REAL ESTATE AND REIT M&A SELECTED ARTICLES AND MEMORANDA Wachtell, Lipton, Rosen & Katz DOCUMENT INDEX TAB REIT Q&A: Robin Panovka and Adam Emmerich Rulers of REIT M&A by Katrina Dewey (Lawdragon - January 7, 2018) ....................................................... 1 “New” IRS Guidance Provides Relief from Dividend Payment Requirement for REITs by Adam O. Emmerich, Jodi J. Schwartz, Robin Panovka and Joshua M. Holmes (WLRK Client Memo – May 6, 2020) ......................................... 2 REITs and COVID-19 – 15 Key Issues for Boards as They Chart the Course Forward by Adam Emmerich and Robin Panovka (WLRK Client Memo – April 28, 2020) ........................................................................................................... 3 REIT M&A and Activism: Preparing for Threats in the COVID-19 Environ- ment by Adam O. Emmerich, Robin Panovka, Jodi J. Schwartz, Trevor S. Norwitz, Karessa L. Cain, Victor Goldfeld, Sabastian V. Niles, Tijana J. Dvornic, Viktor Sapezhnikov and Sara B. Spanbock (WLRK Client Memo – April 6, 2020) .......................................................................................................... 4 REIT M&A in 2020 by Adam O. Emmerich, Robin Panovka, Jodi J. Schwartz, William Savitt, Andrea K. Wahlquist, Karessa L. Cain, Tijana J. Dvornic, Victor Goldfeld, Sabastian V. Niles and Viktor Sapezhnikov (WLRK Cli- ent Memo – January 6, 2020) .................................................................................... 5 Use of Non-GAAP Measures Not Questioned in Recent Charges by Adam O. Emmerich, Robin Panovka, David B. Anders, Tamara Livshiz and Timo- thy C. Sprague (WLRK Client Memo – August 8, 2019) ............................................ 6 REIT M&A and Consolidation: Ten Predictions for the Next 24 Months by Adam O. Emmerich and Robin Panovka (WLRK Client Memo – April 4, 2019) .......................................................................................................................... 7 REIT M&A: Use and Overuse of Special Committees Posted by Adam O. Em- merich, Robin Panovka, and William Savitt (Harvard Law School Forum on Corporate Governance and Financial Regulation – February 21, 2019) .......................................................................................................................... 8 REIT M&A in 2019 Posted by Adam O. Emmerich and Robin Panovka (Har- vard Law School Forum on Corporate Governance and Financial Regu- lation – February 14, 2019) ..................................................................................... 9 Tenth Circuit Upholds Archstone Merger Providing Useful Guidance on OP Unitholder Rights by Peter C. Hein and S. Christopher Szczerban (WLRK Client Memo – December 11, 2018) .......................................................................... 10 1 REIT M&A in a Complex Market Posted by Adam O. Emmerich and Robin Panovka (Harvard Law School Forum on Corporate Governance and Fi- nancial Regulation - June 23, 2018) ......................................................................... 11 Observations from the NYU REIT Symposium by Adam O. Emmerich and Robin Panovka (WLRK Client Memo - December 11, 2018) .................................... 12 REIT M&A, Activism and Governance – Ten Themes for 2018 by Adam O. Emmerich, Robin Panovka, Jodi J. Schwartz, Sabastian V. Niles and Mi- chael J. Segal (WLRK Client Memo - January 2, 2018) ............................................ 13 Taking REITs Private Posted by Adam O. Emmerich and Robin Panovka (Har- vard Law School Forum on Corporate Governance and Financial Regu- lation - October 21, 2015) ......................................................................................... 14 Only Death, Taxes and REITs Are Inevitable by Adam O. Emmerich and Robin Panovka (NYU Premises, the REIT Issue, Spring 2015) ........................................... 15 Treasury Department Seeks to Curb “Cash-Rich” and REIT Spin-Offs by Jodi Schwartz, Joshua M. Holmes and David B. Sturgeon (WLRK Client Memo - September 16, 2015) ..................................................................................... 16 REIT M&A Update: Maryland Court Upholds Special Committee’s Approval of Acquisition of REIT’s External Manager by Robin Panovka, William Savitt, Ronald C. Chen, Andrew J. Cheung and Donald P. Casey (WLRK Client Memo - October 31, 2013) ............................................................................. 17 Is There a “New Normal” for REIT M&A? Robin Panovka’s Predictions (Citi Research Equities - April 12, 2013) .......................................................................... 18 Industry Observers Have Mixed Outlook on REIT M&A By Carissa Chappell (REIT.com, January 17, 2013) .................................................................................. 19 Rebuilding the World Trade Center by Larry A. Silverstein, Joseph C. Daniels, Robin Panovka, Seth Piasky, John Lieber (Cornell Real Estate Review - Vol. 10, July 2012) ..................................................................................................... 20 Maryland Court Confirms Application of Business Judgment Rule in All-Stock REIT Merger by Robin Panovka, Trevor S. Norwitz, William Savitt and Scott W. Golenbock (WLRK Client Memo - June 6, 2011) ....................................... 21 Sixth Circuit Upholds Tortious Interference Verdict Against Auction Loser’s Overbid: Over-bidder Must Reimburse Winner For Causing Price Bump by Robin Panovka and Trevor S. Norwitz (WLRK Client Memo - May 18, 2011) .......................................................................................................................... 22 -2- Debt Buybacks Raised Unique Tax Issues for REITs by David M. Einhorn, Ad- am O. Emmerich, Robin Panovka, Michele J. Alexander and David E. Shapiro (WLRK Client Memo - May 11, 2009) ......................................................... 23 New IRS Guidance Provides Relief From Dividend Payment Requirement for Cash-Starved REITs by David M. Einhorn, Adam O. Emmerich, Robin Panovka and Michele J. Alexander (WLRK Client Memo - December 10, 2008) .......................................................................................................................... 24 REIT M&A: Synthetic Ownership Arrangements Create Real Dangers by Da- vid M. Einhorn, Adam O. Emmerich, Robin Panovka, David E. Shapiro and Joshua M. Holmes (WLRK Client Memo - December 8, 2008) .......................... 25 REIT Update: Advance Preparation for Growing Threats by David M. Einhorn, Adam O. Emmerich, Philip Mindlin, Robin Panovka and David E. Shapiro (WLRK Client Memo - February 14, 2008) ................................................. 26 Up From The Ashes – Silverstein’s Army by Ben Hallman (The American Lawyer – September 2007) ........................................................................................ 27 Unlocking Real Estate Value Through Corporate Restructurings Real Estate Value Through Corporate Restructurings by David M. Einhorn, Adam O. Emmerich, Robin Panovka, Joshua M. Holmes and Michael Sabbah (WLRK Client Memo - November 29, 2007) ............................................................. 28 REITs Are Not Takeover Proof – The Public Storage/Shurgard Case Study by David M. Einhorn, Adam O. Emmerich, Robin Panovka, Trevor S. Nor- witz, David E. Shapiro and David B. Silva (WLRK Client Memos - Au- gust 18, 2005 and Follow up August 23, 2006) ......................................................... 29 Hostile Takeovers of REITs by David M. Einhorn, Adam O. Emmerich, Robin Panovka, William D. Savitt and David B. Silva (Wharton Real Estate Re- view - May 5, 2006) .................................................................................................. 30 REITs Are Not Takeover Proof by David M. Einhorn, Adam O. Emmerich, Robin Panovka, David E. Shapiro and David B. Silva (WLRK Client Memo - August 18, 2005) .......................................................................................... 31 Post-SOX Issues for REITs Linked to Operating Companies are Overstated by David M. Einhorn, Adam O. Emmerich, Robin Panovka and David B. Silva (WLRK Client Memo - June 16, 2005) ............................................................. 32 Focus of REITS – Criticism of REITs Goes Too Far – Selling Out or Merging Isn’t Always Best for Shareholders by Adam O. Emmerich and Robin Panovka - Insiders Perspective (Real Estate Issues - Winter 2000-2001) ................ 33 -3- REIT M&A Transactions – Peculiarities and Complications by David M. Ein- horn, Adam O. Emmerich and Robin Panovka (The Business Lawyer, Vol. 55, No. 2, February 2000) ......................................................................................... 34 Focus on REITS – Taking REITs Private by Robin Panovka - Insiders Perspec- tive (Real Estate Issues - Summer 2000) ................................................................... 35 Focus on REITS – Public Real Estate Companies’ Advantages will Overpower the REIT Bear Market by Robin Panovka - Insiders Perspec- tive (Real Estate Issues – Winter 1999/2000) ........................................................... 36 REITs and Rights Plans - Criticism of REITs that adopt rights plans is simply misplaced by Adam O. Emmerich and Robin Panovka (Property, Decem- ber 2000) .................................................................................................................... 37 REIT Takeovers – Novel Issues Raised By Excess Share Provisions and UPREIT Structures (The M&A Lawyer - Vol. 1,