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Navigating the complexities of Initial Public Offerings (IPOs), REIT conversions, and raising new non-traded property/credit products can be daunting for traditional and nontraditional real estate companies alike. This guide is designed to assist you in addressing the key matters involved in these processes, including:
This publication presents some of the information you will need when contemplating whether to go public, to pursue a conversion into a REIT, or launch a new public REIT. The purpose of the guide is to assist you in making an informed decision by addressing such factors as the advantages and disadvantages of going public or converting into a REIT, an estimate of the costs, timing, and challenges that you may encounter, as well as possible alternatives. It outlines the “process” of going public or converting into a REIT, discusses the registration and ongoing reporting requirements of a public REIT, and provides an overview of the securities markets in general as well as issues unique to the real estate industry. This guide also summarizes significant accounting, compensation, and tax-related considerations of going public or converting into a REIT. While written in the context of an IPO/Conversion, many of these concepts and issues also apply to asset managers raising new non-traded property/credit products.
Some key and recent market events are summarized as follows, and the full report is available for download via the link below.