Joint Ventures With Public Operators

Robert J. Plumb and Joseph F. Azrack

Zell/Lurie Center Working Papers from Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania

Abstract: The REIT market experienced a dramatic turnaround this year but despite this, REITs are wary of secondary equity issuance. Institutional private capital is becoming more important in real estate as public operating companies increase in size. One positive development has been that joint ventures have continued to offer longer-term capital relationships with institutional investors. The joint venture partners have allowed the REITs to pursue acquisition and development opportunities while attending to the needs of the shareholders portfolios. Joint ventures between REITs and institutional investors, if structured correctly, can critically benefit the sector and it's many categories of investors.

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