<HTML>
<HEAD>
<TITLE>sv8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">As filed
with the Securities and Exchange Commission on August __, 2008<BR>
Registration No.&nbsp;333-____
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></DIV>


<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>SHOPOFF PROPERTIES TRUST, INC.</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Maryland<BR>
(State or other jurisdiction of <BR>
incorporation or organization)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>20-5882165<BR>
(I.R.S. Employer<BR>
Identification No.)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>8951 Research Drive<BR>
Irvine, California 92618<BR>
(Address of principal executive offices)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>SHOPOFF PROPERTIES TRUST, INC. 2007 EQUITY INCENTIVE PLAN</B><BR>
(Full Title of the Plan)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>William A. Shopoff<BR>
President and Chief Executive Officer<BR>
Shopoff Properties Trust, Inc.<BR>
8951 Research Drive<BR>
Irvine, California 92618<BR>
1-877-TSG-REIT</B><BR>
(Name, address, including zip code, telephone number, including area code, of agent for service)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. (Check one):</DIV>

<TABLE width="100%" style="font-size: 10pt; margin-top: 0pt"><TR><TD>Large accelerated filer&nbsp;<FONT face="Wingdings">&#111;</FONT></TD><TD align="center">Accelerated filer&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;</TD><TD align="center">Non-accelerated filer&nbsp;<FONT face="Wingdings">&#254;</FONT><BR>(Do not check if a smaller reporting company)</TD><TD align="right">Smaller reporting company&nbsp;<FONT face="Wingdings">&#111;</FONT></TD></TR>
</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B><I>Copies to:</I></B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Blase Dillingham, Esq.<BR>
Manatt, Phelps &#038; Phillips, LLP<BR>
11355 W. Olympic Boulevard<BR>
Los Angeles, California 90064<BR>
(310)&nbsp;312-4000<BR>
(310)&nbsp;312-4224 (Facsimile)</B></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1px">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Offering</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>to be registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registered(1)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Per share (2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price (2)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par value $.01 per share</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">1,655,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">10.00</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">16,550,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">650.41</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>This Registration Statement shall also cover any additional shares of
Shopoff Properties Trust, Inc.&#146;s (the &#147;Registrant&#148;) common stock that
become issuable in respect of the securities identified in the above
table by reason of any stock dividend, stock split, recapitalization
or other similar transaction effected without the Registrant&#146;s receipt
of consideration which results in an increase in the number of the
outstanding shares of Registrant&#146;s common stock.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee
in accordance with Rule&nbsp;457(h)(1) based on book value of the
Registrant&#146;s common stock computed as of the latest practicable date
prior to the filing of the Registration Statement, which is August 4, 2008.</TD>
</TR>

</TABLE>
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">








<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART I<BR> INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. <U>Incorporation of Documents by Reference</U>.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. <U>Description of Securities</U>.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. <U>Interests of Named Experts and Counsel</U>.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. <U>Indemnification of Directors and Officers.</U></A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. <U>Exemption from Registration Claimed</U>.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. <U>Exhibits</U>.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. <U>Undertakings</U>.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="a42274exv5w1.htm">EXHIBIT 5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="a42274exv10w1.txt">EXHIBIT 10.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="a42274exv10w2.htm">EXHIBIT 10.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="a42274exv10w3.htm">EXHIBIT 10.3</A></TD></TR>
<TR><TD colspan="9"><A HREF="a42274exv23w1.htm">EXHIBIT 23.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement is being filed by the Registrant to register an aggregate of
1,655,000 shares of common stock issuable pursuant to the Shopoff Properties Trust, Inc. 2007
Equity Incentive Plan (the &#147;Plan&#148;).
</DIV>
<!-- link1 "PART I<BR> INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART I</B></DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information specified in Item&nbsp;1 and Item&nbsp;2 of Part&nbsp;I of the Registration Statement on Form
S-8 is omitted from this filing in accordance with the provisions of Rule&nbsp;428 under the Act and the
introductory note to Part&nbsp;I of the Registration Statement. The documents containing the
information specified in Part&nbsp;I have been delivered to the participants in the Plan covered by this
Registration Statement as required by Rule&nbsp;428(b)(1).
</DIV>
<!-- link1 "PART II" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>

</DIV>
<!-- link2 "Item&nbsp;3. <U>Incorporation of Documents by Reference</U>." -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. </B><U>Incorporation of Documents by Reference</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed by the Registrant with the Securities and Exchange Commission
(the &#147;Commission&#148;) are incorporated by reference and made a part hereof:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Annual Report on Form 10-K filed pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), containing audited financial statements for
the Registrant&#146;s fiscal year ended December&nbsp;31, 2007, filed with the Commission on March&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Registrant&#146;s Quarterly Report on Form 10-Q for the quarter ended March&nbsp;31, 2008,
filed with the Commission on May&nbsp;15, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Section&nbsp;13(a), 13(c), 14 or
15(d) of the Exchange Act prior to the filing of a post-effective amendment that indicates that all
securities offered have been sold or which deregisters all securities then remaining unsold shall
be deemed to be incorporated by reference into this Registration Statement and to be a part hereof
from the date of filing of such documents.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;4. <U>Description of Securities</U>." -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. </B><U>Description of Securities</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Voting Rights of Common Stock</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the provisions of our charter regarding restrictions on the transfer and ownership
of shares of common stock, each outstanding share of common stock entitles the holder to one vote
on all matters submitted to a vote of stockholders, including the election of directors, and,
except as provided with respect to any other class or series of shares of our stock, the holders of
our common stock possess the exclusive voting power. There is no cumulative voting in the election
of directors, which means that the holders of a majority of the outstanding shares of our common
stock, voting as a single class, may elect all of the directors then standing for election. Under
Maryland law, a Maryland corporation generally cannot dissolve, amend its charter, merge, sell all
or substantially all of its assets, or engage in a share exchange or engage in similar transactions
outside the ordinary course of business unless approved by the affirmative vote of stockholders
holding at least two-thirds of the shares entitled to vote on the matter, unless a lesser
percentage (but not less than a majority of all the votes entitled to be cast on the matter) is set
forth in the corporation&#146;s charter. Subject to certain exceptions, our charter provides for
approval by a majority of all the votes entitled to be cast on the matter for the matters described
in the preceding sentence. Under Maryland law, subject to certain conditions, the merger between a
parent corporation and a 90&nbsp;percent or more owned subsidiary corporation may be effected without
the approval of either corporation&#146;s stockholders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dividends, Liquidation and Other Rights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All shares of our common stock offered by this prospectus have been duly authorized and, upon
issuance in exchange for the purchase price thereof, will be fully paid and nonassessable. Holders
of shares of our common stock will be entitled to receive dividends when authorized by our board of
directors and declared by us out of assets legally available for the payment of dividends. Holders
of shares of our common stock will be entitled to share ratably in our assets legally available for
distribution to our stockholders in the event of our liquidation, dissolution or winding up, after
payment of or adequate provision for all of our known debts and liabilities. These rights will be
subject to the preferential rights of any other class or series of our stock and to the provisions
of our charter regarding restrictions on transfer and ownership of our stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of shares of our common stock have appraisal rights, but have no preference,
conversion, exchange, sinking fund, or preemptive rights to subscribe for any of our securities.
Subject to the restrictions on transfer of capital stock contained in our charter and to the
ability of the board of directors to create shares of common stock with differing voting rights,
all shares of common stock have equal dividend, liquidation and other rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Preferred Stock and Power to Reclassify Shares of Our Common Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter authorizes our board of directors to classify and reclassify any unissued shares
of our capital stock into a class or series of preferred stock, and to reclassify any previously
classified but unissued shares of any series of our preferred stock previously authorized by our
board of directors. The issuance of any preferred stock must be approved by a majority of our
independent directors who do not have an interest in the transaction. Prior to issuance of shares
of each class or series of preferred stock, our board of directors is required by Maryland law and
our charter to, among other things, fix, subject to our charter restrictions on transfer and
ownership, the terms, preferences, conversion or other rights, voting powers, restrictions,
limitations as to dividends or other distributions, qualifications or terms or conditions of
redemption for each class or series. Thus, our board of directors could authorize the issuance of
shares of common stock or preferred stock with terms and conditions that could have the effect of
delaying, deferring or preventing a transaction or a change of control that might involve a premium
price for you or otherwise be in your best interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Power to Issue Additional Shares of Our Common Stock and Preferred Stock</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our board of directors, with the approval of a majority of the directors and without any
action by stockholders, may also amend our charter from time to time to increase or decrease the
aggregate number of shares of our stock or the number of shares of stock of any class or series
that we have authority to issue. The additional classes or series, as well as our common stock, are
available for issuance without further action by our stockholders, unless
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">stockholder action is
required by applicable law or the rules of any stock exchange or automated quotation system on
which our securities may be listed or traded.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restrictions on Ownership and Transfer</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to qualify as a REIT under the federal tax laws, we must meet several requirements
concerning the ownership of our outstanding capital stock. Specifically, no more than 50% in value
of our outstanding capital stock may be owned, directly or indirectly, by five or fewer
individuals, as defined in the federal income tax laws to include specified private foundations,
employee benefit plans and trusts, and charitable trusts, during the last half of a taxable year,
other than our first REIT taxable year. Moreover, 100 or more persons must own our outstanding
shares of capital stock during at least 335&nbsp;days of a taxable year of 12&nbsp;months or during a
proportionate part of a shorter taxable year, other than our first REIT taxable year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because our board of directors believes it is essential for us to qualify and continue to
qualify as a REIT and for other corporate purposes, our charter, subject to the exceptions
described below, provides that no person may own, or be deemed to own by virtue of the attribution
provisions of the federal income tax laws, more than 9.8% of:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the value of outstanding shares of our capital stock; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the value or number (whichever is more restrictive) of outstanding shares of our common
stock.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter provides that, subject to the exception described below, any transfer of capital
stock that would:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>result in any person owning, directly or indirectly, shares of our capital stock in
excess of the foregoing ownership limitations;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>result in our capital stock being owned by fewer than 100 persons, determined without
reference to any rules of attribution or constructive ownership;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>result in us being &#147;closely held&#148; under the federal income tax laws;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>cause us to own, actually or constructively, 9.8% or more of the ownership interests in a
tenant of our real property, under the federal income tax laws; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>before our shares constitute a class of &#147;publicly-offered securities,&#148; result in 25% or
more of our shares being owned by ERISA investors;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">will be null and void, with the intended transferee acquiring no rights in such shares of stock,
and will result in such shares being designated as shares-in-trust and transferred automatically to
a trust effective on the day before the purported transfer of such shares. The record holder of the
shares that are designated as shares-in-trust, or the prohibited owner, will be required to allow
us to register such shares in the name of the trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As an exception to the above, the board of directors, in the exercise of its sole and absolute
discretion, may exempt from the restrictions on transfer certain specified shares proposed to be
beneficially owned by a person who has provided the board of directors with such evidence,
undertakings and assurances as the board of directors may require that such beneficial ownership of
the specified shares will not prevent our continued qualification as a REIT under the Internal
Revenue Code and the regulations thereunder. The board of directors may, but is not be required
to, condition the grant of any such exemption upon the obtaining of an opinion of counsel, a ruling
from the Internal Revenue Service, or such other assurances as the board of directors may deem to
be satisfactory.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares-in-trust will remain shares of issued and outstanding capital stock and will be
entitled to the same rights and privileges as all other stock of the same class or series. The
trust will receive all dividends and distributions on the shares-in-trust and will hold such
dividends or distributions in trust for the benefit of the beneficiary. The trust will vote all
shares-in-trust. The trust will designate a permitted transferee of the shares-in-trust, provided
that the permitted transferee purchases such shares-in-trust for valuable consideration and
acquires such shares-in-trust without such acquisition resulting in a transfer to another trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our charter requires that the prohibited owner of the shares-in-trust pay to the trust the
amount of any dividends or distributions received by the prohibited owner that are attributable to
any shares-in-trust when the record date for which was on or after the date that such shares of
stock became shares-in-trust.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The prohibited owner generally will receive from the trust the lesser of:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the price per share paid for the shares of capital stock that were designated as
shares-in-trust or, in the case of a gift or devise, the applicable value per share on the
date of such transfer; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the price per share received by the trust from the sale of such shares-in-trust.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trust will distribute to the beneficiary any amounts received by the trust in excess of
the amounts to be paid to the prohibited owner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares-in-trust will be deemed to have been offered for sale to us, or our designee, at a
price per share equal to the lesser of:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the price per share paid in the transaction that created such shares-in-trust or, in the
case of a gift or devise, the applicable value per share on the date of such transfer; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the applicable value per share on the date that we, or our designee, accepts such offer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Applicable value&#148; means, as of any date, with respect to each share, the fair value of such
share, as determined in good faith by the board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will have the right to accept such offer for a period of 90&nbsp;days after the later of the
date of the purported transfer which resulted in such shares-in-trust or the date we determine in
good faith that a purported transfer resulting in such shares-in-trust occurred.
</DIV>
<!-- link2 "Item&nbsp;5. <U>Interests of Named Experts and Counsel</U>." -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. </B><U>Interests of Named Experts and Counsel</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable
</DIV>
<!-- link2 "Item&nbsp;6. <U>Indemnification of Directors and Officers.</U>" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. </B><U>Indemnification of Directors and Officers.</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Maryland General Corporation Law (the &#147;MGCL&#148;) authorizes Maryland corporations to limit
the liability of directors and officers to the corporation and its stockholders for money damages
except: (i)&nbsp;to the extent that it is proved that the director or officer actually received an
improper benefit or profit in money, property or services, for the amount of the benefit or profit
actually received, or (ii)&nbsp;to the extent that a judgment or other final adjudication adverse to the
director or officer is entered in a proceeding based on a finding in the proceeding that the
director&#146;s or officer&#146;s action, or failure to act, was the result of active and deliberate
dishonesty and was material to the cause of action adjudicated in the proceeding. The Registrant&#146;s
Charter limits the liability of directors and officers to the fullest extent permitted by the MGCL.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The MGCL also authorizes Maryland corporations to indemnify present and past directors and
officers of the corporation or of another corporation for which they serve at the request of the
corporation against judgments, penalties, fines, settlements and reasonable expenses (including
attorneys&#146; fees) actually incurred in connection with any threatened, pending, or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative (other than an action
by or in the right of the corporation in respect of which the director or officer is adjudged to be
liable to the corporation) in which they are made parties by reason of being or having been
directors or officers, unless it is proved that: (i)&nbsp;the act or omission of the director or officer
was material to the matter giving rise to the proceeding and was committed in bad faith or was the
result of active and deliberate dishonesty, (ii)&nbsp;the director or officer actually received an
improper personal benefit in money, property or services or (iii)&nbsp;in the case of any criminal
proceeding, the director or officer had reasonable cause to believe that the act or omission was
unlawful. The MGCL also provides that, unless limited by the corporation&#146;s charter, a corporation
shall indemnify
present and past directors and officers of the corporation who are successful, on the merits
or otherwise, in the defense of any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative, against reasonable expenses (including
attorneys&#146; fees) incurred in connection with the proceeding. The Registrant&#146;s charter does not
limit the extent of this indemnity.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bylaws of the Registrant permit indemnification of directors and officers to the fullest
extent permitted by the MGCL, and the Registrant&#146;s directors and officers are covered by certain
insurance policies maintained by the Registrant.
</DIV>
<!-- link2 "Item&nbsp;7. <U>Exemption from Registration Claimed</U>." -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. </B><U>Exemption from Registration Claimed</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not Applicable
</DIV>
<!-- link2 "Item&nbsp;8. <U>Exhibits</U>." -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. </B><U>Exhibits</U>.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Exhibits</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of DLA Piper US LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shopoff Properties Trust, Inc. 2007 Equity Incentive Plan</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Notice of Stock Option
Grant and Agreement pursuant to the 2007 Equity Incentive Plan</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Notice of Grant and Restricted Stock Agreement pursuant to the 2007 Equity Incentive Plan</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Squar, Milner, Peterson,
Miranda &#038; Williamson, LLP, Independent Registered Public
Accounting Firm</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of DLA Piper US LLP (included in Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on the signature page)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;9. <U>Undertakings</U>." -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. </B><U>Undertakings</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned registrant hereby undertakes:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by section 10(a)(3) of the Securities Act of
1933;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective
date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement. Notwithstanding the foregoing, any
increase or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation from the
low or high end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than a 20% change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration Fee&#148; table in the effective
registration statement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution
not previously disclosed in the registration statement or any material change to such
information in the registration statement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Provided, however, </I>that subparagraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed by the registrant pursuant to Section&nbsp;13 or Section 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in the registration statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Irvine, State of
California, on August 5, 2008.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>SHOPOFF PROPERTIES TRUST, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ William A. Shopoff
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">William A. Shopoff&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President, Chief Executive Officer and
Chairman of the Board of Directors&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>POWER OF ATTORNEY</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the undersigned directors and officers of Shopoff Properties Trust, Inc., a Maryland
corporation, do hereby constitute and appoint William A. Shopoff and Kevin M. Bridges, or either of
them, the undersigned&#146;s true and lawful attorneys and agents, with full power of substitution and
re-substitution in each, to do any and all acts and things in our name and on our behalf in our
respective capacities as directors and officers and to execute any and all instruments for us and
in our names in the capacities indicated below, which said attorneys and agents, or either one of
them, may deem necessary or advisable to enable said corporation to comply with the Securities Act,
as amended, and any rules, regulations and requirements of the Securities and Exchange Commission,
in connection with this registration statement, including specifically, but without limitation,
power and authority to sign for us or any of us in our names in the capacities indicated below, any
and all amendments (including post-effective amendments, whether pursuant to Rule 462(b) or
otherwise) hereto, and each of the undersigned does hereby ratify and confirm all that said
attorneys and agents, or either one of them or any substitute, shall do or cause to be done by
virtue hereof. This Power of Attorney may be executed in any number of counterparts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the date indicated. The undersigned
indicated as Directors constitutes the entire Board of Directors.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Date</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ William A. Shopoff
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William A. Shopoff
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Chief Executive Officer
and Chairman of the Board of
Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 5, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Kevin M. Bridges
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Kevin M. Bridges
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Chief Financial Officer,
Corporate Secretary and
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 5, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Edward Fitzpatrick
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Edward Fitzpatrick
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Executive
Vice President and Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 5, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jeffrey W. Shopoff
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jeffrey W. Shopoff
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 5, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Glenn Patterson
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Glenn Patterson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 5, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Patrick Meyer
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Patrick Meyer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 5, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Diane Kennedy
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Diane Kennedy
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 5, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Stuart McManus
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Stuart McManus
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 5, 2008</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Melanie Barnes
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Melanie Barnes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August 5, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">EXHIBIT INDEX
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Exhibit No.</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description of Exhibits</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of DLA Piper US LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Shopoff Properties Trust, Inc. 2007 Equity Incentive Plan</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Notice of Stock Option
Grant and Agreement pursuant to the 2007 Equity Incentive Plan</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Notice of Grant and Restricted Stock Agreement pursuant to the 2007 Equity Incentive Plan</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Squar, Milner, Peterson,
Miranda &#038; Williamson, LLP, Independent Registered Public
Accounting Firm</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of DLA Piper US LLP (included in Exhibit&nbsp;5.1)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on the signature page)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "a42274sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 63148}]
{"company-data": {"conformed-name": "Shopoff Properties Trust, Inc.", "cik": "0001382134", "assigned-sic": "6798", "irs-number": "205882165", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-152782", "film-number": "08992384"}, "business-address": {"street1": "8951 RESEARCH DRIVE", "city": "IRVINE", "state": "CA", "zip": "92618", "phone": "949-417-1396"}, "mail-address": {"street1": "8951 RESEARCH DRIVE", "city": "IRVINE", "state": "CA", "zip": "92618"}}
sv8
Table of Contents
As filed
with the Securities and Exchange Commission on August __, 2008
Registration No. 333-____
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
SHOPOFF PROPERTIES TRUST, INC.
(Exact name of Registrant as specified in its charter)
Maryland
(State or other jurisdiction of
incorporation or organization)
20-5882165
(I.R.S. Employer
Identification No.)
8951 Research Drive
Irvine, California 92618
(Address of principal executive offices)
SHOPOFF PROPERTIES TRUST, INC. 2007 EQUITY INCENTIVE PLAN
(Full Title of the Plan)
William A. Shopoff
President and Chief Executive Officer
Shopoff Properties Trust, Inc.
8951 Research Drive
Irvine, California 92618
1-877-TSG-REIT
(Name, address, including zip code, telephone number, including area code, of agent for service)
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
o
Accelerated filer
o
Non-accelerated filer
þ
(Do not check if a smaller reporting company)
Smaller reporting company
o
Copies to:
Blase Dillingham, Esq.
Manatt, Phelps & Phillips, LLP
11355 W. Olympic Boulevard
Los Angeles, California 90064
(310) 312-4000
(310) 312-4224 (Facsimile)
CALCULATION OF REGISTRATION FEE
Amount to
Proposed Maximum
Proposed Maximum
Title of securities
be
Offering Price
Aggregate Offering
Amount of
to be registered
Registered(1)
Per share (2)
Price (2)
Registration fee
Common Stock, par value $.01 per share
1,655,000
$
10.00
$
16,550,000
$
650.41
(1)
This Registration Statement shall also cover any additional shares of
Shopoff Properties Trust, Inc.'s (the "Registrant") common stock that
become issuable in respect of the securities identified in the above
table by reason of any stock dividend, stock split, recapitalization
or other similar transaction effected without the Registrant's receipt
of consideration which results in an increase in the number of the
outstanding shares of Registrant's common stock.
(2)
Estimated solely for the purpose of calculating the registration fee
in accordance with Rule 457(h)(1) based on book value of the
Registrant's common stock computed as of the latest practicable date
prior to the filing of the Registration Statement, which is August 4, 2008.
TABLE OF CONTENTS
PART I
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
PART II
Item 3.
Incorporation of Documents by Reference
.
Item 4.
Description of Securities
.
Item 5.
Interests of Named Experts and Counsel
.
Item 6.
Indemnification of Directors and Officers.
Item 7.
Exemption from Registration Claimed
.
Item 8.
Exhibits
.
Item 9.
Undertakings
.
SIGNATURES
EXHIBIT INDEX
EXHIBIT 5.1
EXHIBIT 10.1
EXHIBIT 10.2
EXHIBIT 10.3
EXHIBIT 23.1
Table of Contents
EXPLANATORY NOTE
This Registration Statement is being filed by the Registrant to register an aggregate of
1,655,000 shares of common stock issuable pursuant to the Shopoff Properties Trust, Inc. 2007
Equity Incentive Plan (the "Plan").
PART I
INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS
The information specified in Item 1 and Item 2 of Part I of the Registration Statement on Form
S-8 is omitted from this filing in accordance with the provisions of Rule 428 under the Act and the
introductory note to Part I of the Registration Statement. The documents containing the
information specified in Part I have been delivered to the participants in the Plan covered by this
Registration Statement as required by Rule 428(b)(1).
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
.
The following documents filed by the Registrant with the Securities and Exchange Commission
(the "Commission") are incorporated by reference and made a part hereof:
(a) Annual Report on Form 10-K filed pursuant to Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), containing audited financial statements for
the Registrant's fiscal year ended December 31, 2007, filed with the Commission on March 31, 2008.
(b) The Registrant's Quarterly Report on Form 10-Q for the quarter ended March 31, 2008,
filed with the Commission on May 15, 2008.
All documents subsequently filed by the Registrant pursuant to Section 13(a), 13(c), 14 or
15(d) of the Exchange Act prior to the filing of a post-effective amendment that indicates that all
securities offered have been sold or which deregisters all securities then remaining unsold shall
be deemed to be incorporated by reference into this Registration Statement and to be a part hereof
from the date of filing of such documents.
2
Table of Contents
Item 4.
Description of Securities
.
Voting Rights of Common Stock
Subject to the provisions of our charter regarding restrictions on the transfer and ownership
of shares of common stock, each outstanding share of common stock entitles the holder to one vote
on all matters submitted to a vote of stockholders, including the election of directors, and,
except as provided with respect to any other class or series of shares of our stock, the holders of
our common stock possess the exclusive voting power. There is no cumulative voting in the election
of directors, which means that the holders of a majority of the outstanding shares of our common
stock, voting as a single class, may elect all of the directors then standing for election. Under
Maryland law, a Maryland corporation generally cannot dissolve, amend its charter, merge, sell all
or substantially all of its assets, or engage in a share exchange or engage in similar transactions
outside the ordinary course of business unless approved by the affirmative vote of stockholders
holding at least two-thirds of the shares entitled to vote on the matter, unless a lesser
percentage (but not less than a majority of all the votes entitled to be cast on the matter) is set
forth in the corporation's charter. Subject to certain exceptions, our charter provides for
approval by a majority of all the votes entitled to be cast on the matter for the matters described
in the preceding sentence. Under Maryland law, subject to certain conditions, the merger between a
parent corporation and a 90 percent or more owned subsidiary corporation may be effected without
the approval of either corporation's stockholders.
Dividends, Liquidation and Other Rights
All shares of our common stock offered by this prospectus have been duly authorized and, upon
issuance in exchange for the purchase price thereof, will be fully paid and nonassessable. Holders
of shares of our common stock will be entitled to receive dividends when authorized by our board of
directors and declared by us out of assets legally available for the payment of dividends. Holders
of shares of our common stock will be entitled to share ratably in our assets legally available for
distribution to our stockholders in the event of our liquidation, dissolution or winding up, after
payment of or adequate provision for all of our known debts and liabilities. These rights will be
subject to the preferential rights of any other class or series of our stock and to the provisions
of our charter regarding restrictions on transfer and ownership of our stock.
Holders of shares of our common stock have appraisal rights, but have no preference,
conversion, exchange, sinking fund, or preemptive rights to subscribe for any of our securities.
Subject to the restrictions on transfer of capital stock contained in our charter and to the
ability of the board of directors to create shares of common stock with differing voting rights,
all shares of common stock have equal dividend, liquidation and other rights.
Preferred Stock and Power to Reclassify Shares of Our Common Stock
Our charter authorizes our board of directors to classify and reclassify any unissued shares
of our capital stock into a class or series of preferred stock, and to reclassify any previously
classified but unissued shares of any series of our preferred stock previously authorized by our
board of directors. The issuance of any preferred stock must be approved by a majority of our
independent directors who do not have an interest in the transaction. Prior to issuance of shares
of each class or series of preferred stock, our board of directors is required by Maryland law and
our charter to, among other things, fix, subject to our charter restrictions on transfer and
ownership, the terms, preferences, conversion or other rights, voting powers, restrictions,
limitations as to dividends or other distributions, qualifications or terms or conditions of
redemption for each class or series. Thus, our board of directors could authorize the issuance of
shares of common stock or preferred stock with terms and conditions that could have the effect of
delaying, deferring or preventing a transaction or a change of control that might involve a premium
price for you or otherwise be in your best interest.
Power to Issue Additional Shares of Our Common Stock and Preferred Stock
Our board of directors, with the approval of a majority of the directors and without any
action by stockholders, may also amend our charter from time to time to increase or decrease the
aggregate number of shares of our stock or the number of shares of stock of any class or series
that we have authority to issue. The additional classes or series, as well as our common stock, are
available for issuance without further action by our stockholders, unless
3
Table of Contents
stockholder action is
required by applicable law or the rules of any stock exchange or automated quotation system on
which our securities may be listed or traded.
Restrictions on Ownership and Transfer
In order to qualify as a REIT under the federal tax laws, we must meet several requirements
concerning the ownership of our outstanding capital stock. Specifically, no more than 50% in value
of our outstanding capital stock may be owned, directly or indirectly, by five or fewer
individuals, as defined in the federal income tax laws to include specified private foundations,
employee benefit plans and trusts, and charitable trusts, during the last half of a taxable year,
other than our first REIT taxable year. Moreover, 100 or more persons must own our outstanding
shares of capital stock during at least 335 days of a taxable year of 12 months or during a
proportionate part of a shorter taxable year, other than our first REIT taxable year.
Because our board of directors believes it is essential for us to qualify and continue to
qualify as a REIT and for other corporate purposes, our charter, subject to the exceptions
described below, provides that no person may own, or be deemed to own by virtue of the attribution
provisions of the federal income tax laws, more than 9.8% of:
•
the value of outstanding shares of our capital stock; or
•
the value or number (whichever is more restrictive) of outstanding shares of our common
stock.
Our charter provides that, subject to the exception described below, any transfer of capital
stock that would:
•
result in any person owning, directly or indirectly, shares of our capital stock in
excess of the foregoing ownership limitations;
•
result in our capital stock being owned by fewer than 100 persons, determined without
reference to any rules of attribution or constructive ownership;
•
result in us being "closely held" under the federal income tax laws;
•
cause us to own, actually or constructively, 9.8% or more of the ownership interests in a
tenant of our real property, under the federal income tax laws; or
•
before our shares constitute a class of "publicly-offered securities," result in 25% or
more of our shares being owned by ERISA investors;
will be null and void, with the intended transferee acquiring no rights in such shares of stock,
and will result in such shares being designated as shares-in-trust and transferred automatically to
a trust effective on the day before the purported transfer of such shares. The record holder of the
shares that are designated as shares-in-trust, or the prohibited owner, will be required to allow
us to register such shares in the name of the trust.
As an exception to the above, the board of directors, in the exercise of its sole and absolute
discretion, may exempt from the restrictions on transfer certain specified shares proposed to be
beneficially owned by a person who has provided the board of directors with such evidence,
undertakings and assurances as the board of directors may require that such beneficial ownership of
the specified shares will not prevent our continued qualification as a REIT under the Internal
Revenue Code and the regulations thereunder. The board of directors may, but is not be required
to, condition the grant of any such exemption upon the obtaining of an opinion of counsel, a ruling
from the Internal Revenue Service, or such other assurances as the board of directors may deem to
be satisfactory.
Shares-in-trust will remain shares of issued and outstanding capital stock and will be
entitled to the same rights and privileges as all other stock of the same class or series. The
trust will receive all dividends and distributions on the shares-in-trust and will hold such
dividends or distributions in trust for the benefit of the beneficiary. The trust will vote all
shares-in-trust. The trust will designate a permitted transferee of the shares-in-trust, provided
that the permitted transferee purchases such shares-in-trust for valuable consideration and
acquires such shares-in-trust without such acquisition resulting in a transfer to another trust.
Our charter requires that the prohibited owner of the shares-in-trust pay to the trust the
amount of any dividends or distributions received by the prohibited owner that are attributable to
any shares-in-trust when the record date for which was on or after the date that such shares of
stock became shares-in-trust.
4
Table of Contents
The prohibited owner generally will receive from the trust the lesser of:
•
the price per share paid for the shares of capital stock that were designated as
shares-in-trust or, in the case of a gift or devise, the applicable value per share on the
date of such transfer; or
•
the price per share received by the trust from the sale of such shares-in-trust.
The trust will distribute to the beneficiary any amounts received by the trust in excess of
the amounts to be paid to the prohibited owner.
The shares-in-trust will be deemed to have been offered for sale to us, or our designee, at a
price per share equal to the lesser of:
•
the price per share paid in the transaction that created such shares-in-trust or, in the
case of a gift or devise, the applicable value per share on the date of such transfer; and
•
the applicable value per share on the date that we, or our designee, accepts such offer.
"Applicable value" means, as of any date, with respect to each share, the fair value of such
share, as determined in good faith by the board of directors.
We will have the right to accept such offer for a period of 90 days after the later of the
date of the purported transfer which resulted in such shares-in-trust or the date we determine in
good faith that a purported transfer resulting in such shares-in-trust occurred.
Item 5.
Interests of Named Experts and Counsel
.
Not Applicable
Item 6.
Indemnification of Directors and Officers.
The Maryland General Corporation Law (the "MGCL") authorizes Maryland corporations to limit
the liability of directors and officers to the corporation and its stockholders for money damages
except: (i) to the extent that it is proved that the director or officer actually received an
improper benefit or profit in money, property or services, for the amount of the benefit or profit
actually received, or (ii) to the extent that a judgment or other final adjudication adverse to the
director or officer is entered in a proceeding based on a finding in the proceeding that the
director's or officer's action, or failure to act, was the result of active and deliberate
dishonesty and was material to the cause of action adjudicated in the proceeding. The Registrant's
Charter limits the liability of directors and officers to the fullest extent permitted by the MGCL.
The MGCL also authorizes Maryland corporations to indemnify present and past directors and
officers of the corporation or of another corporation for which they serve at the request of the
corporation against judgments, penalties, fines, settlements and reasonable expenses (including
attorneys' fees) actually incurred in connection with any threatened, pending, or completed action,
suit or proceeding, whether civil, criminal, administrative or investigative (other than an action
by or in the right of the corporation in respect of which the director or officer is adjudged to be
liable to the corporation) in which they are made parties by reason of being or having been
directors or officers, unless it is proved that: (i) the act or omission of the director or officer
was material to the matter giving rise to the proceeding and was committed in bad faith or was the
result of active and deliberate dishonesty, (ii) the director or officer actually received an
improper personal benefit in money, property or services or (iii) in the case of any criminal
proceeding, the director or officer had reasonable cause to believe that the act or omission was
unlawful. The MGCL also provides that, unless limited by the corporation's charter, a corporation
shall indemnify
present and past directors and officers of the corporation who are successful, on the merits
or otherwise, in the defense of any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative, against reasonable expenses (including
attorneys' fees) incurred in connection with the proceeding. The Registrant's charter does not
limit the extent of this indemnity.
5
Table of Contents
The Bylaws of the Registrant permit indemnification of directors and officers to the fullest
extent permitted by the MGCL, and the Registrant's directors and officers are covered by certain
insurance policies maintained by the Registrant.
Item 7.
Exemption from Registration Claimed
.
Not Applicable
Item 8.
Exhibits
.
Exhibit No.
Description of Exhibits
5.1
Opinion of DLA Piper US LLP
10.1
Shopoff Properties Trust, Inc. 2007 Equity Incentive Plan
10.2
Form of Notice of Stock Option
Grant and Agreement pursuant to the 2007 Equity Incentive Plan
10.3
Form of Notice of Grant and Restricted Stock Agreement pursuant to the 2007 Equity Incentive Plan
23.1
Consent of Squar, Milner, Peterson,
Miranda & Williamson, LLP, Independent Registered Public
Accounting Firm
23.2
Consent of DLA Piper US LLP (included in Exhibit 5.1)
24.1
Powers of Attorney (included on the signature page)
Item 9.
Undertakings
.
(a) The undersigned registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:
(i) To include any prospectus required by section 10(a)(3) of the Securities Act of
1933;
(ii) To reflect in the prospectus any facts or events arising after the effective
date of the registration statement (or the most recent post-effective amendment thereof)
which, individually or in the aggregate, represent a fundamental change in the
information set forth in the registration statement. Notwithstanding the foregoing, any
increase or decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation from the
low or high end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the
changes in volume and price represent no more than a 20% change in the maximum aggregate
offering price set forth in the "Calculation of Registration Fee" table in the effective
registration statement; and
(iii) To include any material information with respect to the plan of distribution
not previously disclosed in the registration statement or any material change to such
information in the registration statement;
Provided, however,
that subparagraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933,
each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered
6
Table of Contents
therein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the
securities being registered which remain unsold at the termination of the offering.
(b) The undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant
to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the registration statement shall be
deemed to be a new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the registrant pursuant to the
foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy as expressed in
the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a
director, officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with
the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
7
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it
has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and
has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Irvine, State of
California, on August 5, 2008.
SHOPOFF PROPERTIES TRUST, INC.
By:
/s/ William A. Shopoff
Name:
William A. Shopoff
Title:
President, Chief Executive Officer and
Chairman of the Board of Directors
POWER OF ATTORNEY
Each of the undersigned directors and officers of Shopoff Properties Trust, Inc., a Maryland
corporation, do hereby constitute and appoint William A. Shopoff and Kevin M. Bridges, or either of
them, the undersigned's true and lawful attorneys and agents, with full power of substitution and
re-substitution in each, to do any and all acts and things in our name and on our behalf in our
respective capacities as directors and officers and to execute any and all instruments for us and
in our names in the capacities indicated below, which said attorneys and agents, or either one of
them, may deem necessary or advisable to enable said corporation to comply with the Securities Act,
as amended, and any rules, regulations and requirements of the Securities and Exchange Commission,
in connection with this registration statement, including specifically, but without limitation,
power and authority to sign for us or any of us in our names in the capacities indicated below, any
and all amendments (including post-effective amendments, whether pursuant to Rule 462(b) or
otherwise) hereto, and each of the undersigned does hereby ratify and confirm all that said
attorneys and agents, or either one of them or any substitute, shall do or cause to be done by
virtue hereof. This Power of Attorney may be executed in any number of counterparts.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed by the following persons in the capacities and on the date indicated. The undersigned
indicated as Directors constitutes the entire Board of Directors.
Signature
Title
Date
/s/ William A. Shopoff
William A. Shopoff
President, Chief Executive Officer
and Chairman of the Board of
Directors
August 5, 2008
/s/ Kevin M. Bridges
Kevin M. Bridges
Chief Financial Officer,
Corporate Secretary and
Director
August 5, 2008
/s/ Edward Fitzpatrick
Edward Fitzpatrick
Executive
Vice President and Director
August 5, 2008
/s/ Jeffrey W. Shopoff
Jeffrey W. Shopoff
Director
August 5, 2008
/s/ Glenn Patterson
Glenn Patterson
Director
August 5, 2008
/s/ Patrick Meyer
Patrick Meyer
Director
August 5, 2008
/s/ Diane Kennedy
Diane Kennedy
Director
August 5, 2008
/s/ Stuart McManus
Stuart McManus
Director
August 5, 2008
/s/ Melanie Barnes
Melanie Barnes
Director
August 5, 2008
8
Table of Contents
EXHIBIT INDEX
Exhibit No.
Description of Exhibits
5.1
Opinion of DLA Piper US LLP
10.1
Shopoff Properties Trust, Inc. 2007 Equity Incentive Plan
10.2
Form of Notice of Stock Option
Grant and Agreement pursuant to the 2007 Equity Incentive Plan
10.3
Form of Notice of Grant and Restricted Stock Agreement pursuant to the 2007 Equity Incentive Plan
23.1
Consent of Squar, Milner, Peterson,
Miranda & Williamson, LLP, Independent Registered Public
Accounting Firm
23.2
Consent of DLA Piper US LLP (included in Exhibit 5.1)
24.1
Powers of Attorney (included on the signature page)
9