News & Analysis as of

Real Estate Investment Trust

Goodwin

Unlocking the UPREIT Structure: A Comprehensive Guide to LTIP Units as Currency for Incentive Equity Awards

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The umbrella partnership real estate investment trust (“UPREIT”) structure, a cornerstone of the modern REIT industry, provides REITs with powerful tools for both property acquisitions and executive compensation. ...more

Goodwin

Shareholder Activism in the Public REIT Sector: A Lookback at 2025 and What to Expect for 2026

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Shareholder activism in the public real estate investment trust (REIT) sector has accelerated in recent years, with over 100 public campaigns and related engagements launched since 2020. As M&A markets regain momentum and...more

Troutman Pepper Locke

Impact of NASAA REIT Guidelines Amendments to Non-Traded REIT Sponsors – Effective January 1, 2026

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Certain amendments to the North American Securities Administrators Association Statement of Policy Regarding Real Estate Investment Trusts (the “NASAA REIT Guidelines“) applicable to public non-traded real estate investment...more

DLA Piper

REIT Tax News - December 2025

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Welcome to the 2025 year-in-review edition of REIT Tax News. Below, we summarize five key developments impacting REITs from the past year. The One Big Beautiful Bill Act’s impact on REITs - On July 4, 2025, President...more

Troutman Pepper Locke

States Tighten Oversight of Private Equity in Health Care

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Private equity’s footprint in health care has expanded rapidly over the past decade, and in response states have begun to retool long‑standing doctrines and create new guardrails that target ownership, control, and...more

Hogan Lovells

Income Tax on Property Income

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The government has announced the creation of new separate rates of income tax for property income, including a new property basic rate of 22%, with effect from April 2027. This represents an increase from the current basic...more

BCLP

Autumn Budget 2025 - What’s the Tax Impact on the Real Estate Sector?

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Given the amount of hype in advance of the Budget concerning potential changes, there were few unpleasant surprises for the real estate industry announced today. ...more

Goodwin

Southern District of New York Denies SEC’s Motion to Strike Affirmative Defenses of Former Cannabis Company CFO

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Securities Snapshot highlights notable developments in securities law, covering litigation and enforcement matters, legislation, and regulatory guidance. It is curated by lawyers in Goodwin’s Securities Litigation & SEC...more

Cadwalader, Wickersham & Taft LLP

IRS Takes a Second Look at the FIRPTA Look-Through Rule and Reverses Course

On October 20, 2025, the IRS issued proposed regulations that would revoke the recently adopted “look-through” rule (discussed here) used to determine whether real estate investment trusts (“REITs”) are considered...more

Jackson Walker

Texas Supreme Court Reinforces Limits on Individual Shareholder Claims

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The Texas Supreme Court issued a significant clarification on when shareholders may sue individually rather than derivatively for breach of fiduciary duty. In its opinion issued on November 14, 2025, in In re UMTH General...more

Winstead PC

The Texas Supreme Court Holds That Shareholders Of A Real Estate Investment Trust Did Not Have Standing To Assert Individual...

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In In re Umth Gen. Servs., L.P., United Development Fund IV (“Trust”) was a Maryland real estate investment trust with over 12,000 shareholders. No. 24-0024, 2025 Tex. LEXIS 1029 (Tex. November 14, 2025)....more

Goodwin

Derivatives for REITs: Managing Risks and Rewards

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In the modern age, public REITs use derivative instruments to manage risk, raise capital and manage their sources and uses of capital based on future commitments. ...more

Troutman Pepper Locke

Utilizing Rep and Warranties Insurance in CRE Transactions

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The use of transactional representations and warranties insurance is now well established, but that was not the case only a dozen years ago, when RWI in corporate mergers and acquisitions transactions was a growing, but still...more

Eversheds Sutherland (US) LLP

Proposed Regulations to Withdraw Look-through Rule for Qualified Investment Entities – Changes Will Facilitate Foreign Investment...

On October 20, 2025, the Department of Treasury (Treasury) and the Internal Revenue Service (IRS) published proposed regulations (the Proposed Regulations) that would withdraw the domestic corporation look-through rule...more

Goodwin

Massachusetts Annual Health Care Cost Trends Hearing Targets Private Equity and Pharma for the First Time

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The Massachusetts Health Policy Commission (HPC) announced it will hold its Annual Health Care Cost Trends Hearing on November 12, 2025. This meeting marks the first time that certain representatives from the private equity,...more

Troutman Pepper Locke

Taxpayer Favorable Proposed Regulations Would Repeal the “Domestic Corporation Look-Through Rule” for Domestically Controlled...

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On October 20, 2025, the Treasury Department issued proposed regulations (the “2025 Proposed Regulations”) that would remove a controversial rule for determining whether a REIT is “domestically controlled.” The 2025 Proposed...more

Skadden, Arps, Slate, Meagher & Flom LLP

Treasury Proposes Repeal of Controversial Look-Through Rule for Domestically Controlled REITs

On October 21, 2025, the Treasury Department published proposed regulations under the Foreign Investment in Real Property Tax Act (FIRPTA) that would repeal the controversial “look-through” rule adopted in final regulations...more

DLA Piper

Proposed Regulations Repeal Domestic C-Corporation Look-Through Rule for Determination of Domestically Controlled REIT Status

DLA Piper on

On October 20, 2025, the United States Department of the Treasury and the Internal Revenue Service issued proposed regulations that modify the rules for determining domestically controlled REIT status. Generally, many non-US...more

McDermott Will & Schulte

Domestically controlled REIT ownership update: Proposed regulations would remove domestic corporation look-through rule

McDermott Will & Schulte on

On October 20, 2025, the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) released proposed regulations (Proposed Regulations) under Section 897 that would reverse prior regulations that looked...more

Troutman Pepper Locke

Key Advantages of Using REITs by Funds for Foreign Investors — The Tax Blueprint Podcast

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Welcome back to "The Tax Blueprint: Structuring Funds, Joint Ventures, and REITs." In the third episode of our three-part series, hosts Saba Ashraf, Aresh Homayoun, and Tom Phelan explore the advantages that may be offered to...more

Cozen O'Connor

IRS Proposes Ending Look-Through Rule for Domestic Corporation REIT Ownership

Cozen O'Connor on

The Internal Revenue Service issued Proposed Regulations that, if finalized, will eliminate a recently introduced rule for determining whether a REIT is a domestically-controlled REIT (a DC-REIT). Eliminating this rule will...more

Davies Ward Phillips & Vineberg LLP

Proposed regulations restore common market structures for REITs

The Internal Revenue Service (IRS) and U.S. Treasury Department have proposed regulations (the Proposed Regulations) that would expand FIRPTA (Foreign Investment in Real Property Tax Act) relief for domestically controlled...more

Vinson & Elkins LLP

IRS Proposes to Withdraw Look-Through Rule for Domestically Controlled REITs

Vinson & Elkins LLP on

On October 20, 2025, the Treasury Department and the IRS released proposed regulations (the Proposed Regulations) under Section 897 of the Internal Revenue Code of 1986, as amended (the Code), that would remove a rule,...more

Paul Hastings LLP

IRS Proposes to Reverse C-Corporation Look-Through Rule for Domestically Controlled REITs

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The Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) treats gain recognized by a foreign person on the disposition of a United States real property interest (USRPI) as income effectively connected with a U.S....more

Proskauer - Tax Talks

Proposed Regulations Remove Look-Through Rule for Domestically Controlled REITs

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On October 20, 2025, the U.S. Department of the Treasury (“Treasury”) and the Internal Revenue Service (the “IRS”) issued proposed regulations (the “Proposed Regulations”) that would helpfully revoke the current “look-through...more

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