Clients and Friends:

Hunton & Williams’ Real Estate Capital Markets team had a very active and successful 2012, thanks to our clients and friends who provide us opportunities to work on a variety of interesting, cutting-edge transactions. With sincere appreciation for these opportunities, we share below some highlights of our activity during 2012. We look forward to another exciting year and thank you again for your continued confidence in the work we do together.

During 2012, our team handled more than 80 real estate capital markets transactions valued at more than $13 billion. In approximately 40 percent of the transactions we represented issuers. In approximately 60 percent of the transactions we represented the underwriters.

During 2012, we handled 40 securities offerings by mortgage REITs and other specialty finance companies, such as BDCs, 10 retail property REIT transactions, eight hotel REIT transactions and transactions involving industrial, multifamily, retail, storage, office, single-family residential, health care and other asset classes.

Sixty-five percent of the transactions we closed were common stock offerings, 25 percent were preferred stock offerings, and the remainder were senior notes offerings and private offerings, including Rule 144A/Reg D equity offerings.

The mortgage industry continues to be an important area of activity for us. We worked on approximately half of all commercial and residential mortgage REIT equity offerings in 2012.

In 2012, our Real Estate Capital Markets team brought you thought leadership in areas such as REO acquisition and financing strategies for REITs and other entities; acquisition and financing of mortgage servicing rights and excess MSRs by REITs and other specialty finance companies; the cuture of, and critical issues facing, non-traded REITs; tax requirements for mortgage companies to qualify as REITs; and applicable exemptions under the Investment Company Act of 1940. Our lawyers participated on a number of industry panels and were sought out by the media on 

these issues and other industry developments.