The Federal Open Market Committee (FOMC) declined to raise short-term interest rates at its September policy meeting, citing concerns about the potential impact of weaker global growth and financial market turmoil on U.S. economic conditions. It is clear, however, that the days are numbered before the FOMC embarks on the path to higher interest rates; the latest decision merely delays the inevitable. What, then, is the likely impact on the REIT sector of eventual shift to higher interest rates?