Waterfall for long term hold

Has anyone had experience with a structuring promoted interest waterfall for a development deal with no planned exit. The developer builds and owns their projects for the long term and planning to bring on a JV equity partner with the same long term hold strategy. I have only dealt with deals in which sponsor earns promote at exit. I am contemplating a promote based on stabilized yield on cost with multiple tiers. I would be grateful if anyone could provide examples of what they've seen/worked on.
Thank you