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SEMINAR JULY 7 TO EXPLORE REAL ESTATE INVESTMENT TRUSTS

 SEMINAR JULY 7 TO EXPLORE REAL ESTATE INVESTMENT TRUSTS
 More than 150 major real estate developers and owners will explore


the structuring, organization and marketing of Real Estate Investment Trusts (REITs) at a half-day seminar Tuesday, July 7, at the Union League in Philadelphia, from 8:30 a.m. to 12:30 p.m.
 Seminar panelists will discuss the merits of public equity REITs for marketing commercial real estate and reducing associated mortgage debt. The seminar, sponsored by Wolf, Block, Schorr and Solis-Cohen, Arthur Andersen & Co. and Legg Mason Wood Walker, Inc., will review:
 Financial and Structuring Issues
 -- structuring the REIT to meet current market demands and generate acceptable yields.
 -- choosing the form of organization of the REIT.
 -- attracting and selecting the underwriter.
 -- the advantages and disadvantages of self-administration vs. advisor administration.
 Securities Law and SEC Registration Issues
 -- an explanation of the SEC registration process.
 -- substantive restrictions and guidelines of state securities commissions.
 -- dealing with the securities laws' disclosure requirements.
 Real Estate and Related Issues
 Tax Issues
 -- structuring the offering to reduce consequences of contribution of low basis, leveraged property.
 -- dealing with the income, distribution, asset and share ownership requirements under IRS REIT regulations.
 -- use of the REIT to attract pension fund investments in leveraged real estate.
 Accounting Issues
 -- use of leverage in a newly formed REIT.
 -- comparison of historical cost to fair market value of real estate.
 The seminar, which will be held in the Oak Room of the Union League at 140 S. Broad St., Philadelphia, will feature presentations by:
 -- Thomas J. Gallagher, a partner in Wolf, Block's Tax Department with 15 years experience in structuring and analyzing complex real estate equity and financing transactions. He has focused on a full range of start-up problems encountered by REITs, including strategies for contributing debt-financed, low-tax-basis properties without recognizing taxable gain.
 -- Wade Mayberry, a vice president of Legg Mason Wood Walker, Inc. who has been responsible for a variety of investment banking transactions, including REITs and other real estate-related securities offerings involving in excess of $300 million.
 -- Jack E. Salmon, the partner-in-charge of Arthur Andersen's Real Estate Services Group who has more than 15 years experience in the real estate industry. He has extensive experience in matters involving REITs.
 -- Jason M. Shargel, a partner in Wolf, Block's Corporate Department who specializes in public and private securities offerings. He represents EQK Realty Investors I, a New York Stock Exchange-listed company which was one of the first of the second generation of REITs organized in the mid-1980s.
 -- Michael M. Sherman, a partner in Wolf, Block's Corporate Department who has extensive experience in real estate related- securities offerings, including one of the first publicly offered real estate limited partnerships and dozens of privately placed real estate syndications.
 If members of the media are interested in covering this seminar or doing a related story on the revitalization of Real Estate Investment Trusts in the 1990s,
 CONTACT: Scott Allocco of Earle Palmer Brown & Spiro, 215-851-9525, for Wolf, Block, Schorr and Solis-Cohen.
 /delval/
 -0- 6/29/92


CO: Wolf, Block, Schorr and Solis-Cohen ST: Pennsylvania IN: SU:

MK-MP -- PH006 -- 4599 06/29/92 10:04 EDT
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Publication:PR Newswire
Date:Jun 29, 1992
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