Tag: Says

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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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Professor Says Retirees, Millennials and Immigrants Changing Real Estate Industry

Kerry Vandel, finance professor at the University of California-Irvine, joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.

Vandel cited three demographic groups that will heavily influence the real estate industry in the near future: baby boomers, millennials and immigrants.

The United States has “a much larger immigrant pool than we’ve had in the past,” Vandel said.

Vandel noted that those three demographic groups can be broken down further by wealth.

Kerry Vandel

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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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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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W.P. Carey Tax Director Says Resource Constraints a Challenge for REITs

Adam Cohen, executive director of tax at W.P. Carey Inc. (NYSE: WPC), joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.

Cohen noted that one of the main challenges facing REIT tax directors concerns resource constraints.

“There are a lot of demands placed on the tax department, and we’re becoming increasingly integrated with the accounting and finance functions, but we don’t have enough people,” he said.

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SEC Official Says Stakeholders Like REIT Reporting Practices

Sonia Barros, assistant director of the Division of Corporation Finance at the Securities and Exchange Commission (SEC), joined REIT.com for a video interview during REITWise 2015: NAREIT’s Law, Accounting and Finance Conference held in Phoenix.

Barros discussed how REITs are performing overall in terms of their SEC reporting. She noted that REITs differ from other industries with respect to their practice of providing information about property operating data in their supplemental packages.

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