Leveraged Breakdowns

Career In Real Estate Private Equity

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 …

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Public REIT Valuation Part Eight: Centralize your Checks to Model Faster

Introduction Welcome to part eight of our Public REIT valuation series where we build a real estate private equity model covering Aimco. In this post, I am going to publicize my greatest, never-before-revealed trick: global and local checks. Plenty of people build checks inside their models, but I’ve never seen anyone else do it this …

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Public REIT Valuation Part Five: Development and Redevelopment

Introduction Real estate private equity jobs are just as much about reading and learning as they are about modeling. This is part five in a series in which we will ultimately build a full-scale M&A model for a publicly traded real estate company. But first, I want to make you read the source materials the …

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Public REIT Valuation, Part Four: Operational Metrics

Introduction This is part four of our real estate private equity skill series focused on public REIT valuation, highlighting Aimco. We are beginning with a read through of the source materials because modeling is only the tip of the iceberg of a career in real estate private equity. The core of your job is to …

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Public REIT Valuation, Part Three: Reading the Supplemental

Introduction This is part three of our series on REPE public valuation, one of many core real estate private equity skills we teach at Leveraged Breakdowns. If you’re just now diving into this series, I urge you to begin at part one. In the previous post (part two), we discussed the purpose of the various …

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Public REIT Valuation, Part Two: Getting to Know the Filings

Introduction This post continues our series on public REIT valuation. The first post introduced our target, AIMCO (NYSE: AIV) and emphasized that the best place to start is by reading the filings. If you haven’t yet, go back and read through that first post. You should have at least skimmed through each of the filings …

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Six Critical Habits for Successful Real Estate Private Equity Networking

Networking into real estate private equity jobs is no cake walk. I know from personal experience, having broken into one of the top Manhattan mega funds as an industry outsider. Regardless, networking is the among the most important real estate private equity skills for an outsider candidate to master early on. Fortunately, there are several …

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Catch-Up Waterfall, Part Two: Modeling the Gross Returns

Introduction Catch-up waterfalls are a common staple throughout a career in real estate private equity. And comprehension thereof is frequently tested in REPE interview questions. Luckily, we’re here to help! The first post in this series introduced the case prompt. Now, this post will seek to address question one in that original prompt. Namely, this …

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Preferred Note Case Study, Part Five: Sensitivity Tables

As the old saying goes, expected returns increase as you move up in the capital stack. So why would anybody ever invest anywhere but the top of the capital stack with the highest returns? More specifically, why would the preferred investor accept a 16.3% LIRR when the common would receive 17.8%? The quick answer is …

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Live Case Study #1, Part Six: Formatting

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 …

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