Nareit Developments

The House of Representatives passed the “Tenant Star” bill on April 21, putting the legislation on track to be signed into law by President Barack Obama.

NAREIT joined a coalition of real estate industry groups April 16 calling on the Senate to bring S. 754, the Cybersecurity Information Sharing Act of 2015 (CISA), up for consideration.

NAREIT and a number of other real estate industry groups wrote to Congress on April 15 to request the development of legislation to curtail patent troll abuses.

The Department of Labor on has released a proposed rule to impose a fiduciary duty on all retirement savings advisers. The proposal would apply to all advisers providing advice that is individualized or specifically directed to a particular plan sponsor, plan participant or IRA owner with regard to any retirement savings decision.

A. Alfred Taubman, the founder of Taubman Centers, Inc.  who is widely credited with inventing the concept of the indoor shopping mall, died of a heart attack in his home in Bloomfield Hills, Mich., on April 18. He was 91.

NAREIT wrote on April 15 to the Senate Finance Committee to provide the REIT industry’s perspective on fundamental tax reform. NAREIT offered extensive background on the history of the industry, the benefits of REIT investment and the role of REITs in the broader economy. NAREIT also noted some of the key issues for REITs and real estate investment that are likely to come up during deliberations on tax reform.

NAREIT is pleased to welcome five new corporate members: Landmark Infrastructure Partners, Easterly Government Properties, Missouri Valley REIT, Inc., American Realty Capital New York City REIT, Inc. and American Realty Capital Healthcare Trust II, Inc.

Calvin Schnure, NAREIT senior vice president for research and economic analysis, spoke at the National Multifamily Housing Council’s Annual Research Forum to present results of a new study on the determinants of demand for senior housing.The study found that the senior housing sector has grown considerably over the past generation and offers an increasing diversity of choice for seniors. The move to senior housing has become, for many older Americans, a choice of lifestyle, rather than a move based on need for medical or nursing care.

NAREIT and a group of industry organizations wrote to the leaders of the House of Representatives and the House Energy and Commerce Committee last week in support of the Energy Efficiency Improvement Act of 2015 (S. 535). In a letter to Speaker of the House John Boehner (R-OH), House Minority Leader Nancy Pelosi (D-CA), and House Energy and Commerce Committee Chairman Fred Upton (R-MI) and Ranking Member Frank Pallone (D-NJ), the groups noted that if Congress doesn’t act by April 16, the Department of Energy will prevent the manufacturing of large volume, grid-enabled electric resistance water heaters.

On April 29, the Real Estate Department of the Zicklin School of Business at Baruch College will host “Global Real Estate Markets: Trends, Risks, and Opportunities,” a conference inviting international real estate investors and academic research professionals to assess recent and future trends and risks in global real estate investing. The keynote address at the event will be delivered by Sam Zell, chairman of Equity Group Investments.

Rep. Mark DeSaulnier (D-CA), center, visited Macerich's Broadway Plaza in Walnut Creek, Calif., which is in the midst of a multi-phase quarter-billion dollar redevelopment. DeSaulnier was briefed on the progress of the redevelopment while touring the property with Macerich executives Jeff Carlisle, Shelly Dress, and Tracy Dietlein.