February 23, 2015
Message from the President
This week’s edition of NewsBrief includes a report on the addition of a new Market Commentary section to REIT.com. The section highlights analysis and commentary on REITs and real estate investment.
The introduction of the new Market Commentary section is just one of a number of enhancements we are making to REIT.com, which serves as our main link to the public.
With more than 1 million visits in 2014, REIT.com is a leading online source of information about REITs for a broad array of users. Therefore, NAREIT strives to make the site an effective and efficient resource for visitors of all levels of sophistication and understanding regarding the industry.
NAREIT seeks to ensure that REIT.com presents content in a clear, concise and easy-to-navigate format. To that end, NAREIT uses a number of analytics to track who is using REIT.com, how they’re arriving at the site and what they’re doing once they get there.
The dynamic nature of technology and media means that what we are doing to improve REIT.com is never truly finished. Going forward, NAREIT will continue to rigorously review and upgrade the site to enhance its value for all audiences. The different ways that NAREIT can use REIT.com to communicate the benefits of the REIT approach to real estate investment are exciting, and we will keep you informed of relevant new developments.
Steven A. Wechsler
President and CEO
NAREIT Testifies in Opposition to Hawaii Bill
Feb. 18, 2015: A member of the local media interviews NAREIT’s Dara Bernstein following testimony at a hearing of the Hawaii Senate Committee on Ways and Means.
Dara Bernstein, NAREIT’s senior tax counsel, testified at a hearing of the Hawaii Senate Committee on Ways and Means last week in opposition to a proposal that would eliminate the dividends paid deduction (DPD) for all real estate investment trusts in Hawaii, S.B. 118.
Ultimately, the committee voted to turn the bill into a study to be led by the Department of Business and Economic Development (DBED) in cooperation with the Department of Taxation (DOTAX).
In her testimony, Bernstein noted that REITs have invested approximately $6 billion in real estate in Hawaii.
“The Hawaii real estate owned by REITs generates millions of dollars in property taxes and excise taxes,” she said. These taxes are on top of the individual income taxes currently generated by REIT dividends paid to Hawaii residents from income earned wherever the distributing REIT resides or does business.”
Representatives of General Growth Properties, Inc. (NYSE: GGP) and CNL Lifestyle Properties, Inc. also testified at the hearing.
CLICK HERE to read Bernstein’s testimony.
(Contact: Dara Bernstein at firstname.lastname@example.org)
NAREIT Speaks at China Vanke’s Mt. Everest Leadership Training Program
Three senior NAREIT staff members spoke earlier this month to the Vanke Mt. Everest Leadership Training Program, which is run by China’s largest residential property developer and second-oldest publicly listed company, China Vanke Co., Ltd.
NAREIT Executive Vice President and General Counsel Tony Edwards, Senior Vice President for Industry and Member Affairs Bonnie Gottlieb and Senior Vice President for Research and Economic Analysis Calvin Schnure addressed the group. In addition to discussing NAREIT’s initiative in China, they also outlined fundamental aspects of REIT rules and investment.
Separately, Gottlieb and NAREIT President and CEO Steve Wechsler met recently with China Life Investment Holding Co., the parent of the largest insurance company in China regarding investing in U.S. real estate.
(Contact: Bonnie Gottlieb at email@example.com)
NAREIT Introduces New Market Commentary Section on REIT.com
The new Market Commentary section of REIT.com presents analysis of the economic fundamentals impacting the REIT and commercial real estate industry. NAREIT economists Brad Case and Calvin Schnure, along with other NAREIT senior staff, offer analysis and commentary on the state of the market, issues impacting REIT investment, the outlook for commercial real estate and breaking economic news.
Recent posts focus on changes in vacancy rates, the health of the job market, demand for rental housing and analysis of recent news on GDP growth. New commentaries will be posted regularly, and all posts are fully shareable via social media.
(Contact: Kyle Gustafson at firstname.lastname@example.org)
New Global Property Measurement Standards for Offices Announced
New international property measurement standards (IPMS) for office buildings have been released.
The new document establishes a consistent methodology for measuring office buildings around the world.
CLICK HERE to download a document with the new IPMS.
(Contact: Bonnie Gottlieb at email@example.com)
REITWise Registration Discounts Set to Expire February 27
NAREIT Members interested in taking advantage of early registration discounts for REITWise need to register by Feb. 27 before rates increase. More than 1,000 attendees are already expected at this year’s event.
REITWise creates opportunities for attendees to connect and compare thoughts on pressing industry issues. They also can attend panel discussions to gain practical knowledge from experts and key policymakers.
Make plans to attend REITWise 2015 from Mar. 31 to April 2 in Phoenix and earn up to 21.5 CPE or 19.75 CLE credits to help meet your mandatory educational requirements.
CLICK HERE for more information on REITWise 2015.
(Contact: Katelyn Rowland at firstname.lastname@example.org)
REITs in the Community
Feb. 17, 2015: Eric Holcomb (second from left), state chief of staff to Senate Finance Committee member Dan Coats (R-IN), met with executives from several Indianapolis-based REITs to discuss a variety of issues critical to REITs and the publicly traded real estate industry. Holcomb was briefed on the current status of REITs based in Indiana and the economic impact that these and other REITs provide in communities across the country. In addition, several federal issues, including FIRPTA reform, the Marketplace Fairness Act, and comprehensive tax reform were discussed.
Pictured with Holcomb (left to right): Denny Oklak, chairman and CEO of Duke Realty Corp. (NYSE: DRE); Scott Murray, executive vice president, general counsel and corporate secretary for Kite Realty Group Trust (NYSE: KRG); and James Barkley, secretary and general counsel for Simon Property Group (NYSE: SPG).
(Contact: Jessica Davis at email@example.com)