Since the legislation that first created REITs over 50 years ago, there is no question that much has changed in the world of real estate and real estate finance. REITs continue to expand and flourish in ways which were clearly not contemplated 50 years ago or even a decade ago. In just the last 20 years, the market capitalization of REITs has grown from approximately $44 billion to approximately $816 billion, and will likely continue to grow.
This is where PwC can help. Through our global presence and extensive knowledge of capital markets, we can provide you with the insight you need at every stage.
We have prepared this guide to help both traditional and non-traditional real estate companies address the IPO and REIT conversion process, including:
This free-standing guide is focused exclusively on the unique issues and considerations that REIT transactions face.
Real Estate 2020: Building the future includes builds on previously researched global megatrends findings, and complements our own Emerging Trends research. We can clearly see the impact of the global megatrends at work in many of the transactions currently affecting the REIT market, including new IPO entrants, REIT conversions and spin-offs.
Emerging trends in real estate 2015 is one of the oldest, most highly regarded annual industry outlook for the real estate and land use industry. It includes interviews and survey responses from hundreds of leading real estate experts, including investors, developers, property company representatives, lenders, brokers and consultants.
Cities of Opportunity 6 analyzes the trajectory of 30 cities, seeking to open a window on what makes cities function best. We also investigate both the urbanization and demographic megatrends that shape our cities.
Cities of Opportunity 6: We the urban people complements our quantitative comparative approach in Cities of Opportunity 6 with an entirely human approach, offering a discrete examination of the demographic factors at work in city life – ages, densities, dependencies and even the preferences of people who make cities live today and thrive tomorrow.
As distracting as your IPO may be, keep a keen eye on your business. IPOs are so absorbing that you can lose track of the business. Just be cognizant of this "distraction potential" and plan for it to ensure your business does not come out of the IPO process weaker than going in. It may be useful, for example, to appoint an IPO team captain to manage the process.
Even with an experienced team of advisors, make sure your company takes an active role in controlling the progress of the IPO. Remember: Of all the parties involved, the company has the most at stake. Management knows the business best, so take an active role in providing direction in the drafting process.
Resist the temptation to allow the underwriters or attorneys to significantly draft the business discussion without extensive management involvement because this could result in a registration statement that has deviated from reality. The underwriters and attorneys can provide significant insights, but only you can tell your story.