Structuring Programmatic Real Estate Joint Ventures: Structures, Deal Sharing and Exclusivity, Pooling Variations

Negotiating Key Deal Terms From Sponsor and Equity Investor Perspectives

An encore presentation featuring live Q&A

Recording of a 90-minute CLE webcast with Q&A

Conducted on Tuesday, October 24, 2017

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE video webcast will discuss programmatic real estate joint ventures (JVs) and how they differ from traditional, single investment JV relationships, alternative structures for programmatic JVs, and key JV agreement terms to consider and negotiate. The program will present these issues in an interactive format from the perspectives of counsel for the developer/operator and counsel for the capital investor.

Description

With the economy and specifically the real estate market healthy, programmatic real estate JVs provide economic and competitive advantages for both sponsors and equity investors.

Developers and operators seek reliable sources of capital to deploy quickly, while equity investors look for sustainable partnerships with experienced and reputable sponsors. Programmatic or platform real estate JVs allow the parties to invest as part of a master program instead of deal-by-deal transactions and thus maximize efficiencies in time, capital deployment, management and expenses.

Terms unique to programmatic JVs include investment parameters, deal sharing and exclusivity, discretion, and termination of relationship. One of the key issues that the parties must negotiate is the pooling of economics, namely how returns will be distributed and promote paid to the sponsor, on a deal-by-deal and/or portfolio basis.

Listen as our authoritative panel of real estate practitioners walks you through current market trends with respect to programmatic real estate JVs. The panel will discuss alternate structures for programmatic JVs and key JV agreement terms in an interactive format from the perspective of sponsor counsel and capital investor counsel.

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Outline

  1. Overview of trends in market
  2. Programmatic JV structures
  3. Deal sharing and exclusivity
  4. Pooling of economics, distribution of returns, payment of promote and clawback provisions
  5. Governance issues
  6. Financing guaranties and related issues
  7. Default remedies and removal rights
  8. Deadlocks, lockouts and exit provisions

Benefits

The panel will review these and other key issues:

  • What are the typical structures used in programmatic JVs for real estate investment?
  • How can the parties bridge the gap between disparate objectives with respect to deal sharing and exclusivity?
  • How do the issues shift with respect to single vs. pooled investment and the corresponding distribution and clawback of promotes?
  • How do competing expectations of operators and capital investors regarding governance issues, guaranties and exit rights typically get resolved in various structures?

This is an encore presentation with live Q&A.

Faculty

Saarinen, Michael
Michael Saarinen
Partner
Alston & Bird

Mr. Saarinen is a partner with Alston & Bird’s Investment Management, Trading & Markets Team. Mr....  |  Read More

Selby, Timothy
Timothy P. Selby
Partner
Alston & Bird

Mr. Selby is the head of the Investment Management Practice at Alston & Bird. He focuses his practice on advising...  |  Read More

Other Formats
— Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

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