Sarah Kindzerske, managing director, financial services deal advisory at KPMG, sat down for a video interview at Nareit’s REITwise: 2026 Educational Conference in Hollywood, Florida, March 24-26.
As REIT transaction activity evolves in 2026, Kindzerske highlighted a shift away from large public-to-public mergers toward more complex joint ventures and strategic, one-off deals. These structures, often involving multiple partners, financing layers, and contractual arrangements, are increasing the level of complexity across valuation, governance, and financial reporting.
Kindzerske emphasized that “everyone has an interest” in today’s joint ventures, making it critical to carefully evaluate power, control, and economic alignment early in the process. She noted that one of the most common missteps is treating accounting and governance as an afterthought, rather than integrating those considerations during initial deal structuring.
A key issue is determining which party consolidates the joint venture—an outcome that significantly impacts balance sheet presentation, FFO, and other performance metrics. Timing also plays a crucial role, particularly when assets are classified as held for sale, affecting depreciation and reporting treatment.
To mitigate risk, Kindzerske advised REITs to align stakeholders early, especially when partners operate under different accounting frameworks such as U.S. GAAP and IFRS. She stressed that successful execution depends on cross-functional collaboration among deal, tax, legal, and accounting teams from the outset, helping ensure efficient closings and outcomes that meet all partners’ objectives.
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