Research
Research
Foundations, protocol design, and quantitative models exploring Real-World Asset (RWA) tokenization, two-part pricing, and programmatic finance.
Tokenized Revenue-Share Portfolios in Commercial Real Estate
Academic foundations, empirical grounds, and a solution architecture
The US commercial real estate (CRE) sector faces two compounding pressures: a record wave of mortgage maturities that traditional lenders are unwilling to refinance, and structurally high office vacancy driven by hybrid work. Under conventional fixed-rent leases, tenants carry all utilization risk and landlords carry binary vacancy risk. This research proposes a different structure. It combines the percentage-rent logic of Wheaton (2000) and the operator profit-sharing models described by Halvitigala et al. (2019) into a variable two-part lease, then tokenizes the resulting variable revenue stream as a Real-World Asset (RWA). A smart-contract lockbox routes tenant revenue automatically, giving landlords a source of upfront capital outside the frozen bank channel and giving investors transparent, programmable exposure to a diversified portfolio of tenants.
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