Speculation about the Federal Reserve’s plans to raise interest rates and the likely impact of rising rates on REIT operating performance affected REIT shares in 2015.  To gauge the possible impact of continued Fed tightening on REIT operating performance in 2016, NAREIT economist Calvin Schnure analyzed REIT industry operating performance during the 2004-2006 cycle of gradual Fed rate increases following what was then a historically long period of low rates.

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