Rising Stars

Real estate investment trusts (REITs) in United States

Goodwin

Goodwin continues to be a leading force in the market representing public and private REITs in a wide range of transactional matters. REIT equity and debt issues, REIT M&A, as well as REIT joint venture investments all serve as key pillars to the practice. The team has actively represented REITs and underwriters in REIT IPOs and is committed to assisting US REITs with their globalization efforts. The practice is co-led by REIT experts Yoel Kranz and Ettore Santucci. New York-based Kranz is the go-to for clients requiring expertise in corporate mergers and acquisitions, he also advises on issues involving derivatives such as derivatives within capital market transactions.  Over in Boston, Santucci specializes in representing publicly traded REITs and real estate companies in matters including IPOs, M&A, executive compensation and corporate governance. Other key Boston team members include Scott Chase who acts on corporate and security-related issues, business law specialist Caitlin Tompkins, and REITs and capital markets expert William Goldberg. Christopher Versfelt is also a part of the Boston practice and is noted for his expertise on REIT M&A.

Practice head(s):

Yoel Kranz; Ettore Santucci


Other key lawyers:

Scott Chase; Caitlin Tompkins; William Goldberg; Eryn Mathews; Christopher Versfelt; Chloe Pletner


Testimonials

Our Goodwin team is highly skilled, responsive and pragmatic. I view them as trusted advisors.

Scott Chase has been our external counsel for 14 years. Scott is an expert in REIT and SEC matters, is always available and has pragmatic solutions. I can’t imagine a better partner.’

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.


VEREIT


Work highlights


  • Advised the Regents of the University of California on its long-term strategic venture with Blackstone.
  • Advised Donahue Schriber Realty Group, Inc. on its sale to First Washington Realty, Inc. in an all-cash transaction for an aggregate purchase price of $3.015 billion.
  • Advised Gaming & Leisure Properties Inc. on tripartite agreement with the Oakland Athletics and Bally’s Corporation for the construction of the A’s new $1.5 billion baseball stadium.

Hogan Lovells US LLP

Premier REIT firm Hogan Lovells US LLP is the go-to firm for many public REITs and represents a large number of prominent and upcoming REITs as company or underwriter’s counsel in the US. Due to the firm’s international presence it is also well-versed in advising on any potential cross-border matters. The practice has a top notch REIT tax team and is well-versed on REIT M&A transactions as well as IPOs, joint ventures, capital markets, and corporate governance. The practice is jointly led by David Bonser and Cristina Arumi from Washington DC. Bonser is a well known REITs lawyer with over 30 years of experience advising public and private companies on corporate, securities, and partnership transactions. He specializes in assisting real estate companies with raising capital. Arumi leads on the the REITs tax space, focusing on tax aspects of capital markets and complex M&A. Mike McTiernan advises public REITs on corporate and securities matters from Washington DC, while Josh Scala advises REIT clients such as Welltower on tax issues from San Francisco. Washington DC-based REIT M&A expert Stacey McEvoy is also noted for her prowess in M&A and joint venture transactions. Newly promoted partner Lauren Clarke is also key to tax aspects of REIT transactions and divides her time between Denver and New York. Washington DC-based Prentiss Feagles is a prominent lawyer in REIT tax.

Practice head(s):

David Bonser; Cristina Arumi


Other key lawyers:

Prentiss Feagles; Mike McTiernan; Paul Manca; Josh Scala; Stacey McEvoy; Andrew Zahn; Lauren Clarke


Key clients

VICI Properties


Welltower


Public Storage


Park Hotels & Resorts


JBG Smith Properties


Brixmor Property Group


American Homes 4 Rent


Life Storage


Franklin BSP Realty Trust


RLJ Lodging Trust


Urstadt Biddle Properties Inc.


W.P. Carey


LXP Industrial Trust


Americold Realty Trust


Work highlights


  • Represented Life Storage in its successful defense of a hostile takeover attempt and subsequent $12.7 billion friendly merger with Extra Space Storage, creating a $47bn enterprise value combined company.
  • Represented Urstadt Biddle Properties Inc. in a merger with Regency Centers Corp., by which Regency acquired Urstadt Biddle in an all-stock transaction.
  • Advised VICI Properties Inc. on its $1.27bn acquisition from Blackstone Real Estate Income Trust, Inc. (BREIT) of BREIT’s 49.9% interest in the joint venture that owns the MGM Grand Las Vegas and Mandalay Bay Resort in Las Vegas.

Latham & Watkins LLP

Latham & Watkins LLP‘s top-tier REIT practice is co-headed by Julian Kleindorfer in Los Angeles and Ana O’Brien in Century City who are both experts in REIT-related matters. The team is praised for being ‘subject-matter experts‘ and possessing ‘unparalleled expertise‘. It is known for its longstanding experience in REIT roll-up IPOs and M&A transactions. The practice also has a strong presence in debt and equity offerings of REITs. Kleindorfer is regularly mandated by clients to advise on M&A and corporate finance matters. He is well-versed in advising on securities and is located in Los Angeles. In Century City, O’Brien specializes in federal taxation of corporations and REITs, she is the go-to for any tax-related issues that occur during transactions. Capital markets specialist Lewis Kneib acts as counsel to REITs and investment banks, advising on capital markets transactions, equity and debt offerings, and private placements from Century City. William Cernius also serves as corporate and securities counsel from Orange County, while Abigail Smith recently joined from Hogan Lovells and sits in Washington D.C. and represents issuers and underwriters in REIT transactions. Brent Epstein and Craig Garner, who reside in Century City and San Diego respectively, are also noted.

Practice head(s):

Julian Kleindorfer; Ana O’Brien


Other key lawyers:

Lewis Kneib; William Cernius; Abigail Smith; Brent Epstein; Craig Garner; Darren Guttenberg


Testimonials

‘Latham has the country’s premier REIT practice, whether in terms of tax practice, M&A or general corporate matters.’

‘Every attorney in Latham’s REIT practice is a subject matter expert and delivers practical advice. They are dedicated to providing the highest level of client service.

‘Julian Kleindorfer who leads the team is an extraordinary lawyer with an unrivaled combination of substantive knowledge, experience and practical advice. Ana O’Brien brings a wealth of tax expertise and creative problem solving skills to every engagement.’

‘Latham’s REIT expertise is unparalleled. They advise the best of the best and are thus able to pull from extensive experience and provide unmatched advice to REIT clients. ’

‘Julian Kleindorfer has advised many of the country’s largest REITs for decades on a multitude of challenging issues and throughout multiple real estate cycles – his knowledge and experience is exceptionally unique, and he is able to distill highly complex issues into simple terms for his clients.

‘Lewis Kneib came up under Julian’s mentorship and is one of the more responsive, reliable and easy to work with partners that I have worked with. He has advised many of the top REITs for years and thus provides invaluable expertise to his clients. ’

Key clients

Extra Space Storage


Realty Income Corporation


Simon Property Group


Digital Realty Trust


Rexford Industrial Realty


Safehold


INDUS Realty Trust


BofA Securities


Dreamscape Companies


UDR


Sunstone Hotel Investors


Peakstone Realty Trust


Healthpeak Properties, Inc.


W.P. Carey


A multinational banking and financial services company


Hersha Hospitality Trust


Hudson Pacific Properties


Work highlights


  • Advised Extra Space Storage on its $12.4 billion acquisition of Life Storage, a self-administered and self-managed equity REIT that is in the business of acquiring and managing self-storage facilities.
  • Advised Realty Income Corporation on its acquisition of Spirit Realty Capital in an all-stock transaction, which, once completed, will result in an enterprise value of approximately $63 billion for the combined company.
  • Advised W.P. Carey on its spin-off of 59 of its office properties into Net Lease Office Properties, a separate publicly-traded REIT.

Ballard Spahr LLP

In Baltimore, Ballard Spahr LLP is a go-to firm for specialist Maryland corporation law knowledge, where it excels in advising its clients on both public and private Maryland REITs and their related tax, corporate, securities, and bankruptcy issues. The team continues to hold close relationships with REIT clients while also serving as corporate counsel. Practice head Douglas Fox is well-versed in counselling REITs, mutual funds, and other investment companies in capital raising transactions, corporate governance, and M&A. Co-head senior counsel Charles Moran is an expert in representing REITs, life sciences and healthcare clients in complex corporate transactions. Thomas Bashore is key to the team and focuses on entity formation and organization, corporation law and pubic offerings. All aforementioned lawyers are based in Baltimore.

Practice head(s):

Douglas Fox; Charles Moran


Other key lawyers:

Thomas Bashore


Testimonials

‘We have been working with the Ballard Spahr REIT team – principally Douglas Fox – for many years. The team is incredibly experienced and expert on all things Maryland REITs, but is also very practical and counsel us and our clients in a very business oriented way.’

‘Douglas Fox has been a trusted partner and counsel to us for many years. In addition to providing his and his teams expertise on Maryland REITs, Doug is practical, responsive and an absolute delight to work with. From what I can tell clients trust his opinion and love to work with him.’

‘Highly knowledgeable about Maryland law. ’

‘Thomas Bashore is efficient and very responsive. He is very easy to work with and provides excellent customer service. ’

Key clients

Healthpeak Properties, Inc.


Kilroy Realty Corporation


SL Green Realty Corp.


LTC Properties, Inc.


Veris Residential, Inc.


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.


Equity Commonwealth


Granite Point Mortgage Trust, Inc.


Ares Management


Apollo Net Lease


NetSTREIT


Realty Income


DLA Piper LLP (US)

DLA Piper LLP (US) is known for its expertise in public non-traded REITs and also possesses a strong publicly listed REITs practice. Clients of the firm also benefit from the dedicated national REIT tax practice led by New York-based Shiukay Hung. Hung advises real estate sponsors and investors on REIT tax matters and frequently speaks at events on REIT tax. Over in Raleigh, Robert Bergdolt leads the REIT practice of the firm and is the go-to for non-trade public REIT expertise and M&A-related REIT transactions. Real estate specialist Kerry Johnson is an expert in capital market matters involving publicly listed REITs and is based in Chicago, while in San Diego Darryl Steinhause is well-versed in securities and tax transactions. Christopher Stambaugh sits in Raleigh and specializes in NAV REITs. The Baltimore office of the firm enables it to advise on specific Maryland law-related REIT issues.

Practice head(s):

Robert Bergdolt; Shiukay Hung


Other key lawyers:

Kerry Johnson; Darryl Steinhause; Christopher Stambaugh; Jeremy Dilley


Testimonials

‘Christopher Stambaugh and his associate Jeremy Dilley have been exceptionally helpful. They are extremely knowledgeable about the industry and super responsive. Incredibly impressive and critical part of our broader REIT team’

‘The specific DLA team that we work with also represents our biggest competitors in the industry. Having the team’s perspective, without giving away any client-confidential details, has been instrumental in our work with DLA.’

‘Christopher Stambaugh and Jeremy Dilley have been very accessible and have worked tirelessly to help us meet our deadlines through our filing process.’

‘The REIT tax team led by Shiukay Hung is one of the top REIT-focused tax practices in the country. Shiukay is uniquely able to meld his private sector experience with his deep knowledge of the highly technical REIT rules and industry practices to advise clients on thorny tax issues and judiciously guide clients with respect to best practices. He delivers practical client-focused advice on an extremely wide range of REIT-related matters from highly specific services to issues specific to REITs operating within real estate fund structures.’

‘DLA’s REIT practice is outstanding for the following reasons: they are always at the forefront of industry changes and trends; they are also closely coordinated across their securities, distribution, governance and tax practices which allows for seamless support to our internal team; they are incredibly responsive and are true partners in thinking through creative solutions to problems and contemplate all facets of the problem to develop a wholistic solution.’

Christopher Stambaugh is our quarterback and helps keep us coordinated on all our REIT related securities and corporate governance. Shiukay was extremely helpful in helping us navigate some complicated international tax issues.’

‘A well-rounded firm with a depth of expertise on a wide range of tax matters.

‘Shiukay Hung is a great pleasure to work with. Very proactive, accountable, and a true expert in the REIT space, especially non-traded REITs. Very collaborative.’

Key clients

Blackstone Real Estate Income Trust, Inc.


Goldman Sachs Real Estate Income Trust, Inc.


W. P. Carey, Inc.


STAG Industrial, Inc.


STORE Capital Corporation


Getty Realty Corp.


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.


Equity Residential


Pacific Oak Strategic Opportunity REIT, Inc.


Strategic Realty Trust, Inc.


KBS Companies [KBS Realty Advisors]


Work highlights


  • Advising Ares Real Estate Income Trust Inc. as securities counsel on ongoing public offering and related public company reporting matters, corporate counsel on ongoing governance matters, and REIT tax counsel on ongoing REIT tax matters.
  • Advising Blackstone Real Estate Income Trust, Inc, as co-securities counsel on an ongoing public offering and related public company reporting matters.
  • Represented Highwoods Properties, Inc. in its $300 million “at-the-market” public offering of common stock.

Kirkland & Ellis LLP

Advising both pubic and private REITs, the REITs team at Kirkland & Ellis LLP combines its capital markets, tax, real estate, and M&A expertise to advise on a variety of matters. The offers nationwide expertise across key business centres including New York, Chicago, and Houston. Acquisitions involving REITs and securitization of data centers are some of the recent matters handled by the team. The practice has also assisted healthcare REITs and has helped launch new non-traded REITs in the net lease space. Michael Brueck represents buyers and sellers in REIT M&A, while Mike Beinus handles the tax side of REIT transactions. Both aforementioned lawyers are based in New York.

Practice head(s):

Michael Brueck; Mike Beinus


Other key lawyers:

Joshua Korff; Bruce Gelman; Andrew Small; David Rosenberg


Key clients

Brookfield Asset Management, LLC


Blue Owl Real Estate Capital LLC


Carlyle Global Credit Investment Management LLC


Cerberus Credit Management, L.P.


Cyrus One LP


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


Kohlberg Kravis Roberts & Co., L.P.


LaSalle Investment Management


Safehold Inc. Special Committee


Scalar, LLC


Starwood Capital Global Group, L.P.


StorageMart


Sunstone Hotel Investors, Inc.


Ventas, Inc.


Work highlights


  • Advised Blue Owl on its acquisition together with GIC of STORE Capital Corporation in a transaction valued at approximately $15 billion.
  • Advised the special committee of the board of Safehold Inc. on Safehold’s $6.4 billion tax-free, strategic combination with its controlling shareholder iStar Inc.
  • Represented CyrusOne in a $701 million asset-backed securitization of a portfolio of data centers located in Virginia and Texas.

Morrison Foerster

Alice Connaughton and Larry Medvinsky jointly lead the REITs practice at Morrison Foerster from Washington DC, with Connaughton regularly representing a number of non-listed REITs in corporate transactions, while Medvinsky is noted for his ability to handle IPOs and secondary fundraises. David Slotkin handles major transactions for the practice including a preferred equity investment in the multifamily space and continues to represent underwriters and companies in debt and equity securities. Justin Salon is a capital markets expert and represents both public and private companies in transactions including debt-related transactions and common stock offerings. San Diego-based Shane Shelley is the go-to REIT tax attorney of the practice. Notable team members include Washington DC-based Andrew Campbell who has represented underwriters and privately held REITs in securities transactions, and John Hensley is well-versed in IPOs, follow-on offerings, and private placements and resides in Austin. Unless otherwise mentioned, all lawyers listed are based in Washington DC.


Practice head(s):

Alice Connaughton; Larry Medvinsky


Other key lawyers:

David Slotkin; Justin Salon; Shane Shelley; Andrew Campbell; John Hensley; Emily Beers


Key clients

Alexandria Real Estate Equities, Inc.


Antarctica Capital, LLC


Ares Industrial Real Estate Income Trust Inc.


Armada Hoffler Properties, Inc.


Ascend Medical Holdings, LLC


Aventine Property Group, Inc.


Barclays Capital Inc.


BofA Securities, Inc.


B. Riley Securities, Inc.


Broad Street Realty, Inc.


Citigroup Global Markets Inc.


Equity Residential


Farmland Partners, Inc.


Forum Investment Group


Freehold Properties, Inc.


Hines Global Income Trust, Inc.


Innovative Industrial Properties


KeyBank


My Place Self Storage


Piper Sandler Companies


R.W. Baird


Treehouse REIT


UDR, Inc.


UBS Securities, LLC


Wells Fargo Securities LLC


Work highlights


  • Represented Ares Industrial Real Estate Income Trust Inc. (AIREIT) in connection with each of its public offerings, including in its third public offering of $5 billion of common stock.
  • Represented Hines Global Income Trust, Inc. in connection with each of its public offerings, including its most recent and ongoing third public offering of up to $2.5 billion of common stock.
  • Representing Forum Investment Group in connection with the roll-up of entities that own 17 muti-family properties into a flagship REIT, through a series of mergers.

Proskauer Rose LLP

Split between New York and Chicago, Proskauer Rose LLP‘s real estate capital markets practice is led by Michael Choate and Steven Lichtenfeld from New York and Chicago, respectively. The practice is historically known for its expertise in the non-traded REIT sector, but has recently been expanding its scope to include private REITs. Choate is a specialist in private equity and joint venture transactions, while also handling M&A and corporate governance for REIT clients. Lichtenfeld has long-standing expertise in rea estate capital markets, advising REITs on debt and equity securities, preferred equity investments and joint ventures. The team is trusted by clients in a number of asset classes such as retail, healthcare, data centers, and single family homes.

Practice head(s):

Michael Choate; Steven Lichtenfeld


Testimonials

‘Proskauer Rose has very strong resources across REITs, tax and funds. The strengths in each practice area, makes the team incredibly strong. Our firm had a highly unique structuring with a newly formed REIT that required creative thought. We were well equipped with the team at Proskauer from the term sheet phase to final deal documentation. ’

‘I particularly want to commend Michael Choate who advised us on this transaction. He was highly efficient with resources, and struck the correct commercial judgment to lead our deal through execution.’

Key clients

American Finance Trust


Ares Capital Management


DataBank and Digital Bridge Advisors


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


Pacific Oak Residential Trust II


Work highlights


  • Advised on matters related to the definitive merger agreement of Global Net Lease Inc. and Necessity Retail REIT Inc. With a combined company managing $9.6 billion in aggregate real estate asset value at closing.
  • Advising Healthcare Trust, Inc. on a number of matters, including a preferred stock equity line and a Series B Cumulative Redeemable Perpetual Preferred Stock offering.
  • Represented DataBank and Digital Bridge Advisors in the closing of a partial equity recapitalization and general partner led secondary valued at approximately $6 billion.

Simpson Thacher & Bartlett LLP

Simpson Thacher & Bartlett LLP is known for its strong relationship with Blackstone, assisting with their full spectrum of REIT transactions, including REIT M&A and IPOs. Recently the practice has been assisting underwriters with senior notes offerings and tender offerings. Other than Blackstone Real Estate Income Trust, the firm represents a number of externally managed REITs where it has actively advised on their launches and continues to represent them in matters. Brian Stadler is a M&A expert and key to the team’s relationship with Blackstone, representing REITs in leveraged buyouts, acquisitions and dispositions, and joint ventures. Stadler leads the practice alongside Edgar Lewandowski who focuses on the capital markets side of REIT matters and is particularly noted for his knowledge on REIT spin-offs. For tax-related issues Nancy Mehlman is the go-to, she has expertise in real estate transactional tax issues as well as tax-related problems relating to M&As, partnerships, and joint ventures. All aforementioned lawyers are based in New York.

Practice head(s):

Brian Stadler; Sasan Mehrara; Edgar Lewandowski


Other key lawyers:

Nancy Mehlman; Matt Rogers


Testimonials

‘The Simpson Thacher & Bartlett team is involved in some of the largest and most complex REIT M&A transaction and provides sophisticated advice across borders on multijurisdictional transactions.’

‘Brian Stadler is a seasoned veteran with a keen understanding of REIT deal dynamics. He gives thoughtful strategic advice and can cut through the noise to effectively negotiate for his clients’ interests.

Matt Rogers is an up-and-coming partner who has developed significant expertise, is always on top of the details and provides thorough and thoughtful advice.

‘This team is a well oiled machine. They know precedent, they are extremely efficient. They are wonderful to work with. ’

‘Brian Stadler is the star. He has mentored associates and built them into a deep benched team. Matt Rogers is about to break out in his own right. ’

‘The Simpson team has a great cross-disciplinary practice, and brings creativity from its alternative investments practice into the REIT space. ’

‘Brian Stadler, Edgar Lewandowski, and others combine to provide full-service representation, with expertise in all aspects – including REIT formations, financing, capital markets and M&A. Client service takes precedence and egos are not an issue. Great combination of expertise and practicality. ’

Key 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


Work highlights


  • Advised affiliates of DigitalBridge Group, Inc. and IFM Investors on their $11 billion acquisition of Switch, Inc.
  • Represented Blackstone Real Estate Income Trust in a $4 billion investment in BREIT Class I common shares by the Regents of the University of California
  • Advised KSL Capital Partners on its $1.4 billion acquisition of Hersha Hospitality Trust in an all-cash transaction

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP has a diverse REIT offering, assisting with equity, mortgage, hybrid, public and private REITs and covering the full scope of matters from M&A and REIT formation to recapitizations, financings, and reorganizations. It fields a well-rounded tax team, as well as having both a strong national and international REITs team. It is often sought out by clients for creating new types of REITs, with notable work on the formation of gaming, timber, and excess MSR REITs. The practice advises issuers and underwriters on complex transactions. The team is co-led by David Goldschmidt in New York, Gregg Noel who splits his time between Palo Alto and Los Angeles, David Polster who leads from Chicago, and Harvey Uris who is also a part of the New York practice.

 

Practice head(s):

David Goldschmidt; Gregg Noel; David Polster; Harvey Uris


Sullivan & Worcester LLP

Public and private REITs both benefit from their relationships with the REITs practice at Sullivan & Worcester LLP, which specializes in REIT tax issues, M&A, secured and unsecured financings, and preferred and common equity offerings. Ameek Ashok Ponda is a director in the tax practice and is an authority on REIT tax issues and regularly lectures at Boston University. Practice head Angela Gomes is a corporate finance specialist and handles securities matters for REITs. Avinash Rao advises public companies on securities law and represents REITs in M&A, equity and debt financings, and joint ventures. Lindsey Getz focuses on public REITs, while Shu Wei handles equity and debt financing work. Also noted is newly promoted partner Sarah Wellings who excels in REIT-related tax issues. All aforementioned lawyers are part of the Boston practice. Brian Hammell left the practice in August 2023.

Practice head(s):

Angela Gomes


Other key lawyers:

Ameek Ashok Ponda; Avinash Rao; Lindsey Getz; Shu Wei; Sarah Wellings


Testimonials

‘The team I work with at Sullivan is well versed in REIT matters and always extremely responsive.’

‘Sarah Wellings has been a joy to work with. She pays attention to detail, is extremely easy to work with and always provides prompt and valuable guidance as needed.’

Key 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


Work highlights


  • Advising American Tower Corporation, and six other large public equity REITs on public tax opinions as tax counsel.
  • Represented Service Properties Trust in connection with certain real estate, tax and corporate matters with respect to BP p.l.c. (NYSE: BP)’s acquisition of TravelCenters of America Inc.
  • Represented Service Properties Trust in connection with its ongoing strategic disposition program.

Venable LLP

A Maryland-based REITs practice, Venable LLP is a key name for firms requiring counsel on Maryland specific REIT issues. Publicly traded Maryland REITs are the main focus of the team, it also advises SEC-registered, non-listed REITs and private REITs on Maryland corporate law such as IPOs, M&A, and equity and debt offerings. Corporate governance is a key area of advisory work the firm does for public REITs. James Hanks is an expert on Maryland corporate law, Patricia McGowan is a leading REITs corporate lawyer and acts as counsel to issues in stock and debt offerings, and practice head Michael Schiffer handles both public and private REIT issues such as M&A. Christopher Pate is the go-to for matters involving non-listed REITs such as liquidations, mergers, and potential conflicts of interest. Also noted is Carmen Fonda who is an expert in Maryland corporate and business entity law. The aforementioned team are all based in Baltimore.

Practice head(s):

Michael Schiffer


Other key lawyers:

James Hanks; Patricia McGowan; Christopher Pate; Jeffrey Keehn; Carmen Fonda


Key clients

Impac Mortgage Holdings, Inc.


Indus Realty Trust, Inc.


Preferred Apartment Communities, Inc.


Bluerock Residential Growth REIT, Inc.


Corporate Property Associates 18-Global


Extra Space Storage, Inc.


Watermark Lodging Trust, Inc.


Work highlights


  • Represented Mobile Infrastructure Corporation in a de-SPAC merger with Fifth Wall Acquisition Corp. III. Mobile Infrastructure Corporation.
  • Acted as Maryland counsel to Kimco Realty Corporation in its implementation of a holding company reorganization, which restructured the Company as an Umbrella Partnership Real Estate Investment Trust, or UPREIT.
  • Acting as Maryland counsel to Extra Space Storage Inc. in connection with a merger of a subsidiary of EXR with and into Life Storage, Inc., resulting in LSI becoming a wholly owned subsidiary of EXR.

Clifford Chance

Clifford Chance‘s REITs offering sits as part of its larger global financial markets practice and is led by finance experts Andrew Epstein, Jason Myers, and Kathleen Werner. Jay Bernstein is a well-respected REIT specialist focusing on the creation of innovative permeant capital vehicles and currently acts as senior counsel for the practice. Werner represents the firm’s bank clientele in M&A, while Epstein represents issuers, underwriters, and initial purchasers with public and private capital market transactions. Myers excels in advising public companies on corporate finance matters. The firm is also noted for its cross-border capabilities, with Jake Farquharson advising on domestic and international capital market transactions, M&A, and joint ventures. Lawyers are based in New York.


Practice head(s):

Andrew Epstein; Jason Myers; Kathleen Werner


Other key lawyers:

Jay Bernstein; Jake Farquharson; Jason Parsont; Jeanne Roig-Irwin


Testimonials

‘Expertise in Real Estate and REITs, also very good knowledge of FIBRAs structure in Mexico. Cross-discipline help from other areas complements the practice. ’

‘Jake Farquharson is an amazing resource. He has strong knowledge about real estate, structuring, and finance, among others. But what stands out is his client relationships and service, he is always looking to provide sound advice, go the extra mile, and solve problems. ’

‘Flexible and genuinely concerned about our issues.

Jeanne Roig-Irwin is attentive to our needs, in addition to being very knowledgeable about both the law and the market. She and her team are consistently responsive and eager to help us explore our goals and plans.

Key clients

Apollo Global Management, Inc.


Goldman Sachs


Morgan Stanley


Cantor Silverstein Opportunity Zone Trust II, Inc.


Hannon Armstrong


Roc360 Real Estate Investment Trust


Corporate Property Associates 18 Incorporated


National Storage Affiliates (NSA)


Pacific Investment Management Company LLC (PIMCO)


Dream Asset Management


Grubb Properties


iStar inc.


Watermark Lodging Trust, Inc.


Kite Realty Group Trust


Bank of America


ReNew REIT LLC


Terravet Real Estate Solutions


CION Investment Corporation


Montecito Medical Real Estate


Claros Mortgage Trust Inc


Work highlights


  • Advising Apollo on a public continuous offering of shares of common stock of Apollo Realty Income Solutions (“ARIS”), a public non-traded REIT.
  • Represented Watermark Lodging Trust, Inc. a public hotel REIT, in the $3.8 billion sale of the company for cash to funds managed by Brookfield Asset management.
  • Advising Cantor on private continuous offering of shares of common stock (and restructuring) of Cantor Silverstein Opportunity Zone Trust II, Inc., a private REIT.

Greenberg Traurig, LLP

The REITs practice at Greenberg Traurig, LLP has a history of assisting with capital market transactions for private, traded, and non-traded REITs throughout the US. As part of the practice, the REIT tax team is well-versed in structuring the formation of private and public REITs, as well as advising on any tax-related issues that occur during mergers, acquisitions, and dispositions. Capital markets expert Joseph Herz leads on M&A and represents both issuers and underwriters in private offerings and initial offerings. He co-heads the global REIT practice alongside Robert Ivanhoe, who focuses on real estate structures, financings, and workouts. Both practice heads are based in New York. Jennifer Weiss who resides in Boston and New York-based Timothy Donovan assist with REIT-related tax matters.

Practice head(s):

Robert Ivanhoe; Joseph Herz


Other key lawyers:

Jennifer Weiss; Timothy Donovan


Testimonials

‘Individuals go above and beyond to provide best-in-class service. Most dedicated counsel I’ve ever worked with. Joseph Herz is the best real estate securities attorney around.

Hunton Andrews Kurth LLP

Hunton Andrews Kurth LLP‘s real estate capital markets, tax, and M&A practices all work seamlessly together to assist its largely publicly-traded REIT client base with real estate capital market transactions, M&As, and IPOs. The firm has expanded its reach to include equity and debt transactions where it acts as both issuer’s and underwriter’s counsel. It is particularly strong in representing public REITs as underwriters counsel and is well-versed in mortgage securitization for mortgage REITs. Robert Smith leads the real estate capital markets side from Washington DC and is an expert on public REIT transactions, including corporate and securities matters. Kendal Sibley co-leads the practice from Richmond and is an expert in federal tax issues involving equity and mortgage REITs. In Houston, James Davidson advises issuers and underwriters on IPOs, while Kate Saltz is the go-to for corporate finance-related REITs issues over in Richmond.

Practice head(s):

Robert Smith; Kendal Sibley


Other key lawyers:

James Davidson; Kate Saltz


Testimonials

‘Robert Smith is a talented and knowledgeable corporate and capital markets partner. Kendal Sibley is an excellent tax partner with tremendous subject matter expertise. ’

‘They have a dedicated team of REIT specialists that help REITs to navigate unique issues. James Davidson and Kate Saltz are the two key partners we work with as our outside corporate counsel.’

Key clients

Healthcare Realty Trust Incorporated


Underwriters’ Counsel For Rexford Industrial Realty, Inc..


Annaly Capital Management, Inc.


Sun Communities, Inc.


Arlington Asset Investment Corp.


Underwriters’ Counsel for Franklin BSP Realty Trust, Inc.


Underwriters’ Counsel for Alpine Income Property Trust


Designated Underwriters’ Counsel for CTO Realty Growth, Inc.


Orion Office REIT Inc.


Underwriters’ Counsel for UMH Properties, Inc.


Postal Realty Trust, Inc.


Underwriters’ counsel for Farmland Partners


Underwriters’ counsel for NextPoint Real Estate Finance


Koch Real Estate Investments


Chimera Investment Corp.


Newport Realty Trust


NewPoint Real Estate Capital


Bluerock Residential Growth REIT


NewLake Capital Partners


MFA Financial


Work highlights


  • Represented the underwriters counsel for Rexford Industrial Realty, Inc. in connection with a $1,250,000,000 public offering: at-the-market (ATM) of common stock with a forward component by Rexford Industrial Realty, Inc.
  • Represented Annaly Capital Management, Inc. in connection with its $665,000,000 public offering: bought deal of common stock.

King & Spalding

King & Spalding is noted for its comprehensive corporate, finance, and investment practice which regularly assists REITs in public offerings, fund formation, and finance transactions. The practice has largely been assisting private REITs but also handles public REITs, assisting with cross-border transactions including M&A and equity and debt financings. The practice is led in part by Spencer Johnson from Atlanta, who assists REIT clients with fund formation, equity capital market matters and corporate governance. Kathryn Furman is key to the Atlanta practice, taking the lead on capital raising activities, while fellow Atlanta-based partner Keith Townsend handles IPOs. Over in New York, Tony Rothermel leads the other half of the practice, focusing on M&A.

Practice head(s):

Spencer Johnson; Tony Rothermel


Other key lawyers:

Kathryn Furman; Wayne Pressgrove; Keith Townsend


Key clients

Americold Realty Trust


Prologis


Columbia Property Trust


Cousins Properties


Jamestown


Raymond James Real Estate Investment Banking


Asana Partners


Transwestern Investment Group


Douglas Emmett, Inc.


Clarion Partners


CyrusOne


Edens Investment Trust


Greystar Real Estate Partners


Piedmont Office Realty Trust


Whitestone REIT


Barclays Bank PLC


Cortland Partners, LLC


Terawatt


VineBrook Homes


Ventas, Inc.


Preferred Apartment Communities


CatchMark Timber Trust


Mayer Brown

Mayer Brown‘s REIT practice is led by Anna Pinedo from New York, she is a capital markets specialist and has a wealth of experience in financings for REITs, as well as acting as underwriters counsel for a number of public REITs. Securitizations are a key part of the practice as well as public offerings and M&A. David Freed is an integral part of the practice, focusing on equity and mortgage REITs on private placements, IPOs, and follow-on offerings. Representing REIT issuers, sponsors and investment banks, Brian Hirshberg is particularly noted for his expertise in public equity and debt offerings. Both aforementioned lawyers are based in New York. Over in the Chicago practice, Haukur Gudmundsson assists with securitizations and structured finance transactions and Susannah Schmid handles mortgage loan transactions.

Practice head(s):

Anna Pinedo


Other key lawyers:

David Freed; Brian Hirshberg; Haukur Gudmundsson; Susannah Schmid


Key clients

Great Ajax Corp.


Prologis Inc.


Redwood Trust, Inc.


New York Mortgage Trust, Inc.


Dynex Capital Inc.


Global Net Lease, Inc.


ARMOUR Residential REIT, Inc.


Waypoint Residential, LLC


Cherry Hill Mortgage Investment Corporation


NorthStar Healthcare Income, Inc.


Lument Finance Trust Inc.


Morris, Manning & Martin, LLP

Focusing on real estate capital markets, Morris, Manning & Martin, LLP represents both public and private REITs in equity and debt investments, private and public equity offerings, and M&A. The practice handles a number of real estate asset classes from affordable housing and multifamily to healthcare and hotels. Practice head Lauren Prevost is based in Atlanta and is well-versed in representing issuers and underwriters in IPOs and follow on offerings. Also part of the Atlanta practice is Seth Weiner who handles a range of corporate finance transactions for REITs, and Aresh Homayoun who is an expert in federal income tax issues. Shannon McNulty is another primary team member in Atlanta focused on REIT transactions.

Practice head(s):

Lauren Prevost


Other key lawyers:

Seth Weiner; Aresh Homayoun; Shannon McNulty


Key clients

CIM Real Estate Finance Trust, Inc.


American Healthcare REIT, Inc.


Modiv Inc.


RealtyMogul Income REIT, LLC


RealtyMogul Apartment Growth REIT, Inc.


Brookfield Asset Management


Washington Real Estate Investment Trust (WashREIT)


Paul Hastings LLP

Equity and debt securities offerings are a standout feature of Paul Hastings LLP‘ REIT practice which uses its equity and derivatives expertise to handle complex forward sales transactions. The team represents public and private real estate companies, underwriters and investors and has handled matters such as follow-on offerings, M&As, joint ventures, and debt financings. Securities and capital markets specialist Yariv Katz is key to the practice, acting as underwriters’ counsel for a umber or REITs and leading on equity and debt securities offerings from New York. Los Angeles-based Pablo Clarke advises on real estate finance transactions including representing REITs on loan and refinancing matters.

Practice head(s):

Frank Lopez; Chris DeCresce; Eric Sibbitt


Other key lawyers:

Yariv Katz; Pablo Clarke


Testimonials

Paul Hastings works seamlessly to handle the most complex and sophisticated matters and quickly identify and resolve significant commercial, legal, regulatory and tax issues in a timely manner.’

‘We greatly appreciate their deep market knowledge based on their breadth of experience on a variety of transactions, which provides us with access to their sophisticated market intelligence.’

Key clients

Barclays


BMO Capital Markets Corp.


BofA Securities, Inc.


Citigroup


Credit Suisse


Goldman, Sachs & Co.


J.P. Morgan


Morgan Stanley


RBC Capital Markets


Wells Fargo Securities


Jefferies


Cedar Realty Trust Partnership


Eagle Hospitality REIT


LXP Industrial Trust


Watermark Lodging Trust


Prospect Ridge


Starwood Property Trust


Sunstone Hotel Investors


Vinson & Elkins LLP

Vinson & Elkins LLP‘s REIT practice is led out of Richmond by Daniel LeBey who specializes in REIT securities offerings, while the REIT tax team is led by Chris Mangin in Washington DC. The firm handles a number of REIT transactions including capital market transactions such as equity and debt securities, as well as REIT formation transactions. The team has also been active in mergers between publicly owned REITs, between REITs and C-corporations as well as acquisitions of public and private REITs over the last year. Greg Cope advises REITs on a full spectrum of issues from initial formation to corporate governance and joint ventures, and corporate finance specialist Chris Green is also noted. Both the aforementioned lawyers are based in Washington DC. Paige Anderson is key to the Richmond practice with her expertise in federal income tax and tax-related public and private REIT issues, as well as tax planning for equity and mortgage REITs.

Practice head(s):

Daniel LeBey; Chris Mangin


Other key lawyers:

Greg Cope; Chris Green; Paige Anderson


Testimonials

‘Very smart, hard working business lawyers. Very practical and solution oriented. Their depth of knowledge allows them to be very efficient.’

‘Daniel LeBey is simply the best lawyer I have worked with in my 40+ year career in the securities and hospitality industries.’

Key clients

Alpine Income Property Trust, Inc.


Bluerock Residential Growth REIT, Inc.


BofA Securities, Inc.


Credit Suisse Securities (USA) LLC


CTO Realty Growth, Inc.


Deutsche Bank Securities, Inc.


Ellington Financial Inc. & Ellington Residential Mortgage REIT


IFM Investors Pty Ltd.


Flagship Healthcare Properties, LLC/Flagship Healthcare Trust, Inc.


Global Medical REIT Inc.


Morgan Stanley & Co. LLC


Mercury Trust, Inc.


New York Mortgage Trust, Inc.


Orchid Island Capital, Inc.


Preferred Apartment Communities, Inc.


Sandpiper, LLC/Sandpiper Lodging Trust


Swiss Life Asset Management


Stifel, Nicolaus & Company, Incorporated


TPG Re Finance Trust, Inc.


Wells Fargo Securities, LLC


Work highlights


  • Advised Preferred Apartment Communities, Inc. on its $5.8 billion acquisition by Blackstone Real Estate Income Trust, Inc.
  • Advised Bluerock Residential Growth REIT, Inc. on its $3.6 billion acquisition by affiliates of Blackstone Real Estate (as special tax counsel).
  • Advised Ellington Financial Inc. on its entry into a definitive agreement to acquire Arlington Asset Investment Corp.

Weil, Gotshal & Manges LLP

Weil, Gotshal & Manges LLP represents key real estate companies and public REITs in REIT transactions. Clientele seek out the team for its expertise on formation of joint ventures, debt offerings, acquisitions and divestments, and distressed matters. Team lead Philip Rosen uses his background in real estate and infrastructure to advise on REIT acquisitions and debt cases, while co-lead Evan Levy excels in REIT transactions, focusing on REIT formations. Also noted is Jannelle Seales who centers her work on M&A, divestitures, and joint ventures. All aforementioned lawyers are based in New York. Michael Bond  has retired from practice.


Practice head(s):

Evan Levy; Philip Rosen


Other key lawyers:

Jannelle Seales; Avelina Burbridge; Carolyn Stoner


Key clients

Amherst Holdings, LLC


Blackstone Tactical Opportunities Advisors L.L.C.


Brookfield Asset Management


Cedar Fair, L.P.


Conair LLC


Digital Realty


Fortress Investment Group LLC


HPS Investment Partners, LLC


The Kroger Co.


Lendlease Americas, Inc.


MGM Resorts International


Micron Technology, Inc.


Westinghouse Electric Company, LLC


WeWork


Work highlights


  • Advised Iron Mountain Incorporated on its $1 billion offering of senior unsecured 144A / Reg S notes to repay existing indebtedness.
  • Advising Micron Technology, Inc. on its up to $100 billion commitment to build a semiconductor fabrication facility in New York State.
  • Advising The Kroger Co. on its merger with Albertsons Companies, Inc. and the District of Columbia in a transaction that implies an Albertson enterprise value of approximately $24.6 billion.