Kendal focuses on federal income tax issues related to REITs and private investment funds. She regularly assists clients with structuring and executing capital markets transactions, initial public offerings, fund formations, mergers and acquisitions, and securitizations. She represents issuers and underwriters in various capital markets transactions, and she represents equity REITs and mortgage REITs in connection with public and private equity and debt offerings, including REITs investing in mortgage-backed securities, mortgage loans, hotels, excess mortgage servicing rights, commercial office buildings, industrial and single family rental (SFR). Kendal represents private equity funds and investors in fund formation using REITs, blockers and other structures to address FIRPTA issues. Kendal also advises clients on roll-up transactions, OP unit deals, and tax protection agreements.

Bar Admissions
Virginia

Education
JD, University of Virginia, Virginia Law Review; Order of the Coif, 2002

BS, University of Virginia, with distinction, 1996

Significant Accomplishments
Represented private equity fund in $2.5 billion take private transaction of single family rental REIT.

Represented acquirer in $18 billion healthcare REIT merger.

Represented real estate and real estate credit private investment funds in all aspects of public and private tax structuring for private funds, REITs and similar investment vehicles, including management of company equity compensation.

Represented buyers and targets in public and private merger transactions.

Represented issuers and underwriters in initial public offerings of equity and mortgage REITs.

Represented industrial REIT concerning REIT issues in $7.6 billion take private transaction.

Represented issuer in REIT conversion from a C corporation and issuer in REIT conversion from a publicly traded partnership.

Represented buyers and sellers of private REITs.

Advised clients on tax-efficient structures for foreign and tax-exempt investors to own US real property through private REITs.

Advised partnerships and contributors regarding partnership OP unit transactions and tax protection agreements.

Represented issuers and lenders concerning tax issues in financing of servicer advance receivables.

Represented issuers and underwriters in mortgage loan credit risk transfer securities issuances.

Counsel clients generally on the federal income tax aspects of restructurings and debt workouts.

Advised clients regarding Section 382 issues.

$1.15B Exchangeable Senior Notes Offering

$1.15B Exchangeable Senior Notes Offering and Concurrent $840M Common Stock Offering

$1.25B ATM Offering

$100M ATM Offering

$100M Public Offering of Senior Notes

$150M ATM offering by Alpine Income Property Trust, Inc.

$150M ATM Offering by CTO Realty Growth, Inc.

$1B ATM Offering by Rexford Industrial Realty, Inc.

$200M ATM Offering

$33.3M Public Offering by CTO Realty Growth, Inc.

$34.5M Public Offering of Senior Notes

$645M Public Offering

$65M Public Offering of Senior Notes

$665M Offering of Common Stock

$66M Public Offering

$736.8M Public Offering by Rexford Industrial Realty, Inc.

Advised AG Mortgage Investment Trust on $75 Million At-The-Market Public Offering

Advisor in $1.4B Acquisition

Arlington Asset Investment Corp.'s Merger with Ellington Financial Inc.

Healthcare Realty Trust's $18B Combination with Healthcare Trust of America

MFA Financial, Inc.'s $300M Common Stock Offering

NexPoint Real Estate Finance, Inc.'s Senior Notes Offering

Orion Office REIT Inc.'s $100M ATM

Postal Realty Trust, Inc.'s $50M ATM

Representation of AG Mortgage Investment Trust in Successful Topping Bid

Representation of AG Mortgage Investment Trust, Inc. in Public Offering of Senior Notes

Representation of MFA Financial, Inc. in an Underwritten $75M Public Offering of Senior Notes

Represented Chimera Investment Corporation in Public Offering of Senior Notes

Represented NewLake Capital Partners in At-The-Market Public Offering

Representing Chimera in its Acquisition of Palisades Group

Commercial Mortgage REITs: Tax Considerations When Dealing with Distressed Mortgage Loans, Pratt's Journal of Bankruptcy Law

Midstream Energy REITs: A New Structure

Proposed Treasury Regulations May Recharacterize Taxable REIT Subsidiary Debt, Real Estate Finance Journal

Real Estate Capital Markets | 2021 Year in Review

Real Estate Capital Markets | 2022 Year in Review

Real Estate Capital Markets | 2023 Year in Review

Real Estate Capital Markets | 2024 Year in Review

Real Estate Capital Markets 2025 Year in Review

Real Estate Capital Markets Newsletter | Spring 2023

Real Estate Capital Markets Report | Fall 2024

Real Estate Capital Markets Report | Fall 2025

Real Estate Capital Markets Report | Spring 2024

Real Estate Capital Markets Report | Spring 2025

Real Estate Capital Markets Report | Spring 2026

Real Estate Capital Markets Report | Summer 2024

Real Estate Capital Markets Report | Summer 2025

Real Estate Capital Markets Report | Summer 2026

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The Hunton & Williams LLP Immigration practice, part of the firm's Labor and Employment Team, is concentrated in two major areas. First our work involves advising American and foreign businesses about obtaining the most appropriate temporary and permanent work visas for executives, professionals, and other skilled foreign workers. Careful planning and documentation are necessary to ensure the greatest chance of success. We also represent our clients in any negotiations or administrative...

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