NAREIT has filed an amicus curiae brief with the Supreme Court in the case of Americold Logistics, LLC, et al., Petitioners v.ConAgra Foods, Inc., et al. in support of Corporate Member and petitioner Americold Realty Trust.
NAREIT’s brief advocates that, for diversity purposes, Maryland trust REITs should be treated the same as Maryland corporate REITs, or in the alternative, that the citizenship of the trustees should be determinative.
The case arises from a 35-year-old insurance dispute in which the 10th Circuit held that a business--including a Maryland REIT--organized as a trust may not establish diversity jurisdiction based solely on the citizenship of its trustees. The other federal circuit courts are split on this question.
The Supreme Court will hear oral arguments in the case on Jan. 19. The outcome may affect many REITs that are organized as business trusts.
The brief was prepared for NAREIT by Goodwin Procter LLP and references an article written by Jim Hanks, a partner at Venable LLP, on federally tax-qualified REITs formed under Maryland law.
(Contact: Victoria Rostow at email@example.com)