Shiukay Hung
SocioShiukay Hung is a Partner and the Co-Chair of DLA Piper’s National REIT Tax Practice. He is recognized as a leading tax lawyer by both Chambers USA and Legal 500.
Shiukay’s tax practice primarily focuses on REITs and real estate private equity, including real assets credit and mortgage REITs. His clients include Canadian pension funds, sovereign wealth funds (SWFs), non-US family offices, US-listed REITs, Singapore-listed REITs, and non-traded REITs, including NAV REITs. He represents clients on a variety of transactions, ranging from joint ventures and fund formation to REIT formation and operation, as well as M&A transactions, debt workouts, and restructurings under Chapter 11 of the US Bankruptcy Code.
Shiukay leverages his prior experience as an in-house tax counsel at a prominent real estate private equity sponsor to provide his clients with practical advice that is guided by industry best practices. He actively participates in bar associations and industry groups including the Real Estate Roundtable, the Institute for Portfolio Alternatives (IPA), the National Association of Real Estate Investment Trusts (Nareit), the Association of Foreign Investors in Real Estate (AFIRE), the New York State Bar Association, and the American Bar Association (ABA).
As a sought-after speaker, Shiukay frequently speaks at conferences hosted by leading organizations such as Nareit, IPA, the ABA, the American Institute of CPAs, the Harvard Law School Association of New York City, Strafford, and the Tax Executives Institute. His insights have been featured in publications such as Bloomberg, Law360, Tax Notes, and the Private Equity Law Report. In addition to his speaking engagements, Shiukay is a regular contributor to LexisNexis and the Real Estate Finance Journal. He is also a contributing author of the treatise “The AFIRE Guide to U.S. Real Estate Investing: What Global Investors Need to Know About Commercial Real Estate Acquisition, Management, and Disposition,” published by McGraw-Hill (4th ed., 2023).
EXPERIENCE
Sovereign Wealth Funds and Foreign Pension Funds
Represented sovereign wealth funds and foreign pension funds in their investments in real estate private equity funds and joint ventures, private equity funds, hedge funds, and credit funds.
Real Estate Private Equity
- Represented a Canadian pension fund in a US$2 billion sale of a trophy office building in New York City.
- Represented a Canadian pension fund in a highly structured acquisition of an indirect interest in a trophy office building in New York City through a private REIT structure.
- Represented a Canadian pension fund in its programmatic joint venture for the acquisition, financing and development of US$1 billion of industrial outdoor storage/service facilities throughout the US through a private REIT structure.
Real Assets Credit
- Represented a Canadian pension fund in a joint venture to originate and/or acquire between US$500 million and US$700 million of debt investments, including mortgage loans, mezzanine loans and subordinate debt.
- Ongoing representation of a Canadian pension fund in its US credit platform.
- Represented a Canadian pension fund in a joint venture to acquire US$300 million of mortgage loans through a mortgage REIT vehicle.
Public REITs and Non-Traded REITs
- Represented Resource REIT, Inc. in its US$3.7 billion cash merger with Blackstone Real Estate Income Trust, Inc.
- Ongoing representation of several REITs listed on the Singapore Exchange (SGX) that own a portfolio of US real estate through a US REIT.
- Ongoing representation of a US sponsor in the launch of their mortgage NAV REIT.
- Represented several US sponsors in their launch of equity NAV REITs.
Restructuring and Debt Workouts
- Ongoing representation of a private REIT in its debt workouts with lenders.
- Represented Pennsylvania Real Estate Investment Trust (now PREIT Realty) in its financial and corporate restructuring under Chapter 11 of the US Bankruptcy Code.
- Harvard Law School, LL.M.
University of British Columbia, J.D., Wesbrook Scholar
University of British Columbia, B.Sc., Honors
Awards
Shiukay is recommended by Chambers USA 2023 and Legal 500 United States 2023 as a leading lawyer.
Chambers USA
- Band 3, Nationwide REITs: Tax (2023-2024)
Legal 500 United States
- Leading Lawyer, REITs (2023-2024)
- Recognized, Real Estate Investment Trusts (REITs) (2022-2023)
Clients say:
Chambers USA
- "Shiukay is a very bright tax attorney in the REIT space."
- "He is very easy to work with, technical and practical."
Legal 500 United States
- "Shiukay has years of experience and great insights in dealing with REITs. He is a deep thinker that was always willing to help solve difficult questions, and constantly producing publication to help clients and peers navigate complex REIT rules. I have in many occasion inquired Shiukay on various issues I have encountered in transactions involving REITs and have always be very grateful for Shiukay's advice."
- Shiukay is "top-notch in tax knowledge, razor-sharp in thinking, and is able to explain tax issues to you in such a way that makes you feel you're smarter than you actually are."
- "The DLA REIT practice in NY is anchored by Shiukay Hung who is one of the premier REIT tax practitioners in the country. He is practicable, easy to work with and given his extensive REIT knowledge finds solutions to problems before they even arise."
- "I enjoy working with Shiukay Hung who is experienced and practical."
Bylines
- Co-author, "REIT Tax Resource Center," DLA Piper National REIT Tax Practice
- Co-author, "Final regulations offer guidance for REITs on the transfer of energy credits," DLA Piper Alert, May 6, 2024
- Co-author, "Final domestically controlled REIT regulations offer limited relief," DLA Piper Alert, April 29, 2024
- Co-author, "REIT Tax News," DLA Piper Alert, April 2, 2024
- Co-author, "IRS rules certain income from local government bonds and reimbursements qualifies for REIT income tests," DLA Piper Alert, March 18, 2024
- Co-author, "The importance of transfer pricing analysis in leveraged blockers used by foreign investors," DLA Piper Alert, January 25, 2024
- Contributing author, The AFIRE Guide to U.S. Real Estate Investing: What Global Investors Need to Know about Commercial Real Estate Acquisition, Management, and Disposition, 4th ed., McGraw-Hill, 2023
- Co-author, "REIT Tax News," DLA Piper Alert, December 9, 2023
- Co-author, "Real Estate Gazette: Infrastructure," DLA Piper, November 27, 2023
- Co-author, "REIT Tax News," DLA Piper Alert, October 20, 2023
- Co-author, "Understanding REIT tax: FAQs," DLA Piper Alert, August 28, 2023
- Co-author, "Ending tax breaks for massive sovereign wealth funds? Practical observations about the Wyden bill," DLA Piper Alert, August 9, 2023
- Co-author, "New Real Estate Investment Trust Tax Guidance on Parking, Amenity Space and Modern Tenant Services," Thomson Reuters, Summer 2023
- Co-author, "IRS provides favorable guidance on REIT tax treatment of transferable renewable energy credits for rooftop solar panels and electric vehicle charging stations," DLA Piper Alert, July 6, 2023
- Co‐author, "REIT Tax News," DLA Piper Alert, July 14, 2023
- Co-author, "IRS says regularly traded stock exception to FIRPTA applies at the partnership/fund level," DLA Piper Alert, June 1, 2023
- Co‐author, "REIT Tax News," DLA Piper Alert, April 5, 2023
- Co-author, "New REIT Tax Guidance on Parking, Amenity Space and Modern Tenant Services," DLA Piper Alert, February 23, 2023
- Co-author, "IRS Issues Proposed Regulations Impacting the Determination of Domestically Controlled REIT Status," LexisNexis Practical Guidance, December 29, 2022
- Co-author, "What Are NAV REITs? Answers to Some Frequently Asked Questions," The Real Estate Finance Journal, Fall 2022
- Co-author, "IRS Partially Revokes Previously Issued Private Letter Ruling on Percentage Rent," LexisNexis Practical Guidance, March 2022
- Co-author, "To Rely or Not to Rely? Sub-Regulatory Tax Guidance in Turbulent Times," Tax Executive, January/February 2021
- Co-author, "Final Regulations Clarify the Definition of 'Real Property' Under the REIT Rules," the Real Estate Finance Journal, January 2017
Seminars
- Panelist, "Tax Treatment of Leveraged Blockers Used by Foreign Investors: Recent IRS Guidance, Deal Structures, Tax Planning," Strafford, June 7, 2024
- Panelist, "The Keys to International Capital – Global Horizons – Unlocking the Keys to Foreign Capital for Real Estate and Private Credit," IPA, May 2024
- Panelist, "Distressed REITs," ABA 2024 May Tax Meeting, May 2024
- Panelist, "Intro to REIT Taxation,” Nareit's REITwise: 2024 Law, Accounting & Finance Conference, March 2024
- Speaker, "DC REITs: To Look Through or Not to Look Through," SS&C, June 2023
- Panelist, "Advanced Tax Strategies in Structuring Private Equity and Real Estate Investment Funds: Balancing Competing Interests,” Strafford, March 2022
- Moderator, "Important Trends in COVID-Era M&A Transactions," Tax Executives Institute, March 2021
- Moderator, "2021 Tax Roundtable: Changes in Tax Laws Under the Biden Administration," Harvard Law School Association of New York City, February 2021
- Moderator, "Select 2020 Federal Income Tax Developments and Outlook for 2021," Tax Executives Institute, December 2020
- Moderator, "Every 10 Years I Have to Relearn Section 382," Tax Executives Institute, November 2020
- Moderator, "To Rely or Not to Rely – That is the Question – Subregulatory Guidance in Turbulent Times," Tax Executives Institute. October 2020
- Panelist, "IRS & Treasury Panel: Partnership Reporting (Inbound)," American Bar Association, August 2020
- Panelist, "IRS & Treasury Panel: Partnership Reporting (Outbound)," American Institute of CPAs, August 2020
- Moderator, "COVID-19 Related Tax Considerations for the Real Estate Industry," Harvard Law School Association of New York City, April 2020
- Panelist, "What (Not So) Crazy Rich Asian Americans Need to Know About Qualified Opportunity Zones," National Asian Pacific American Bar Association, November 2019
- Panelist, "What the World of Accountancy Needs to Know About Blockchain and Cryptoassets," Wall Street Blockchain Alliance, November 2017
Media Mentions
- "DLA Piper advises PREIT in financial and corporate restructuring," April 2024
- "Discussing Real Estate Taxation: Expert Perspectives from DLA Piper," Nareit, April 2024
- "NYSBA Tax Section Report Addresses Proposed Regs on Transfer of Credits," Tax Notes, August 2023
- "DLA Piper lawyers and practices ranked in this year's Legal 500 US guide," June 2023
- "DLA Piper lawyers and practices ranked in Chambers USA 2023," June 2023
- "ABA Tax Section Critiques Proposed Regs on Foreign Government Exemptions," Tax Notes, February 2023
- "Notable Tax Provisions and Circumstances to Weigh to Optimize Treatment of Non-U.S. and Tax Sensitive Investors (Part Two of Two)," Private Equity Law Report, July 12, 2022
- "Notable Tax Provisions and Circumstances to Weigh to Optimize Treatment of Non-U.S. and Tax Sensitive Investors (Part One of Two)," Private Equity Law Report, June 28, 2022
- "More Than A Dozen Firms Guided Top Q1 Real Estate Deals," Law360, April 2022
- "Simpson, DLA Steer $3.7B Blackstone-Resource REIT Deal," Law360, January 2022
- "The Daily Docket: Industry Moves," Reuters, September 2021
- "Laterals, Moves, In-house," Bloomberg Law, September 2021
- "Shiukay Hung joins DLA Piper's Finance practice in New York," September 2021
- "Late Feedback On Partnership Forms May Lose Out, Official Says," Law360, August 2020
- "Cooperation May Be Key to International Partnership Form Changes," Tax Notes, August 2020
- "IRS Will Consider Late Comments on New Partnership Forms," Bloomberg, August 2020
- "Government Explains Changes to International Partnership Forms," Tax Notes, August 2020
- "New Partnership Tax Forms May Cause Duplication of Work," Bloomberg, August 2020
- "Wyoming Could Serve As Cryptocurrency Tax Bellwether," Law360, May 2018
- "More Than A Dozen Firms Guided Top Q1 Real Estate Deals," Law360, April 2022
Memberships And Affiliations
- Board Member, Harvard Law School Association of New York City
- Member, Real Estate Roundtable, Tax Policy Advisory Committee (TPAC)
- Member, Institute for Portfolio Alternatives (IPA), Tax Policy Task Force
- Member, Tax Club
- Member, New York Committee of Realty Trust Tax Lawyers
- Member, National Association of Real Estate Investment Trusts (Nareit), Federal Tax Subcommittee
- Member, American Bar Association, Section of Taxation
- Member, New York State Bar Association, Tax Section
