Initial public offerings (IPOs) of real estate investment trusts (REITs) have much in common with IPOs of other types of companies. Like all IPOs, the fundamental process for a REIT IPO involves the preparation of a registration statement (albeit on a Form S-11 instead of a Form S-1), including a prospectus, and a roadshow to be used to market the offering. In addition, like all IPOs, the process often involves testing-the-waters meetings with qualified institutional buyers (QIBs) and institutional accredited investors (IAIs) at various points in the process to obtain feedback on the terms and structure of the offering. The process also involves, as it does with all IPOs, the preparation of numerous corporate governance, compensation and other documents necessary to prepare the company to be a public company listed on one of the stock exchanges. However, there are a number of issues that commonly arise in REIT IPOs that are either unique to REITs or less common in non-REIT IPOs. Below ...