Book June 2023
Service
Highly respected for work representing real estate issuers and purchasers in equity offerings, acquisitions and IPOs, Pillsbury consistently ranks as one of the top U.S. firms for REIT offerings.
Pillsbury’s REITs & Real Estate Capital Markets team comprises corporate and securities, real estate and tax lawyers who work together to offer extensive experience in REIT and other real estate investment entity formation, funding and operation. We have also counseled the National Association of Real Estate Investment Trusts (NAREIT) on REIT policy issues.
Our REITs M&A services include public and private mergers, roll-ups, and representing special committees of directors’ in REIT or adviser acquisitions. Since 2005, we have represented REITs in M&A activities with an aggregate value exceeding $16 billion. Beyond M&As, we have acted for REIT issuers and purchasers in IPOs and multiple follow-on equity and debt offerings, including “at-the-market” offerings, valued at more than $5 billion since 2010. Our lawyers counsel REITs and other public clients and their insiders on U.S. securities law matters including SEC, NYSE and Nasdaq reporting and corporate governance, dealing with financial analysts and other capital market participants, and compliance with SEC disclosure rules. We also assist regarding fair disclosure requirements, insider trading prohibitions, and “short-swing profit” restrictions and reporting obligations applicable to management transactions in company stock.
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Pillsbury’s real estate transactional practice — among the largest in the U.S. — comprises lawyers highly experienced in acquisitions and dispositions of individual properties and major multi-property portfolios in all 50 states. We have structured many of these transactions as contributions in exchange for partnership units in REIT operating partnerships. Our lawyers have also represented REIT clients and private investment funds in billions of dollars of securitized rated debt transactions, as well as complicated mezzanine loan transactions and more traditional real estate financings.
Further, clients rely on our nationally recognized Tax group’s considerable experience in devising business structures to solve a variety of REIT tax issues. We provide essential advice on all types of REIT transactions, including UpREITs, DownREITs and other pass-through entities utilized by REITs and their operations, and have advised on innovative client transactions, such as REIT conversions and the formation of the first REIT “paper clip” entity.
Representative Clients
The firm’s clients include Fortune 500 companies and emerging businesses, as well as governmental entities and nonprofit organizations. We represent the following REITs and real estate companies, among others:
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