"80 Goodmans lawyers ranked as top-tier in 31 areas of law." - Canadian Legal Lexpert Directory
Goodmans Expertise

REITs and Income Securities

Goodmans is Canada's leading law firm in REITs, income funds and other income securities.  In recent years, REITs and income securities have been the most active, visible and dynamic sector of Canada's capital markets - and Goodmans has demonstrated its unique creativity, entrepreneurial flair and responsiveness in this area.

The firm's excellence in corporate finance, M&A and tax planning continues to be evident its REIT and income securities practice.  Goodmans also provides clients with strategic business advice and creative solutions in this area.

Goodmans acted on the first REIT IPO in Canada and ever since has pioneered new structures in response to evolving client needs, market trends and regulatory challenges.

Among many other transactions, we played a key role in:

  • developing the structure that enabled REITs to own operating businesses
  • Canada's first mutually initiated REIT merger
  • designing the model for external management and development arrangements
  • creating Canada's first cross-border REIT
  • Canada’s first cross-border income fund
  • the largest IPO and the largest bought deal in Canada's income fund history
  • the largest REIT take-overs in each of 2005 and in 2006
  • Canada's first cross-border income securities IPO
  • Canada's largest business trust conversion
  • developing Canada's first high dividend common share structure for a cross-border IPO


Goodmans has received wide recognition for its REIT and income securities expertise. For example:

  • REALpac engaged Goodmans to be the exclusive author of The Canadian REIT Handbook
  • Goodmans advised REALpac and CAIF on drafting of limited liability legislation in Ontario
  • The Ontario Securities Commission retained Goodmans to draft National Policy 41-201
  • Industry Canada retained Goodmans to conduct a study of REIT and income trust governance
  • The Institute for Corporate Governance engaged Goodmans to conduct its course on income fund governance

Over the past three years, we have acted as counsel on over $35 billion of REIT and other income securities deals.

We are currently advising REITs and income trusts or their boards on their strategic and structuring options.  We are also advising financial and strategic buyers on actual or potential acquisitions in this sector.  At the same time we continue to develop new structures to meet the increasing demand for income generating securities.