In this ‘Day in the Life of a Commercial Real Estate Professional’ post, we hear from a Summer Capital Markets Associate working remotely. This professional has been kind enough to share what he did on a daily basis as well as discuss what it takes to land a successful career in CRE.
Note: This Day in the Life profile was made possible thanks to the help of Emily White, a Class of 2022 MBA Candidate at the UNC Kenan-Flagler Business School. Prior to pursuing her MBA, Emily was a Development Manager for the Alpha Gamma Delta Fraternity Housing Corporation. Emily holds a BA in History from the University of South Carolina. A huge thank you to Emily for her contribution!
Day in the Life of a Summer Capital Markets Associate
This professional interned for a real estate investment trust focused on medical space. The company mostly invests in senior housing, from independent and assisted living to memory care communities, post-acute care facilities, and medical office space
After attending a presentation made by the company at his school, this individual followed up with the company recruiter he met at the event and reached out to several alumnae who already worked at the company. After identifying he wanted to work in capital markets, he made a strategic effort to talk to people at the company who worked with or in capital markets. After becoming aware of the internship opportunity and applying, he reached out to those at the company he’d talk to let them know his interest.
Due to Covid-19, this individual’s internship was virtual and the week to week looked a little different than normal. The Capital Markets Team worked on a one billion dollar term loan that would give the firm enough liquidity to get through the pandemic. This company, like a lot of REITS, also issued bonds to pay off some of the term loan and other bonds that were due in the coming years to push off their maturity profile and provide some flexibility for the next few years.
On a normal basis, the Capital Markets Team sits in on Investment Committee Meeting every week. The team works to understand sources of cash and the uses it will be matched with. They help raise debt and equity to fund the investments pitched by the Acquisition and Development Teams at Investment Committee Meetings. Every quarter when earnings are about to be released the team spends time talking with sell-side analysts to help them reach a consensus.
Potential Career Paths
The Capital Markets Team was small so people tend to switch back and forth between capital market teams at a REIT, institutional investor, or brokerage.
About the Professional
Years in Real Estate: 4 years
Years in Current Position: 3 months
Undergraduate Education: B.S. in Accounting
Graduate Education: MBA
Approx. Annual Income: N/A
About the Position
Job Title: Capital Markets Summer Associate
Job Type: Capital Raising, Finance, Investor Relations
Company Name: N/A
Company Type: Real Estate Investment Trust
Property Type: Medical Space
Min. Education Recommended: Bachelors Degree
Min. Experience Recommended: 1-3
Min. Experience Required: None
Advanced Technical Skills Required: MS Excel
Advice for those interested in this position
In real estate you can “buy it, build it, or broker it” – figure out which bucket you want work in and talk to as many people as possible. It’s impossible to know what you don’t know so asking the same question to different people can provide you insights you wouldn’t get talking to just one person.