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Joint Ventures: Measuring and Distributing IRR and Preferred Return Hurdles

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DESCRIPTION

While joint ventures are a time-honored method for developing real estate, poor planning can negate the possibilities of a prosperous relationship. This webinar is designed to discuss the challenges and opportunities related to real estate joint ventures, exploring the concepts of distribution waterfalls and differences between internal rate of return hurdle (IRR) and preferred return hurdle.

Educational Objectives:
• Discuss distribution waterfalls in real estate joint ventures
• Compare and contrast return hurdle, a preferred return and return of capital hurdles used in joint ventures
• Explain the formulas used in determining joint ventures

Who would benefit most from attending this program?
Legal practitioners, bankers, and companies interested in joint ventures.

SPEAKERS

STEVENS A. CAREY, PARTNER, PIRCHER, NICHOLS & MEEKS

Stevens A. Carey is a transactional partner with Pircher, Nichols & Meeks, a real estate law firm with offices in Los Angeles and Chicago. He is a co-chair of the firm’s continuing education program, a contributing editor of The Real Estate Finance Journal, and a past member of the editorial boards of the Bloomberg BNA Real Estate Law & Industry Report and Warren, Gorham & Lamont’s Real Estate Workouts and Asset Management. He has authored numerous articles relating to joint venture distribution waterfalls and promote hurdles, most of which will appear (with some modification) in an ABA book that is expected to be published in November or December of 2015. Stevens is a member of the LA County, California and American Bar Associations. He also is a Fellow in the American College of Real Estate Lawyers.


DAVID E. WEISS, EXECUTIVE VICE PRESIDENT, SECRETARY, AND GENERAL COUNSEL, DDR CORP.

David E. Weiss is Executive Vice President, Secretary, and General Counsel at DDR Corp. (NYSE: DDR), a real estate investment trust. DDR is an owner and manager of more than 401 value-oriented shopping centers representing 119 million square feet in 41 states and Puerto Rico. David manages DDR’s Legal Department and is responsible for all legal aspects of the company’s operations. Prior to joining DDR in 1999, David was a partner with McDonald, Hopkins, Burke & Haber Co. LPA, a law firm based in Cleveland, Ohio where his practice focused primarily in the areas of real estate, corporate law and finance. David is a member of the Greater Cleveland, Ohio and American Bar Associations, the National Association of Real Estate Investment Trusts, and the International Council of Shopping Centers. He also is a Fellow in the American College of Real Estate Lawyers.