Press Release
July 10, 2013

Goodwin Continues to Lead on REIT M&A

Professionals

Since late 2012, Goodwin Procter has advised clients on four significant REIT transactions totaling more than $32 billion.

In June 2013, Goodwin advised client MAA, a Memphis-based REIT, on its announced merger with Colonial Properties Trust. The combined company, trading on the NYSE under symbol “MAA”, will have a market capitalization of $8.6 billion and will be the second largest publicly traded REIT portfolio of owned apartments with 85,000 units. Additional information about the merger can be found here.

In a transaction announced in late 2012 the firm advised long-time client AvalonBay Communities in its agreement to partner with Equity Residential to acquire Archstone, Inc., an apartment complex company and a subsidiary of Lehman Brothers. The highly structured M&A transaction had a purchase price of $16 billion including the assumption of debt. In addition, Goodwin advised AvalonBay on a secondary public stock offering announced the same day with the net proceeds used to fund the Archstone acquisition. To read more about the AvalonBay transaction, please click here.

In January 2013, the firm advised Cole Credit Property Trust II (CCPT II), a Phoenix-based REIT, in it is announced merger with Spirit Realty Capital. The $7.1 billion deal will create the second largest publicly traded triple-net-lease REIT in the United States. For additional information about the CCPT II merger with Spirit Realty, click here.

The firm also recently represented the special committee of the board of directors of CreXus Investment Corp. in its $1 billion merger with Annaly Capital, the largest mortgage REIT listed on the New York Stock Exchange. Under terms of the agreement, Annaly will acquire all of the outstanding shares of CreXus for $13.00, representing a 17.1% premium over the share price on November 9, 2012. Further information about the transaction can be found here.

Partner Gil Menna, co-chair of Goodwin Procter’s REITs & Real Estate Capital Markets Group, said, “We continue to see a modest uptick in REIT M&A activity. Our involvement in these complex and highly structured transactions speaks to both the depth of our team and the confidence public real estate operating companies and their executive officers have in our work."

Learn more about Goodwin’s market-leading REIT practice here.