Leveraged Breakdowns

Real Estate Private Equity Skills

Public REIT Valuation Part 12: Consolidation and Why it Matters

Introducing Consolidation Welcome back to the Aimco public REIT valuation series. Here, we’re going to unpack consolidation, which has already reared its head in the figures we pulled for the previous post on GAV. When building public company net asset value (NAV) analyses, it’s important to handle consolidation consistently and back out minority interests as …

Public REIT Valuation Part 12: Consolidation and Why it Matters Read More »

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 …

Public REIT Valuation, Part Four: Operational Metrics Read More »

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 …

Public REIT Valuation, Part Three: Reading the Supplemental Read More »

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 …

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

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 …

Six Critical Habits for Successful Real Estate Private Equity Networking Read More »

Preferred Note Case Study, Part Two: Levered Cash Flows

When we model this preferred equity structure, we first need to consider the joint venture. The joint venture is the genesis of the cash flows, after which the preferred and common will split their share accordingly. So what does this joint venture look like? Pay close attention – cash flow modeling is one of the …

Preferred Note Case Study, Part Two: Levered Cash Flows Read More »

Live Case Study #1, Part Four: Mental Math Screening Tricks

Introduction This is part four in a series where we underwrite a live investment opportunity exactly as we would in our real estate private equity jobs. Part one introduced our subject: LSI’s $350M 2029 4.0% Senior Notes. Part two showed you where to find live bond pricing data and explained key terms. Part three demonstrated …

Live Case Study #1, Part Four: Mental Math Screening Tricks Read More »

Developing Market, Part 3: Sector-Level Research Sources

Introduction There are three real estate private equity skills you need to master when looking for a job: networking, developing market opinions, and technical skills. This series focuses on #2, the market knowledge. The last post in this series explained high-level that you need to conduct your market research in four steps: (1) sector-level research, …

Developing Market, Part 3: Sector-Level Research Sources Read More »

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 …

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

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 …

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

Scroll to Top