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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Mergers and Acquisitions
Northwest Healthcare Properties REIT sells UK portfolio
Goodmans LLP acted as Canadian tax and securities law counsel to Northwest Healthcare Properties Real Estate Investment Trust in the sale of its UK portfolio to Assura PLC for gross proceeds of C… -
Municipal and Land Development
First Capital REIT to redevelop properties in Yonge-Eglinton area
Goodmans LLP acted for First Capital REIT in connection with the approval of the official plan amendment and rezoning application to permit the future redevelopment of 13 neighbourhoods-designated… -
Capital Markets
RioCan REIT completes private placement offering of $300 million Series AK debentures
Goodmans LLP advised RioCan Real Estate Investment Trust in connection with a brokered private placement offering of $300 million principal amount of Series AK senior unsecured debentures… -
Capital Markets
RioCan REIT completes private placement offering of $300 million Series AJ debentures
Goodmans LLP advised RioCan Real Estate Investment Trust in connection with a brokered private placement offering of $300 million principal amount of Series AJ senior unsecured debentures… -
Real Estate
Redevelopment of Canada Square
Goodmans LLP 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…
Insights
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REITS and Income Securities
The Legal Industry Reviews Edition 5 - REITs Chapter
Stephen Pincus, Brenda Gosselin, and Bill Gorman have co-authored The Canadian REIT Structure in the fifth edition of The Legal Industry Reviews Canada.To view the… -
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 forth edition of The Legal Reviews Canada.To… -
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…
Awards & Recognition
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Chambers Canada Band 1, REITs 2025
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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
News & Events
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Mergers and Acquisitions
Chambers and Partners Once Again Honours Goodmans with Top-Tier Recognition
We are delighted to announce Goodmans LLP continues to receive top-tier recognition from Chambers and Partners in the Chambers Canada 2025 Guide.Recognition from Chambers and Partners is based on… -
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…