FAQ Real Estate Investment Trust Morrison Foerster | 26 EXHIBIT A Enhanced Disclosure Obligations Under Form S-11 Form S-11, which may be used for the registration of securities by REITs or other registrants engaged primarily in the acquisition and holding of real estate interests, requires certain disclosures that are not applicable to offerings by non-REITs/real estate companies. Specifically, Form S-11 requires registrants to disclose, among other things, the following information in addition to the information required under Form S-1 for most U.S. domestic issuers: Policies With Respect To Certain Activities (Item 12 of Form S-11) Generally requires the registrant to describe its policies with respect to: ▪ Issuing securities; ▪ Borrowing money; ▪ Loaning money; ▪ Investing in the securities of other companies for the purpose of exercising control; ▪ Underwriting the securities of other companies; ▪ Purchasing and selling investments; ▪ Offering securities in exchange for property; ▪ Repurchasing or otherwise reacquiring its securities; and ▪ Making annual reports to security holders. Investment Policies of Registrant (Item 13 of Form S-11) Generally requires the registrant to describe its policies with respect to the following: ▪ Investments in real estate or interests in real estate, including the following policies most commonly applicable to equity and mortgage REITs: ▪ The geographic areas in which the registrant intends to acquire real estate interests; ▪ The real estate assets classes in which the registrant intends to invest (such as industrial, lodging, multifamily, office, retail, self-storage, etc.); ▪ The proposed method of operating and financing its real estate assets; ▪ limitations on the amount or percentage of the registrant’s assets that will be invested in any particular property; and ▪ Any other material policies adopted by the registrant with respect to its real estate activities.
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