First established more than 60 years ago, real estate investment trusts (REITs) have evolved into one of the most dynamic and sophisticated investment vehicles in today’s capital markets. Once limited in scope, REITs now span nearly every asset class—from office and industrial to multifamily, medical, timber, and hospitality—and intersect with virtually every industry, including fintech, life sciences, and emerging sectors such as cannabis. In many cases, REITs have outperformed both traditional real estate investments and the S&P 500.

With this growth comes heightened complexity—and higher expectations. Asset managers, issuers, underwriters, and financial institutions turn to REITs to access diverse sources of capital while maintaining strong performance and compliance. Successful REIT management requires the ability to seamlessly address issues across securities, corporate governance, tax, intellectual property, and ERISA, as well as the flexibility to move efficiently among all three principal REIT structures: private REITs; public, non-listed REITs (including NAV REITs); and publicly listed REITs. This is where Alston & Bird delivers a distinct advantage.

When capital needs arise, clients rely on Alston & Bird’s innovative, interdisciplinary approach. We move quickly and strategically, drawing on deep experience in equity and debt offerings, asset securitizations, and lending transactions. Over the past five years alone, we have helped clients raise more than $100 billion in capital. Where acquisition strategies require tax efficiency or non-cash consideration, we regularly structure UPREIT and DownREIT transactions, enabling the use of partnership units while providing tax deferral opportunities to property sellers.

Our REITs practice is fully integrated across the firm. When matters involve state or federal securities laws, governance concerns, tax structuring, employee benefits, or executive compensation, we assemble tailored, firmwide teams to deliver practical and effective solutions. We routinely facilitate joint ventures with institutional investors and, when appropriate, structure sidecar vehicles, co-investment arrangements, feeder funds, and parallel funds. Our experience extends to both U.S. and non-U.S. investors, including the formation of commingled closed-end and open-end funds investing domestically and internationally.

REITs present both challenges and opportunities—and Alston & Bird has demonstrated consistent leadership in helping clients navigate both. We have successfully engaged with regulators and self-regulatory organizations, including the SEC, IRS, and FINRA, to resolve complex issues and unlock value. Our experience includes executing a rare reverse merger, guiding a private company through a friendly acquisition of an NYSE-listed entity, and preparing clients for public listings that achieve enhanced post-closing value.

As REITs continue to grow in scale, sophistication, and regulatory scrutiny, experienced counsel becomes essential. With decades of REIT-focused experience, a collaborative and multidisciplinary approach, and a long-term view of our clients’ objectives, Alston & Bird is uniquely positioned to help you grow with the industry and capitalize on opportunities at every stage of the REIT lifecycle.