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According to statistics compiled by the National Association of Real Estate Investment Trusts, there are more than 200 publicly traded REITs, with a market capitalization of over $1 trillion. Most publicly held REITs are organized in Maryland—either as corporations formed under the Maryland General Corporation Law (GCL)—or trusts formed under the Maryland REIT law. Many privately held REITs are Maryland domestics as well. In fact, it has been said that Maryland is to REITs what Delaware is to non-REIT corporations.
Maryland recently enacted amendments to its GCL and REIT laws. Below are three changes that may be of particular interest to the managers, investors, and legal advisors of Maryland REITs. All amendments are effective October 1.
House Bill 744 amended Maryland law as follows:
New section 2-113 of the GCL also provides as follows:
Senate Bill 398/House Bill 759 enacts a new section 3-106.2 to the GCL which provides the following:
Managers of Maryland’s REITs and their legal advisers may wish to review their governing documents to see if any amendments are desired or required and to consider whether to use the new holding company merger procedure. For assistance with filing these documents contact your CT representative.
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