Explanation

Real estate operating company (REOC) is the most appropriate structure because:

• REOCs actively own, manage, and develop properties as part of their core business operations.

• They provide liquid equity exposure through public stock exchange listings.

• Unlike REITs, REOCs are not required to distribute most of their income as dividends, allowing them to reinvest in property development and management.

• Real estate partnerships are typically illiquid private investments.

• REITs primarily focus on income-producing properties and have distribution requirements that may limit development activities.