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Real Estate Financial Modeling’s

Annual Report On Real Estate Joint Venture Equity Partnerships 
Annual Report On Real Estate Joint Venture Equity Partnerships
               Formed And Proposed In 2011




             Be in the know, gain insights and negotiate better JVs.  


                         Presentation by Bruce Kirsch
                     Founder, Real Estate Financial Modeling
               Copyright © 2012 Real Estate Financial Modeling, LLC.  All Rights Reserved. 




                                 www.GetREFM.com
About REFM

   • Founded in 2009 by Bruce Kirsch
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   • Solutions provider for financial analysis, 
     financial modeling training and data for 
     commercial real estate transactions.




www.GetREFM.com          2
About Bruce Kirsch
                      Bruce Kirsch is the founder and principal of Real Estate
                      Financial Modeling, LLC (REFM), a financial analysis and
                      training solutions provider that specializes in the financial
                      modeling of real estate joint venture partnership
                      structures. REFM also consults to billion‐dollar real estate
CLICK TO EDIT     MASTER TITLE well as small‐ and medium‐size developers and
                      organizations as STYLE
                      investors.

                          Mr. Kirsch is an Editor of the Third Edition of Wharton
                          Professor Peter Linneman's Real Estate Finance
                          and Investments: Risks and Opportunities, the leading real
                          estate finance textbook.

                          Mr. Kirsch instructs on real estate finance and financial
                          modeling as Adjunct Faculty at Georgetown University. A
                          highly‐acclaimed financial modeling trainer, Mr. Kirsch
                          previously worked in commercial brokerage and real estate
                          investment in New York and Washington, DC. Mr. Kirsch
                          holds an MBA in Real Estate from The Wharton School and
                          a BA in Communication from Stanford University.



www.GetREFM.com                       3
What REFM Offers



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www.GetREFM.com         4
Our Clients

   • Small, Medium and Large Developers, Investors, 
     Lenders, Brokers and other stakeholders
     L d      B k       d h        k h ld
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      o   Vornado
      o   WRIT
      o   Abu Dhabi Investment Authority
      o   Alvarez & Marsal
          Al      &M      l
      o   Clark Enterprises
      o   Skanska USA Commercial Development
          Skanska USA Commercial Development



www.GetREFM.com           5
Our Newest Offering



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           My consulting clients wanted to know: 
            What is “market” for JV structures?
            What is “market” for JV structures?



www.GetREFM.com             6
Our Newest Offering



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               First and only of its kind.
     Over $400MM in Equity Investment represented.
     Over $400MM in Equity Investment represented



www.GetREFM.com           7
Our Newest Offering



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    Be in the know, gain insights and negotiate better JVs.




www.GetREFM.com              8
Today’s Agenda

   • Rationale For Partnering, Risks and Optimal 
     Structuring Theory
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   • Standardized Nomenclature

   • 2011 Actual Structures and Surprises

   • How Real Deals Can Benefit You


www.GetREFM.com         9
Why One Seeks A Joint Venture Partner

 • As the Sponsor (Owner/Developer), you need:
    • Capital
         p
    • Better access to lenders
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    • Sellers to believe that you will close
    • Better third party provider pricing
    • Strategic and technical expertise

 • As the Investor, you need an investment vehicle:
    • Developments
    • Existing income‐producing properties
    • Mortgage Notes

www.GetREFM.com           10
Risks: Financial And Other

 • Front‐end acquisition/development funds 
   (borne by Sponsor)
   (borne by Sponsor)
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 • Construction budget shortfalls (shared pro‐
   rata?)

 • O
   Operating deficits (shared pro‐rata?)
        ti d fi it ( h d            t ?)

 • Loan Guaranties (shared pro‐rata?)
   Loan Guaranties (shared pro rata?)

 • Reputational

www.GetREFM.com          11
Joint Venture Partnership Cash Flow Splitting

 The fundamental question: 
 Given how much and when cash investment
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 goes in to the transaction from each party,
 and the unique roles that the parties play,
 when should the original capital invested, and
 the returns on that capital, come out of the
 transaction, and how should it be partitioned
 to each party?


                        12
Nomenclature For 2 Equity Players Only



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   Principal = Sponsor
   Pi i l S                      Third Party Investor
                                 Thi d P t I      t
    Owner of the asset           Invests in the transaction
   Developer of the asset                   kljklj




                            13
Is Proportional (Pro‐Rata) Financial Reward Desired?


           Financial Risk
              a ca s                             Financial Reward
                                                    a ca e a d
      Sponsor     Third Party Investor        Sponsor     Third Party Investor
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                      10%                                     10%



                90%                                     90%




                                         14
Disproportionate Reward To The Sponsor Is Market


           Financial Risk
              a ca s                             Financial Reward
                                                    a ca e a d
      Sponsor     Third Party Investor        Sponsor     Third Party Investor
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                      10%
                                                               30%

                90%                                 70%




                       Total Net Cash Flow is weighted 
                    p p           y                  p
                 disproportionately in favor of the Sponsor…


                                         15
Sponsor Pilots And Lands The Plane With Intense Focus




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  www.GetREFM.com        16
What If There Are 3 Equity Players?



                     Investment Entity
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        Overall Sponsor             Third Party Investor



                   Minority
   Sponsor
                   Investor




                              17
Teaming Up With Third Party Capital


Principal/ 
Principal/    Partner
              P t             Investor/Third Party 
                              I    t /Thi d P t
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 Sponsor                            Investor
                  Sponsor’s 
                   p
  Owner            equity           Invests in the transaction
/developer         partner             Invests in the fund


    “Overall Sponsor” JV 
           Entity
           E tit

     First JV Partnership 
            Formed

                               18
Teaming Up With Third Party Capital


      Overall Sponsor
      O    ll S              Investor/Third Party 
                             In estor/Third Part
CLICK TO EDIT MASTER TITLE STYLE Investor
         JV Entity
  Comprised of both Sponsor         Invests in the transaction
         and Partner                   Invests in the fund

                    Second JV Partnership 
                          Formed




                               19
How Equity Might Be Broken Out ‐ $20MM

  First JV                                   % Total Equity     Amount
Partnership 
 Formed: 
                    Sponsor Equity              1.00%          $200,000     “Top‐Level 
   90/10
                     Partner Equity               9.00%       $1,800,000
                                                                             Sponsor”
                                                                             S      ”
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                                                                                Second JV 
                                                                               Partnership 
                                                                                         p
               Third Party Investor Equity        90.00%      $18,000,000        Formed: 
                                                                                  90/10




                                                  100.00%     $20,000,000


                                             20
Cash Flow Partitioning

 • How can cash flow splits be commensurate with 
   both risk taken and value added?
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 • How is it typically structured?




www.GetREFM.com          21
No “Formula”

 • Unfortunately, there is no typical structure 
   across property types, geographies, transaction 
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   types and the hundreds of thousands of 
   partnerships investing in real estate

 • N ti ti
   Negotiation‐specific
                   ifi

 • All revolve around the end goal
   All revolve around the end goal


www.GetREFM.com           22
The Real Deals Database Gives Us Insights



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www.GetREFM.com         23
The Real Deals Database Gives Us Insights

 • The structuring details on a variety of actual 
   transactions that are being put together in the 
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   market today
 • Terminology is standardized
 • R
   Records are redacted to encourage submissions
        d        d    d                b i i
 • The Database becomes more valuable with 
   every new record entered…


www.GetREFM.com          24
2011 Actual Transactions


 • 19 Records comprising over $150MM in Total
   19 Records comprising over $150MM in Total 
   Invested Equity
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www.GetREFM.com        25
2011 Actual Transactions



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2011 Actual Transactions



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2011 Actual Transactions



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2011 Actual Transactions



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2011 Actual Transactions



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2011 Actual Transactions



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2011 Actual Transactions



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2011 Actual Transactions



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www.GetREFM.com         33
2011 Actual Transactions



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www.GetREFM.com         34
2011 Actual Transactions – Surprise #1



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www.GetREFM.com         35
2011 Actual Transactions – Surprise #2



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www.GetREFM.com         36
2011 Actual Transactions – Surprise #3



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    Development, Construction Management, Acquisition, Leasing, Property 
    Management, Asset Management and Disposition. Most prevalent were 
    Acquisition and Property and Asset Management.


www.GetREFM.com                      37
2011 Actual Transactions



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www.GetREFM.com         38
2011 Actual Transactions – Surprise #4



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www.GetREFM.com         39
2011 Actual Transactions – Surprise #5



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www.GetREFM.com         40
2011 Actual Transactions



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www.GetREFM.com         41
2011 Actual Transactions



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2011 Actual Transactions



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2011 Actual Transactions



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www.GetREFM.com         44
2011 Actual Transactions



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www.GetREFM.com         45
10% Coupon Code – Good Through Next Wednesday




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        REALDEALSWEB


www.GetREFM.com         46
Even Bigger Discount Available


 • Submit a valid JV structure and get 50% Off all
   Submit a valid JV structure and get 50% Off all 
   Real Deals products
CLICK TO EDIT MASTER TITLE STYLE


 • Go to www.GetREFM.com and click on:

                  Real Deals Data



www.GetREFM.com          47
REFM’s Satisfaction Guarantee


 If you are not satisfied for any reason, simply 
 If you are not satisfied for any reason simply
 notify us in writing within 30 days of the date 
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 of your purchase and we ll give you a 100% 
 of your purchase and we’ll give you a 100%
 refund.




www.GetREFM.com         48
Be in the know, gain insights and negotiate better JVs.  

                   Go to: 
              www.GetREFM.com
              www GetREFM com

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