Executive Summary / “TLDR” The net lease sector is defined by its lease structure as opposed to its property type, like most other sectors. The net lease sector encompasses a mix of property types, including office, industrial, and retail properties. The common feature among all of these properties is that the tenant is subject to […]
Executive Summary / “TLDR” Retail is a fairly diverse sector, encompassing everything from small neighborhood shopping centers to large super-regional malls. This report applies to all types of retail, but is geared toward shopping centers, which make up around 80% of all retail space in the U.S. In the last several years, online shopping, or
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
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
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 »
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 »
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
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
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
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 »