REITs

Our firm is fortunate to serve as general counsel to several real estate investment trusts ("REITs"). The firm has developed a national reputation for our work with private REITs. We also serve as special or local counsel to numerous regional and national REITs, several of them focusing on office and office/warehouse ownership and development, multi-family residential and other specialized sectors. We are engaged to structure acquisitions, financings, sales, exchanges and joint ventures. We have acted as lead counsel on numerous multi-state, multi-property portfolio sales, acquisitions and financings, and have been involved in multiple large pool 1031 tax-free exchanges.

In addition to our involvement as counsel to REITs in structuring acquisitions as UPREIT transactions (which allows the seller to exchange real estate for partnership units in an operating subsidiary of a REIT which are later convertible to shares of stock in the REIT itself), we also have extensive experience representing private sellers in UPREIT transactions. Our attorneys approach each representation with attention to detail, the energy and focus necessary to complete the deal within the required time frame and the creativity required to make a deal work within the REIT's limits of tolerance for risk. The Section has the ability to staff transactions in a cost effective manner in routine matters and as necessary to meet the demands and time constraints of complex matters. Many REITs seek to reduce the time required to complete a transaction and costs through efficient staffing and standardization in leases, purchase agreements and other documents. The Commercial Real Estate and Finance Section has the resources to provide appropriate staffing that meshes with the REIT's internal resources. In addition, the Section can create form documents for REITs and tailor their preferred forms for use in Virginia.

The Firm also advises REITs on regulatory issues and public and private offerings. We have handled several public and private REIT transactions over the last several years, including:

  • An initial public (non-traded) offering and follow on public offering for a California-based REIT totaling up to $500 million.
  • An initial public (non-traded) offering for a California-based REIT of up to $1 billion.
  • A $12 million private REIT follow-on offering.
  • A $25 million private REIT offering