■ Begins road show Typically 1–2 weeks ■ Adopts public company policies, controls, procedures, and other corporate governance matters, if not already done ■ Resolves material SEC comments ■ Obtains listing approval from a national securities exchange ■ Meeting with analysts ■ Potentially has test-the-waters discussions ■ Sets price range for IPO (and therefore value of the REIT) Typically 2–3 months after first filing or confidential submission ■ Publicly files registration statement ■ Bulk prints preliminary (“red”) prospectus No later than 15 days prior to commencement of the road show ■ Form S-11 is declared effective ■ Prices deal and begins trading on a national securities exchange ■ Closes IPO and related contribution transactions • 2nd trading day after first trading day (T+2) Pricing and Closing 2024 Guide to REIT IPOs and Listing Transactions | 26
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