Sector Series: Hotels (Part 2)

Note: If you have not already read Part 1 of the Hotel Sector Series, you may want to start there. Part 1 provides a basic overview of hotel real estate, including categories of hotels, important industry terms, and a discussion of hotel seasonality, EBITDA margins, and capex. We cover the basics for those new to … Sector Series: Hotels (Part 2) Read More »

Sector Series: Hotels (Part 1)

Executive Summary / “TLDR” Hotels are a unique real estate type because of their “nightly leases”, which is different from all other sectors with longer leases. Because they have nightly leases, hotels react much more quickly to changes in the broader economy than types of real estate. Hotels are also more operationally intensive than other … Sector Series: Hotels (Part 1) Read More »

Sector Series: Office (Part 2)

Note: If you have not already read Part 1 of Office Sector Series, you may want to start there. Part 1 provides a basic overview of office real estate, including types of office buildings, factors that determine asset quality, and a discussion of office leasing and office capex. We cover the basics for those new … Sector Series: Office (Part 2) Read More »

Sector Series: Office (Part 1)

Executive Summary / “TLDR” Office is a core sector within commercial real estate and historically has been a popular area for real estate private equity firms to allocate time and capital. The iconic nature of certain office buildings has made office deals especially appealing to many high-profile investors over the years. The performance of office … Sector Series: Office (Part 1) Read More »

Case Study: Blackstone Acquisition of QTS Realty Trust

Summary/Transaction Details On June 7th, 2021, public data center REIT QTS announced that it had agreed to be acquired by Blackstone for $78 per share cash in a take-private deal. The $78 price represents a 21% premium to the stock price at the prior close and a 24% premium to the 90-day volume weighted average … Case Study: Blackstone Acquisition of QTS Realty Trust Read More »

Underwriting a Commercial Real Estate Construction Loan – Intro and Setup

Introduction and Scenario Setup In the world of real estate equity investment, there is much attention paid to the equity that needs to be raised to get a deal closed.  While the equity piece is critically important, it doesn’t tell the whole story.  In nearly all cases, it must be paired with some amount of … Underwriting a Commercial Real Estate Construction Loan – Intro and Setup Read More »

Sector Series: Industrial

Executive Summary / “TLDR” Industrial is a core sector within commercial real estate and is a popular sector for real estate private equity firms to invest in. Industrial’s main purpose is to store goods and facilitate the distribution of goods from manufacturers to retailers and direct to consumers. The industrial sector was favorably impacted by … Sector Series: Industrial Read More »

Sector Series: Data Centers

Executive Summary / “TLDR” Data centers, or large buildings that house racks of servers to store data, serve an important role in the increasingly digital world. While the data center sector is not dominated by traditional real estate private equity firms, it is worthwhile to have a baseline knowledge of the sector. This overview reviews … Sector Series: Data Centers Read More »

Sector Series: Single-Family Rental

Executive Summary / “TLDR” The single-family rental sector is still in its early days, having emerged following the 2008-09 financial crisis and collapse in U.S. housing prices. The sector is well positioned going forward, with demand for single-family rental homes outpacing supply. Demand is supported by both demographic tailwinds (millenials entering prime family-formation years) and … Sector Series: Single-Family Rental Read More »

Structure of a Real Estate Private Equity Interview

Introduction Knowing the structure of a typical interview will help you prepare when hunting for real estate private equity jobs. Each individual interviewer will bring their own style. That said, there is a general framework you can expect. This article will cover the course of a typical interview so you can better understand what you’re … Structure of a Real Estate Private Equity Interview Read More »
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