REITs

As a Real Estate Investment Trust (REIT), you handle the challenges associated with market competition, negotiating the purchase of properties, and the pricing of your capital raising. Working together as part of your team, we can advise you on the tax structuring, the preparation and review of your filings with the SEC, and assess how best to structure your partnership agreements and acquisition transactions.

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When it comes to REIT deals, tax knowledge and experience is critical. REITs are vastly different from corporations and even partnerships — in structure and in their tax requirements. We understand that they are complex vehicles that require advisors who have corporate, tax, and real estate experience in order to maximize the benefits of operating as a REIT.

Because we are a full-service law firm, we can handle the issues that arise related to employee benefits and potential litigation. We can also advise on securities law and corporate governance matters, which are essential to your IPO and capital raising strategies.

From the largest, most transformative and complex deals to the straightforward, we have been actively involved in every aspect of the industry for more than 20 years. And we have developed many of the legal structures that have made REITs a success in the United States. Clients say that we are responsive and smart — with an ability to talk to them about abstract and complex ideas in a way that they can understand.

Already working with more than 40 REITs and all major investment banks active in the industry, we can navigate and even anticipate your REIT-related legal issues worldwide.

Key contacts

David W. Bonser

Partner

David W. Bonser

Partner

Washington, D.C.

Cristina Arumi

Partner

Cristina Arumi

Partner

Washington, D.C.

Michael E. McTiernan

Partner

Michael E. McTiernan

Partner

Washington, D.C.

Elliot Weston

Partner

Elliot Weston

Partner

London

Meet the REITs team

Representative experience

Underwriters' counsel to BofA Merrill Lynch, Morgan Stanley, Wells Fargo, and Deutsche Bank on Paramount Group’s US$2.3bn IPO, the largest REIT IPO in history.

Equity Residential on its US$16bn joint acquisition with Avalon Bay of Archstone from Lehman Brothers.

Home Properties on its US$7.6bn acquisition by Lone Star Funds.

Park Hotels & Resorts, which will be the second largest publicly traded REIT in the lodgings industry, with its planned spin-off from Hilton Worldwide.

Industrial Income Trust on its US$4.55bn acquisition by Western Logistics, an affiliate of Global Logistic Properties.

The JBG Companies in its proposed merger with New York REIT for a combined enterprise value of US$8.4bn.

Sovran Self Storage in its US$1.3bn acquisition of LifeStorage, LP and related debt and equity offerings.

Parkway Properties in its proposed US$1.95bn merger with Cousins Properties and the spin-off of parts of both companies to shareholders of new REIT HoustonCo.

Apple Hospitality REIT on its US$1.3bn merger with Apple REIT Ten.

Landmark Apartment Trust on its US$1.9bn acquisition by Starwood Capital Group and Milestone Apartments REIT.

Apple Hospitality REIT with its listing on the NYSE and concurrent US$200m tender offer.

DuPont Fabros Technology in its US$250m registered public offering of notes and on a number of offerings of stock.

American Homes 4 Rent on its IPO, numerous common share offerings, and five offerings of preferred shares.

Kite Realty Group on its merger with Inland Diversified Real Estate Trust and a number of public offerings.

Underwriters’ counsel to J.P. Morgan, Merrill Lynch, Pierce, Fenner & Smith, and Morgan Stanley in the US$400m offering of notes by Piedmont Operating Partnership.

QTS Realty Trust on its US$296m IPO and a number of follow-on offerings.

Underwriters’ counsel to Goldman Sachs and BofA Merrill Lynch in connection with the US$1bn IPO by Empire State Realty Trust.

Special Committee of the Board of Trustees to internalize management by acquiring American Homes 4 Rent Management Holdings and American Homes 4 Rent Advisor.

Duke Realty Corporation on its approximately US$23bn combination with Prologis Inc.

VICI Properties Inc. on its US$17.2bn strategic acquisition of MGM Growth Properties LLC.

Evercore Group L.L.C., as financial advisor to STORE Capital Corporation, in connection with its US$15bn sale to affiliates of GIC Real Estate and Oak Street Real Estate Capital.

Life Storage on its US$12.7bn merger with Extra Space Storage in an all-stock transaction.

Benefit Street Partners Realty Trust on its merger with Capstead Mortgage Corporation, creating a company with total assets of US$11.3bn.

Landsec and M&G Real Estate on the launch of Bluewater REIT, on the first day of the new private REIT regime in the UK.

Kite Realty Group Trust on its US$7.5bn merger with Retail Properties of America.

Industrial Property Trust on its US$3.99bn merger transaction with Prologis.

Shaftesbury PLC on its all-share £5bn merger with Capital & Counties Properties PLC, to create Shaftesbury Capital PLC.

VICI Properties on its partnership with Eldorado Resorts in connection with Eldorado's US$3.2bn combination with Caesar's Entertainment Group.

DBS, Credit Suisse, and J.P. Morgan in the US$334m IPO of SF Real Estate Investment Trust on the Main Board of the Hong Kong Stock Exchange.

Griffin Realty Trust, Inc. on its US$1.2bn acquisition of Cole Office & Industrial REIT II.

Public Storage on multiple debt and equity offerings.

American Homes 4 Rent on its IPO and multiple debt and equity offerings.

The JBG Companies in its US$10bn merger and spin-off transaction with Vornado Realty Trust to create JBG SMITH Properties.

Bank of America and Wells Fargo on multiple offerings, including a US$350m green bond offering by the operating partnership of Hudson Pacific Properties.

QTS Realty Trust on its US$296m IPO, multiple follow-on offerings, and as co-counsel on its acquisition by affiliates of Blackstone in a transaction value of approximately US$10bn

BofA Merrill Lynch, Morgan Stanley, Wells Fargo, and Deutsche Bank on the US$2.3bn IPO of Paramount Group.

Awards and recognitions

Band 1 - REITs (Nationwide)

Chambers USA

2007-2023

Tier 1 - Real Estate: REITs

Legal 500 US

2015-2023

Real Estate Group of the Year

Law360

2021-2022

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Key contacts

Representative experience

Awards and recognitions

Band 1 - REITs (Nationwide)

Tier 1 - Real Estate: REITs

Real Estate Group of the Year

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