Shiukay Hung, partner, co-chair, national REIT tax practice at DLA Piper, sat down for a video interview at Nareit’s REITwise: 2026 Educational Conference in Hollywood, Florida, March 24-26.
Hung explained why joint ventures between international investors and U.S. public REITs are increasingly popular. These structures help foreign investors minimize U.S. tax compliance burdens while investing efficiently in U.S. real estate. Partnering with an experienced REIT operator provides both tax advantages and operational expertise, creating strong alignment and value for both sides.
However, challenges can arise—particularly around differing investment horizons and exit strategies. For example, pension funds or sovereign wealth funds may have longer-term goals than REITs, requiring careful negotiation of timelines, buyout rights, and governance terms in joint venture agreements.
Hung emphasized that successful cross-border deals depend on strong collaboration across legal, tax, finance, and other disciplines. Establishing clear communication channels early—such as inclusive working groups—helps ensure alignment and smoother execution.
As Hung noted “we’re all aligned until we’re not,” highlighting the importance of proactive planning and negotiation to maintain that alignment throughout the investment lifecycle.