David W. Bonser

The "spectacular" David Bonser is known to peers as an "extremely experienced real estate securities partner." His clients, private and public real estate companies, turn to him for corporate, securities, and partnership transactional counsel, on matters such as IPOs, offerings, and governance.

Chambers USA 2018

David Bonser heads the firm's Equity and U.S. Debt Capital Markets Practice Group and co-heads the firm’s Corporate Practice Group in the Americas. He has advised public and private companies on corporate, securities, and partnership transactions for more than 30 years. He has advised issuers and underwriters in more than 100 public and private capital-raising transactions, with a particular focus on helping real estate companies raise capital.

In his public company capital markets practice, David guides companies through complex initial public offerings (IPOs), helping them raise equity and debt capital as public companies, and providing general securities law and governance advice once they are public. In his private capital markets practice, he advises clients on private placements and private equity fund formations.

David also has broad experience in public and private mergers and acquisitions (M&A) and joint ventures for real estate companies, serving as the primary counsel in numerous high-profile transactions over the past 15 years. He has represented buyers, sellers (including special committees of public company boards), partners, and financial advisors.

David has been focusing on real estate investment trust (REITs) since before they were cool; he has been at the forefront of the REIT industry since it took off in the early 1990s. He has served as counsel to issuers and underwriters for dozens of public company REITs. He is a regular speaker at industry events, and has been ranked for years in Tier 1 for REITs in both Chambers and Legal 500.

Awards and recognitions

2007-2019

REITs (Nationwide)
Chambers USA

2008-2019

Real Estate: Real Estate Investment Trusts (REITs), Leading Lawyer
Legal 500 US

2011-2019

Finance: Capital Markets: Debt Offerings/ Advice to Issuers
Legal 500 US

2012-2019

Finance: Capital Markets: Equity Offerings
Legal 500 US

2017-2019

Real Estate
Legal 500 US

2018-2019

M&A/Corporate and Commercial: M&A: Large Deals ($1bn+)
Legal 500 US

2019

M&A/Corporate and Commercial: Shareholder Activism: Advice to Boards
Legal 500 US

Education and admissions

Education

J.D., The University of Texas School of Law, with honors, 1987

B.A., Duke University, cum laude, 1984

Memberships

Member, American Bar Association

Member, National Association of Real Estate Investment Trusts

Bar admissions and qualifications

District of Columbia

Representative experience

Represented The JBG Companies in its US$10bn merger and spin-off transaction with Vornado Realty Trust to create JBG SMITH Properties.

Represented Colony NorthStar in its $US5.5bn tri-party merger transaction with NorthStar Real Estate Income Trust, Inc. and NorthStar Real Estate Income II, Inc.

Represented The Special Committee of the Board of Directors of Phillips Edison Grocery Center REIT II, Inc. in its $US8.6bn merger transaction with Phillips Edison & Company, Inc.

Represented Bell Partners Inc. in the formation of three real estate investment funds raising more than US$1.2bn.

Represented Bank of America Merrill Lynch, Morgan Stanley, and other underwriters as underwriters' counsel in the US$250m IPO by Hudson Pacific Properties.

Represented QTS Realty Trust in its US$300m IPO and multiple subsequent follow-on common stock, preferred stock, and debt offerings.

Represented RLJ Lodging Trust in its merger transaction with FelCor Lodging Trust, creating one of the largest lodging REITs with a combined enterprise value of US$7bn.

Represented Industrial Income Trust in its US$6.4bn sale to Global Logistic Properties.

Represented Kite Realty Group Trust in its US$2.1bn acquisition of Inland Diversified Real Estate Trust.

Represented RLJ Lodging Trust in its US$570m IPO and multiple subsequent follow-on common stock offerings.

Represented JP Morgan, Citigroup, and other underwriters as underwriters' counsel in the US$300m IPO by Retail Properties of America.

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