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Stephen Pincus quoted in "REITS: A Canadian Success Story", ROB Magazine, June 2013


Lawyer Stephen Pincus
Area REITs and Income Securities


Excerpt from "REITS: A Canadian Success Story", by Anthony Davis:

Pincus, Koval and other lawyers have spoken to agree there are some strong REIT trends emerging in 2013.  The primary one, says Pincus, is the "cross-border" REIT.  That's a REIT issued on Canadian markets (whether the TSX or through private distribution) that contains both Canadian and US property assets.

There are what Pincus - instrumental in creating these difficult-to-design cross-border instruments - calls "northbound" and "southbound" REITs.  With the northbounds, American asset managers and property promoters are looking to raise capital by listing US property portfolios on the TSX.  With the southbound vehicles, Canadian issuers are looking to acquire US assets and securitize them in Canada.