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Leveraged Breakdowns

REPE Career

Behavioral Real Estate Private Equity Interview Questions

Behavioral vs. Technical Questions Real estate private equity interview questions can be generally categorized as technical or behavioral. Broadly, behavioral questions ask who you are (subjective/qualitative) and technical questions ask what you know (objective/quantitative). As with Liberal Arts versus STEM, the ways in which you are tested vary. Technical questions probe your mastery of a […]

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Public REIT Valuation Part Nine: Setting Up the NAV Build in Excel

Introduction Welcome back to the REPE career development series series focused on building a public valuation model of Aimco. If you’re lost, part one is here. If you want my exact model, scroll down and click the download button; but you’ll need a course membership subscription first. However if you aren’t yet a member, this

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Preferred Note Case Study, Part Five: Sensitivity Tables

As the old saying goes, expected returns increase as you move up in the capital stack. So why would anybody ever invest anywhere but the top of the capital stack with the highest returns? More specifically, why would the preferred investor accept a 16.3% LIRR when the common would receive 17.8%? The quick answer is

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Preferred Note Case Study, Part Four: Equity Schedules

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

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Live Case Study #1, Part Five: Finish Our Model

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

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