People of RIG
This was the speaker, AND the company he served as CEO, for RIG’s first Landmark Series event this Fall.
Who is Laurent Therivel?
What is US Cellular?
What artist will headline in the 2026 Super Bowl Halftime Show?
Love
An investment's IRR is greater than the discount rate. This implies that the purchase price is ("greater than" / "less than") the intrinsic value / present value of the investment's future cash flows.
What is the purchase price is "less than" the intrinsic value?
A property generates $100,000 GPR. It has 5% Loss to Lease and a 50% OpEx margin. What is its Net Operating Income (NOI)?
What is $47,500?
$100,000 - $5,000 - $47,500 = $47,500
This RIG member has cracked her head twice and lives to tell the tale.
Who is Catherine?
This artist broke Spotify’s all-time record in 2025 for the fastest song to reach 1 billion streams.
If you get this wrong you have to sing one of this artist's songs.
Who is Taylor Swift?
Baby
This lease structure requires the tenant to reimburse all operating expenses to the landlord.
What is a Triple Net (NNN) Lease?
RIG buys a property for $100M, 60% LTV, and $0 NOI (perpetually). What sale price would we need to get a 2x Equity Multiple?
What is $140M?
Equity = $40M, so solve for $80M profit
X - $60M debt payoff = $80M
X = $140M
This RIG member is a certified personal trainer.
Who is Quentin?
These are the two undefeated college football teams after week 14 of this season.
200 points if you get one
Who are Indiana and Ohio State?
Christmas
These are the three metrics used to size a loan in commercial real estate; AND to size a loan, lenders choose the ("minimum" / "maximum") loan amount calculated among these three metrics.
+100 if you name 2/3 formulas
What are LTV, Debt Yield, and DSCR?
What is the "minimum" loan amount?
What are: Loan Amount / Property Appraised Value; NOI / Loan Amount; NOI / Debt Service?
You buy a building at an 8% Cap Rate, 50% LTV, and 6% interest rate. Assuming no CapEx, what's the Y1 Levered Cash-on-Cash?
What is 10%?
Assume $100 property. Debt = $50. Invested capital = $50
NOI = $8. Interest expense = $3.
L-CoC = CFAF / Invested capital = $5 / $50
L-Coc = 10%
This RIG member can name all 196 countries in 15 minutes.
Who is Amos?
This was the duo who recently won Dancing with the Stars.
Who are Robert Irwin and Witney Carson?
Cool
This REIT structure allows private investors to defer capital gains tax by exchanging their real estate for a partnership interest in the REIT, tied specifically to the underlying value of the real estate which was exchanged.
What is a DownREIT?
What is the Unlevered IRR?
Hold Period: 3 Years
Y1 NOI: $100
NOI Growth: 3.0%
Going-In Cap Rate: 5.0%
Exit Cap Rate: 5.0%
Assume NOI = UL FCF
What is 8.0%?
Cap Rate = r - g. r is the discount rate which is also a rate of return. So just rearrange!
5.0% = r - 3.0%
r = 8.0%
This RIG member was New Jersey DECA State President (probably won't be a surprise).
Who is Alec?
Which famous athlete recently met Trump for a dinner at the White House?
Christiano Ronaldo
Under the Alternative Structure, how much profit does the GP receive?
Purchase Price: $100 | Profit: $100
GP/LP Investment: $10/$90
Pref: 10% | Promote: 50/50
What is $50.5?
GP pro rata share of pref = $1
GP pro rata share of residual split = $4.5
GP promoted interest = $45
Total GP Profit = $1 + $4.5 + $45 = $50.5
Solve for Maximum Land Value:
Unit Count: 80
Monthly Rent: $1,000
Operating Expense Ratio: 50%
Soft & Hard Development Costs: $4,000,000
Going-In Cap Rate: 5.0%
Minimum Yield on Cost: 10.0%
assume GPR = EGR
assume numbers apply to Stabilized NOI
What is $800,000?
NOI = ($1,000*12*80) * 0.5 = $480,000
Solve to 10% YOC
YOC = NOI / Total Project Costs
10% = $480,000 / ($4,000,000 + X)
X = $800,000