We have extensive experience with real estate investment trusts (REITs) and various other types of investment programs featuring real estate assets, including tenant-in-common/1031 programs (including DSTs). As a firm, we have reviewed hundreds of real estate transactions, with capital raises ranging from a few million dollars to several billion. Due diligence review of a real estate program typically involves:

• A visit to the office of the sponsor of the program and/or a visit to a property or properties where material to the program;
• Review of relevant transactional documents such as leases, property management agreements, and partnership agreements;
• Review of any opinion issued by legal counsel;
• Independent tenant credit and market research; and
• Review of any financial model.

After our review of these and other relevant items, we typically prepare a report summarizing the transaction as well as:

• Our evaluation of offering document disclosure;
• Identification of program strengths and weaknesses as compared to other similar programs;
• A highlighting of any unusual or particularly favorable or unfavorable business terms of the program.

Our firm provides specialized additional services in connection with non-traded REITs.