Leveraged Breakdowns

real estate private equity guide

Interviews are Active Conversations, not a Call-and-Response Routine

If you’re looking for a technical real estate private equity guide, look no further than this link. Yet if you’re looking to study behaviorals, you’re in the right place. The first installment of this series can be found here, detailing (i) the differences in preparing for technical vs. behavioral questions, and (ii) the specific questions …

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Public REIT Valuation Part Ten: Aimco News Flash

This week, Aimco announced a plan to separate into two separate and distinct public companies. This adds a fun layer of real-life complexity to our real estate private equity case study! Here’s the quick take: Apartment Income REIT (“AIR”): Most operating apartment buildings will spin into a new self-managed REIT, valued at ~$10.4B Aimco: The …

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Public REIT Valuation, Part One: Start with the Filings

Introduction This post is the first in a series oriented as a real estate private equity guide book through my process of underwriting the value of a publicly traded company. This skill is helpful for anyone interested in pursuing an acquisitions career at a real estate private equity fund. This analysis is the type of …

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Catch-Up Waterfall, Part One: The Prompt

Intro This case study will focus on building a catch-up waterfall. Catch-up waterfalls will be fairly common throughout your real estate private equity career path. The other common waterfall is promote-based, which we build live in the REPE Starter Kit. Private equity analysts and associates must often model waterfalls, so pay close attention. Keeping it …

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Live Case Study #1, Part Three: Build the First Draft of our Model

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 …

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Real Estate Private Equity M&A Investors: What They Do, What They Buy, And How they Choose to Buy It

Introduction This article follows an interview format to help you develop your real estate private equity skills. Assume you’ve been asked each question during a live interview. Practice until you can answer from memory, without referencing our pre-written responses below. We challenge you to rephrase your responses — we’re always here in the forums if …

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REPE Interview Prep: Waterfalls and Sensitivities

This series serves as a real estate private equity guide for live interviews. The response to each question is phrased exactly how we would recommend you respond during a live interview. After reading this article, you will have a high-level understanding of two concepts that are likely to appear on any real estate private equity …

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