Leveraged Breakdowns

Real Estate Private Equity Model

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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Life as an REPE Analyst, Part Two

Introduction This article continues our discussion on life as a real estate private equity analyst. If you’re looking to build a real estate private equity model or learn to calculate private equity real estate returns, we recommend you check out our hard-skill resources. But without further ado, onto the Q&A. How long does a typical …

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Live Case Study #1, Part Two: Bond Pricing Data

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 …

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REPE Interview Prep: Change in Control, Fully Diluted Shares, and the Treasury Stock Method

Introduction Fully diluted share count and transaction costs resulting from change in control provisions are important considerations for any M&A-related real estate private equity model. This article covers the basics you should absolutely master if you are serious about a career in REPE. As always, we recommend you deliberately practice these questions out loud and …

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REPE Interview Prep: Efficient Markets, Opportunity Zones, and Same-Store Reporting

Introduction The interview process is more than just building real estate private equity models. You have to learn to think and speak like a true megafund investor. In addition to providing the best real estate private equity course on the market, we have created this series to help you practice the most common interview questions. …

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REPE Interview Prep: Leasing Fundamentals

Leases are fundamental to real estate. They drive revenue and greatly determine private equity real estate returns. Yet how much do you understand the basics of each type of contract? After reading this article, you will be able to: (i) quickly differentiate between triple-net, double-net, single-net, and full-service leases, (ii) explain the risks and benefits …

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REPE Interview Prep: Development Model Basics

Intro Today, we’re going to learn about real estate private equity models focused on development. Read each of these questions as if you were being interviewed, and practice our responses as if you were responding out loud. This is baseline real estate private equity for beginners, so make sure you understand this information cold before …

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Real Estate Private Equity Model 101: Integrating a Cost Segregation Study

As a real estate private equity analyst, you will build complex LBO models and be responsible for their completeness and accuracy. Depending on your employer or the specific fund, your model may take into account the effects of taxes on investment returns. If so, you may want to consider a cost segregation study for acquisitions. …

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Real Estate Private Equity Model 101: Sales Tax Incentives

For a real estate private equity beginner, layering sales tax incentives into a real estate private equity model may sound intimidating. Like other incentives, however, accurate modeling comes down to understanding how the incentive is calculated and the timing of receipts. Sales tax incentives are not allowed in all states, but there are enough that …

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