Introduction This real estate investment case study will challenge your ability to model capital structure and a returns waterfall. With practice, you should be able to complete this category of case study within 30-45 minutes. This post will introduce you to the question and go over some key terminology. At the end, we’ll challenge you […]
Preferred Note Case Study, Part One: The Question Read More »
Introduction You’ve probably begun to sense a bit of rhyme and reason to my formatting. If it isn’t clear, I’m an absolute nut when it comes to consistent formatting. I am always inventing new tricks on my real estate private equity career path, but I make sure every trick slots into my preferred schema. Models
Introduction This series follows a live case study in which we underwrite the potential acquisition of a $350M 4.0% 2029 notes issuance by Life Storage Inc. (NYSE: LSI), a self storage REIT. If you haven’t yet, I suggest you begin at part one. This post picks up where part four left off: how to figure
Introduction This is part four in a series where we underwrite a live investment opportunity exactly as we would in our real estate private equity jobs. Part one introduced our subject: LSI’s $350M 2029 4.0% Senior Notes. Part two showed you where to find live bond pricing data and explained key terms. Part three demonstrated
Live Case Study #1, Part Four: Mental Math Screening Tricks Read More »
Introduction This is part three in a real estate private equity case study series in which I take you through my underwriting process. In part one, we decided to analyze a $350M 4.0% 2029 notes issuance by Life Storage Inc. (NYSE: LSI), a self storage REIT. In part two, we went on a hunt for
Live Case Study #1, Part Three: Build the First Draft of our Model Read More »
Let’s take stock. The first post introduced our subject, so make sure you’ve read that before starting here. Our end goal will be to build a real estate private equity model that tells us if we should invest in these bonds. Naturally, the first question we want to answer is how much are these bonds
I think you’re going to like this one, so bear with me. Quick heads up, I’m going to try something different here. First, in order to produce more content, I want to write more in a stream of consciousness. Sorry if this appears less edited (because it is). Yet because I want to publish this
Introduction There are three real estate private equity skills you need to master when looking for a job: networking, developing market opinions, and technical skills. This series focuses on #2, the market knowledge. The last post in this series explained high-level that you need to conduct your market research in four steps: (1) sector-level research,
Developing Market, Part 3: Sector-Level Research Sources Read More »
To get a job in real estate private equity, you need to master three things: You network as hard as possible and learn by speaking with professionals who make real estate equity investment decisions every day You have developed data-backed opinions on real estate markets, namely: what has happened in the past, what is happening
Developing Market Knowledge, Part 2: Data Sources Read More »
Introduction to this Series on Developing Market Knowledge Leveraged Breakdowns helps you prepare for a real estate private equity career path in every way possible. On the technical side, we teach you how to build an extremely detailed asset-level model via Breaking Down REPE. We show you how to tear through a case study in