Category: REIT

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Lawyer: Portfolio Discounts Holding Back REIT IPOs

Mark Van Deusen, partner with the law firm Hunton & Williams LLP, joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.

Van Deusen discussed some of the factors driving the market REIT initial public offerings (IPOs). First, he pointed out that portfolios in REIT IPOs traditionally face a discount. That creates an impediment, Van Deusen said, especially in environments in which capital is flowing into the real estate market from private sources.

Mark Van Deusen

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REIT Insurance Experts Outline Changes to NAREIT D&O Insurance Program

Melissa Lishner, a director at Crystal & Co., and Michael Chu, vice president and national practice leader for REITs at Arch Insurance Group, joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.

Crystal is the program administrator for NAREIT’s group Directors and Officers (D&O) Liability insurance program, which is underwritten by Arch.

Lishner outlined the process and rationale for recent changes to the NAREIT D&O insurance program.

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Industrial REIT Prologis Buying KTR Capital for $5.9 Billion

Prologis, Inc. (NYSE: PLD) said April 19 it has agreed to buy industrial property owner KTR Capital Partners through a joint venture for a total of $ 5.9 billion.

The properties will be acquired by Prologis U.S. Logistics Venture (USLV), a consolidated joint venture with Norges Bank Investment Management (NBIM), the manager of the Norwegian Government Pension Fund Global. Prologis holds a 55 percent stake in the joint venture.

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Green Street Analyst Says Value of Real Estate Key to REIT Valuations

Lukas Hartwich, analyst at Green Street Advisors, joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.

Hartwich outlined the various factors Green Street considers when determining the valuation of a company.

“Growth is definitely a consideration,” he said. “But, first and foremost, what we look at is the value of the underlying real estate.”

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QTS General Counsel Says REIT Lawyers More Integrated in Businesses

Shirley Goza, general counsel at QTS Realty Trust, Inc. (NYSE: QTS), joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.

Goza discussed the role of REIT general counsel as in-house gatekeeper and how the position has evolved.

“There’s always been the expectation that both in-house and outside counsel be business savvy. The lawyer needs to understand the business and look for the solution,” she said.

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REIT Governance Specialist Says Succession Planning Should Include All Senior Management

Jim Hanks, a senior partner at Venable LLP, joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.

Hanks discussed the growing importance of succession planning.

“I see it as a major item on a continuing basis, as it should be,” he said.

Hanks highlighted a number of aspects to succession planning, including a focus on short-term and long-term planning. “Boards should be doing both,” he said.

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Deloitte Partner Discusses Impact of FASB Rules on REITs

Chris Dubrowski, partner at Deloitte LLP, joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.

Dubrowski outlined how companies are preparing for the new revenue recognition standard issued by the Financial Accounting Standards Board (FASB). He acknowledged the difficulty in understanding new rules until they are applied to actual transactions. “I’m telling people to think about the different ways you recognize revenue within a REIT and think about whether those might be impacted,” he said.

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GGP Tax Executive says Retention of Capital Critical in REIT Partnership Issues

Kate Courtis, senior vice president for taxation at General Growth Properties, Inc.  (NYSE: GGP), joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.

Courtis moderated a panel at REITWise looking at the partnership tax issues encountered by REITs. Some of the issues the panel discussed included disguised sales and beneficial elections.

“When [REITs] want to recycle capital, retention of that capital is critical,” Courtis said.

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