Real Estate Investment Trusts (REITs)

Overview

AGG has extensive experience with the formation and operation of public and private real estate investment trusts (REITs) in several industries, including healthcare, retail, warehouse and office sectors. Our representation includes acquisitions, dispositions, leasing and financing transactions, including extensive expertise structuring RIDEA transactions in the healthcare industry (such as those involving joint ventures with a non-REIT operating partner).

Our REIT team of real estate, tax, corporate, healthcare, litigation and bankruptcy attorneys implement a multi-disciplinary, industry-focused approach to a wide variety of transactions and operational matters, often involving very complex and inter-connected issues.  We regularly advise REIT clients in connection with mergers and acquisitions, REIT compliance matters, regulatory filings, and healthcare regulatory matters, including licensure applications in RIDEA transactions.  We have extensive experience advising REITS in connection with defaulting master lease tenants, and help the client implement a customized strategy designed to avoid a tenant bankruptcy while maximizing recourse and regaining control of owned assets, all with minimal operational disruption.

Experience

  • Representing Griffin-American Healthcare REITs, non-traded REITs, in connection with tax matters raised in structuring and acquisition and sale of regulated healthcare facilities in multiple states, including RIDEA compliant structures.
  • Represented Griffin-American Healthcare REIT II and REIT III, each a non-traded REIT, in connection with its acquisition and financing of various regulated healthcare facilities, including individual and portfolios of assisted living facilities, skilled nursing facilities, long term acute care hospitals and surgical centers. Each transaction utilized a complex structure involving a master lease, multiple subleases, guaranties, letters of credit and inter-creditor agreements. Certain transactions utilized a RIDEA structure.
  • Represented a public healthcare REIT in connection with its acquisition of a $310 million portfolio of continuing care retirement communities in a RIDEA transaction.
  • Represented a public healthcare REIT in connection with its acquisition of a $455 million portfolio of assets in the United Kingdom.