Our commitment to client service, capital markets dominance and M&A successes distinguishes our work in the REIT industry.
Sidley is consistently ranked by Thomson Reuters as one of the top counsels in public and private REIT securities offerings, recognizing a tradition of leadership by Sidley in the REIT area.
For 2012, The American Lawyer's annual Corporate Scorecard ranked the firm as number one underwriter counsel for REIT debt and number one underwriter counsel for REIT equities in terms of number of deals and deal value.
As REITs have matured and become more sophisticated in the securities that they issue, our lawyers provide us with a competitive advantage over other firms active in representing REITs.
Sidley lawyers have been very involved in M&A and other business combinations and reorganizations by or among REITs:
- Representing Equity Office Properties in its acquisition by Blackstone
- Representing CNL Hotels & Resorts, Inc. in its acquisition by funds managed by Morgan Stanley Real Estate
- Represented Provident Senior Living Trust in its acquisition by Ventas, Inc.
- Represented Health Care REIT, Inc. in its acquisition of Windrose Medical Properties Trust
We have actively participated in organizing, advising and financing REITs for more than 30 years and have been involved in the IPOs of dozens of REITs, both equity and mortgage/specialty finance. We have worked with REITs focusing on various property types, including retail, office, industrial, hotel, healthcare, residential, mall, outlet and student housing, giving us insight into the particular issues with regard to these asset types.
We have substantial experience in a wide variety of other REIT securities offerings, including forward equity transactions, Rule 144A initial offerings of common stock, operating partnership units, convertible preferred stock, convertible/exchangeable debt, high yield debt, remarketed/extendible debt and warrants. This work requires not only an extensive knowledge of the Securities Act of 1933 and the related rules but also a well-developed understanding of marketplace standards and practices particular to REITs.
Our tax lawyers are essential to servicing our REIT clients. We provide tax advice on structuring new REITs, qualifying as a REIT, the use of captive REITs, REIT M&A, private REITs and utilizing taxable REIT subsidiaries. Sidley’s Tax practice group also has extensive experience in REIT conversions and business combinations and has represented REITs on a variety of matters before the Internal Revenue Service.
Our lawyers have extensive experience with equity REITs focusing on various property types, including office, hotel, resort, residential, retail, mall, outlet, healthcare, industrial and student housing properties. We have worked with many mortgage and specialty finance REITs.
We advise our REIT clients on a broad spectrum of matters apart from offerings of securities, M&A and tax, including:
- Counseling boards of directors and advising on Corporate Governance
- Commercial construction and development
- 1934 Act filings
- 1940 Act status
- Real estate acquisitions and financing
- Bankruptcy, workouts and restructuring
- Real estate fund and joint venture formation