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REITs and Real Estate Securitization

Drawing on the Firm’s experience in real estate law, securities transactions, tax law, and real estate investment trusts (“REITs”), we have represented REITs from formation through securities offerings to acquisition and divestiture of real estate investments. We work efficiently to complete the broad spectrum of complex and time-sensitive REIT transactions.

Overview

Drawing on the Firm’s experience in real estate law, securities transactions, tax law, and real estate investment trusts (“REITs”), we have represented REITs from formation through securities offerings to acquisition and divestiture of real estate investments. We work efficiently to complete the broad spectrum of complex and time-sensitive REIT transactions.

We serve as counsel to a wide variety of REIT clients including:

  • National companies listed on the New York Stock Exchange (NYSE) as well as regional and private REITs;
  • Developers and sophisticated investors seeking ongoing guidance on forming and utilizing REITs to gain tax efficiencies; and
  • Mature private and public REITs active in the multifamily, industrial, office, and other sectors of the real estate industry.

We have served as principal counsel in many REIT transactions, including forming an umbrella partnership real estate investment trust (“UPREIT”) and representing a national REIT in acquiring and developing industrial warehouse and distribution properties. In addition, we have formed a multitude of private REITs to enable foreign and tax-exempt investors to minimize their U.S. tax burden from underlying real estate investments. We counsel our REIT clients concerning federal and state securities and tax laws, NYSE listing standards, and general corporate governance, including implementation of the mandates of the Sarbanes-Oxley Act of 2002 and related SEC rules.

Securitization involves the creation and issuance of debt securities, or bonds, whose payments of principal and interest derive from cash flows generated by separate pools of assets. Securitization has grown from a non-existent industry to an industry involving trillions of dollars. Financial institutions and businesses now use securitization to immediately realize the value of their cash-producing assets such as loans, trade receivables, and leases. In most instances, the originator of the asset anticipates a regular stream of payments. By pooling the assets together, the payment streams can be used to support interest and principal payments on debt. We have handled securitization for institutions and businesses of many kinds, and we may be able to help your business realize the value of its cash-producing assets.