Quantifying Partnership Terms In Real Estate Joint Ventures

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Quantifying Partnership Terms in Real Estate Joint Ventures

Author : Wee Kian Alvin Ong
Publisher :
ISBN 13 :
Total Pages : 86 pages
Book Rating : 4.:/5 (113 download)

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Book Synopsis Quantifying Partnership Terms in Real Estate Joint Ventures by : Wee Kian Alvin Ong

Download or read book Quantifying Partnership Terms in Real Estate Joint Ventures written by Wee Kian Alvin Ong and published by . This book was released on 2019 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Joint ventures are widely used in real estate investments, and especially so in development projects where partners bring different value to the venture: an Operating Partner who has the desire and operational capabilities to manage the investment but lacks the capital to fund the entire project, and a Money Partner who has the capital, but lacks the expertise and the desire to manage the project. A formal joint venture (partnership) agreement governs the relationship between the Operating Partner and Money Partner in the development project. Real estate investment performance is generally evaluated at the property level (before considering the impact of financing) and then at the venture level (taking into account the impact of financing). Differing real estate investment performance within the venture, due to specific partnership terms, has generally taken a back seat for performance evaluation, and is less of a focus when the investment is performing well. However, with the current competitive real estate market flooded with cheap financing options, partnership terms between the Operating Partner and Money Partner ought to be scrutinized more carefully, as certain terms can serve as additional sources of return, or "safety net", when dark clouds over the real estate market loom ahead. This paper will focus on partnership terms in a real estate joint venture which can be quantified, discuss the metrics that can be used to evaluate the investment performance of joint ventures, and explain the need to employ probabilistic modelling methods. After setting that context, deterministic modelling methods (Discounted Cash Flow, or "DCF") as well as probabilistic modelling methods (Monte Carlo simulation) will be applied to quantify the impact of relevant partnership terms on a hypothetical real estate development project. This will be followed by a discussion on how one can use the results of the Monte Carlo simulation alongside traditional DCF with scenario analysis which is more commonly used in the industry. Lastly, the paper will provide a casual narrative from the perspective of a financial analyst who is doing financial modelling from the asset level down to the partnership and partner level and using Monte Carlo simulation analysis.

Joint Ventures in Real Estate, 2d

Author :
Publisher :
ISBN 13 :
Total Pages : 544 pages
Book Rating : 4.:/5 (43 download)

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Book Synopsis Joint Ventures in Real Estate, 2d by :

Download or read book Joint Ventures in Real Estate, 2d written by and published by . This book was released on 1971 with total page 544 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Partnerships, Joint Ventures & Strategic Alliances

Author : Stephen I. Glover
Publisher : Law Journal Press
ISBN 13 : 9781588520555
Total Pages : 736 pages
Book Rating : 4.5/5 (25 download)

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Book Synopsis Partnerships, Joint Ventures & Strategic Alliances by : Stephen I. Glover

Download or read book Partnerships, Joint Ventures & Strategic Alliances written by Stephen I. Glover and published by Law Journal Press. This book was released on 2003 with total page 736 pages. Available in PDF, EPUB and Kindle. Book excerpt: Helps you dissect any proposed transaction, spot the issues that need to be addressed, and achieve a successful outcome. This book includes discussions on: building a successful partnership, joint venture and strategic alliance; choice of entity considerations; fiduciary duties; tax and regulatory issues; and the role of lawyers.

Realty Joint Ventures, 1986

Author :
Publisher :
ISBN 13 :
Total Pages : 708 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis Realty Joint Ventures, 1986 by :

Download or read book Realty Joint Ventures, 1986 written by and published by . This book was released on 1986 with total page 708 pages. Available in PDF, EPUB and Kindle. Book excerpt:

How to Put Together a Real Estate Syndicate Or Joint Venture

Author : Daniel S. Berman
Publisher : Prentice Hall
ISBN 13 :
Total Pages : 316 pages
Book Rating : 4.3/5 (97 download)

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Book Synopsis How to Put Together a Real Estate Syndicate Or Joint Venture by : Daniel S. Berman

Download or read book How to Put Together a Real Estate Syndicate Or Joint Venture written by Daniel S. Berman and published by Prentice Hall. This book was released on 1984 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt:

THEORY OF JOINT VENTURE PARTNE

Author : Kwok-Chun Wong
Publisher : Open Dissertation Press
ISBN 13 : 9781374720916
Total Pages : 244 pages
Book Rating : 4.7/5 (29 download)

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Book Synopsis THEORY OF JOINT VENTURE PARTNE by : Kwok-Chun Wong

Download or read book THEORY OF JOINT VENTURE PARTNE written by Kwok-Chun Wong and published by Open Dissertation Press. This book was released on 2017-01-27 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "A Theory of Joint Venture Partnership in Property Investment: With Special Application to the Profit Sharing Arrangements for Property Development in Hong Kong and the People's Republic of China" by Kwok-chun, Wong, 黃國俊, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: 1 Abstract This study derives a theory explaining the underlying principles of the profit sharing arrangements employed by joint venture partnerships for property development projects. Using standard economic analysis and by distinguishing private and non-private properties, three hypotheses are derived from the theory. They are namely the Hypothesis of Resource Inputs Agreement, the Hypothesis of Proportionate Shares and the Hypothesis of Land Value Dissipation. Firstly, the Hypothesis of Resource Inputs Agreement conjectures that the contracting parties of a joint venture partnership must agree upon the resources to be input by either party, in order that any profit sharing arrangement could be agreed upon; secondly, the Hypothesis of Proportionate Shares proposes that for a private/private joint venture, the ratio of the value of the resources input by either party equals the corresponding ratio of the outputs apportioned by him; and finally, the Hypothesis of Land Value Dissipation derives that in a private/non-private joint venture where the land input is a non-private 2 property, and provided that the market value of land is not agreed upon in the joint venture contract, the ratio of the share of outputs apportioned by the non-private land owner, tends to be smaller than the corresponding share of the input land resource, valued in accordance with the respective market conditions. These hypotheses are tested against empirical the shareholding arrangement in general; and against empirical findings from joint development projects in particular: four of these projects are located in Hong Kong (two are private/private joint ventures and two are private/non- private ones), while four other projects are private/non- private joint ventures in China. All of the observations from these projects are found to be consistent with the theory. The results are then summarised and the theoretical implications of the empirical observations are discussed in terms of the constraints of property rights and transaction costs. DOI: 10.5353/th_b2980386 Subjects: Real estate investment - China - Hong Kong - Case studies Real estate investment - China - Case studies Joint ventures - China - Hong Kong - Case studies Joint ventures - China - Case studies Joint ventures Real estate investment

Joint Ventures in Real Estate

Author :
Publisher :
ISBN 13 :
Total Pages : 578 pages
Book Rating : 4.:/5 (43 download)

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Book Synopsis Joint Ventures in Real Estate by :

Download or read book Joint Ventures in Real Estate written by and published by . This book was released on 1970 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Realty Joint Ventures, 1982

Author :
Publisher :
ISBN 13 :
Total Pages : 920 pages
Book Rating : 4.:/5 (43 download)

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Book Synopsis Realty Joint Ventures, 1982 by :

Download or read book Realty Joint Ventures, 1982 written by and published by . This book was released on 1982 with total page 920 pages. Available in PDF, EPUB and Kindle. Book excerpt:

When Real Estate and Home Building Become Big Business: Mergers, Acquisitions, and Joint Ventures

Author : Lewis M. Goodkin
Publisher :
ISBN 13 :
Total Pages : 654 pages
Book Rating : 4.4/5 (91 download)

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Book Synopsis When Real Estate and Home Building Become Big Business: Mergers, Acquisitions, and Joint Ventures by : Lewis M. Goodkin

Download or read book When Real Estate and Home Building Become Big Business: Mergers, Acquisitions, and Joint Ventures written by Lewis M. Goodkin and published by . This book was released on 1974 with total page 654 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Accounting and Control for Real Estate Joint Ventures

Author : Life Office Management Association
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Accounting and Control for Real Estate Joint Ventures by : Life Office Management Association

Download or read book Accounting and Control for Real Estate Joint Ventures written by Life Office Management Association and published by . This book was released on 1976 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Joint Ventures

Author : Joseph Morris
Publisher :
ISBN 13 :
Total Pages : 344 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis Joint Ventures by : Joseph Morris

Download or read book Joint Ventures written by Joseph Morris and published by . This book was released on 1987-02-24 with total page 344 pages. Available in PDF, EPUB and Kindle. Book excerpt: An accounting, tax and systems guide to joint ventures, an expanding area of corporate cooperation and risk-sharing. Written to assist the financial professional in identifying and dealing with the many unique accounting, financial and technical matters that commonly arise in joint venture situations. Covers the accounting and managerial process from conception and formation through operation and dissolution. Readers will encounter an interesting combination of discussion and information on business concepts, managerial perspectives, interpersonal and inter-organizational dynamics and accounting and tax matters as they relate to joint ventures. Topics cover all areas of accounting and taxation, including equity method accounting, federal tax aspects of joint venture formation, operation and termination, examples of partnership agreements, and much more.

Examining Liquidity in Non-controlling Joint Venture Partnership Interests at the Asset Level

Author : Matthew Vincent DePucchio
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (825 download)

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Book Synopsis Examining Liquidity in Non-controlling Joint Venture Partnership Interests at the Asset Level by : Matthew Vincent DePucchio

Download or read book Examining Liquidity in Non-controlling Joint Venture Partnership Interests at the Asset Level written by Matthew Vincent DePucchio and published by . This book was released on 2012 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Compared to traditional investment options, such as stocks and bonds, direct real estate investments are illiquid. This problem is magnified in joint venture partnerships. Non-managing member partnership interest holders typically do not have a way to dispose of their interest (thereby unlocking any residual value) prior to a capital event at the property level. Even with a forced sale mechanism included in the joint venture agreement (buy/sell agreement, ROFO, etc.), the non-managing member partnership interest holder is disincentived to exercise the option without the expertise to manage the investment. Depending on the long term strategy (buy/hold/sell) of the managing member, the non-managing member partnership interest could remain virtually illiquid over the entire holding period. The thesis will answer whether or not the non-managing member partnership interests can be transferred more efficiently (and, therefore, more fully valued prior to capital event) via specialized investment platform and, if so, what changes will need to be adopted in the market and within partnership agreements to facilitate such transfers. Specifically, this thesis will examine the feasibility of creating and implementing a new, market-creating enterprise that purchases and trades non-managing member partnership interests. This topic is especially relevant today given the recent turmoil in the private real estate investment market and the prevalence of cash-strapped non-managing member partnership interest investors (institutions as well as individuals) seeking to unlock their wealth, as well as managing members desiring to preserve their ownership in real estate they believe will rebound with the market.

Realty Joint Ventures, 1985

Author :
Publisher :
ISBN 13 :
Total Pages : 650 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis Realty Joint Ventures, 1985 by :

Download or read book Realty Joint Ventures, 1985 written by and published by . This book was released on 1985 with total page 650 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Joint Venture and Tax Classification

Author : Joseph Taubman
Publisher :
ISBN 13 :
Total Pages : 522 pages
Book Rating : 4.:/5 (43 download)

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Book Synopsis The Joint Venture and Tax Classification by : Joseph Taubman

Download or read book The Joint Venture and Tax Classification written by Joseph Taubman and published by . This book was released on 1957 with total page 522 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Measuring the Nation's Wealth

Author : United States. Congress. Joint Economic Committee. Subcommittee on Economic Statistics
Publisher :
ISBN 13 :
Total Pages : 1446 pages
Book Rating : 4.:/5 (5 download)

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Book Synopsis Measuring the Nation's Wealth by : United States. Congress. Joint Economic Committee. Subcommittee on Economic Statistics

Download or read book Measuring the Nation's Wealth written by United States. Congress. Joint Economic Committee. Subcommittee on Economic Statistics and published by . This book was released on 1965 with total page 1446 pages. Available in PDF, EPUB and Kindle. Book excerpt: Considers merits of George Washington University study, "Measuring the Nation's Wealth," prepared under the direction of John W. Kendrick.

Real Estate Ventures

Author : Stevens A. Carey
Publisher :
ISBN 13 : 9781634253345
Total Pages : 553 pages
Book Rating : 4.2/5 (533 download)

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Book Synopsis Real Estate Ventures by : Stevens A. Carey

Download or read book Real Estate Ventures written by Stevens A. Carey and published by . This book was released on 2016 with total page 553 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Creating Successful Acquisition and Joint Venture Projects

Author : John E. Triantis
Publisher : Bloomsbury Publishing USA
ISBN 13 : 0313371245
Total Pages : 422 pages
Book Rating : 4.3/5 (133 download)

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Book Synopsis Creating Successful Acquisition and Joint Venture Projects by : John E. Triantis

Download or read book Creating Successful Acquisition and Joint Venture Projects written by John E. Triantis and published by Bloomsbury Publishing USA. This book was released on 1999-04-30 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: Acquisitions and joint ventures can be difficult, costly, and risky, but if a company uses the right teams and processes and is adequately prepared, the chance of success can be significantly increased. Dr. Triantis, a practitioner with extensive experience in M&A planning and implementation and business strategizing, discusses the resources and preparation that are needed before an acquisition or joint venture should even be started, and the various roles and responsibilities of project participants once it is underway. His book examines the sequence of steps, and the events involved in conducting an acquisition or joint venture and shows how the screening and opportunity assessment process, along with proper planning and transfer of responsibilities, can go a long way toward creating the conditions necessary for success. The book provides guidelines, advice, and recommendations that project teams in key areas must focus on, and by doing so it introduces much needed discipline into the M&A decision making process. It treats important issues and ingredients in project financial analysis, valuation, risk management, negotiations, due diligence and legal agreements. In addition, by examining M&A and joint venture project financing, implementation, the creation and harnessing of synergies, and the need for monitoring and control, the book gives readers greater confidence in their own M&A decision making. Readers will find instruction on how to obtain corporate approvals, deal with project impediments, assess the performance of project teams, distill lessons learned in conducting acquisitions and joint ventures, and how to institutionalize their knowledge after the project is completed. Highly detailed, with a unique viewpoint that challenges prevailing orthodoxies of M&A management, Dr. Triantis's step-by-step approach will be valuable not only for corporate M&A staffers but also for college-level teachers and students.