Multibillion-dollar REIT Invests in Protiviti's Financial Expertise
Multibillion-dollar REIT invests in
Protiviti’s financial expertise
Public Company Readiness
A multibillion-dollar self-administered and self-managed real estate investment trust (REIT) needed assistance
in establishing and maintaining a project management office (PMO) to coordinate timely completion of key
tasks as part of its planned initial public offering. The trust, which has investments in approximately 2,100
properties diversified across 48 states and 18 industries, also sought support in drafting accounting position
papers and S-11 disclosures and schedules.
The REIT brought in Protiviti to drive these pre-IPO activities. As projects progressed, our team also assisted
in researching and benchmarking competitors and defining future-state processes that the REIT needed in
preparation to operate a public company.
We assembled a team of local and remote resources with financial reporting and REIT experience, providing
the right mix of expertise to support this strategic and significant event in our client’s lifecycle. Our
• Project management office: We partnered directly with the CFO to coordinate timely completion of
IPO-related tasks by management and third parties. We created several tracking tools utilized by
management to monitor the assignment and completion of critical IPO tasks and performed ongoing
status updates with key management owners. Additionally, we provided references for third-party
vendor services required as part of the S-11 preparation, including those related to fair market
valuation of mortgage portfolios.
• Ongoing reporting support: We assisted our client in preparing initial and amended S-11 registration
statements, as well as required IPO documentation. We also provided guidance around SEC and GAAP
compliance checklists. In addition, our project team delivered technical research and drafted white
papers to document accounting treatment, presentation and disclosure over various accounting and
financial reporting issues as requested by our client.
• Research and benchmarking: At our client’s request, we benchmarked the content and timing of its
competitor’s recent S-11 filings, completed various reviews of key customer metrics, and quantified
the impact of market changes on variable revenue. In several cases, the results of our research and
benchmarking were used within our client’s S-11 filings.
• Defining future public company processes: We performed a detailed comparison of Sarbanes-Oxley
(SOX) requirements to identify potential control gaps or process modifications that our client required
as a public company. Additionally, we evaluated our client’s IT governance, including the adequacy
of controls, processes and business continuity plans, to identify modifications it required as a public
company. We also assisted management with defining the board of directors’, audit committee’s and
various sub-committees’ agendas in line with public company requirements.