The white paper. The landowner letter. Answers to the questions we hear most often. And a growing library of thought leadership on land, development, and the economics of patient ownership.
Our white paper — How to Turn Idle Land Into Durable Net Cash Flows — is the most complete explanation of the Kyma model available. It covers every phase of the process in plain language: how we determine highest and best use, how your land is valued, how the joint venture is structured, how profits flow, and how you make your final election.
It is written for landowners who want to fully understand what they are considering before having a conversation — and for the advisors who serve them. Download it, read it at your own pace, and come to any conversation with us fully informed.
A plain-language guide to the Kyma joint venture model — from first conversation to first distribution.
The white paper has been sent to your inbox. A Kyma principal will follow up within one business day.
Four times a year, Kyma publishes a short letter written directly for landowners — not investors, not developers. It covers market conditions, entitlement trends, development economics, and the questions we hear most often from the families we work with.
No jargon. No sales pitch. Just plain, informed perspective from principals who have spent decades on both sides of the development equation.
Past issues of the Kyma Landowner Letter will be archived here as they are published. Subscribe below to receive each issue directly to your inbox.
Quarterly. Plain language. Written for landowners. No spam, ever — and you can unsubscribe at any time.
You'll receive the next issue of the Kyma Landowner Letter when it's published. We'll never send you anything else without your permission.
These are the questions that come up in nearly every first conversation with a landowner. If yours isn't here, the white paper almost certainly covers it — or ask us directly.
No. Your contribution to the joint venture is your land, valued at independently appraised market value. Kyma and its development partners provide all cash equity and carry all construction loan guarantees. You are not required to invest capital at any stage.
Title transfers to the project entity — a special purpose LLC — upon closing of the construction loan. This is required for the developer to secure financing. In exchange, you receive a membership interest in that entity carrying all the economic rights described in your joint venture agreement.
By an independent MAI-designated appraiser — not by Kyma. The appraised value becomes your equity credit in the joint venture, treated exactly as if you had contributed that amount in cash. You have the right to review and accept the appraisal before any agreement is finalized.
The developer carries a completion guarantee on the construction loan, ensuring the project reaches substantial completion regardless of cost overruns. The landowner is not a guarantor and is not exposed to construction debt. Cost overruns are a developer risk, not a landowner risk.
You begin participating in developer fee income during the construction and lease-up phase, per the joint venture agreement. If you elect Path A at stabilization, quarterly distributions from net operating income begin shortly after permanent financing is placed.
The joint venture agreement will specify transfer restrictions and rights of first refusal among members. In most structures, a landowner electing Path A can sell their crystallized equity interest subject to these provisions — and a future sale may be eligible for a 1031 exchange into replacement property.
Yes. Kyma regularly works with land held in family trusts, irrevocable trusts, and estates with multiple beneficiaries. The joint venture structure can be adapted to accommodate complex ownership situations, and the resulting income-producing interest is generally more estate-friendly than raw land with no income.
From first conversation to first quarterly distribution typically takes 48 to 57 months, depending on asset class, entitlement complexity, market conditions, and project scale. The white paper includes a detailed phase-by-phase timeline with milestones and landowner responsibilities at each stage.
A growing library of short-form writing from the Kyma principals — on entitlement, development economics, landowner strategy, and the forces shaping land values across the markets we work in.
Raw land and entitled land can be separated by a factor of ten — or more. Understanding why, and who captures that gain, is the most important concept in development economics for landowners.
Most landowners who sell pre-entitlement never see the promote, the fees, or the permanent equity upside they gave up. This piece explains how the waterfall actually works — and how to make sure you're in it.
Land without income creates estate planning complications — forced sales, partition actions, and tax exposure. There is a better way to structure it for the next generation.
The best way to understand whether the Kyma model is right for your land is a direct conversation with one of our principals — no cost, no obligation, no pressure.