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Venable partner Patsy McGowan was quoted in a February 26, 2015 Law360 article on activist REIT investors. Following the IRS' broadening of the definition of real property, activist shareholders have begun pressuring boards with REIT-eligible assets to form spinoffs.

McGowan said certain sectors, particularly the hotel industry, have become targets from groups like labor unions pursuing governance-related activists REIT attempts. "You are having more conversations with some long-term investors who are interested in having more of a say in the company," she added.