Prologis Valuations Analyst - Interview
As the title states, I have an interview at Prologis for their 2-year valuations analyst program. For the last year and a half, I have been working as an analyst/broker on a national retail team that does mainly STNL but also some small shopping centers.

My main responsibilities have been brokerage-like (business development, market research, etc) with the occasional Discounted cash flow analysis with your typical risk/return metrics for our clients to easily digest the financials of a deal in one clean, organized page. I've done a couple Argus runs in the past without any formal training. The software is pretty intuitive and I feel I can get certified in a couple of weeks if I really wanted to but I don't do enough multi-tenant deals to justify it.

Obviously this is miles away from what an experienced valuations/underwriting analyst might need but I feel like I have a strong foundation and meet most of the criteria in the job posting (which is supposed o be a 2-year training entry-level program anyways).

&amp;#x200B;

My question is this: if you could have a cheat sheet of material to prepare for an entry level job what like this, what would you put on it.

&amp;#x200B;

Thanks in advance, fellow redditors...
[{"id": "fgjbzbt", "text": "-be able to explain lease structures, opex treatment (triple net? tenants pay direct or reimbursed?); any experience abstracting lease terms?\n\n-have a good feel for what and where prologis has been buying/building vs selling and what that indicates about their current strategy to show you \u201cget it\u201d\n\n-explain dcf analysis, excel/argus implementation, how to run sensitivities\n\n-be able to explain how you would select cap rates for a property, what considerations and adjustments you might make to what you see in a costar report for example\n\nshowing you are able to think through issues and understanding the valuation impact is the key.  if you can do this while at the same time showing you know how to execute it in excel/argus you should be in good shape. \n\n\u201cWhat can I do to make my boss\u2019 jobs easier\u201d is the mantra you want to roll with", "replies": [{"id": "fgjk97b", "text": "This is very helpful, thank you.\n\nI've abstracted leases before to build rent schedules and have seen many different lease types/recovery structures.\n\nHave to brush up on running sensitivities/building sensitivity tables. I assume the most popular assumptions to model in a sensitivity analysis would be purchase price, cap, irr, equity multiple, etc. Then again, you could probably run sensitivities on just about any input/output in a financial model...\n\nAlso need to research Prologis' recent activity to see what their company investment plan looks like.\n\nAgain, thank you very much for the tips!", "replies": [{"id": "fgjlazo", "text": "You bet and good luck!  Regarding sensitivity tables, yes you are thinking about it the right way.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fgjmkuy", "text": "For starters, I think you're in a very good space. Dont discount your STNL experience, as Prologis has many of those. Im sure even the majority of their multi-tenanted buildings are triple net leases. I would just brush up on your your financial modeling skills.", "replies": [{"id": "fgjtorp", "text": "That's great to know and gives me a little bit more confidence. \n\nAnd I know the main thing I will need to brush up on is modeling skills as I feel I have a good foundation of real estate principles and practical experience. Thanks for the advice.", "replies": [], "depth": 2}], "depth": 1}]