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Biography

Sullivan & Worcester Partner Sees TRS Structure as Simpler, More Flexible Alternative for REITs

Sarah Wellings was interviewed for a video segment titled "Sullivan & Worcester Partner Sees TRS Structure as Simpler, More Flexible Alternative for REITs," published by Nareit on April 27, 2026. The conversation was recorded at Nareit’s REITwise: 2026 Educational Conference in Hollywood, Florida, held March 24-26.

In the interview, Sarah outlined key operational risks REITs face with taxable REIT subsidiaries (TRSs), emphasizing that using TRSs can simplify compliance compared to relying on independent contractors for non-customary services and can help mitigate tax exposure on asset transfers. She also highlighted the importance of robust transfer pricing documentation and noted that while technology is improving compliance, implementation and user adoption challenges persist.

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Videos

Sullivan & Worcester Partner Sees TRS Structure as Simpler, More Flexible Alternative for REITs

Sarah Wellings was interviewed for a video segment titled "Sullivan & Worcester Partner Sees TRS Structure as Simpler, More Flexible Alternative for REITs," published by Nareit on April 27, 2026. The conversation was recorded at Nareit’s REITwise: 2026 Educational Conference in Hollywood, Florida, held March 24-26.

In the interview, Sarah outlined key operational risks REITs face with taxable REIT subsidiaries (TRSs), emphasizing that using TRSs can simplify compliance compared to relying on independent contractors for non-customary services and can help mitigate tax exposure on asset transfers. She also highlighted the importance of robust transfer pricing documentation and noted that while technology is improving compliance, implementation and user adoption challenges persist.

Watch video »

Videos

One of the Largest Global REITs and Its Subsidiary Form a New Joint Venture

Our marquee REIT and Tax teams advised American Tower Corporation (NYSE: AMT), one of the largest global REITs, and its subsidiary CoreSite in the formation of a new joint venture with Stonepeak, a leading alternative investment firm specializing in infrastructure and real property assets, to develop, build and operate an 18-megawatt data center in Denver, Colorado. CoreSite provides IT infrastructure that empowers enterprises and cloud, network and IT service providers to monetize and future-proof their digital businesses. The total estimated development costs for the 18-megawatt data center are expected to be more than $250 million.

Sullivan’s team was led by Ameek Ashok Ponda, director of the Tax Department, with Sullivan Tax partners Joel Carpenter and Sarah Wellings, and associate Connie Lee, contributing to the successful deal.

Ameek Ashok Ponda, Joel R. Carpenter, Sarah D. Wellings and Connie Lee

Videos

Videos

Sullivan & Worcester Partner Sees TRS Structure as Simpler, More Flexible Alternative for REITs

Sarah Wellings was interviewed for a video segment titled "Sullivan & Worcester Partner Sees TRS Structure as Simpler, More Flexible Alternative for REITs," published by Nareit on April 27, 2026. The conversation was recorded at Nareit’s REITwise: 2026 Educational Conference in Hollywood, Florida, held March 24-26.

In the interview, Sarah outlined key operational risks REITs face with taxable REIT subsidiaries (TRSs), emphasizing that using TRSs can simplify compliance compared to relying on independent contractors for non-customary services and can help mitigate tax exposure on asset transfers. She also highlighted the importance of robust transfer pricing documentation and noted that while technology is improving compliance, implementation and user adoption challenges persist.

Watch video »