Real Estate & REITs
How does working in a real estate coverage group differ from a generalist industry group?
Model answer
The biggest difference is the unit of analysis: RE bankers value companies bottom-up from the ASSETS - property-level NOI, cap rates by market and sector, rolled into NAV - not just top-down from…
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More from Real Estate & REITs
- What is net operating income (NOI), and what does it exclude?
- What is a cap rate, and how do you use it to value a property?
- Why does a LOWER cap rate mean a HIGHER property value?
- What drives cap rates up or down?
- How should you think about the spread between cap rates and interest rates?
- What is the difference between a going-in cap rate and an exit cap rate, and why do underwriters usually assume the exit cap is higher?
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