Policy & Politics
Listed below are some of the recent developments in the Policy & Politics area related to REITs and real estate investment.
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Reviving the Commercial Real Estate Credit Market
NAREIT leads industry efforts to restore liquidity in the credit markets and confidence in the financial system to bring stability to the economy and ensure that real estate credit markets return as soon as possible to a functional state. Click here for more information on these efforts.
Click here for the latest FirstBrief on the Fed's extension of the TALF.
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Recent IRS Issues
On December 23, 2009, the Treasury Department and the IRS extended elective stock dividend guidance. Click here for information.
NAREIT submitted a letter to the IRS and Treasury Department on August 12, 2009, requesting guidance on distressed debt regulations. To view this submission, click here.
NAREIT submitted comments to the IRS regarding the 2009-2010 Guidance Priority List on May 28, 2009. To view this letter, click here.
The Latest Developments on Capitol Hill
The Obama Administration released its Fiscal Year 2011 budget on February 1, 2010. We are pleased to report that this updated budget no longer contains a 2009 proposal to change the existing "check-the-box" (CTB) rules regarding entity classification for foreign subsidiaries. For further information, click here.
On January 27, 2010, Rep. Joseph Crowley (D-NY), along with co-sponsors Rep. Melissa Bean (D-IL) and Rep. Patrick Tiberi (R-OH), introduced the Real Estate Revitalization Act of 2010 (RERA) to reduce barriers to foreign investment in U.S. real estate. Click here for more information.
On December 9, 2009, Reps. Linda Sanchez (D-CA), Shelly Berkley (D-NV), Dean Heller (R-NV) and Devin Nunes (R-CA) introduced legislation to allow REITs to better participate in the grants in lieu of tax credit program contained in the February 2009 stimulus bill. For more information, click here.
Click here for the latest PL Report. 
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REITs In The Community
Feb 16: Rep. Brett Guthrie (R-KY) visited Macerich's (NYSE: MAC) Towne Mall in Elizabethtown, KY. Pictured with Guthrie are Towne Mall Associate Manager Moira Taylor (left), Towne Mall Marketing Manager Heather Edge (second from left), and Towne Mall Senior Property Manager Helen Bryant (right). Guthrie toured the property and discussed the credit crisis in commercial real estate as well as other challenges facing companies in the retail sector. He was also briefed on NAREIT tax initiatives, including proposals that would improve the ability of REITs to access equity capital and participate in energy efficiency programs.
Click here for more information on REITs in your community.
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Latest Developments for Financial Standards
Click here for the March 4, 2010 FirstBrief on FASB's decision to add fair value reporting of investment property to its agenda.
On February 17, 2010, NAREIT submitted a letter to the FASB describing common methods used to calculate the fair value of investment property, including the integration of revenue from in-place leases. NAREIT sent this letter as a result of questions raised during FASB/IASB discussions on the accounting for leases of investment property by lessors under a fair value reporting model. Click here to read NAREIT's letter.
Click here for the January 2010 SFO Report, NAREIT's Accounting & Financial Standards Update.
On January 5, 2010, the FASB released Accounting Standards Update No. 2010-01, Accounting for Distributions to Shareholders with Components of Stock and Cash. This new guidance requires companies to account for the stock portion of an elective stock/cash dividend as a stock issuance, which reports the stock portion prospectively in per share amounts under the FASB's current earnings per share guidance. This requirement is effective for interim and annual periods ending on or after December 15, 2009 and applied on a retrospective basis. Click here to read the FASB's guidance.
FASB/IASB Global Convergence Projects
As previously reported in NAREIT publications, the FASB and IASB made several tentative decisions on major convergence projects that would dramatically impact the real estate industry. These projects include: Lease Accounting, Discontinued Operations, Financial Statement Presentation and Revenue Recognition. For more information on these and other projects, please refer to the respective topic under Financial Standards & Reporting, which may be accessed by clicking here. The exposure drafts for the majority of the projects listed above are expected to be issued in the second quarter of 2010. NAREIT encourages members to participate in NAREIT task forces to assist in developing the industry's views on these proposals, which will ultimately impact U.S. GAAP irrespective of the SEC's decision to adopt IFRS. To join any of the NAREIT task forces, please contact Sally Glenn at sglenn@nareit.com.
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State Issues
Click here for the January 2010 edition of SALT Report, NAREIT's State and Local Tax Policy Update.
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REITPAC News and Information
Click here for the latest facts and figures for REITPAC.
Click here for the 2010 Washington Leadership Forum Special Edition of Capitol Report, NAREIT's Political Outreach Update.
Click here for the Winter 2010 edition of Capitol Report, NAREIT's Political Outreach Update.
Click here for the Summer 2009 edition of Capitol Comments.
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