Leading Associates

Firms To Watch: Real estate investment trusts (REITs)

Spread across Los Angeles, New York, and Newport Beach, O'Melveny‘s REIT practice includes Michael Hamilton and Malcolm Montgomery, who demonstrate expertise in the real estate and finance aspects of the REIT space.

Real estate investment trusts (REITs) in United States

Goodwin

Goodwin maintains its reputation as a leader in the REIT practice, with a deep bench of specialists representing both private and public REITs in an array of transactions. The firm has expertise in REIT-related equity and debt offerings, M&A transactions and complex joint venture investments. Also of note is the team’s significant experience representing REITs and underwriters in initial public offerings. The team is spearheaded by joint heads Yoel Kranz and Ettore Santucci. Based in New York, Kranz is an expert in corporate mergers and acquisitions while Boston-based Santucci is a specialist in publicly traded REITs, REIT securities offerings as well as in matters related to executive compensation. Other standout members are Boston attorneys Caitlin Tompkins, who has a focus in securities law, William Goldberg, who is well versed in capital markets, and Eryn Mathews who has expertise in the full gamut of REIT mandates including follow-on shelf offerings and 144A offerings of equity and debt securities. Another integral attorney is M&A expert Christopher Versfelt. Scott Chase departed in October 2024.

Responsables de la pratique:

Yoel Kranz; Ettore Santucci


Autres avocats clés:

Caitlin Tompkins; William Goldberg; Eryn Mathews; Christopher Versfelt.


Principaux clients

AvalonBay Communities, Inc.


BofA Securities, Inc.


BXP (f/k/a Boston Properties, Inc.)


Cedar Realty Trust, Inc.


Colonial Group, Inc.


Donahue Schriber Realty Group, L.P.


EastGroup Properties, Inc.


Gaming & Leisure Properties Inc.


Macerich Company


SL Green Realty Corp.


Principaux dossiers


  • Advised a syndicate of investment banks in an underwritten public offering by Digital Realty Trust, Inc.,  the net proceeds of which were approximately $1.65 billion.
  • Advised a wholly owned subsidiary of Ventas, Inc., which issued and sold $500 million in aggregate principal amount of its 5.625% Senior Notes due 2034 in a registered public offering.
  • Advised AvalonBay Communities, Inc. with completing an underwritten public offering of $400 million aggregate principal amount of its 5.350% Senior Notes due 2034.

Hogan Lovells US LLP

Deeply experienced in REITs, Hogan Lovells US LLP dominates the space, representing a significant proportion of US REITs as company or underwriter’s counsel. The firm houses a deep bench of specialists and is skilled in the entire spectrum of REIT mandates including IPOs, M&A, capital markets, joint ventures and corporate governance. Among the firm’s diverse and enviable clientele are single-family, senior housing, hotel, office and retail REITs. Co-heading the practice are Washington DC-based David Bonser and Cristina Arumi. Bosner leverages deep experience working on public company capital markets, assisting with raising capital, while Arumi is the go-to for the tax aspects of REIT transactions. Also in DC, Prentiss Feagles is proficient in REIT tax-related matters while Mike McTiernan advises public REITs on corporate and securities matters. Other standout practitioners in the DC office are Paul Manca, whose workload consists largely of securities and capital markets advice, and Stacey McEvoy who distinguishes herself for her work in M&A and joint venture transactions. Josh Scala is the key client contact for Welltower and mainly advises on tax issues from San Francisco.

Responsables de la pratique:

David Bonser; Cristina Arumi


Autres avocats clés:

Prentiss Feagles; Mike McTiernan; Paul Manca; Stacey McEvoy; Josh Scala


Principaux clients

VICI Properties


Welltower


Public Storage


Park Hotels & Resorts


JBG Smith Properties


Brixmor Property Group


American Homes 4 Rent


Franklin BSP Realty Trust


RLJ Lodging Trust


Ventas


LXP Industrial Trust


Modiv Industrial


W.P. Carey


Principaux dossiers


  • Advised VICI Properties on multiple transactions, including its acquisition of 38 bowling entertainment centers from Bowlero Corp in a sale-leaseback transaction for an aggregate purchase price of US$432.9m in cash and units in a newly formed VICI subsidiary; and its subsidiary VICI Properties L.P.’s issuance and sale of US$1.05bn of senior unsecured notes.
  • Advised American Homes 4 Rent on its debut public US$600m green bond offering, the first ever green bond from a single-family home REIT.
  • Advised Welltower on multiple transactions, including its US$469m acquisition of a portfolio of eleven senior housing communities located in seven different states and US$402m acquisition of a portfolio of eight senior housing communities located in six different states, both from Kayne Anderson Real Estate.

Latham & Watkins LLP

Per one client, Latham & Watkins LLP’s REIT team is ‘the best of the best’, maintaining its reputation of handling marquee REIT transactions and financings across all asset classes, particularly large-scale IPOs. Alongside its strong expertise in IPOs, the team has extensive experience in M&A and debt offerings. Leading the team in Los Angeles, Julian Kleindorfer distinguishes himself for advising REITs on the full breadth of corporate finance and securities matters including securities offerings and major joint ventures. In Century City, Ana O’Brien chiefly focuses on the tax aspects of REIT transactions and is relied on for her deep knowledge of the federal taxation of REITs. Highly sought-after capital markets expert Lewis Kneib is reputed for his prowess as outside counsel to prominent REIT companies, including data center REITs, and underwriters on debt and equity offerings. In the Washington DC office, Abigail Smith stands out for her work representing issuers and underwriters, while Brent Epstein and Craig Garner, found in Century City and San Diego respectively, also come recommended. William Cernius retired in 2024.

 

Responsables de la pratique:

Julian Kleindorfer; Ana G. O’Brien


Autres avocats clés:

Lewis Kneib; Abigail Smith; Brent Epstein; Craig Garner


Les références

‘Latham’s REIT team is the best of the best. They represent a huge number of clients in this space and, as a result, have exceptional knowledge of what is going on in the market, how peers handle various matters and situations, and provide stellar advice. ’

‘Lewis Kneib is one of the most responsive partners I’ve ever worked with and his advice is incredibly practical and business-oriented. Given his background in accounting, he also has a unique perspective and understanding of public company financial disclosures. He is also just a great person and very easy to communicate with. ’

 

Principaux clients

Lineage, Inc.


Realty Income Corporation


Simon Property Group


Digital Realty Trust, Inc.


KeyBank National Association


American Assets Trust, Inc.


InvenTrust Properties Corp.


Healthcare Realty Trust


Healthpeak Properties, Inc.


Safehold Inc.


Redwood Trust


Bank of America


Rexford Industrial Realty


Extra Space Storage


Kilroy Realty Corporation


Phillips Edison & Company, Inc.


Principaux dossiers


  • Advised Lineage in its US$5.1bn initial public offering.
  • Advised Digital Realty Trust in its US$7bn joint venture with Blackstone for the purpose of developing four hyperscale data center campuses across three metros in Europe and North America.
  • Advised Healthcare Realty Trust in its US$300mn joint venture with KKR to own and invest in medical outpatient buildings.

Sidley Austin LLP

Sidley Austin LLP houses a deep bench of specialists in the REITs practice, providing a comprehensive offering that spans capital markets, SEC, tax, securitization, structured finance, and M&A. A recent standout matter for the team was being engaged as company counsel on American Healthcare REIT’s IPO. The team serves a stellar roster of clients, acting as both issuers and underwriters counsel on major transactions in all asset sectors. The practice is steered by seven seasoned practitioners. In New York, Jerry Cummins, Edward Petrosky, Bart Sheehan, Jason Friedhoff and Christian Brause take the lead. Cummins is active on the full range of securities offerings while Petrosky focuses on IPOs, and is designated underwriter’s counsel for a plethora of leading companies. Co-leader of the firm’s non-traded REIT practice, Friedhoff specializes in IPOs and is well-versed in matters involving equity and mortgage REITs. Debt and equity securities form the cornerstone of Sheehan’s practice, who is also the co-head of the wider capital markets practice at the firm. On the tax front, team lead Brause has a strong track record advising on all tax aspects encountered by equity and mortgage REITs, and is routinely the lead tax attorney on the firm’s most substantial REIT transactions. From the Washington DC office, co-lead Sonia Gupta Barros dominates in the areas of SEC disclosures and compliance and corporate governance. The seventh co-head, Ivy Jones, is a pre-eminent member of the tax team based in Los Angeles and is a go-to for the tax structuring of complex transactions involving publicly traded REITs. In New York, Adam Gross is singled out for his experience in public offerings.

 

Responsables de la pratique:

J. Gerard Cummins (Jerry); Edward F. Petrosky; Bartholomew A. Sheehan, III; Jason A. Friedhoff; Sonia Gupta Barros; Christian Brause; Ivy H. Jones


Autres avocats clés:

Adam Gross


Principaux clients

American Healthcare REIT, Inc.


Essential Properties Realty Trust


Invitation Homes Operating Partnership LP


Starwood Property Trust, Inc.


PennyMac Mortgage Investment Trust


Angel Oak Capital Advisors


NETSTREIT Corp.


Camden Property Trust


InvenTrust Properties


UDR, Inc.


Simon Property Group, L.P.


Realty Income Corporation


VICI Properties L.P.


Americold Realty Trust, Inc.


W. P. Carey Inc.


Federal Realty Investment Trust


Kite Realty Group, L.P.


Newmark Group, Inc.


Mid-America Apartments, L.P.


Invesco Commercial Real Estate Finance Trust


Welltower Inc.


Claros Mortgage Trust


Kimco Realty Corporation


Healthpeak Properties, Inc.


Safehold Inc.


Principaux dossiers


  • Represented American Healthcare REIT, Inc. (AHR), a publicly registered healthcare REIT, in AHR’s US$772.8 million IPO and the listing of its common stock on the New York Stock Exchange.
  • Represented the underwriters in an offering by Simon Property Group, L.P., the operating partnership of Simon Property Group, Inc. (NYSE: SPG), of US$1 billion aggregate principal amount of 4.750% Senior Notes due 2034.
  • Represented Invitation Homes Operating Partnership LP, the operating partnership of Invitation Homes Inc. (NYSE: INVH), in connection with a public debt offering of US$500 million aggregate principal amount of 4.875% Senior Notes due 2035.

Ballard Spahr LLP

Maryland corporation law is the speciality of Ballard Spahr LLP‘s REIT practice which excels in advising both public and private Maryland REITs on the full spectrum of corporate, securities, tax and bankruptcy issues. As corporate counsel, the team’s expertise forms a key component of major transactions involving the formation, organization, and capitalization of REITs. Practice head Douglas Fox is experienced in capital raising transactions, securities offerings and corporate governance. Co-head  Charles Moran is a key figure for REIT M&A matters, with his practice spanning the full breadth of Maryland-based corporate law matters. J. Thomas Bashore is an integral member of the team and his workload focuses on underwritten public offerings and private placements of debt and equity securities. All lawyers mentioned are in Baltimore.

 

Responsables de la pratique:

Douglas M. Fox; Charles R. Moran


Autres avocats clés:

Thomas Bashore


Principaux clients

Agree Realty Corporation


City Office REIT, Inc.


Four Corners Property Trust, Inc.


RPT Realty


SL Green Realty Corp.


Phillips Edison & Company, Inc.


Kilroy Realty Corporation


Healthpeak Properties, Inc.


Broadstone Net Lease Inc.


Principaux dossiers


DLA Piper LLP (US)

DLA Piper LLP (US)‘s REIT practice centers largely on non-traded REITs, handling matters at all stages of their life cycle from formation and IPO to debt and equity offerings, joint ventures and M&A transactions. With an office in Baltimore, the firm is well-equipped to advise on specific Maryland law-related REIT issues. Bankruptcy and restructuring are other areas where the firm excels but what distinguishes the practice is its top-rate REIT tax offering, spearheaded by Shiukay Hung from New York. Hung, who is praised as possessing ‘a deep understanding of the technical REIT tax rules’, regularly advises investors and is sought out to act as special REIT tax counsel on major transactions. In Raleigh, Robert Bergdolt heads the REIT sub-group and has a strong presence in non-traded REIT public and private offerings. Also located in Raleigh, Christopher Stambaugh represents leading NAV REITs, drawing on deep knowledge of the area to assist clients with developing new structures. San Diego-based securities lawyer Darryl Steinhause is another practitioner to note. Kerry Johnson departed in October 2024.

 

Responsables de la pratique:

Robert Hill Bergdolt; Shiukay Hung


Autres avocats clés:

Christopher Stambaugh; Darryl Steinhause; Jeremy Dilley


Les références

‘The team has a great amount of experience in the REIT space and the institutional knowledge is helpful for understanding the background of their advice. ’

‘Chris Stambaugh is a very knowledgeable partner and is great at spotting issues from all angles of securities law.’

Jeremy Dilley is a strong associate who is very responsive and capable of finding solutions to complex securities law issue.

Principaux clients

Blackstone Real Estate Income Trust, Inc.


Goldman Sachs Real Estate Income Trust, Inc.


W. P. Carey, Inc.


STAG Industrial, Inc.


Getty Realty Corporation


Inland Real Estate Corporation


Ares Real Estate Income Trust Inc.


EQT Exeter/EQT Exeter Real Estate Income Trust, Inc.


Sculptor Real Estate Income Trust


Highwoods Properties, Inc.


Principaux dossiers


  • Represented Blackstone Real Estate Income Trust, Inc, as co-securities counsel for an ongoing public offering, a follow-on offering, and related public company reporting matters. This offering is unique and important because it is the largest public offering ever registered with the SEC.
  • Representated Ares Real Estate Income Trust Inc. as securities counsel for ongoing public offering and related public company reporting matters, corporate counsel for ongoing governance matters, and REIT tax counsel for ongoing REIT tax matters.
  • Represented EQT Exeter Real Estate Income Trust, Inc. (EQT Exeter REIT) in the initial public offering of its first non-traded real estate investment trust, which is ongoing. EQT Exeter REIT is offering up to US $5 billion in shares of its common stock.

Kirkland & Ellis LLP

Kirkland & Ellis LLP’s REIT team is active in M&A, joint ventures, and spin-offs for public and private REITs. The firm brings together a multidisciplinary team to advise on matters spanning M&A, tax, real estate and capital markets. A key area of strength for the department is portfolio transactions, with recent work spanning multifamily, industrial, and logistics portfolios. Alongside this, the team is active in the net lease space, routinely assisting clients on the launch of the formation and launch of net lease offerings. Michael Brueck  represents buyers and sellers in REIT M&A, while Mike Beinus handles the tax side of REIT transactions and REIT debt and equity offerings. David Perechocky and Christopher Hartmann are also both recommended.

Responsables de la pratique:

Michael Brueck; Mike Beinus


Autres avocats clés:

David Perechocky; Christopher Hartmann


Les références

‘The K&E REIT team has truly become an extension of my team. Their involvement, consideration around transactions, responsiveness and collaboration is above par. ’

‘Each of the K&E members of the REIT team are outstanding. Mike Beinus’ ability to think creatively with me and my team is always extremely helpful. Justin Barbosa is also a tremendous resource in collaborating with me and my deal team, assisting with questions on an as-needed basis, and being proactive in providing updates from the KE corporate teams. ’

 

Principaux clients

Bain Capital Real Estate


Blue Owl Real Estate Capital LLC


Bridge Investment Group


Brookfield Asset Management, LLC


Cerberus Capital Management, L.P.


CyrusOne Inc.


Dune Real Estate Partners LP


Equity Lifestyle Properties, Inc.


Equity Residential


Fortress Investment Group


GLP Capital Partners LP


Hudson Pacific Properties, Inc.


JLL Income Property Trust


KKR


LaSalle Investment Management


Public Storage


Safehold, Inc.


Slate Asset Management


Starwood Capital Group Global, L.P.


Sunstone Hotel Investors, Inc.


Ventas, Inc.


Principaux dossiers


  • Represented Starwood Capital Group in connection with the $1.55 billion sale of a 23-property, 7,300-unit multifamily portfolio to a subsidiary of Brookfield Properties.
  • Advised Hudson Pacific Properties (HPP) on the $700 million sale of an office campus located in West Los Angeles.
  • Represented Bridge Investment Group (“Bridge”) on the launch of Bridge Investment Group Industrial Real Estate Income Trust (“BIGi REIT”), a continuously offered, privately placed, perpetual life REIT.

Morrison Foerster

Capital markets is where Morrison Foerster shines with its REIT department, having expertise advising clients on public listed and non-listed IPOs, equity and debt offerings, and private offerings. The firm represents a diverse clientele, including public and private issuers, sponsors, underwriters, funds, and investors across both traditional and non-traditional asset types. Alice Connaughton and Larry Medvinsky jointly lead the practice from Washington DC. Connaughton recently led the termination of AIREIT’s public offering and shift to private sales, spearheading a new strategy in the public non-listed NAV REIT space. Medvinsky has a broad practice, spanning joint ventures, M&A and corporate and securities mandates. Capital markets expert Justin Salon  in Washington DC. continues to represent clients in debt and at-the-market offerings while San Diego-based Shane Shelley is the key contact for REIT tax matters at the practice. Other notable practitioners on the bench include Washington DC-based Andrew Campbell who has experience representing purchasers and underwriters on corporate and securities law matters, and John Hensley in Austin who is well-versed in IPOs, follow-on offerings, and private placements.

Responsables de la pratique:

Ali Connaughton; Larry Medvinsky


Autres avocats clés:

Justin Salon; Shane Shelley; Andrew Campbell; John Hensley


Principaux clients

Alexandria Real Estate Equities, Inc.


Amity Community Investments


Antarctica Capital, LLC


Ares Industrial Real Estate Income Trust Inc.


Armada Hoffler Properties, Inc.


Ascend Medical Holdings, LLC


Aventine Property Group, Inc.


Baird


Barclays Capital Inc.


BofA Securities, Inc.


B. Riley Securities, Inc.


Broad Street Realty, Inc.


Citigroup Global Markets Inc.


eCommunity Holdings, LLC


Equity Lifestyle Properties Inc.


Equity Residential


Farmland Partners, Inc.


Forum Investment Group


Freehold Properties, Inc.


Goldman Sachs


Hines Global Income Trust, Inc.


Innovative Industrial Properties


Jefferies


JPMorgan Chase


Keppel


KeyBank


Morgan Stanley


My Place Self-Storage


Northstar Healthcare Income, Inc.


Piper Sandler Companies


RBC


R.W. Baird


Stifel


Treehouse REIT


UDR, Inc.


UBS Securities, LLC


Wells Fargo Securities LLC


Zippy Shell Incorporated


Principaux dossiers


  • Represented Ares Industrial Real Estate Income Trust in its third public offering of $5 billion of common stock.
  • Represented Hines Global Income Trust in its third public offering of up to $2.5 billion of common stock, and its upcoming fourth public offering of the same amount.
  • Represented Alexandria Real Estate Equities in connection with its $1 billion public offering of senior notes.

Simpson Thacher & Bartlett LLP

The firm’s strong relationship with Blackstone is what sets Simpson Thacher & Bartlett LLP apart, handling significant REIT M&A and capital markets work for them. Aside from Blackstone Real Estate Income Trust, the firm represents investors and underwriters in securities matters. Leadership is shared between three partners, Brian Stadler, Sasan Mehrara, and Edgar Lewandowski. Stadler represents clients in take-private transactions and is an expert in M&A. On the capital markets front, Lewandowski is a specialist, regularly advising on spin-offs, IPOs and other equity and debt offerings. Tax is where Mehlman excels, drawing on extensive knowledge of the tax matters related to fund formation. Benjamin Wells is well-versed in the launch of REITs and SEC-registered offerings.

 

 

Responsables de la pratique:

Brian Stadler; Sasan Mehrara; Edgar Lewandowski


Autres avocats clés:

Benjamin Wells


Principaux clients

Blackstone, Blackstone Real Estate Income Trust and Blackstone Mortgage Trust


Invitation Homes


KKR Real Estate Finance Trust


Centerbridge Partners


DigitalBridge Group


BioMed Realty


Oaktree Real Estate Income Trust


J.P. Morgan Securities LLC


QTS Realty Trust


PS Business Parks


Lindsay Goldberg


Brandywine Realty Trust (Underwriters)


Clarion Partners Real Estate Income Fund


North Haven Net Real Estate Income Trust


Oak Street Net Lease Trust


Oaktree Real Estate Income Trust


PGIM Investments LLC


Skybridge Opportunity Zone REIT


Starwood Credit Real Estate Income Trust (SCRED)


The Ground Lease REIT, Inc.


Principaux dossiers


  • Advised Blackstone Real Estate Partners X in the $10 billion acquisition of AIR Communities.
  • Advised KSL Capital Partners on its $1.4 billion acquisition of Hersha Hospitality Trust in an all-cash transaction.
  • Advised Clarion Partners in the launch and ongoing representation of Clarion Partners Real Estate Income Fund, the first ever “1940 Act REIT”.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP has a comprehensive REIT offering, handling the full gamut of matters from M&A to restructurings and financings. The team is known for its strengths in equity and mortgage REITs, including REITs that specialize in mortgage-backed securities and mezzanine loans. The REITs tax team in particular distinguishes the firm as well as the practice’s prowess in creating new types of REITs. Co-leading the department is David Goldschmidt in New York, Palo Alto-based Gregg Noel, David Polster who leads from Chicago, and Harvey Uris who is also a part of the New York practice. Goldschmidt focuses his practice on capital markets transactions while Polster is an expert on REIT tax matters. Over in Chicago, tax specialist Sarah Beth Rizzo stands out for her capabilities in federal income tax planning for REIT transactions, spanning M&A, reorganizations and private and public securities offerings.

Responsables de la pratique:

David J. Goldschmidt; Gregg A. Noel; David Polster; Harvey R. Uris


Autres avocats clés:

Sarah Beth Rizzo


Principaux dossiers


  • Represented apartment community owner-operator Apartment Income REIT Corp. (AIR Communities) in the capital markets aspects of its $10 billion acquisition by Blackstone Real Estate Partners X.
  • Advised GIC Pte. Ltd. in a joint venture with Centerbridge Partners, L.P., in connection with the $868 million acquisition of INDUS Realty Trust, Inc.
  • Represented real estate investment trust Rithm Capital Corp. (“Rithm”) on its $720 million acquisition of Sculptor Capital Management Inc. (“Sculptor”), a global alternative asset manager with $34 billion in assets under management.

Sullivan & Worcester LLP

Core to Sullivan & Worcester LLP‘s practice is its REIT tax capabilities which Ameek Ashok Ponda is at the helm of. Director of the firm’s tax department, Ponda concentrates largely on representing public and private REITs in structuring corporate mergers and acquisitions. Co-leading the REIT team is Angela Gomes and Louis Monti. Monti has a broad practice, representing clients in acquisitions and restructurings across a range of real estate asset classes and in multi-state portfolio transactions. Sarah Wellings is experienced in counseling on REIT-compliant structuring and federal and state tax aspects of REIT formation, conversion and liquidation matters. Lindsey Getz focuses on public REITs while Shu Wei handles equity and debt financings. All aforementioned lawyers are located in Boston.

Responsables de la pratique:

Angela Gomes; Ameek Ashok Ponda; Louis Monti


Autres avocats clés:

Sarah Wellings; Lindsey Getz; Shu Wei


Les références

‘Vast expertise on REIT structuring.’

Principaux clients

American Tower Corporation


Equinix, Inc.


Iron Mountain Incorporated


Industrial Logistics Properties Trust


Service Properties Trust


Office Properties Income Trust


Manulife US REIT


Diversified Healthcare Trust


Manhattan Bridge Capital Inc.


Seven Hills Realty Trust


New Forests, Inc.


Prime US REIT


Principaux dossiers


  • Represented EQIX as U.S. REIT and tax counsel in connection with its $600 million joint venture with PGIM Real Estate to develop and operate the first xScale data center in the U.S. (Silicon Valley, California) and in connection with its $15 billion joint venture with GIC and CPP.
  • Represented REIT-Tax counsel to American Tower Corporation (NYSE: AMT) in connection with three debt offerings totaling approximately $3.587 billion in aggregate principal amount.

Venable LLP

Venable LLP, praised as ‘the gold standard’, is a specialist Maryland corporate practice, frequently serving as Maryland counsel in REIT capital-raising transactions. The firm advises publicly traded Maryland REITs and SEC-registered, non-listed and private REITs on Maryland corporate law aspects of IPOs, equity and debt offerings and M&A. The head of the practice is Michael Schiffer in Baltimore. James Hanks is reputed for his deep knowledge of all aspects of Maryland law. Christopher Pate is lauded as a ‘stand out’, representing clients in corporate governance issues and securities transactions. Pate also regularly counsels buyers and sellers in major mergers and acquisitions. Carmen Fonda also comes recommended. The entire team is based in Baltimore.

Responsables de la pratique:

Michael D. Schiffer


Autres avocats clés:

James Hanks; Christopher W. Pate; Carmen Fonda


Les références

‘Market leaders; commercial insights; active in drafting legislation; practical and responsive.’

‘Chris Pate is a standout.’

‘The Venable team is very responsive, extremely knowledgeable and commercial and on top of current market practice. As far as MD law is concerned, particularly in the REIT context, they are the go to firm.’

Principaux dossiers


Wachtell, Lipton, Rosen & Katz

Wachtell, Lipton, Rosen & Katz‘s REIT practice is devoted to REIT M&A, advising on marquee matters like Kimco Realty Corporation’s acquisition of RPT Realty. Co-chair of the firm’s corporate department, New York-based Adam Emmerich heads up the team and expertly handles REIT mergers and acquisitions, divestitures, spin-offs and joint ventures. Emmerich is also well-equipped to advise REITs on a range of matters related to corporate governance. Also in New York, co-chair Robin Panovka is a leading authority on REIT M&A transactions, serving as co-chair of the NYU REIT Center.

Responsables de la pratique:

Adam O. Emmerich; Robin Panovka


Principaux clients

Spirit Realty Capital


Kimco


PREIT


Sun Communities


Office Properties Income Trust


Public Storage


Regency Centers


Activism Defense


Principaux dossiers


  • Represented Spirit Realty Capital, Inc. (NYSE: SRC) when it was acquired by Realty Income Corporation (NYSE: O) in an all-stock transaction valued at approximately $9.3 billion.
  • Represented Kimco Realty Corporation (NYSE: KIM) in its all-stock acquisition of RPT Realty (NYSE: RPT) for $2.3 billion, issuing 0.6049 shares for each RPT share, a 19% premium to RPT’s closing price on that date.
  • Counselled Pennsylvania Real Estate Investment Trust (PREIT) on its comprehensive restructuring of its $1.5 billion debt through voluntary prepackaged chapter 11 cases filed in Delaware, aiming to reduce PREIT’s total indebtedness by $880 million.

Clifford Chance

Clifford Chance‘s REIT offering, praised for its ‘long-term focus representing REITs’, sits within the wider global financial markets practice and is led by finance experts Andrew Epstein, Jason Myers, and Kathleen Werner. Epstein is well-versed in capital markets transactions, assisting clients with equity and debt offerings. Meyers has broad experience with both listed and non-listed REITs while Werner focuses on corporate transactions for public companies. The firm has had recent activity advising on REIT spin-offs and private offerings by non-traded REITs.  Jay Bernstein is highly reputed for his extensive expertise in capital raising and mergers and acquisitions. All lawyers mentioned are based in New York.

Responsables de la pratique:

Andrew Epstein; Jason Myers; Kathleen Werner


Autres avocats clés:

Jay Bernstein


Les références

‘This practice group has high competence, and availability, which is always important for any in-house counsel. Most importantly, the competence is top to bottom. Having the associates, who are the more constant points of contact, also know the practice area is important.’

‘As mentioned, all of the lawyers I work with are competent in the area, not just the partners. Also, they are always available and highly responsive.’

‘When I approach my lead partner at Clifford with an issue, he always puts together the correct team members in a timely manner to give me a fully and complete response.’

Principaux clients

Cantor Silverstein Opportunity Zone Trust


Hannon Armstrong


Dream Asset Management


Grubb Properties


Star Holdings


Net Lease Office Properties


Equity Lifestyles


Terravet Real Estate Solutions


CION Investment Corporation


Angelo Gordon & Co


Avila Real Estate Capital


Stockbridge Capital Group and Stockbridge MORE Communities, LLC


National Storage Affiliates


ReNew REIT LLC


Global Self Storage


Retail Opportunity Investments Corp.


Rescore Property Corp.


Chimera Investment Corp.


Madison International Realty


CNL Financial Group


Greenbacker Renewable Energy Company


Principaux dossiers


  • Advised Grubb Fund Management, LLC, on its continuous private offering of up to US$250 million in Class A Units of its newly formed Link Apartments Opportunity Zone REIT II, LLC.
  • Advised Sales Agents led by Mizuho, in connection with Alexandria Real Estate Equities, Inc.’s (NYSE: ARE) new SEC-registered ATM Program of up to US$1.5 billion.
  • Advised Hannon Armstrong Sustainable Infrastructure Capital, Inc. (NYSE: HASI) on its inaugural investment grade private offering of US$700 million of 6.375% green senior unsecured notes guaranteed by certain of its subsidiaries and its subsequent private offerings.

Greenberg Traurig, LLP

Capital markets is at the heart of Greenberg Traurig, LLP‘s REIT practice with its caseload consisting largely of private, initial and follow-on offerings. Another key feature of the practice is its expertise in structuring the formation of private and public REITs. Operating out of New York, team head Joseph Herz, who co-chairs the team with Robert Ivanhoe, is the first port of call at the firm for providing REIT clients with corporate and securities counsel. The unit is praised as being ‘a team of all stars’, with Herz at the helm of a panoply of debt and equity matters, acting for both issuers and underwriters. Over in Boston, Jennifer Weiss represents traded REITs, public non-traded REITs and private REITs on the structuring of an array of complex tax-oriented commercial transactions alongside New York-based Timothy Donovan with in-depth knowledge of the federal income taxation of real estate investment trusts (REITs). Also in the New York REITs tax space, Carl Riley is a name to note.

 

 

 

Responsables de la pratique:

Robert Ivanhoe; Joseph Herz


Autres avocats clés:

Jennifer Weiss; Timothy Donovan


Les références

‘Most client-centric and knowledgeable REIT team on the street’

‘They always give sound advice, can speak from experience, pull in other areas of the firm when necessary and are always accessible and fast ’

‘Our relationship with Greenberg Traurig has been key to our success across a variety of transaction structures, including highly bespoke executions. The GT team takes great care to understand our and our clients’ objectives thoroughly and deliver quality service in a timely manner. Across a multitude of engagements, we have had the opportunity to work closely with a number of talented members of the Greenberg Traurig team, which has been highly efficient and synergistic.’

Principaux dossiers


Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP‘s real estate capital markets, tax, and M&A practices come together to assist its mainly publicly traded REIT client base with real estate capital market transactions, M&As, and IPOs. The cross-departmental team is praised as providing ‘the full suite of’ advice and in particular demonstrates capabilities in equity and debt transactions as both issuer’s and underwriter’s counsel. The department shines in the mortgage REITs space, advising an array of publicly traded mortgage REITs as company counsel, alongside its strong emphasis on hotel REITs.  Operating from Washington DC, well-respected capital markets lawyer Robert Smith comfortably handles public REIT transactions and jointly leads the team with Kendal Sibley from Richmond who is an expert in the federal tax aspects of structuring equity and mortgage REITs. In Richmond, Kate Saltz is a key figure in corporate finance and public and private securities offerings while George Howell in the tax team also comes recommended.

 

Responsables de la pratique:

Rober Smith; Kendal Sibley


Autres avocats clés:

Kate Saltz; George Howell


Les références

‘The Hunton Andres Kurth team is the top of the market in terms of REIT practices in terms of providing the full suite of tax, securities law and corporate advice.’

‘George Howell and Kendal Sibley are the preeminent tax lawyers in the space who are both knowledgeable and proactive. Rob Smith is an excellent corporate and securities law partner in the REIT space.’

‘Deep expertise on mortgage REITs across multiple departments, including corporate, securities, tax and regulatory. ’

Principaux clients

Underwriters’ Counsel For Rexford Industrial Realty, Inc.


MFA Financial, Inc. NoEllington Management Group, L.L.C.


AG Mortgage Investment Trust, Inc.


Chimera Investment Corporation


NewLake Capital Partners, Inc.


Underwriters’ Counsel for CTO Realty Growth, Inc.


Postal Realty Trust, Inc.


Pebblebrook Hotel Trust


Chatham Lodging Trust


Principaux dossiers


  • Represented the initial purchasers in connection with a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, of $575 million aggregate principal amount of 4.375% exchangeable senior notes due 2027 and $575 million aggregate principal amount of 4.125% exchangeable senior notes due 2029, by Rexford Industrial Realty, L.P., a subsidiary of Rexford Industrial Realty, Inc.
  • Advised Hersha Hospitality Trust management in its $1.4 billion acquisition by KSL Capital Partners. T
  • Represented Chimera Investment Corporation (NYSE) in connection with its recently-announced acquisition of Palisades Group, a U.S.-based alternative asset manager specializing in residential real estate credit for cash consideration of $30 million at closing, plus an additional potential earnout of up to $20 million over five years contingent upon achieving certain financial targets.

King & Spalding

King & Spalding LLP fields public offerings, fund formation, and finance issues for its clientele of both public and private REITs. The team is especially active with private REITs, and advises on a broad range of matters encompassing M&A and equity and debt offerings. The REIT-focused corporate, finance and investment practice is co-led by three partners including Spencer Johnson who covers the full gamut of capital raising transactions and corporate governance mandates and Kathryn Furman who is adept in other key areas like fund formation and joint ventures. Both co-heads are from Atlanta, as is partner Keith Townsend who is highlighted for his expertise in IPOs. On the tax front, Atlanta-based Wayne Pressgrove is a specialist and has provided tax advice to major  clients such as leading housing REIT Greystar. Tony Rothermel retired in June 2024.

 

 

Responsables de la pratique:

Spencer Johnson; Kathryn M. Furman; Gibbs P. Fryer


Autres avocats clés:

Keith Townsend; Wayne Pressgrove


Principaux clients

11 North Partners


Americold Realty Trust


CARROLL


Columbia Property Trust


Cousins Properties


CyrusOne


GIC Real Estate


Inland Construction & Development, Co.


Jamestown


Raymond James Real Estate Investment Banking


Edens Investment Trust


Iron Mountain Incorporated


Piedmont Office Realty Trust


Whitestone REIT


Platform Ventures


Preferred Apartment Communities


Ventas, Inc. (NYSE: VTR)


Principaux dossiers


  • Advising Equinix, Inc., the world’s largest real estate investment trust focused on data centers, in the formation of a joint venture with GIC, the sovereign wealth fund of Singapore, and Canada Pension Plan Investment Board. to raise more than $15 billion of capital to expand Equinix’s hyperscale data centers in the U.S.
  • Advising Brian Harper, in his agreement with Bain Capital Real Estateto form a strategic partnership to acquire and operate open-air retail centers throughout the U.S. and Canada.
  • Advising Jamestown on its acquisition of $2 billion Atlanta subsidiary of North American Properties.

Mayer Brown

Mayer Brown‘s REIT offering blends together capital markets, M&A and corporate governance expertise. The team is frequently engaged as underwriters’ counsel for various public REITs. Drawing on the firm’s wider expertise in residential mortgage securitization, the practice is a go-to for mortgage REITs.  Practice head and capital markets lawyer Anna Pinedo concentrates on financing matters and securities. David Freed is intimately familiar with equity and mortgage REITs, assisting with private placements, IPOs, and follow-on offerings. REIT issuers, sponsors and investment banks rely upon Brian Hirshberg for his expertise in public equity and debt offerings. All three lawyers operate out of New York and are supported by Chicago-based Haukur Gudmundsson, who is well-versed in securitizations and structured finance transactions, and Susannah Schmid who handles mortgage loan transactions. Capital markets expert Jason Parsont joined the firm from Clifford Chance in September 2024.

 

 

Responsables de la pratique:

Anna Pinedo


Autres avocats clés:

David Freed; Brian Hirshberg; Haukur Gudmundsson; Susannah Schmid; Jason Parsont


Principaux clients

Redwood Trust Inc.


Prologis, Inc.


Gaea Real Estate Corp.


Global Net Lease, Inc. (designated underwriter/agent counsel)


Great Ajax Corp.


ARMOUR Residential REIT, Inc.


New York Mortgage Trust, Inc.


CBRM Realty Inc.


Dynex Capital, Inc.


Lument Finance Trust


Post Brothers Holdings LLC


Innovatus Capital Partners


Waypoint Residential LLC


Ready Capital


MFA Financial Inc.


Amherst Residential and Main Street Renewal


Churchill Finance LLC


Centerspace (designated underwriter/agent counsel)


Principaux dossiers


Morris, Manning & Martin, LLP

Morris, Manning & Martin, LLP‘s REIT practice is well positioned to advise public and private REITs, as well as non-traded REITs, on the entire range of capital markets, joint ventures and M&A transactions. The team is led by ‘extremely knowledgeable’ Lauren Prevost in Atlanta who has significant experience in representing issuers and underwriters in the IPO process. Other integral members of the Atlanta office include Seth Weiner, an expert in securities offerings, and Shannon McNulty, who specializes in representing clients in corporate governance matters and private placements to raise capital. Over in Washington DC, Aresh Homayoun has a comprehensive REIT-focused tax practice, assisting on the federal income taxation aspects of REIT partnerships.

Responsables de la pratique:

Lauren Prevost


Autres avocats clés:

Seth Weiner; Shannon McNulty; Aresh Homayoun


Les références

‘The REIT practice at MMM is excellent for non-traded REIT clients. Their staffing of partners and attorneys that understand the client’s business and objective is superb; you can contact any of them and they are typically all well-informed on the matter at hand; saving a great deal of time and re-educating if an issue arises where the original point of contact is not available.’

‘Lauren Prevost and Seth Weiner are extremely knowledgeable and resourceful. Their responsiveness and focus on advising and guiding clients is exemplary.’

 

Principaux clients

CIM Real Estate Finance Trust, Inc.


American Healthcare REIT, Inc.


Modiv Industrial, Inc.


RealtyMogul Income REIT, LLC


RealtyMogul Apartment Growth REIT, Inc.


Brookfield Asset Management


Washington Real Estate Investment Trust (WashREIT)


CCO Capital, LLC


NADG Special Committee


Principaux dossiers


  • Represented Modiv Industrial, Inc. in a $50 million at-the-market offering of common stock on the New York Stock Exchange.
  • Served as FINRA counsel to CCO Capital, LLC, the dealer manager in connection with the $400 million public offering of Series A1 Preferred Stock by Creative Media & Community Trust Corporation (“CMCT”).
  • Represented American Healthcare REIT, Inc as corporate securities counsel in connection with the company’s $772,800,000 listed offering of common stock on the New York Stock Exchange.

Paul Hastings LLP

Paul Hastings LLP‘ REIT-focused securities and capital markets practice has recently been bolstered by the additions of Boston-based Scott Chase from Goodwin and Chicago-based Kerry Johnson from DLA Piper LLP (US) in October 2024. The two now jointly lead the practice alongside Derek Roth from Los Angeles and Pablo Clarke, operating from Century City. Chase stands out for his robust expertise in the REIT IPO space and for representing public exchange-listed REITs and their underwriters, while Johnson demonstrates strong capabilities in advising on major REIT capital markets offerings and REIT M&A. Rounding out the leadership, Roth and Clarke are well-versed in joint ventures, fund formation and capital raising. Over in New York, Yariv Katz serves as designated underwriters’ counsel for multiple REITs and excels in the full breadth of capital markets transactions, from public offerings to private offerings of equity and debt securities.

 

Responsables de la pratique:

Pablo Clarke; Derek Roth; Scott Chase; Kerry Johnson


Autres avocats clés:

Yariv Katz


Les références

‘What makes it unique is the attention of very senior partners who value the relationship with our firm. Even though it is a small deal, we felt very supported by their entire team. The two senior partners divided their time on the coverage of the deal – and at no time did we feel they disengaged. And the team was appropriately staffed with junior associates at all times. ’

‘Mike Huang and Rob Leung are exceptional attorneys. They strike the right balance between protecting their clients’ legal interests and finding creative and commercial solutions to help counterparties reach a middle ground when at an impasse. Highly recommend.’

‘The firm is very quick and accurate in their responses, they are always dedicated to understanding the client’s needs and explaining the difficulties of the transaction to the client in a very simple and friendly manner. They also have an appropriate fee policy that flexes with the client’s needs.’

‘Mike Huang and Robert Leung are excellent (deal makers), and are always on the lookout for real, practical and useful solutions.’

 

Principaux clients

Barclays


BMO Capital Markets


BofA Securities


BTIG


Citigroup


Citizens Capital Markets


Fifth Third Securities


Goldman Sachs & Co. LLC


Highwoods Properties, Inc. (NYSE: HIW)


Jefferies LLC


Citizens JMP Securities, LLC


J.P. Morgan


KBW


Morgan Stanley


RBC Capital Markets


Region Securities


STAG Industrial, Inc. (NYSE: STAG)


Truist Securities, Inc.


Wells Fargo Securities


Principaux dossiers


  • Advised Wells Fargo Securities, BofA Securities, J.P. Morgan Securities, and other underwriters in connection with American Homes 4 Rent’s (NYSE: AMH) inaugural green bond public offering of USD $600 million aggregate principal amount of 5.500% Senior Notes due 2034.
  • Advised the sales agents (18 banks in total) in connection with the reset (and establishment) of Sun Communities, Inc.’s USD $1.25 billion ATM offering program (an ongoing offering of equity securities).
  • Advised the underwriters led by Wells Fargo Securities, LLC, Citizens JMP Securities, LLC, Fifth Third Securities, Inc., and Truist Securities, Inc. in connection with Gaming and Leisure Properties, Inc.’s (Nasdaq: GLPI) pricing of a public offering of (1) USD $800 million aggregate principal amount of 5.625% Senior Notes Due 2034 and (2) USD $400 million aggregate principal amount of 6.250% Senior Notes Due 2054.

Vinson & Elkins LLP

Vinson & Elkins LLP’s practice is led by Daniel LeBey in Richmond, who focuses on REIT securities offerings. Chris Mangin heads the REIT tax team from the firm’s Washington DC office. The firm handles a range of REIT transactions, including capital market activities such as equity and debt securities. The team has latterly been involved in mergers between publicly traded REITs, as well as mergers and acquisitions of both public and private REITs. Washington DC-based Greg Cope provides advice on all aspects of REITs, from initial formation to corporate governance, joint ventures, and corporate finance. Chris Green has a notable presence in DC and is recognized for his expertise in corporate finance. Playing a key role in the Richmond office, the bedrock of Paige Anderson‘s practice is federal income tax, tax-related issues for public and private REITs, and tax planning for both equity and mortgage REITs.

 

 

 

 

Responsables de la pratique:

Daniel LeBey; Chris Mangin


Autres avocats clés:

Greg Cope; Chris Green; Paige Anderson


Principaux dossiers


Weil, Gotshal & Manges LLP

Sitting within the real estate group, Weil, Gotshal & Manges LLP‘s REIT practice is known for its experience in joint ventures, debt offerings, acquisitions and divestments, and distressed matters. Practice head Phillip Rosen has recently represented publicly traded REITs with complex restructurings while Phillip Rosen, who joined from Willkie Farr & Gallagher LLP in July 2024, jointly leads the team. Both lawyers in leadership are based in New York, as are Jannelle Seales and Pejman Razavilar who splits his time between Miami and New York. Seales and Razavilar are adept at M&A and joint ventures.

 

Responsables de la pratique:

Thomas J. Henry; Philip Rosen


Autres avocats clés:

Jannelle Seales; Pejman Razavilar


Principaux clients

AllianceBernstein Holding LP


Blackstone


Brookfield Business Partners L.P.


Cedar Fair, L.P.


Clayton, Dubilier & Rice, Inc.


Digital Realty Trust, Inc.


Eli Lilly and Company


Goldman Sachs


IQHQ, Inc.


NRDC Equity Partners


PAI Partners


Paramount Group


Sears Holdings Corporation


St. John’s University


Sunoco LP


The Amherst Group


The Home Depot, Inc.


Principaux dossiers


  • Advised The Home Depot, Inc., the largest home improvement specialty retailer in the United States, in the real estate aspects of its $18.25 billion acquisition of SRS Distribution Inc.
  • Advised Cedar Fair, L.P., an owner and operator of amusement parks, water parks and resort accommodations in the United States and Canada, in the real estate aspects of its approximately $8 billion merger with Six Flags Entertainment Corporation.
  • Advised Brookfield Business Partners in the real estate aspects of its $8 billion sale of Westinghouse Electric Company, a supplier of nuclear plant products and technologies to the commercial nuclear electric power industry.