Tag: Lawyer

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Valuation Differences Could Mean More REIT Deals, Lawyer Says

David Slotkin, partner at Morrison & Foerster, joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.

Slotkin discussed recent changes in shareholder activism within the REIT industry.

“What you are seeing now is that the broader shareholder activism in other industries and larger companies is seeping into the REIT space,” Slotkin said. He pointed to various sources of activism, including hedge funds and traditional dedicated investors.

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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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Real Estate Lawyer Sees Continuing Capital Flows into Public Non-Listed REITs

Peter Fass, partner at Proskauer Rose, LLP, joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.

Fass observed that new customer account rules from the Financial Industry Regulatory Association (FINRA) aiming to increase transparency of public non-listed REITs (PNLR) have led to speculation about their impact on a number of fronts.

“There’s a lot of talk about how it’s going to affect sales. Who’s going to make the changes? Will it reduce fees to broker-dealers? We shall see,” he said.

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Goodwin Procter Lawyer Sees Heavy Cross-Border Investment in U.S. Real Estate

Ettore Santucci, partner and co-chair of the REIT group with Goodwin Procter, joined REIT.com for a video interview at REITWorld 2014: NAREIT’s Annual Convention for All Things REIT at the Atlanta Marriott Marquis.

Regarding overseas investment in U.S. real estate, Santucci described the amount of cross-border capital flowing into U.S. real estate as “enormous.” These non-U.S. investors are primarily “big game hunting,” according to Santucci: looking for trophy assets and portfolios.

Ettore Santucci

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Greenberg Traurig Lawyer Discusses Legislative Proposals

Sandy Presant, chair of the real estate fund practice at law firm Greenberg Traurig LLP, joined REIT.com for a video interview during REITWise 2014: NAREIT’s Law, Accounting and Finance Conference held in Boca Raton, Fla.

Presant was asked about current tax reform proposals being discussed on Capitol Hill and what they might mean for REITs.

Sandy Presant

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Morrison Foerster Lawyer Sees REITs Narrowing Focus

John Good, partner and co-head of the REIT group at law firm Morrison Foerster, joined REIT.com for a video interview during REITWise 2014: NAREIT’s Law, Accounting and Finance Conference held in Boca Raton, Fla.

Good was asked to comment on the movement among a number of REITs to spin off portfolios of assets into separate companies. This occurred most recently when Vornado Realty Trust (NYSE: VNO) announced that it would spin off 81 strip shopping center assets and four malls from its portfolio into a new REIT.

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