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 »
One of the more common questions I get from students is: “what questions should I ask at the end of a real estate private equity interview?” Right off the bat, that question implies there is a set list of best-to-ask real estate private equity interview questions at the end of each round. But if there
Questions to ask During a Real Estate Private Equity Interview Read More »
Introduction To the casual observer, “real estate” may seem to be one single asset class. Perhaps your personal account is exposed to some tech, some healthcare, and maybe some REIT stocks. After all, within real estate, the gist is that landlords charge their tenants rent. How much variance can there be? But when you pry
Life Science and the Urban-Suburban Multifamily Divide During COVID-19 Read More »
In the prior post, we built the cash flow waterfalls for this preferred note case study. If you’re just coming to this article, I suggest you begin at part one (this is part four). This post will focus on the preferred equity and common equity schedules. These schedules drive almost all of the waterfall logic
Preferred Note Case Study, Part Four: Equity Schedules Read More »
Introduction This series follows a live case study in which we underwrite the potential acquisition of a $350M 4.0% 2029 notes issuance by Life Storage Inc. (NYSE: LSI), a self storage REIT. If you haven’t yet, I suggest you begin at part one. This post picks up where part four left off: how to figure
Live Case Study #1, Part Five: Finish Our Model Read More »
The following real estate private equity interview questions should be practiced deliberately as if you were answering in-person in front of a real investor. The focus of these questions is on the capital stack and how it relates to net asset value, seniority, and return expectations. These are basic concepts to master before your next
Real Estate Private Equity Interview Prep: The Capital Stack Read More »