, Apollo, Ares (what am I missing here?) How would you rank these...
$10B+ AUM Acquisition Role vs. Institutional Investment Sales Analyst Role Direct From Undergrad
Need help in deciding between the following scenarios direct from UG: Acquisition role at a shop that owns $10B+ AUM and continues to raise and deploy capital every 2-3 years, ranging from $1-1.5B per fund Average deal size is $70M - $100M+ with a main focus on office and multi investments across...
Euro PE Assoc to NYC RE Development: MSRED vs. MBA vs. Euro development
RE Monkeys, Am currently at a fork in the road in my career and would like to get some US views on getting into (NYC) RE/hospitality development in the next few years. Background: 1) UG at Oxbridge/LSE (3.5 GPA), MSc at continental European university that places into London IB/PE (3.8 GPA) 2)...
Corp. Development vs. REPE
Hi, Anyone with experience/reccomendations regarding a career in either corp. development or REPE? I am interviewing at a fast growing REPE (investment/acquisitions role) and also a corp. development role at a large MNE. Have a few years big4 valuation experience and also a few years real estate...
Spec Industrial construction - Debt underwriting/sizing
I would be curious to know how other lenders are underwriting/sizing spec industrial construction loans. LTC, DY, DSCR, how they underwrite NOI, etc. Specifically focused on traditional bank/senior balance sheet loans vs. higher-leverage debt funds and/or deals with a mezz component, though that...
Rockwood Capital
Does anyone have any insight into Rockwood Capital (comp, culture, WLB, dealflow)? These guys are clearly a reputable firm and among the top in REPE; however, the information available is pretty limited and dated. Do they usually hire out of UG, or do they seek IB or REI analysts/associates? Exit...
Transition from REPE (LP) to REPE (GP / Operator) Single Asset Type Focus
I currently work for a REPE LP shop (Carlyle, PCCP, etc, but smaller) with ~$7B AUM. I currently work on one of the deal teams in acquisitions for the high yield fund, primarily all JV equity, preferred equity / mezz debt focused. We partner with local, regional, national operators and developers....
Tax Modelling in REPE
Hi, I am sure this has been asked somewhere before but I was unable to find it. Also sure the answer will be obvious but it is right now not clear to me. I have been looking at sample REPE models (office buildings) and there is no tax modelling at all. It is simply Gross Rent, Net Rental Revenue,...
Non-Target Construction to MF REPE - 14 Years Later
Hey folks, Don't post here often, but wanted to share & answer any questions of aspiring FIN/RE folks. I've seen so many different things on this forum and others, many depicting the "right way" and "proper path" to go about things. I think an influx of people I've seen on both here and other forums...
Breaking into REPE MM or Mega Fund -- Is it just a dream?
Hi all,First post here.How difficult would it be to break into a REPE upper middle-markets or megafund? From what I have been seeing, it seems like if you do not have a BB IB or IB background, it would be extremely challenging. Additionally, I have been told that head hunters are crucial to help...
Interim Promote
So I was speaking to a friend and he says his company does an interim promote (rather than a crystallization). Basically, it's when a recap event occurs (refi or supplemental loan), they agree on a value and run it through the promote model. They calculate a total promote and pay themselves half of...
Starwood Capital (Comp, Reputation(vsBrookfield), future carry)
I am at the final round for the Acquision analyst at Starwood. I have a questions regarding: 1. How is the Comp look like for REPE such as BX, SW, Carlyle etc.. (Analyst, Associate, VP, Director, MD) 2. Is starwood highly regarded in the industry? I know Starwood is really good but how about...
IBD to REPE: How to get myself used to the new (possibly wrong) modeling
I joined an acquisition team of a REPE and previously worked as an associate in IBD. I love my new team, and most of the seniors are pretty easy-going and willing to teach me. However, when doing corporate-level deals, I noticed that something can be considered totally wrong from the aspect of IBD,...
REPE in Los Angeles
Looking for a list of REPE firms in LA, as well as any notes on comp/hours etc. if possible. Thanks!
Best Track to REPE - Tech IB or Capital Markets
Hi all, Although I am still young, I am thinking long-term and setting goals to break into REPE. I have talked to numerous people in IB and RE about the best way to set yourself up to break into REPE. I am an undergrad and am considering two internships, and was curious which one would yield a...
REIB After IS if goal is to have own REPE firm in 8-12 years?
I’m currently working in IS at a top 3 brokerage (think CBRE, JLL, Eastdil) and am thinking about my future after doing my analyst years. My long-term vision is to have my own real estate firm (think 8-12 years from now). I’m not sure if that will be a development or private equity firm. I...
Moving Around in MF?
Have a potential opportunity for a PM role with MF REPE (Carlyle, Brookfield, Blackstone, etc.), and was just curious if anyone has ever transferred internally into a different vertical (PE, energy, infra, whatever). MFs are obviously huge, but what is the internal networking like and ability to...
IB SA --> REPE, Brokerage, Secondaries FT
I recently accepted a SA job at a BB. It is bittersweet: I love the people and the opportunity (I won't be the guy to be ungrateful). With that all said, I really am passionate about RE, and, during this recruiting cycle, I have tried to target RE-focused firms, but this opportunity came up and I...
KKR London Real Estate Internship 2021
Guys has anyone who applied heard back from KKR? They seem to have been silent and I applied almost immediately. It said applications were to be reviewed on a rolling basis yet no one I know has heard back.
Big 4 Exit Ops - REPE Shops
Hey all, First post on here so I hope I'm doing this right. I'm a rising senior interning at a Big 4 right now on their transaction real estate team, and although I love the people I'm not sure the company culture fits my personality well. I'm going to be doing some MBB / banking full time...
Does anyone have any information about Blackstone London (Acquisitions)?
Hi All, Wondered if anyone has information about the team in London in terms of hours/deal flow/culture/pay? Specifically interested in: How often you are working weekends and what time you typically finish M-F? How busy is the team in terms of deals? I assume less busy than US team but I imagine...
Move from REIT to REPE
Cheers guys, you all helped a lot with my career guidance. will make sure to do more research as well over the next few years! thanks!!
First year acquisitions comp
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Marcus Partners?
Hey all, wanted to hear about Marcus Partners reputation and if anyone has had experience with them or has any knowledge of their operations? Group is based out of Boston, with a couple sat offices down the east coast.
RE Credit Fund SuperDay — What to expect?
I just recently learned I would have a Superday with a REPE & Credit fund based out of a Tier1 City (NYC/CHI/LA) on Monday. I'll be speaking mostly with senior members of their team, so it's safe to assume the focus will primarily be behavioral. I have some experience with REIB but am not sure what...
Is Low tier BB IBD > Top tier REPE > Corporate PE possible?
I am an IBD associate at a low-tier BB. While I failed to land an offer of corporate PE, I may have an opportunity to join a REPE with a good brand name and solid deal flows. This REPE not only does asset-level investments but also is very proactive in corporate-level deals. These deals, though...
PIMCO Real Estate London
Any thoughts on PIMCO private equity real estate group in London? Seems that they are raising their fourth global BRAVO (>$4 bn) fund and have a couple of other vehicles they invest for (including a hedge fund-like business). Any hint on comp/culture and overall strenght of brand/team in PERE...
Revcap in London
Hey everyone, Anyone encountered Revcap before and can speak to their culture, pay, growth opportunities, street rep, deal flow etc? Thanks in advance!
REPE - running deals
Mid level repe people - at what age and years of deal experience did you start running your own deals? What would you consider early / late?
PE Portfolio Operations - from MBB vs MegaFund REPE AM / Portfolio
Hi all, Was wondering what would be best to break into a Portfolio Ops team at a MF (KKR Capstone, Oaktree Ops...) : MBB or a REPE AM team at a Megafund? From my understanding Generalist Portfolio Ops and REPE AM both do reporting, stakeholder management, operational improvement with the management...
Exit Opportunities for Industrial?
I work for a large REPE firm that primarily invests in industrial but also a few other asset classes. I'm a recent graduate/first year analyst and am working in capital markets right now, and am wondering how difficult (or not difficult) it would be to transition to acquisitions at a REPE firm that...
How does a REPE Acquisition Case Study look like?
I’m trying to prepare for a REPE Case Study but what i can find online is quite rare or not exactly what i’m looking for. How is a typical Acquisition CS structured? Time limit is 1h so i don’t expect too much. Does someone actually here has some Cases from studies and would care to share them...
Real Estate Acquisition Case Study prep
Hi Guys, i will have an acquisition case study at a REPE this week and a short excel test with a time limit of 1h. What can i expect to see here? 1h seems short so how deeply can it get? Probably no Waterfall model. Any tips for preparation? Thank you
<$500m REPE to REIT ER
Debating making the move from a 100-$500m REPE Associate to REIT ER Associate role Background: Top tier university direct to current position (no IB analyst/investment sales experience) Closed >$250m total in direct property and corporate RE platform investments over ~3 years Reasons to move: No...
What is the REPE dream job
Hi everyone - I am currently an analyst at a top real estate investment bank on the street. I wanted to hear everyone’s opinions on what the “dream jobs” are for people interested in real estate private equity. Is it being an associate at Goldman Sachs merchant bank, associate on the buy side...
Will London lose its status as the place to be in terms of Real Estate investment due to Brexit?
Will London become a less attractive option for firms to locate in terms of Real Estate/REPE/REIB due to Brexit? Will other European cities (Frankfurt, Paris, Madrid) be a better option for young industry professionals to move?
Career Path for Portfolio Mgmt (Straight Out of UG)
What's up WSO -- earlier this year, I landed a summer internship in the Portfolio Management group of a top REPE shop (think Blackstone, Brookfield, Starwood). A member of the group mentioned that exit opps were somewhat limited out of PM, despite the firm's reputation. Do you guys find this to be...
ESCP vs Cass for MSc in Real Estate
I recently was accepted into the ESCP Business School Masters in Real Estate (currently ranked #3 in the world by QS) and Cass Business School's Master in Real Estate Investment. My long term goal is to work for a global REPE firm in London, but am having a tough time deciding which is the better...
Starwood REPE (Straight Out Of UG)
Thoughts on Starwood (Capital Group, not the REIT/Trust)? I've heard it's a sweatshop, but the experience, compensation, and exit opps are elite. I'd love to hear some more thoughts on starting as analyst in PM/AM/Acq straight out of undergrad.
AM Role at REPE debt fund
I am interviewing for an asset management role at a repe debt fund. I would like to hear about experiences and day to day tasks for this role. It is an entry level role, and seems like a great learning experience. I have searched around, but cant find much information on WSO about this specific...
SFR deals gaining prominence in REPE?
I was listening to IMN's REPE conference today and heard several people (who I would NEVER expect to be doing single-family deals or build-to-rent deals) all talking about how strong the asset class is looking and how they are looking for these types of deals. Is this market completely driven by the...
Starwood Capital Group (Not SREIT / Starwood Hotels)
It's been a while since the last post on Starwood Capital Group (non-interview related) ... I'd love to hear thoughts about the firm, as well as its opportunities REPE funds, culture, exit opportunities, etc.
REIT and underpaid + REPE / PE Recruitment + HHs
1st year acquisitions analyst at a top REIT (PLD, SPG, SLG, etc) I'm currently at ~$100k all in but feel that the consensus is that MF REPE starts considerably higher, and wanted to confirm if that is the case? Sparse samples that I've seen peg 1st year MF REPE at 125-150k+. In addition to that are...
IB vs REPE for a career in PE?
Taking into account that my long term goal is to move to PE (or even HF), would it be better to start in an investment role, even if it is RE, or to do the traditional IB path? Both would be at well regarded BBs. Thanks
Potential Career Path In REPE (Straight Out Of UG)
What's up WSO, I'm going to try to keep this as detailed and anonymous as possible ... For some background, I am currently a junior at top-20, elite but generally non-target for IB/PE, American university that does not have an undergraduate business school. I have a 3.9 GPA as an economics major,...
Real Estate Private Equity Modeling Test (Analyst)
I know there are a lot of forums about what to expect in a REPE modeling test, but I am unsure which positions these tests are for. I have a take-home modeling test for an entry position - Acquisitions/Asset Management Analyst role with a REPE firm that invests primarily in office (life sciences)...
Portfolio Management - Tier 1 REPE Thoughts?
Hi All, I am a senior in college and I received an offer from a tier 1 REPE shop (think Blackstone, Brookfield, Starwood) in their portfolio management arm. Any thoughts on the role and career path?
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