2020 M&A Annual Review

Morrison & Foerster is recognized for Real Estate Investment Trusts (REITs). Legal 500 2020 “The firm provides outstanding quality and client service. They have a sensible approach and are business oriented.” IFLR1000 2021 VERTICAL BRIDGE REIT Morrison & Foerster represented Vertical Bridge REIT in its acquisition of substantially all of the broadcast communications tower sites and certain other related assets from Cumulus Media, one of the largest owners of radio stations across the U.S. As part of the sale-leaseback transaction, Cumulus will enter into lease agreements for the continued use of the towers but will not enter into lease agreements for certain other assets being sold, including excess land and certain intangible rights. Vertical Bridge has a diverse portfolio of towers with FM, AM, and television antennas. With more than 4,000 towers, it owns the largest private portfolio of broadcast towers in the U.S. and manages thousands more, located in every major market across the country, including Alaska, Hawaii, and Puerto Rico. It also has more than 288,000 owned and managed sites nationwide, including wireless and broadcast towers, rooftops, land parcels, and billboards.