ANNAPOLIS—Earlier this week Reven Housing REIT announced it was no longer a Colorado company. It had become, like so many other REITs before it, a Maryland corporation.

The move is hardly a surprise. Most REITs are registered in Maryland because of the state’s comprehensive legal framework written specifically for REITs. Almost all of the time, such as with Reven, a conversion to Maryland is of little notice. In other cases, such as the year-long struggle by two shareholders for control of Commonwealth REIT, the state’s laws come under the spotlight as investors and REIT managers scrutinize them to see what is permitted and what is not.

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