REITS and Income Securities
Goodmans is widely recognized as Canada’s leading advisor in Real Estate Investment Trusts (REITs). We acted on the first REIT IPO in Canada and have since pioneered many new structures to meet the continued demand for income generating securities.
With our deep M&A expertise, including in hostile and special situations, our lawyers are regularly called on to advise REIT special committees on strategic and structuring options, and to advise buyers on actual or potential acquisitions in the REIT sector. Our unparalleled expertise and leadership in the REIT field positions us extraordinarily well to provide our REIT clients with top-tier advice and support in all areas including governance, continuous disclosure obligations, follow-on public offerings and private placements, and M&A or other strategic developments, throughout the life cycle of the REIT’s existence.
Our dominance in the Canadian REIT sector is demonstrated by our market share of REIT IPOs in Canada. Since the first REIT IPO, our lawyers have led:
- over 50% of total Canadian real estate IPOs listed on the TSX, and;
- 85% of total real estate IPOs with a substantial portion of assets outside Canada.
Clients choose us for our unique creativity, entrepreneurial flair and responsiveness, as well as our track record for innovating highly bespoke structures suitable to evolving needs. Among many other transactions, we played a key role in:
- the first IPO of a REIT in Canada
- the first mutually initiated REIT merger
- the first cross-border REIT
- the first REIT offering of preferred trust units
- the first public offering in the world of a qualifying U.S. REIT by a non-U.S. entity
Industry stakeholders recognize our relevance and impact in the REIT sector. REALpac engaged Goodmans to be the exclusive author of The Canadian REIT Handbook and to advise the industry on governance proposals by the Canadian Coalition for Good Governance. At the request of the Ontario Securities Commission, Goodmans authored National Policy 41-201 Income Trusts and Other Indirect Offerings. Our lawyers are often consulted by regulators to give submissions on regulatory initiatives.
Expertise
Explore People in REITS and Income Securities
Meet our teamFeatured Work
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Real Estate
Redevelopment of Canada Square
Goodmans continues to act on behalf of CT REIT in connection with the redevelopment of Canada Square, including negotiating key documents with stakeholders… -
Shareholder Activism
First Capital Enters into Cooperation Agreement with Vision Capital and Ewing Morris
Goodmans LLP acted for Vision Capital corp. in relation to the support and cooperation agreement between First Capital REIT and each of Vision Capital and Ewing Morris & Co. Investment Partners… -
Mergers and Acquisitions
Dream Industrial REIT and GIC acquire Summit Industrial Income REIT
Goodmans LLP acted for the special committee of independent trustees of Dream Industrial REIT (“DIR”) in connection with a transaction whereby DIR, Dream Asset Management and GIC Private Limited, a… -
Capital Markets
Northwest Healthcare Properties REIT base shelf prospectus renewal and establishment of ATM program
Goodmans LLP acted for Northwest Healthcare Properties Real Estate Investment Trust (the "REIT") in connection with the renewal of its existing base shelf prospectus and filing and obtaining a receipt… -
Capital Markets
Northwest Healthcare Properties REIT convertible debentures offering
Goodmans LLP acted for Northwest Healthcare Properties Real Estate Investment Trust (the "REIT") in connection with a public offering whereby the REIT sold C$135 million aggregate principal amount of… -
Capital Markets
BSR REIT bought deal equity offering
Goodmans LLP acted for BSR Real Estate Investment Trust (the “REIT”) in connection with its public offering of trust units of the REIT (“Units”) to a syndicate of underwriters led by BMO Capital…
Insights
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REITS and Income Securities
The Legal Industry Reviews Canada - REITs Chapter
Stephen Pincus, Brenda Gosselin, and Bill Gorman have co-authored The Benefits of Canada - Cross Border and Foreign REITs in the third edition of The Legal Reviews Canada.To view the… -
Capital Markets
CSA Provides Updated Guidance on Virtual Shareholder Meetings
Virtual shareholder meetings have become ubiquitous for public companies since the onset of the COVID-19 pandemic. These meetings are typically conducted entirely virtually, in place of an in-person… -
Capital Markets
Canadian Securities Regulators Propose Guidance on Financial Statement Disclosure for IPOs
On August 12, 2021, the Canadian Securities Administrators (CSA) released proposed guidance on financial statement disclosure required for acquisitions completed before or concurrently with an IPO. If… -
Capital Markets
NEO Exchange Announces New Capital Markets Listing Vehicle: the Growth Acquisition Corporation™ or G-Corp™
NEO Exchange Inc. (“NEO”) announced the creation of a new publicly traded acquisition vehicle, the Growth Acquisition Corporation (“G-Corp”), designed to enable private, mid-market growth companies to… -
Capital Markets
TSX Introduces TSX Sandbox – A New Framework for Listing Applications
On April 12, 2019, the Toronto Stock Exchange (TSX) issued TSX Staff Notice 2019-0002 providing guidance with respect to its exercise of discretion in listing decisions and introducing and setting out… -
Real Estate
Milestone’s Upsized Offering Shows Power of Canadian Bought Deals
The Canadian capital markets allow public companies, including those with businesses based in the U.S., to efficiently raise capital through “bought deal” offerings. For several decades, this…
Awards & Recognition
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Chambers Canada Band 1, REITs 2024
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Chambers Canada Band 1, REITS 2023
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Chambers Canada Band 1, REITs Nationwide - Canada 2022
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Chambers Canada Band 1, REITs Nationwide - Canada 2021
News & Events
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REITS and Income Securities
Neill May quoted in "Tribunal rules on the sharing of material information in insider trading cases", Law Times
In an article published by Law Times, Neill May shares his insight in "Tribunal rules on the sharing of material information in insider trading cases". “There have been a whole bunch of cases… -
Mergers and Acquisitions
Chambers and Partners Continues to Honour Goodmans with Top-Tier Recognition
We are delighted to announce Goodmans LLP has once again received top-tier recognition from Chambers and Partners in the Chambers Canada 2024 Guide released today. Recognition from… -
Mergers and Acquisitions
Chambers and Partners Continues to Honour Goodmans with Top Tier Recognition
We are delighted to announce Goodmans LLP has once again received top tier recognition from Chambers and Partners in the Chambers Canada 2023 Guide released today. Recognition from Chambers…