External equity Potential for additional Pro’s Con’s comparison funding Inflexible cost to manager Leasing Existing market Potential conflict acceptance between land owner and operator Potential conflict Existing market between land owner acceptance and operator farming Flexible cost to No generally manager accepted industry Allows manager to terms and conditions equity Limited market Flexible cost to acceptance in manager Australia Alignment between Joint ventures No generally land owner and accepted industry manager terms and conditions Ideally suited to in Australia SMSF investor pool Requires further Potential to solve Property trusts development of institutional liquidity leasing market constraints Proven structure Application limited to adaptable to dairy Australia No generally Flexible cost to Sharemilking accepted industry manager terms and conditions Alignment between in Australia land and manager Access to large Perceptions on capital pools management past performance Flexible cost to manager Misalignment with Liquid investment Public ownership investor preferences structure
External equity comparison Pro’s Con’s Potential for additional funding Leasing Existing market acceptance Inflexible cost to manager Potential conflict between land owner and operator farming Existing market acceptance Flexible cost to manager Allows manager to equity Potential conflict between land owner and operator No generally accepted industry terms and conditions Joint ventures Flexible cost to manager Alignment between land owner and manager Ideally suited to SMSF investor pool Limited market acceptance in Australia No generally accepted industry terms and conditions in Australia Property trusts Potential to solve institutional liquidity constraints Requires further development of leasing market Sharemilking Proven structure adaptable to Australia Flexible cost to manager Alignment between land and manager Application limited to dairy No generally accepted industry terms and conditions in Australia management Access to large capital pools Flexible cost to manager Perceptions on past performance Public ownership Liquid investment structure Misalignment with investor preferences
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