Introduction

We study the contribution of equity joint venture (JV) use to listed and traded US-Equity Real Estate Investment Trusts (REITs). Specifically, we attempt to reveal the meaning of JVs as platform to provide financing flexibility in a liquidity constrained

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Julian Eibel

Real Estate Investment Trusts and Joint Ventures

Essays in Real Estate Research Volume 19 Series Editors Nico B. Rottke, Frankfurt, Germany Jan Mutl, Wiesbaden, Germany

Die Reihe „Essays in Real Estate Research”, herausgegeben von Professor Dr. Nico B. Rottke FRICS und Professor Jan Mutl, Ph.D. umfasst aktuelle Forschungsarbeiten der Promovenden der Lehrstühle und Professuren des Real Estate Management Institutes der EBS Business School. Forschungs- und Lehrschwerpunkte des Institutes bilden die interdisziplinären Aspekte der Immobilientransaktion sowie die nachhaltige Wertschöpfungskette im Immobilienlebenszyklus. Die Kapitalmärkte werden als essenzieller Bestandteil der Entwicklung der Immobilienmärkte aufgefasst. Die in der Regel empirischen Studien betrachten transaktions- und kapitalmarktnahe Themenbereiche aus dem Blickwinkel der institutionellen Immobiliengewerbe- und -wohnungswirtschaft, wie bspw. Finanzierung, Kapitalmarktstruktur, Investition, Risikomanagement, Bewertung, Ökonomie oder Portfoliomanagement, aber auch angewandte Themen wie Corporate Real Estate Management, Projektentwicklung oder Unternehmensführung. Die ersten 11 Bände der Reihe erschienen bis 2014 auch im Immobilien Manager Verlag, Köln. The series “Essays in Real Estate Research”, published by Professor Dr. Nico B. Rottke FRICS and Professor Jan Mutl, Ph.D., includes current research work of doctoral students at the chairs and professorships of the Real Estate Management Institute of EBS Business School. The research and teaching focus of the Institute constitutes the interdisciplinary aspects of real estate transactions as well as the sustainable value creation chain within the real estate life cycle. The capital markets are regarded as essential components of the development of the real estate markets. The mostly empirical studies consider transactional as well as capital market topicsfrom the point of view of the institutional commercial and residential real estate industry, such as finance, capital market structure, investment, risk management, valuation, economics or portfolio management, but also applied topics such as corporate real estate management, real estate development, or leadership issues in the property industry. The first 11 volumes of the series appeared up until 2014 in Immobilien Manager Publishing, Cologne, as well.

More information about this series at http://www.springer.com/series/13911

Julian Eibel

Real Estate Investment Trusts and Joint Ventures With a Foreword by Prof. Dr. Jan Mutl

Julian Eibel Real Estate Management Institute (REMI) EBS Universität für Wirtschaft und Recht Wiesbaden, Germany Doctoral Thesis, EBS Universität für Wirtschaft und Recht, Wiesbaden, 2019

ISSN 2570-2246 ISSN 2570-2254  (electronic) Essays in Real Estate Research ISBN 978-3-658-31976-2 ISBN 978-3-658-31977-9  (eBook) https://doi.org/10.1007/978-3-658-31977-9 © Springer Fachmedien Wiesbaden GmbH, part of Springer Nature 2020 This work is subject to copyright. All rights are reserved by the Publisher, whether the