Activists' Attention Forcing REITs To Spend On Defense

Law360, Los Angeles (June 17, 2016, 4:34 PM EDT) -- Hedge funds and other activist shareholders are increasingly setting their sights on real estate investment trusts as they seek to lock in short-term gains through what have traditionally been long-term investment vehicles, and lawyers say as a result REITs are being forced to spend much more time and money on corporate governance to defend against such moves.

Activists have been pressuring REITs to unlock value through sales, conversions and spinoffs, in part due to the low trading values of many companies' stocks, attorneys say. In response, companies have had to pay particular attention to what sorts of rights and options they...

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