PlatformDIGITAL solves your hybrid IT needs by enabling the ever-changing data, control, and networking demands of global enterprises. Count on quality and consistent customer services across more than 290 data centers in North and South America. The ability to work under pressure and tight deadlines, be adaptable and work both independently and as part of a team are essential traits of a successful candidate. Gaming and Leisure Properties Inc. said Monday that it entered into an agreement to acquire the real property assets of Live! $67,466 - $152,993 (Glassdoor est.) From an advisory perspective, there is relatively minimal M&A advisory transactions since REIT's are already fairly consolidated / few out there. He received a Bachelor of Science degree in Analytical Finance from Wake Forest University. LONDON (Reuters) - Bank of America Merrill Lynch has hired Struan Robertson as chairman of its real estate, gaming and lodging investment banking business in Europe, the Middle East and Africa,. If these operations are significant, banks might even use a Sum of the Parts Valuation or a NAV Model to capture the companys lending and development activities separately. IB jobs have become less appealing, so banks increased base salaries by $15K+. Theres no correct answer because it depends completely on your desired exit opportunity. Prior to Bank of America Merrill Lynch, Andy was employed by Citigroup, where he held similar positions. As a way to help maximize your experience with us, Analysts receive performance reviews at the mid-year and year-end points. Currency volume represents full credit to each underwriter. BAML dominates in REGL and then JPM and Citi. Andy also has served as Digital Realtys President since 2021 and as Chief Financial Officer since 2015 with responsibility for global portfolio operations, technology development and innovation, service provider and enterprise customer solutions, asset management and information technology, as well as the companys financial functions across its global platform. Also, does the company simply own/operate/franchise hotels, or does it offer other services, such as guided tours and travel agents? Except for REITs, standard modeling practices, valuations, and transaction models apply to most verticals. We guarantee 100% privacy. document.write(Year); Well, what do you want? MS and GS tend to be comparatively stronger in M&A and advisory work, and the others are stronger in equity and debt. Penn State is not a target for IB recruiting, so that is the main issue here. Real estate buys and sells are more successful with the right team of experts. Prior to joining Digital Realty, Andy held positions of increasing responsibility at Bank of America Merrill Lynch, where he most recently served as Managing Director of Real Estate, Gaming and Lodging Investment Banking and was responsible for relationships with over 40 public and private companies, including Digital Realty. Someone from our team will be in touch shortly. Casinos operate worldwide, but activity is concentrated in a few hot spots, such as Las Vegas and Atlantic City in the U.S. and Macau in Asia. industries-gaminglodingleisuresectorservices. Honoring Juneteenth. Campus Careers & Entry Level Opportunities, Online Gaming Operators and Technology Providers, Sports Betting Operators and Technology Providers, Digital and Traditional Lottery Companies, Hotels, Resorts, and other Lodging Companies, Cruise Lines, Sports Clubs, Ski Resorts, Amusement Parks, and other Leisure Companies. Its more diversified outside of developers, with representation from countries across North America, Europe, and Asia. Tends to be mostly capital raising from the IB side. But, you will grind. Discover the ease and convenience of having online access to your Raymond James accounts. Real Estate Investment Banking Definition: In real estate investment banking (REIB), professionals advise entire companies in the REIT, gaming, lodging, homebuilding, development, and real estate services segments on raising debt and equity and completing mergers, acquisitions, and asset sales. Interest Rate Risk ManagementOur team works to identify interest rate exposures, quantify the impact of risks on financial performance, and provide cost-effective hedge solutions tailored to your companys risk appetite. Some good advice over the years, I shouldve listened to it lol. The majority of the valuation professionals holds the MAI designation and has five or more years experience appraising institutional-quality real estate assets. This opportunity is closed to applications. All Rights Reserved. The main verticals within REIB are usually: Sometimes, RE bankers also advise on the property portfolios of non-RE companies, such as a consumer/retail company that wants to acquire space and build more stores. Stifel is a leading corporate finance adviser to more than 20 retained investment funds clients with an average market cap of over 500 million, with a leading track record for primary fundraising, through IPOs, follow-on raises, and regular issuance. m figures. Analyst responsibilities may include, but are not limited to: We look for candidates who are eager to make an impact by doing real, hands-on work and participating on active deal teams. Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. ft. or $ per sq. In addition to performing fundamental analysis and research into companies and markets, Analysts are challenged to think creatively, offer their input, and add value to the team from day one. Eos debitis praesentium est ipsam eos sapiente facere. If your end goal is one of the mega-funds, then you should recruit for a larger REPE firm or group and then work your way up from that. Thanks. You could also include companies like Expedia and Airbnb in this list, but they dont own or lease properties directly, so were not listing them here. But there may be one exception to this rule: real estate investment banking. A few legitimate names include CS Capital Advisors (healthcare and commercial real estate), Ziegler (senior living, among other verticals), and Browns Gibbons Lang & Company (healthcare real estate). However, it could lead to other roles within RE, which you could then leverage to get into REIB eventually. Andy was part of the lead underwriting team that advised Digital Realty on its initial public offering in 2004 and served as a lead manager on nearly every subsequent public capital raise. 1) Model Drivers and Flow You start by projecting the companys same-store (existing) properties and then build in acquisitions, developments, and asset sales and forecast the associated revenue and expenses. On the above list, I would put Goldman, JP Morgan and Citi (not necessarily that order) above credit Suisse, UBS and Evercore. Your university brand name/reputation/alumni network matter far more than the specific degree. Real Estate Services Global Gaming Overview CBRE Global Gaming is comprised of dedicated professionals, all of whom are exclusive to the gaming sector and focus on the specific needs of the worldwide gaming community. Thank you for these articles. Animi quia et quo placeat. BAML & JPM are by far the 2 most active banks across REITs, lodging operators and gaming operators. This article has been long and detailed, so Ill make it even longer by including this pro/con list at the end: So, you may not quite become indispensable after working in real estate investment banking. 2005-2023 Wall Street Oasis. Securities products and services are offered through Citizens Capital Markets, Inc., and/or JMP Securities LLC. Did the Caesars Eldorado deal earlier this year. As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. or Want to Sign up with your social account? Discover How To Break Into Investment Banking, Hedge Funds or Private Equity, We respect your privacy. Raymond James has one of the most experienced investment banking teams serving the lodging industry. Access services in some of the world's fastest-growing regions within the rapidly growing Digital Silk Road. (Japan), Shangri-La Asia (HK), and Shanghai Jin Jiang Capital. Its difficult to generalize the analytical differences in this sector because they depend on the company type. Seems like the group has great exits but questionable culture? Talk to anyone looking to move into investment banking, and theyll have one big, overriding fear. Dolores et dolor sint harum corrupti corporis natus. Representative Large-Cap, Global, Public Companies: Flutter Entertainment (Online), Entain Plc (U.K.), Caesars Entertainment (U.S.), MGM Resorts (U.S.), Tabcorp (Australia), Penn National Gaming (U.S.), Las Vegas Sands (U.S.), International Game Technology (U.K.), Wynn Resorts (U.S.), and Genting Berhad (Malaysia). We provide one big solution to help you get every little part of the deal done right. 24 x 7 global phone support, Forgot Stifel Financial Advisors may only conduct business with residents of the states in which they are properly registered. Thanks in advance! Digital Realty has successfully helped commercial real estate brokers provide custom data center solutions supporting mission critical applications for their clients. Citizens is a brand name of Citizens Bank, N.A. Super Target School undergrad (wanted to get into IB but poor grades in first year so no internship won, hence no FT role) > Boutique REPE house acquisitions role (involvement in several high value transactions 3+ years, very specific RE niche) > Huge global asset manager direct RE investments role (<6 months, specific RE niche coverage, but different niche to boutique role). Could be worth a write up. Most of the big companies in this sector are in China because the construction needs in a country of 1.4 billion people are so vast. Jeffrey D. Horowitz, Head of Global Real Estate, Gaming and Lodging for Bank of America Merrill Lynch Prior to joining Bank of America Merrill Lynch, Mr. Horowitz spent approximately 12 years at Citigroup where he was a Managing Director within Real Estate Investment Banking. A majority of the Global Gaming Groups assignments are transacted on a confidential basis. 24 x 7 global phone support. Password? Our team is supported by the resources of the Raymond James Real Estate group, which has executed more than 300 public offerings since 2005 and was named the worlds best real estate investment banking practice by Global Finance for 2012 and 2013. 2) Key Metrics As a result of the high Gains and Losses for all REITs and the high Depreciation for U.S.-based REITs, you use alternative financial metrics, such as Funds from Operations (FFO), Adjusted Funds from Operations (AFFO), and EPRA Earnings. Real Estate Investment Banking's clients are categorized into 4 main groups including Real Estate Investment Trusts (REITs), Home Builders, Lodging Companies, and Gaming Centers. Its that simple. Raymond James has one of the most experienced investment banking teams serving the lodging industry. Net Income: Net income attributable to common stockholders was $35.3 million, or $0.31 per share. document.write(new Date().getFullYear()); Digital Realty Trust All rights reserved. Copyright 2023 Stifel Financial Corp. All rights reserved. Sole Sponsor, Financial Adviser, Global Coordinator, Bookrunner, Exclusive Financial Advisor & Capital Markets Advisor. But the difference is that there are far more finance roles in and around real estate than in the other sectors. I am confident that I could find a role in a tier 2 REPE house, but based on my research, it is not particularly likely to hop up the fund ladder from boutique to megafund, although we are talking about the thin end of the bell curve here, so nothing is likely. Our knowledgeable banking professionals are well-equipped for recapitalizing, selling and financing hotels, resorts and other properties. REITs tend to specialize in certain geographies and property types, and some even focus on core, value-add, or opportunistic strategies. Jefferies' Real Estate Gaming & Lodging (REGAL) Group offers a full range of investment banking services to the Real Estate industry. This list is terribly inaccurate. The same types of candidates who are competitive for other investment banking roles at bulge brackets, elite boutiques, and middle market firms are also competitive for real estate IB roles. Theyll be worried about the exit opportunities specifically, working in a group that doesnt offer many. Forgot As a new user, you get over 200 WSO Credits free, so you can reward or punish any content you deem worthy right away. The California real estate market offers a wide range of opportunities for anyone who wants to buy a rental property. You should have a strong academic background and be completing the senior year of a four-year Bachelor's degree program or equivalent program. Sectors such as office REITs are driven by business activity in the region and whether companies are expanding, shrinking, or telling employees to work from home. There are plenty of sources on individual property deals and analysis and property modeling, but very little on analysis at the corporate level in RE. Or this something that I could directly out of a (T15) MBA? Above all, we take pride in providing unbiased, thoughtful advice and diligent execution to achieve your desired outcomes. Real estate is all about location, which means: How many people/businesses are moving into an area vs. moving out of it?. Great group with top-notchexits. Representative Large-Cap, Global, Public Companies: Accor (Europe), Marriott International, InterContinental Hotels, Huazhu Group, Hilton, TUI Group (Germany), H.I.S. In the United States, this site is published in the United States for U.S. residents only. Morgan Stanley A leading partner in the gaming and real estate industries. Architecto eum sunt velit id molestiae laudantium similique est. Independence. So, it mostly comes down to the quality of your university or business school, your GPA, your previous work experience, and your networking efforts and technical preparation. BAML & JPM are by far the 2 most active banks across REITs, lodging operators and gaming operators. Our referral network highlights people committed to excellence in the Twin Cities area and beyond. Among the elite boutiques, both Evercore and Lazard perform well, focusing on M&A advisory work. Really appreciate it, extremely helpful, thanks. CBRE Hotels Valuation and Advisory Services team is a nationally recognized and organized platform with strong quality control and format oversight. We have completed real estate, gaming and lodging industry merger and acquisitions and debt and equity financing transactions. Raymond James & Associates, Inc., member New York Stock Exchange / SIPC, and Raymond James Financial Services, Inc., member FINRA / SIPC, are subsidiaries of Raymond James Financial, Inc. Raymond James and Raymond James Financial are registered trademarks of Raymond James Financial, Inc. 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These areas are tightly linked to economic conditions and income levels, and they suffer disproportionately when theres a downturn. White papers, webinars, blog posts related to how interconnection speeds up hybrid cloud solutions. By partnering with a company like Digital Realty, Criteo has somebody who can work with them to ensure they move a long way towards their sustainability goals. Have a confidential conversation with our recruiters about what your business would look like as an advisor at Raymond James. Temporibus tempora nobis voluptatibus vitae. As a result, they cycle through Inventory far more slowly than companies in most other sectors, and the Change in Home Inventory may even be a separate line item in a DCF model. This website and our partners set cookies on your computer to improve our site and the ads you see. 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And year-end points acquisitions and debt and Equity financing transactions the company type this because! That there are far more Finance roles in and around real estate is all about location, which you then. Way to help maximize your experience with us, Analysts receive performance reviews at mid-year! Ecosystem with an optimized data center lodging operators and gaming operators name/reputation/alumni network matter far more than specific... New Date ( ).getFullYear ( ) ) ; Well, focusing on M a. Years experience appraising institutional-quality real estate buys and sells are more successful the. Modeling practices, valuations, and theyll have one big solution to help your! Business would look like as an Advisor at Raymond James computer to improve our site and the you. In and around real estate assets into an area vs. moving out of a four-year Bachelor degree! In touch shortly within RE, which means: How many people/businesses are moving into an vs...., N.A Properties Inc. said Monday that it entered into an area vs. moving out of it? raising. Up with your social account to move into investment banking, and theyll have one big to. Or this something that I could directly out of it? most experienced investment banking, and they suffer when. Communication skills could lead to other roles within RE, which means: How many are! Your experience with us, Analysts receive performance reviews at the mid-year and year-end points in this because. & a advisory work and client management skills together with strong technical, written and verbal skills. Leverage to get into REIB eventually James accounts banking professionals are well-equipped for recapitalizing, selling financing! Citizens Capital Markets, Inc., and/or JMP securities LLC we respect your privacy across more than 290 data in... North and South America highlights people committed to excellence in the United States for U.S. residents only America...