Real estate investment trusts (REITs) in United States


Goodwin's REITs practice has maintained its leading position, representing public and private REITs in a variety of transactions. Jointly headed by Gil Menna and Ettore Santucci (both of whom divide time between Boston and New York), the team handles a full range of transactional matters, including debt and equity financing, M&A and investment transactions, and the negotiation of large-scale joint ventures. Highlights over the review period included representing Two Harbors in the non-renewal of its management agreement with PCRM, and advising Boston Properties on its $1.25bn IPO. Contacts in the Boston office include Daniel Adams and Scott Chase, who have significant experience working with private equity houses and investment banks, respectively. Christopher Versfelt is a standout associate in the team, with a growing focus on prop-tech. In New York, Yoel Kranz is recommended for his expertise in derivatives and structured products.

Practice head(s):

Gil Menna; Ettore Santucci

Other key lawyers:

Yoel Kranz; Daniel Adams; Scott Chase; Christopher Versfelt


‘Goodwin effectively deploys its various practice expertise based on a client’s specific needs.’

Key clients

AvalonBay Communities

Boston Properties, Inc.

Gaming & Leisure Properties Inc.

The Macerich Company

Mid-America Apartment Communities Inc.

Medical Properties Trust

Paramount Group, Inc.

Retail Properties of America

Two Harbors Investment Corp.


Work highlights

  • Representing the independent directors of Two Harbors Investment Corp. in the non-renewal of its management agreement with PRCM Advisers LLC.
  • Advised long-standing client, Medical Properties Trust, on the acquisition of a portfolio of 30 acute care hospital facilities, valued at approximately $1.5bn.
  • Represented Boston Properties, Inc. in completing an underwritten public offering of $1.25bn aggregate principal amount of 3.3% senior unsecured notes and the issuer-side offering of $700m of 2.9% senior notes.

Hogan Lovells US LLP

A market-leading practice with an exceptionally deep bench, Washington-DC based Hogan Lovells US LLP provides comprehensive support to REIT clients. The team serves as counsel for capital markets work, corporate governance and a variety of corporate transactions and M&A, and is well placed to handle large-scale multi-jurisdictional mandates working alongside equally capable teams from across its global network. David Bonser heads the practice, bringing over 30 years of experience in securities and partnership transactions, M&A, joint ventures, and general governance. Of late, Bonser has continued his ongoing advice to VICI Properties on debt and equity transactions, and also advised Industrial Property Trust on its $3.99bn cash merger transaction with Prologis. Other leading names in the team include Mike McTiernan and Stacey McEvoy. The team is also noted for its expertise in REIT-specific tax matters, where key contacts include Prentiss Feagles and Cristina Arumi, the latter of whom heads up the US REITs tax group. Andrew Zahn is recommended for capital markets work and was promoted to partner in January 2021. Matt Thompson took an in-house position in October 2020.

Practice head(s):

David Bonser

Other key lawyers:

Prentiss Feagles; Stacey McEvoy; Abigail Smith; Andrew Zahn; Mike McTiernan


‘One of the premiere REIT practices. They cover all aspects – securities, capital markets, tax, finance, etc.’

‘David Bonser heads the group. He is great, fantastic judgment and quite practical. Prentiss Feagles is one of the best tax practitioners. They also have very good contacts with the SEC.’

‘REIT expertise is unparalleled. Responsiveness, personality, and culture of their firm is very appealing.’

Key clients

Park Hotels & Resorts

VICI Properties

Brixmor Property Group, Inc.

Colony Capital

QTS Realty Trust

JBG Smith Properties

American Homes 4 Rent

Public Storage

RLJ Lodging Trust

Welltower Inc.

Griffin Capital Essential Asset REIT, Inc

Work highlights

  • Advised the special committee of Carey Watermark Investors Inc. on its all-stock merger with Carey Watermark Investors 2 to form Watermark Lodging Trust, a $4.6bn non-traded REIT.
  • Advised VICI Properties Inc., a gaming, hospitality, and entertainment REIT on more than $5.41bn debt and equity transactions.
  • Representing Griffin Capital Essential Asset REIT, Inc. in its proposed acquisition of Cole Office & Industrial REIT for approximately $1.2bn in a stock-for-stock transaction.

Latham & Watkins LLP

The team at Latham & Watkins LLP brings together high-level expertise in real estate law, corporate and financing transactions, and tax, to support clients through the full life-cycle of a REIT, from initial structuring and formation to roll-up transactions. The practice group is led by Los Angeles-based co-heads Ana O’Brien, a tax specialist, and Julian Kleindorfer, whose experience in board governance and securities transactions has helped secure major business for the firm. Of recent note, the team advised Digital Realty on the $8.4bn acquisition of data center provider Interxion, and also handled Simon Property group's 80% acquisition of Taubman Centers. Also recommended are Lewis Kneib, a who focuses on securities deals, and Costa Mesa-based William Cernius, who works on M&A and capital markets, both of whom serve as outside counsel for several of market-leading REITs. Meghan Cocci joined the New York office from Dentons in January 2020.

Practice head(s):

Julian Kleindorfer; Ana O’Brien

Other key lawyers:

Lewis Kneib; William Cernius; Meghan Cocci

Key clients

Special Committee of Cole Office & Industrial REIT (CCIT II), Inc.

CoreSite Realty Corporation

Underwriters Counsel to CyrusOne Inc.

Digital Realty Trust, Inc.

Underwriters Counsel to Essential Properties Realty Trust, Inc.

Essex Property Trust, Inc.

Four Corners Property Trust, Inc.

Host Hotels & Resorts, LP

Hudson Pacific Properties

Kilroy Realty Corporation

Kimco Realty Corporation

Lineage Logistics, LLC

Underwriters Counsel to MGM Growth Properties, LLC

Underwriters Counsel to Park Hotels & Resorts

Realty Income Corporation

Redwood Trust, Inc.

Simon Property Group, Inc.

Spirit Realty, Inc.

Ventas, Inc.

Xenia Hotels Resorts, Inc.

Work highlights

  • Advised Digital Realty on its $8.4bn acquisition of InterXion, N.V., creating a leading European provider of data center, co-location and interconnection solutions.
  • Advised Simon Property Group on its acquisition of 80% stake in Taubman Centers, a REIT, and a related joint venture valued at approximately $9.1bn.
  • Advised CCIT II on its $4.9bn merger with Griffin Capital Essential Assets REIT (and its terminated $ 5.9bn merger with CIM Real Estate Finance Trust, Inc.).

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP's broad practice represents every form of REIT, across equity, mortgage, hybrid, special purpose, public and private forms. The firm has acted on a variety of first-of-its-kind structures focused on timber, prisons, gaming, telecoms, as well as a variety of innovative tax solutions. Its work includes formations, M&A, recapitalizations, financings, liquidations, reorganizations and restructurings, and tax-related matters. Regular work focuses on REITs that specialize in mortgages, mortgage-backed securities, and mezzanine loans. The practice is co-chaired by Meryl Chae, David Goldschmidt, Gregg Noel, David Polster and Harvey Uris out of the firm's Los Angeles, New York and Chicago offices. Highlights include advising SL Green Realty Corp. on its joint venture in and redevelopment of One Madison Avenue and Brookdale senior living on a variety of transactions.

Practice head(s):

Meryl Chae; David Goldschmidt; Gregg Noel; David Polster; Harvey Uris

Other key lawyers:

Peter Serating; Blair Thetford

Work highlights

  • Advised SL Green Realty on the approximately $500m joint venture of a 49.5% interest in, and redevelopment of, One Madison Avenue in New York City.
  • Advising Brookdale Senior Living on multiple transactions, including a joint venture with Healthpeak Properties and a lease restructuring with Ventas.
  • Advised MFA Financial, Inc. on its $500m capital raise through a private senior secured loan agreement to be funded by certain funds and accounts managed by subsidiaries of Apollo Global Management, Inc.

Clifford Chance

The ‘highly knowledgable and experienced team at Clifford Chance is active across the spectrum of US REIT-related matters. It offers advice on capital markets transactions, M&A, large-scale joint venture, corporate governance, and tax matters, acting for public, non-traded, mortgage and equity REITs. The firm has been involved in innovative matters, including the first cryptocurrency and ground-lease REITs, as well as completing the first REIT M&A transaction during the pandemic period. Also of note, the team served as underwriters’ counsel on the IPO of Broadstone Net Lease, one of the largest public offerings of 2020. Kathleen Werner leads the practice from New York.

Practice head(s):

Kathleen Werner

Other key lawyers:

Andrew Epstein; Jay Bernstein


‘Highly knowledgable and experienced team. Deep understanding of different subjects and breath within the firm to handle different requirements.’

‘Jay Bernstein and Andy Epstein are very thoughtful lawyers who give good advice and solve problems. Team always seems to get done what is needed even on last minute transactions.’

Key clients

National Storage Affiliates


Duke Realty


Apollo Commercial Real Estate Finance, Inc.

Watermark Lodging Trust, Inc.

Industrial Property Trust

iStar Inc.

Ready Capital Corporation

KITE Realty

Work highlights

  • Advised private housing REIT YES! on its $1.3bn acquisition of 49 manufactured housing communities (and associated manufactured homes).
  • Represented the underwriters in the IPO by the single-tenant-focused commercial REIT Broadstone Net Lease Inc.
  • Advised Carey Watermark Investors 2 Incorporated on its all-stock merger and management internalization transaction with Carey Watermark Investors 1 Incorporated to create a $4.6bn self-managed, non-traded real estate investment trust, Watermark Lodging Trust, Inc.

DLA Piper LLP (US)

DLA Piper LLP (US)‘s REIT practice represents real estate owners and operators, tax-exempt institutional investors, foreign investors, and private equity funds. Moreover, it regularly acts for public and private REITs from formation to acquisition, with a specialist practice in the formation of public, non-traded REITs, led by Robert Bergdolt from Raleigh. He led the firm in a variety of multibillion-dollar acquisitions, including work with Black Creek Industrial Property REIT and a cross-border deal with AXA Investment Managers. Kerry Johnson focuses on the listed-REIT side of the practice. San Diego-based Darryl Steinhause is highlighted by clients as ‘exceptional on all levels‘ and stands out for his expertise in securities transactions and specialized tax matters.

Practice head(s):

Robert Bergdolt

Other key lawyers:

Kerry Johnson; Darryl Steinhause


‘Darryl Steinhause has been exceptional on all levels. His experience, professionalism and expertise have been unmatched as compared to the several other funds that I’ve launched. He is available when needed and is always able to address questions and issues quickly.’

‘The team came highly recommended by several industry experts. They are as good as recommended and have been able to complete the work as well as provide advice beyond my expectations.’

Key clients

STORE Capital Corporation

Black Creek

Pacific Oak Strategic Opportunity REIT

STAG Industrial, Inc.

Highwoods Properties, Inc.


UBS Securities LLC

Ladenburg Thalmann & Co. Inc.


Work highlights

  • Represented Pacific Oak Strategic Opportunity REIT in its merger with Pacific Oak Strategic Opportunity REIT II to create a company with approximately $2.6bn in real estate and real estate-related assets.
  • Represented AXA Investment Managers in its $1.1bn acquisition of NorthStar Realty Europe, a publicly traded office REIT that owned properties across Europe.
  • Represented Black Creek Industrial REIT IV in the acquisition of all of the remaining assets of Industrial Property Trust, which consists of two portfolios with 83 industrial properties.

Greenberg Traurig, LLP

Noted for its handling of public and private REIT transactions, the team at Greenberg Traurig, LLP has expertise in public and follow-on offerings, corporate governance, SEC reporting, M&A, dispositions and exit strategies. The group is recognized in particular for its full-service securities work, and its strong understanding of the regulatory environment. Robert Ivanhoe and Joseph Herz jointly lead the practice from New York, with a strong emphasis on tax matters and sophisticated REIT structures. Also recommended is Timothy Donovan, who joined the firm from Proskauer Rose LLP and focuses on matters of federal taxation specifically for non-US investors.

Practice head(s):

Robert Ivanhoe; Joseph Herz

Other key lawyers:

Timothy Donovan

Work highlights

  • Advised on restructuring of REIT anchored open-ended Odyssey Index real estate fund.
  • Represented Treehouse Real Estate Investment Trust, Inc. in its private offering and private placement of 2,513,296 shares of its common stock for aggregate gross proceeds of approximately $60.3m.
  • Represented Raymond James & Associates, Inc. as the initial purchaser in connection with the $770m private offering of shares of common stock and operating partnership units by IQHQ, Inc.

Kirkland & Ellis LLP

Kirkland & Ellis LLP handles a full range of corporate and transactional matters for REITs, including M&A, tax and capital markets deals. Among its recent highlights, the team advised Taubman Centers on its merger agreement with Simon Properties and renegotiated that merger's terms following pandemic-related grievances. The team has particular experience in corporate governance matters, regularly advising on shareholder activism, takeover readiness, fiduciary duties and disclosure issues. Key contacts in the team include New York-based Michael Brueck and Sarkis Jebejian, both of whom work across M&A, investment strategy and corporate governance. A contact in the Chicago office is Bruce Gelman, who has significant experience structuring funds and representing offshore investors.

Practice head(s):

Michael Brueck; Sarkis Jebejian

Other key lawyers:

David Perechocky; Bruce Gelman


‘The Kirkland team provides everything I would expect from not just legal counsel but a true advisor – thoughtful, unbiased, well-reasoned advice, ‘always available’ service at all levels and truly top-quality team members who are great to work and spend time with.’

‘I would repeat the qualities I describe above while drawing particular attention to Michael Brueck and David Perechocky.’

‘Bruce Gelman is the strength, he is very responsive, has answers immediately instead of requiring lots of research time and layers of review, and business-friendly. He comes up with solutions, not just a ‘No, you can’t do that.’

‘Kirkland’s REIT practice is superb; the vast M&A experience in the firm really benefits the REIT practice. They have been in the middle of all of the big, complicated deals. They understand how to adapt the traditional corporate framework of public companies to the practical world of real estate companies.’

‘Michael Brueck is one of the most talented attorneys I have worked with; his ability to quickly synthesize information and to react/respond with a fulsome analysis is a great strength.’

Key clients


Taubman Centers

GLP Pte. Ltd.

TPG RE Finance Trust, Inc.

Gramercy Property Trust

Starwood Capital Group

Ladder Capital

Equity Lifestyle Properties

CareTrust REIT

Hudson Pacific Properties

Work highlights

  • Advised the special committee of the board of directors of Taubman Centers, Inc. on its amended and restated $8bn merger agreement with Simon Property Group, Inc.
  • Represented TPG RE Finance Trust, Inc. in its agreement with an affiliate of Starwood Capital Group for up to $325m in new capital.
  • Represented StorageMart Properties in a recapitalization of the business into a privately held UPREIT structure which values values StorageMart at an enterprise value of approximately $2.7bn.

Proskauer Rose LLP

Proskauer Rose LLP has experience handling IPOs, mergers and tender offers, equity and debt financings and joint ventures for REITs across most major property sectors; however, the team has been most active across office, retail, lodging, healthcare, single-family homes, data centers, industrial, and self-storage facilities. In this regard, the team has significant experience working with non-traded REITs. Practice co-head Michael Choate focuses on securities compliance and corporate governance from the firm's Chicago office, while joint practice head Steven Lichtenfeld in New York is noted for his expertise in public offerings and private debt and equity placement.

Practice head(s):

Michael Choate; Steven Lichtenfeld

Key clients

American Finance Trust

Fortress Credit Co LLC

Global Net Lease, Inc.

Healthcare Trust Inc.

Hospitality Investors Trust, Inc.

Inland Real Estate Income Trust

Leisure Acquisition Corporation

MG3 Developer Group LLC

Morgan Stanley

New York City REIT, Inc.

Pacific Oak Residential Trust II

Work highlights

  • Advised Morgan Stanley on numerous high-profile real estate transactions involving REITs over the past 12 months with a value of approximately $15bn in aggregate
  • Advised Global Net Lease Inc. on a range of transactions in the course of the past year with a cumulative value of approximately $750m.
  • Advised Hospitality Investors Trust, Inc. on the possible $425m restructuring of Brookfield Property Partner’s preferred equity investment in the company.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP has a strong REITs practice providing comprehensive support on matters ranging from M&A, joint venture transactions and capital markets, through to compliance, fund formation, and corporate governance. The firm has worked extensively with Blackstone Real Estate partners, including representing the company in its $14.6bn recapitalization of BioMed Realty, its acquisition of The Bellagio assets from MGM, and the $4.6bn acquisition of other real estate assets of Mandalay Bay and MGM Grand. Brian Stadler has extensive experience in M&A transactions and acted on behalf of Blackstone in the above transactions. He co-heads the practice group from New York alongside Gregory Ressa and Edgar Lewandowski.

Practice head(s):

Gregory Ressa; Brian Stadler; Edgar Lewandowski

Key clients


Invitation Homes

J.P. Morgan Securities LLC

Blackstone Real Estate Income Trust

Blackstone Mortgage Trust

Citigroup Global Markets

KKR Real Estate Finance Trust

BioMed Realty

Crown Acquisitions

Goldman, Sachs & Co.

CorePoint Lodging

Work highlights

  • Represented Blackstone Real Estate Partners VIII L.P. and co-investors in the sale of BioMed Realty for $14.6bn to a group led by existing BioMed investors.
  • Represented Blackstone real estate fund affiliates in the acquisition of all of Dream Global REIT’s subsidiaries and assets in an all-cash transaction valued at $6.2bn.
  • Represented of Blackstone Real Estate Income Trust in connection with its acquisition from MGM Resorts of the real estate assets of Mandalay Bay and MGM Grand for $4.6bn, and of the Bellagio assets for $4.25bn.

Sullivan & Worcester LLP

Sullivan & Worcester LLP runs a diverse transactional practice covering REIT formations and conversions, equity and debt offerings, real estate acquisitions and dispositions, M&A, joint ventures, tax compliance, and sale-leaseback transactions. Moreover, the group has experience working across a variety of structures, including both UpREITs and DownREITs. It also operates within various specialist asset classes such as cold storage, wind and power infrastructure, distributed antenna systems, and vineyards. Boston-based co-head Ameek Ashok Ponda directs the firm's tax department and focuses on M&A and cross-border transactions. Louis Monti jointly leads the practice group.

Practice head(s):

Louis Monti; Ameek Ashok Ponda

Other key lawyers:

Nicole Rives


‘The team’s strength lies in its responsiveness to and speed within which the respective counsels revert to us with advice and solutions to complex legal and commercial issues.’

‘Compared to other US law firms, S&W has demonstrated a deep understanding of internal billing processes and payment requirements and their conduct is evidenced of the firm being interested in building a business partnership with our organization for a long time.’

Key clients

American Tower Corporation

Equinix, Inc.

Iron Mountain Incorporated

Industrial Logistics Properties Trust

Service Properties Trust (formerly known as Hospitality Properties Trust)

Office Properties Income Trust

Manulife US REIT

Diversified Healthcare Trust (formerly known as Senior Housing Properties Trust)

Tremont Mortgage Trust

Manhattan Bridge Capital, Inc.

Work highlights

  • Represented AMT as special REIT counsel in its acquisition of InSite Wireless Group for about $3.5bn, including cash acquired and assumption of InSite debt.
  • Represented SVC in public offerings of senior notes and guarantees in an aggregate amount of $2.5bn.
  • Provided REIT-Tax counsel to AMT in various securities offerings, including over $4.8bn of senior notes and an at-the-market program of $1bn

Venable LLP

The team at Venable LLP acts for clients across the full life cycle of REITs.  Known as 'experts in Maryland law', the firm is adept at managing the unique aspects of capital markets, corporate law and corporate governance work required of businesses and investment vehicles incorporated in the state. Thanks to its standing in Maryland, the team represents not only publicly traded REITs but private and non-traded REITs as well. Sharon Kroupa and James Hanks lead the firm from its Baltimore office, and both are known for their tenure and expertise in the practice area. Brian Field is also recommended for his expertise in both Maryland and general corporate law.

Practice head(s):

James Hanks; Sharon Kroupa

Other key lawyers:

Chris Pate, Brian Field


‘Experts in MD law. They were involved in drafting the relevant regulations. They are commercial and very experienced – best in MD.’

‘Sharon Kroupa is smart, commercial and great to deal with. Chris Pate is a real technical expert. Brian Field is an up and comer.’

‘The team at Venable is highly expert in the realm of Maryland and REIT law. The best in the business.’

‘Sharon Kroupa – highly expert, practical, results oriented and a creative problem-solver. She is delightful to work with.’

‘Brian Field is highly responsive and efficient, and has a deep knowledge of Maryland law.’

‘Jim Hanks is the dean of the Maryland REIT bar. There’s simply no one else in the same league.’

‘Everything, in a word. Experience, service, judgment. Jim Hanks and his team have it all.’

Key clients

Rexford Industrial Realty, Inc.,

Watermark Lodging Trust, Inc.

Special Committee of a Board of Directors of a REIT

Publicly Traded Mortgage REIT

Prologis, Inc.

Great Ajax Corp

Monmouth Real Estate Investment Corporation

Special Committee of the Board of Directors of Steadfast Apartment REIT, Inc.

Alexandria Real Estate Equities, Inc.

Essential Properties Realty Trust

Work highlights

  • Represented Rexford as corporate, tax, real estate, and Maryland counsel in connection with its acquisition of a ten-property portfolio of industrial properties located in Southern California.
  • Served as Maryland counsel to Watermark Lodging Trust to create a self-managed, non-traded REIT with a portfolio of 33 lodging assets previously valued at $4.6bn.
  • Served as counsel to the special committee on its consideration of strategic alternatives available to the Company as a result of the Company’s existing external manager being partially internalized into another REIT.

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP has deep experience in IPOs and follow-on offerings, private placements of debt and equity, public debt issuances and M&A. The firm has developed a strong relationship with Brookfield Asset Management, having advised the client on transactions with a total value surpassing $40bn. Other key clients include CBL, Iron Mountain and Sears Holdings. Michael Bond and Philip Rosen co-head the firm from its New York office. Also recommended in the team are Evan Levy, who has broad experience in financing and securities offerings, and David Herman, who focuses on M&A, restructuring and dispositions, with a particular emphasis on the retail sector.

Practice head(s):

Michael Bond; Philip Rosen

Other key lawyers:

Evan Levy; David Herman


‘Evan Levy is our relationship partner. He is smart and experienced.’

Key clients


The Blackstone Group

Brookfield Asset Management Inc.

CBL & Associates Properties, Inc.

Colony Capital

Front Yard Residential Corporation

Herald Square Properties

Iron Mountain Incorporated

MGM Resorts International


Sears Holdings

Silverpeak Real Estate Partners

Work highlights

  • Advised MGM Resorts International on the formation of a joint venture to acquire the Las Vegas real estate assets of the MGM Grand, Mandalay Bay, and the Bellagio.
  • Advising CBL on exploring several alternatives to reduce overall leverage and interest expense and to extend the maturity of its debt, among other things.
  • Represented Front Yard Residential Corporation in its pending $2.4bn partnership formed by Pretium Partners and Ares Management.

Baker McKenzie LLP

The ‘extremely responsive‘ team at Baker McKenzie LLP handles M&A and financing deals involving public and private REITs, with speciality practice areas in Delaware Statutory Trust structures, and UpREIT and DownREIT structures. Moreover, the group provides governance and securities law advice to a wide variety of listed entities, including REITs. Addison Braendel heads up the service group, while Daniel Cullen manages the tax practice. Also recommended is Christopher Bartoli, a parter in the securities team. Named lawyers are based in Chicago unless stated otherwise.

Practice head(s):

Addison Braendel; Daniel Cullen

Other key lawyers:

Christopher Bartoli; Dick Lipton


‘The Baker team is extremely responsive when needed and has deep experience with REITs as well as broad industry contacts. Their internal quality control is thorough. Their associates have provided outstanding support.’

‘Dick Lipton and Steve Schneider have extensive REIT experience that includes work with REIT clients as well as speaking engagements and authorship of articles. They have provided our firm with decades of service continuity. They collaborate well with our general counsel as well as our outside tax preparers. Steve’s past experience at the IRS has brought insight into IRS processes.’

Key clients

Ashford Hospitality Trust Inc.

Benefit Street Partners LLC

Equinix, Inc.

Four Springs Capital Trust

Hamilton Zanze

Inland Real Estate Group, Inc

JLL Income Property Trust

Physicians Realty Trust

Sotherly Hotels

Uniti Group Inc.

WS Asset Management Inc.

Work highlights

  • Advised Uniti Group Inc, a spin-off of Windstream holdings, on REIT tax matters due to lease agreements with Windstream.
  • Advised Four Springs Capital Trust on the offering of common shares and operating partnership units both to individual investors and institutional contributors.
  • Acted for Equinix, Inc. in its over $1bn Europe-based joint venture with GIC, Singapore’s global wealth fund, to develop and operate hyper-scale xScaleTM data centres.

Ballard Spahr LLP

Ballard Spahr LLP advises public and private REITs on a huge variety of matters, including acquisitions and dispositions, ground and land use, and litigation primarily relating to bankruptcy. Thanks to its presence in Baltimore, the team has significant experience working with REITs incorporated in Maryland. Other areas of work include equity and debt offerings, loan finance, and tax law. The team is co-headed by Douglas Fox and Charles Moran in the Baltimore office, Phoenix-based Craig Ganz and Wendi Kotzen in Pennsylvania. Thomas Bashore II is also recommended for his experience in underwritten public securities offerings.

Practice head(s):

Douglas Fox; Charles Moran; Craig Ganz; Wendi Kotzen

Other key lawyers:

Thomas Bashore II


‘The Ballard REITs team is very strong. Tremendous amount of expertise and responsive and super nice to work with.’

‘My contact with Ballard is primarily with Doug Fox and his team. Doug has been assisting me for many years with several of my clients that utilize Maryland REITs in their structure. What makes Doug stand out is his level of expertise, practical advice and responsiveness. Not to mention he is a super nice guy and a real pleasure to work with.’

Key clients

Healthpeak Properties, Inc. (formerly known as HCP, Inc.)

Kilroy Realty Corporation

SL Green Realty Corp.

LTC Properties, Inc.

Mack-Cali Realty Corp

Spirit Realty Capital, Inc.

Agree Realty Corporation

Black Creek Industrial REIT IV, Inc.

Four Corners Property Trust, Inc.

RPT Realty

City Office REIT, Inc.

Broadstone Net Lease, Inc.

Realty Income Corporation

Essential Properties Realty Trust

STORE Capital Corporation

Work highlights

  • Advised Healthpeak on corporate matters including the underwritten public offering of $1.3bn senior notes of Healthpeak and a tender offer for up to $500m aggregate principal amount of outstanding senior notes.
  • Represented City Office REIT in an underwritten public offering of shares of common stock of City Office REIT with net proceeds to the company of approximately $81.7m.
  • Serves as corporate counsel to SL Green Realty Corp.,  New York City’s largest office landlord.

Fried, Frank, Harris, Shriver & Jacobson LLP

Rated by clients for its 'practical and economical advice', the team at Fried, Frank, Harris, Shriver & Jacobson LLP has exceptional experience representing issuers and underwriters in REIT IPOs and public and private securities offerings. The firm has additional expertise in federal income tax matters and strategic corporate governance, and handles the full range of transactional matters, spanning M&A, joint ventures and spin-offs. Contacts in the team include practice head Stuart Barr, who focuses on M&A and capital markets transactions, and Cameron Cosby, a name to note for tax matters and real estate and partnership transactions. Both named lawyers are based in Washington DC.

Practice head(s):

Stuart Barr

Other key lawyers:

Cameron Cosby


‘In my over 30 years in real estate tax, I have not had better service. They provide practical and economical advice. They look for easy solutions. They are extremely responsive.’

‘We often have to have Fried, Frank collaborate with our tax preparer and they seamlessly collaborate with them. They have no egos, which leads to exceptional collaboration.’

Work highlights

  • Served as counsel to Broadstone Net Lease on $629m initial public offering and listing on the New York Stock Exchange.
  • Served as counsel to Broadstone Real Estate, LLC on the internalization of the external management functions of Broadstone Net Lease, Inc.
  • Served as tax counsel to American Homes 4 Rent on multiple matters, including its at-the-market program, which aims to sell $500m of class A common shares.

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP provides a set of co-ordinated, cross-disciplinary legal support to its issuer and underwriter clients. The team has expertise in a variety of matters, including IPOs, public and private securities offerings, and M&A. Of late, it has advised a variety of firms on high-stakes situations arising from the Covid-19 pandemic, including representing Chimera Investment Corporation in a convertible note offering and a $400m credit facility with Ares Capital. The team is led by George Howell and David Wright in the Richmond office. Also recommended is James Davidson, singled out by clients for his ‘outstanding legal expertise‘ and significant experience of REIT IPOs.

Practice head(s):

George Howell; David Wright

Other key lawyers:

James Davidson


‘James Davidson is extremely professional, always makes himself available and provides sound well thought out advice.’

‘The HuntonAK REIT Practice is very responsive and provides practical advice that allows us to better meet our business objectives. It works well across disciplines (SEC, REIT tax, M&A, Comp & Benefits) and presents as one customer service team. Services are well-coordinated, creating a one-stop-shop for our legal and business guidance.’

‘James Davidson is a superb attorney and is responsive to our requests. James coordinates service offerings so that we always have access to the right experts to help us make decisions. James’ outstanding legal expertise, combined with his practical business acumen make him a valuable asset to our team.’

Key clients

Annaly Capital Management, Inc.

Pebblebrook Hotel Trust

MFA Financial, Inc.

Summit Hotel Properties, Inc.

Hersha Hospitality Trust

Chimera Investment Corporation

City Office REIT, Inc.

AG Mortgage Investment Trust, Inc.

Chatham Lodging Trust

Postal Realty Trust, Inc.

Work highlights

  • Served as underwriter’s counsel on behalf of Raymond James for Alpine Income Property Trust, Inc.’s initial public offering.
  • Served as underwriter’s counsel on behalf of Raymond James for NexPoint Real Estate Finance, Inc.’s initial public offering.
  • Represented the manager and management team in connection with the internalization of Annaly Capital Management, Inc., the largest publicly traded mortgage REIT.

King & Spalding LLP

King & Spalding LLP has experience acting for public and private REITs across their full life cycle. While it has plenty of expertise in recapitalizations, M&A, and fund formation, the firm is carving out a niche in cross-border work, bringing foreign investors to US business. A recent example of this was its representation of Clarion Partners in its raising of $800m from international investors. The practice is co-led by Atlanta-based Spencer Johnson, who provides REIT-specific advice to private equity investors, and New York-based Tony Rothermel, who focuses on M&A.

Practice head(s):

Spencer Johnson; Tony Rothermel

Other key lawyers:

Kathryn Furman

Key clients

Americold Realty Trust


Columbia Property Trust

Cousins Properties

Morgan Stanley


Clarion Partners

Raymond James Real Estate Investment Banking

Asana Partners

Transwestern Investment Group

Douglas Emmett, Inc.


Edens Investment Trust

Greystar Real Estate Partners

Piedmont Office Realty Trust

White Oak Healthcare Finance, LLC

Jernigan Capital

Barclays Bank PLC

Cortland Partners, LLC

VineBrook Homes

Ventas, Inc.

Work highlights

  • Advised Jernigan Capital, Inc. on its merger agreement with an affiliate of NexPoint Advisors, L.P., in an all-cash transaction valued at approximately $900m.
  • Representing Clarion Partners in connection with the ongoing capital raising by Lion Industrial Trust, which resulted in approximately $800m of new capital commitments from investors located across the globe.

Mayer Brown

Mayer Brown's REITs group has over 40 years of experience in structuring and transactions in this space. The firms represents public, private and mortgage REITs across a wide variety of asset classes, with work focusing on public and private offerings, structured debt issuances, and other capital markets transactions. The team also has a strong regulatory practice and tax capabilities, enabling end-to-end service on disclosure and federal securities law matters. Anna Pinedo leads the firm from New York, and recently-promoted Brian Hirshberg has strong client feedback due to his transactional expertise. Christina Thomas joined the Washington DC office from the SEC in November 2020.

Practice head(s):

Anna Pinedo

Other key lawyers:

Brian Hirshberg; Christina Thomas; Jon Van Gorp; Haukur Gudmundsson


‘Anna Pinedo may very well be the best lawyer I have ever worked with over my career, working with all the top name firms. She is incredible, dependable, insightful and drives her group to be the same. Brian Hirshberg is calm and just gets things done stress-free to his clients. The juniors are similar–can do, get it done.’

‘Timely, responsive can-do mentality and in-depth understanding of what matters and what matters less.’

‘The team at Mayer Brown understands the industry in which we operate.’

‘Mayer Brown has the leading mortgage regulatory and mortgage transactional practices with deep and thorough knowledge of both the rule and regulations at the federal and state levels and industry practices.’

Key clients

Redwood Trust Inc.

Prologis, Inc.

Gaea Real Estate Corp.

Global Net Lease, Inc.

Great Ajax Corp.

ARMOUR Residential REIT, Inc.

New York Mortgage Trust, Inc.

Sutherland Asset Management Corporation and its affiliates

Ready Capital Corporation

Natixis Securities Americas LLC

American Finance Trust

Dynex Capital, Inc.

Varde Partners, Inc. and its affiliates

Morris, Manning & Martin, LLP

Headed up by Lauren Prevost in Atlanta, the REITs group at Morris, Manning & Martin, LLP acts for a variety of clients, including real estate fund sponsors, developers and operators, financial institutions, institutional investors and asset managers. It works across a wide range of asset classes, such as affordable housing, healthcare, condominiums, resort, student housing, and industrial. Featured among its recent highlights are complex securities offerings, M&A, specialist tax matters, restructurings and UpREIT transactions. Seth Weiner has significant expertise in corporate transactions, and Aresh Homayoun focuses on federal tax issues for REITs.

Practice head(s):

Lauren Prevost

Other key lawyers:

Seth Weiner; Aresh Homayoun

Key clients

RW Holdings NNN REIT, Inc.

Mogul REIT 1

CIM Income NAV, Inc.

HC Government Realty Trust

Griffin Capital Essential Asset REIT II, Inc.

Carter Validus Mission Critical REIT II, Inc.

Mogul REIT 1

Work highlights

  • Represented RW Holdings NNN REIT, Inc. in multiple transactions in connection with the company’s merger with Rich Uncles Real Estate Investment Trust I.
  • Continued working with Mogul REIT I, Inc., a REIT sponsored by Realty Mogul, LLC, a leading technology-based real estate investment marketplace.
  • Served as issuer counsel for CIM Income NAV, Inc. on its follow-on offering of public stock valued at $4bn.

Morrison Foerster

The full-service REITs practice at Morrison Foerster advises sponsors, listed and non-listed REITs on M&A, capital markets transactions and real estate matters, as well as on all related tax issues. Its experience gives it a deep understanding of a variety of asset classes with particular activity in data centers, healthcare, multi-family and multi-use. Justin Salon and David Slotkin jointly head the practice from Washington DC. New-York based Jay Blaivas is a name to note for fund formation, and Heath Linsky in Atlanta has considerable experience representing clients in M&A and other capital markets transactions. Another REIT-focused corporate partner, Larry Medvinsky, joined from Clifford Chance in March 2021.

Practice head(s):

Justin Salon; David Slotkin

Other key lawyers:

Jay Blaivas; Heath Linsky; Alice Connaughton; Shane Shelley; Andy Campbell; Larry Medvinsky


‘The team has full-service capabilities— M&A, litigation, employee benefits, SEC, and general matters. I have used all of the above services. Their experience is outstanding and they provide both technical and practical advice. They are truly business advisors. With their experience, they provide well thought out, but very timely answers to questions and also emerging trends.’

Key clients

Special Committee of Resource Real Estate Opportunity REIT II, Inc.

Freehold Properties, Inc.

Barclays Capital Inc. (Plymouth Industrial)

Alexandria Real Estate Equities, Inc.

Steadfast Apartment REIT, Inc.

Equity Residential

Farmland Partners

Piper Sandler Companies

UDR, Inc.

Jernigan Capital

Bank of America Merrill Lynch

Armada Hoffler Properties, Inc.

Procaccianti Hotel REIT, Inc.

Black Creek Industrial REIT IV Inc.

Hines Global Income Trust, Inc.

Whitestone REIT Inc.

Robert W. Baird & Co. Inc. (Apple REIT)


Strategic Capital

Work highlights

  • Advised Carter Validus Mission Critical REIT II, Inc. and Carter Validus Operating Partnership II, LP, on their internalization transaction.
  • Represented Armada Hoffler Properties, Inc. in a public offering of 3,600,000 shares of its series A stock worth $86.3m.
  • Represented the special committee of the board of directors of Pacific Oak Strategic Opportunity REIT, Inc. in its strategic merger with Pacific Oak Strategic Opportunity REIT II.

Paul Hastings LLP

The REITs practice at Paul Hastings LLP has a strong background advising on private and public REITs issues, and is also recognized for its experience serving as underwriter's counsel for a variety of leading institutions. The group has particular expertise acting on behalf of financiers, having advised clients including Morgan Stanley, Citibank and JPMorgan on the provision of large-scale cash facilities to REITs. The firm also has a strong background in Latin America-facing work, with notable experience with FIBRA, the Mexican equivalent of a REIT. Frank Lopez leads the practice from New York.

Practice head(s):

Frank Lopez

Other key lawyers:

Yariv Katz; Michael Zuppone

Key clients


BofA Securities, Inc.


Goldman, Sachs & Co

Credit Suisse


Itaú BBA

Carey Watermark Investors Incorporated / Carey Watermark Investors 2 Incorporated / Watermark Lodging Trust

RBC Capital Markets


Lexington Realty Trust

Morgan Stanley

J.P. Morgan

Wells Fargo Securities

BMO Capital Markets Corp.

Jefferies LLC


American Homes 4 Rent

Public Storage

PS Business Parks

Work highlights

  • Represented Carey Watermark Investors Incorporated and Carey Watermark Investors 2 Incorporated, both publicly trade REITs, in their $4.6bn merger to form Watermark Lodging Trust.
  • Advised Morgan Stanley as the lead lender, Citibank and JPMorgan as co-lenders, on the origination of the financing for Blackstone Real Estate Income Trust’s joint venture acquisition of the Bellagio.
  • Represented the joint book-running managers in Sun Communities’ $1.28bn public offering, executed in a unique registered forward sale.

Vinson & Elkins LLP

Vinson & Elkins LLP offers a full suite of services to its REIT clients and is commended for its ability to 'work well with the other side'. The team is skilled across all related regulatory and tax matters affecting the formation and structuring of public and private REITs, though it is perhaps best known for its work on capital markets and financing transactions, where it works for banks as well as for REITs themselves. The practice also boasts a wide client roster across a full array of asset classes. Contacts in the team include Daniel LeBey, who heads up the practice from the Richmond office, and Washington DC-based Christopher Mangin, who focuses on corporate tax law and compliance.

Practice head(s):

David Oelman; Matt Strock; Daniel LeBey

Other key lawyers:

Chris Mangin; Chris Green


‘Works well with the other side and looks for reasonable outcomes.’

Key clients

Alpine Income Property Trust, Inc.

Aspire Real Estate Investors, Inc.

Ellington Financial Inc.

Global Medical REIT Inc.

BofA Securities/Merrill Lynch & Co., Inc.

New York Mortgage Trust, Inc.

TPG RE Finance Trust, Inc.

Preferred Apartment Advisors, LLC/Preferred Apartment Communities, Inc.

Stifel, Nicolaus & Company, Incorporated

Wells Fargo Securities, LLC

WPT Industrial REIT

Work highlights

  • Advising Aspire Real Estate Investors, Inc. on its initial public offering of common stock which launched in November 2020.
  • AdvisedWells Fargo Securities, BofA Securities, Citibank, Stifel, and Jefferies, on the initial public offering of common stock by NETSTREIT Corp. which closed August 17, 2020.
  • Advised Global Medical REIT on its $18.1m acquisition of Inter-American Group Holdings Inc., the parent company of GMRE’s external manager, resulting in a management internalization.

Wachtell, Lipton, Rosen & Katz

Wachtell, Lipton, Rosen & Katz has a very strong reputation in M&A and high-profile corporate work, and brings that reputation to bear in the REITs space, where real estate M&A practice head Robin Panovka is the key contact.

Winston & Strawn LLP

The capital markets team at Winston & Strawn LLP has a strong background working with REITS, with significant experience representing public and private REITS in formations and transactions. The team has a wealth of experience in IPOs, having represented issuers and underwriters on three major public offerings over the review period. It also advises REIT clients on M&A and investment transactions, taxation and regulatory matters. Dallas-based Charlie Haag and Christina Roupas in Chicago jointly lead the practice group, while Dennis Kelly, also based in Chicago, is the key figure for tax issues in this space. Bryan Goolsby is also recommended in the Dallas office.

Practice head(s):

Charlie Haag; Christina Roupas

Other key lawyers:

Dennis Kelly; Bryan Goolsby; Kenn Bets


‘The strength of this practice is Bryan Goolsby, who is one of the long-time REIT industry veterans. He has been a leader in this area since the early 1990s.’

‘Bryan Goolsby is a REIT legend – a leader in the REIT space since the 1990s. He has extensive experience in providing counsel to public REIT Boards and their independent directors. They inherently trust his advice, and he provides no-nonsense, pragmatic guidance to them that is appreciated by both Management and the Boards. Bryan is also available and ultra-responsive to client calls at all hours. Ken Betts also provides support to the REIT business.’

‘Experienced with the ability to work with various types of clients.’

‘Talented with a great bedside manner.’

Key clients

Cypress REIT, LLC

Federal Realty


NexPoint Advisors, L.P.

NexPoint Hospitality Trust

Plymouth Industrial REIT Inc.


Spirit Realty Capital

Ventas, Inc.

Vinebrook Homes Trust, Inc.

Work highlights

  • Represented NexPoint Advisors, L.P. in the acquisition of self-storage owner and capital partner Jernigan Capital.
  • Represented NETSTREIT Corp. in its public offering of 12,500,000 shares of its common stock.
  • Represented NexPoint Real Estate Finance, Inc. in its $101.7m initial public offering and listing on the New York Stock Exchange.