Daniel M. LeBey
901 East Byrd Street
Suite 1500
Richmond, Virginia 23219
Daniel’s principal areas of practice are capital markets and securities law, private equity, fund and joint venture formation, mergers and acquisitions, and corporate governance matters. He has a particular focus on transactions involving real estate investment trusts (REITs).
He advises companies and their sponsors through the entire life cycle of the business from formation through the initial public offering process (in fact, Daniel has advised on more than 35 initial public offerings in his career), and thereafter with respect to equity and debt capital markets transactions, SEC reporting and compliance, mergers, acquisitions and other strategic transactions, and corporate governance. Daniel also regularly serves as counsel for the underwriters in capital markets transactions and also advises boards of directors and special committees on strategic transactions and other governance matters.
In addition to businesses focused on the real estate and mortgage industries, Daniel advises clients in a variety of other industries ranging from technology to manufacturing to infrastructure. Before law school, Daniel worked as an analyst at a New York bank, where he developed a strong foundation in corporate finance. He spent his early years as an attorney focusing on bank M&A deals before becoming a real estate capital markets lawyer. He leverages this background together with his deep understanding of clients’ businesses and industries to provide tailored, practical, creative legal guidance to help clients meet their objectives. Daniel is ranked by Chambers USA as a Band 1 lawyer nationally in REITs where reviewers note that “[he] is extraordinarily bright…and his insights and perspective are invaluable.” Another commenter mentions, “his style is commanding, effective, and keeps up with our industry” (2023).
Daniel also serves as the managing partner for V&E’s Richmond office.
Capital Markets
Underwriters to NETSTREIT Corp. in its $233 million Rule 144A offering of common stock; its $259 million initial public offering of common stock; its $204 million public offering of common stock its $250 million ATM program; its $230 million public offering of common stock and its $182 million public offering of common stock and its $300 million ATM program
Ellington Financial Inc. (in its current REIT form and its prior publicly traded partnership form) in its initial public offering and all of its subsequent capital markets transactions including five follow-on underwritten public offerings with an approximate transactional value of $440 million; its two ATM offerings with an approximate transactional value of $250 million; its $120 million public offering of Series B fixed-rate reset cumulative redeemable preferred stock; its $115 million public offering of Series A fixed-to-floating rate cumulative redeemable preferred stock; its two investment grade offerings of senior notes with an approximate transactional value of $296 million and its subsequent note exchange; and its $100 million public offering of Series C fixed-rate reset cumulative redeemable preferred stock
Ellington Residential Mortgage REIT in its recent $43 million public offering of common shares by an affiliate of The Blackstone Group, Inc., as selling shareholder, and its $47 million public offering of primary common shares
Flagship Healthcare Trust, a private REIT that owns medical office buildings and other healthcare properties in the United States, in its REIT formation transactions and subsequent equity rounds valued at more than $250 million; Flagship Healthcare Properties, LLC in the $20 million investment by TriPost Capital of Flagship Healthcare Operating Partnership, LP’s preferred units and its $35 million private placement of Series A preferred stock
Underwriters to PLH Group, Inc. in its $208 million Rule 144A offering of class A-1 common stock
Underwriters to Urstadt Biddle Properties, Inc. in its $115 million public offering of Series H cumulative redeemable preferred stock
Underwriters to Clipper Realty Inc. in its $88 million initial public offering of common stock
Global Medical REIT Inc. in its $150 million initial public offering of common stock and all of its subsequent capital markets transactions including five follow-on underwritten public offerings with an approximate transactional value of $343 million; ATM offerings; and its $77 million public offering of Series A cumulative redeemable preferred stock
American Residential Properties, Inc. in its formation transactions, its $300 million pre-IPO private offerings of common stock, its $330 million initial public offering of common stock, and all of its subsequent equity and debt capital markets transactions
Issuer’s counsel in numerous initial and follow-on public equity offerings, private offerings of common stock under Rule 144A and Regulation S, private placements under Regulation D, and public and private offerings of preferred equity and debt securities
Underwriters’ counsel for leading regional, national, and international investment banking firms in numerous initial and follow-on underwritten public and private offerings of equity and debt securities
Crosstimbers Capital in its $610 million sale of the Red Dot self-storage portfolio of 187 properties and management platform
FollettUSA, Inc. and Storage Star Holdings in the formation of a $250 million private REIT fund formed to invest in and manage self-storage properties
A public real estate investment trust in its $530 million joint venture with a private holding company that develops, manages, and operates multifamily properties
Setzer Properties, LLC, a national real estate investment and development firm focused on industrial, office and retail spaces, in the roll-up of eight properties and formation of Setzer Properties Fund I, LLC, a new private investment fund
Jera Asset Management and Setzer Properties in formation of a joint venture with the Australian Superannuation Pension Fund, including the roll-up of a seed portfolio of net leased transportation terminal and logistics properties
Ellington Financial Inc. in its $154 million acquisition of Arlington Asset Investment Corp. for a combination of stock and cash consideration
Global Medical REIT in its $18.1 million acquisition of Inter-American Management resulting in a management internalization
Oncor Electric Delivery Company in its $2.2 billion acquisition of InfraREIT
NorthStar Realty Finance in its approximately $16 billion combination with NorthStar Asset Management Group and Colony Capital in an all-stock merger of equals
Special Committee of the Board of Directors of MVP REIT II in the acquisition of MVP REIT by MVP REIT II in a stock-for-stock merger
Special Committee of the Board of Directors of Moody National REIT I in the merger of Moody National REIT I and Moody National REIT II
American Residential Properties, Inc. in its $1.4 billion stock-for-stock merger with American Homes 4 Rent
Blackstone Group LP in its formation and capitalization of a private residential mortgage REIT
Northern Pacific Group in its formation and capitalization of a private investment fund focused on SFR properties
Sandpiper Hospitality in its formation of 7 different private investment funds and a private REIT focused on extended stay hotels and its acquisition via merger of multiple portfolios of extended stay hotels
Credentials
- University of Georgia School of Law, J.D., 1992 (Editorial Board, Georgia Law Review)
- Princeton University, A.B., English, Distinction in American Studies Program, 1987
- Chambers USA, REITs (Nationwide), 2007–2024
- Legal 500 U.S., Capital Markets: Equity Offerings, 2017 and 2019; Real Estate: REITs, 2017–2024; Capital Markets: Debt, 2019; Construction, 2015
- The Best Lawyers in America© (BL Rankings, LLC), (Richmond): Corporate Law, Securities/Capital Markets Law, 2019−2025
- Selected to the Virginia Super Lawyers list, Super Lawyers® (Thomson Reuters), 2024
- Member: National Association of Real Estate Investment Trusts
- Member: Princeton Association of Virginia, President 2007-2009
- Georgia
- Virginia
- Deals & CasesAugust 21, 2024
- Rankings & AwardsJune 12, 2024
- Rankings & AwardsJune 6, 2024
- Rankings & AwardsApril 25, 2024
- InsightApril 3, 2024
V&E REIT Update
- Deals & CasesJanuary 12, 2024
- Rankings & AwardsAugust 21, 2023
- Deals & CasesJuly 3, 2023
- Rankings & AwardsJune 12, 2023
- Event RecapJune 7, 2023
- Rankings & AwardsJune 1, 2023
- Deals & CasesMay 30, 2023
- InsightMay 9, 2023
V&E REIT Update
- Deals & CasesApril 26, 2023
- Deals & CasesFebruary 6, 2023
- Deals & CasesJanuary 18, 2023
- Deals & CasesSeptember 21, 2022
- InsightSeptember 13, 2022
V&E SEC Update
- Rankings & AwardsAugust 18, 2022
- Deals & CasesAugust 4, 2022
- Rankings & AwardsJune 16, 2022
- Rankings & AwardsJune 1, 2022
- Event RecapMay 11, 2022
- InsightMarch 31, 2022
- Deals & CasesMarch 31, 2022
- Deals & CasesJanuary 11, 2022
- Deals & CasesOctober 22, 2021
- “2019 Kayo Women’s Real Estate Summit,” June 24, 2019 (moderator)
- “Why Do Property REITs Have Operating Partnerships,” REIT Series, V&E New York Office, May 28, 2019 (speaker)
- “Qualified Opportunity Funds, Real Estate, and REITs,” REIT Series, V&E New York Office, February 20, 2019 (speaker)
- “Trends in REIT Corporate Governance,” REITworld: 2018 Annual Conference, November 7, 2018 (speaker)
- “REITs,” 2018 Kayo Women’s Real Estate Summit, April 24, 2018 (moderator)
- “REITs and Infrastructure Investment,” V&E New York Office, April 18, 2018 (presenter)
- “IRS Issues Guidance on Elective Cash Stock Dividends by REITs,” V&E REIT Update E-communication, August 16, 2017 (co-author)
- “2017 Kayo Women’s Real Estate Investment Summit,” April 24-25, 2017 (speaker)
- “Alternative Capital: 144A Equity Offerings and Special Purpose Acquisition Companies,” V&E Houston Office, February 22, 2017 (speaker)
- REO Investment and Rental Roundtable, June 18, 2012
- “REITs – Past, Present & Future”, American Securitization Forum Annual Conference, January 2012 (Moderator)