M&A Webinar Series: Partnership Interests as Tax-Advantaged Currency in REIT Portfolio Transactions  - Video Recording

Williams Mullen partners Chip Cunningham, Kathy Lawrence and Rhys James discuss the architecture of REIT portfolio transactions using OP Units.

Equity REITs seeking to grow assets face a challenging interest rate environment and tepid equity capital markets for funding portfolio acquisitions. However, REITs can often remain active buyers in an opportunistic real estate market by issuing securities of the REIT’s operating partnership as consideration, which offer the benefits of diversification and tax deferral to potential sellers. These ‘OP Unit’ deals involve nuanced securities, tax, real estate and business issues unique to the REIT structure. 

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