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2014 PRINT NAREIT Annual Report Layout 1 REITWay NAREIT’s Annual Report 2013 In Review & 2014 A Look Ahead National Association of Real Estate Investment Trusts® REITs: Building Dividends & Diversification® 2014 REITWay NAREIT’s Annual Report 2 To Our Members The past year was active for NAREIT as we Stock Exchange-Listed took the REIT story to all of our industry’s REIT Capital Offerings, 2013 audiences. This 2014 issue of REITWay: IPOs NAREIT’S Annual Report re-caps some of what Secured and we accomplished on the REIT industry’s behalf Unsecured Debt $5.71 billion during the year. $30.74 billion Policy & Politics Secondary Total: In the Policy and Politics area, we began the Equity year with a highly effective Washington $40.51 billion $76.96 billion Leadership Forum. Our industry’s leaders climbed Capitol Hill to provide legislators and their staffs with a better understanding of the REIT investment proposition, including its history, the REITs in today’s mortgage finance marketplace, to the impact of important functions REITs play in investment portfolios, their rising interest rates on REIT total returns. We also continued to channeling of capital to the real estate industry, and their role upgrade and expand our REIT.com online platform and our other creating jobs and economic growth. digital properties. Over the course of the year, our Policy & Politics team provided Additionally, we conducted a full schedule of successful constructive input to the ongoing discussion on tax reform, conference events for our members, including our major including input to the House Ways and Means Committee and investor conferences, REITWeek and REITWorld. Senate Finance Committee. Importantly, we advocated for reform of the Foreign Investment in Real Property Tax Act Industry Accomplishments (FIRPTA) to reduce inappropriate barriers to equity investment by The past year presented a new challenge for our industry, as overseas investors in U.S. real estate. stock exchange-listed REIT stocks underperformed the broader equity market for the first time in five years. Stock NAREIT and its partners in the Coalition to Insure Against exchange-listed REITs, however, maintained the confidence of Terrorism also worked for the extension beyond 2014 of the the capital markets, which provided the industry with a record Terrorism Risk Insurance Act (TRIA). Since the 9/11 terror $77 billion of capital in the year and supported the launch of 19 attacks, TRIA has made possible a functioning marketplace for stock exchange-listed REIT IPOs – the largest number since terrorism risk insurance. Three bills that would extend TRIA have 2004. In addition, public, non-listed REITs raised nearly $20 been introduced in the House of Representatives and have more billion in 2013. than 80 co-sponsors. We will continue to seek extension of this critical law in 2014. The year 2013 also marked the 20th anniversaries of 19 NAREIT member companies that became stock exchange-listed REITs in Investor Outreach 1993 – a year that can justifiably be regarded as the time when Our Research & Investor Outreach group produced research and the Modern REIT Era began to assume critical mass. We congratulate educational materials to help tell the REIT story to policymakers them on their anniversaries and thank them for their and all segments of the investment community. Investor contributions to the REIT industry over the past two decades. Outreach activities ranged from providing insight into the role of REITs in pension plans and target date funds to explaining the We appreciate the support that all of our members provided in importance of REITs in our economy. We also took our industry’s 2013, and we hope you find this review of our work in the past story directly to investment decision makers in nearly 400 year informative and useful. We look forward to continuing to meetings with retirement plans, investment managers and serve you in the year ahead as we work to build awareness for consultants in the United States and around the world. the important role REITs play in our economy and to emphasize the benefits of REIT-based real estate investment in all portfolios Communications and in all financial climates. Our Communications group provided support for our Policy & Politics and Investor Outreach initiatives. Over the course of the year, our Communications team provided NAREIT’s perspective to the national media that helped shape news coverage on key Steven A. Wechsler issues, ranging from REIT conversions, to the role of mortgage President and CEO Research & Investor Outreach 3 The principal objectives of NAREIT’s Research Highlights & Priorities: & Investor Outreach program are to communicate effectively to institutional and Investor Outreach Meetings individual investors, financial advisors, policymakers, the media and the public In 2013, NAREIT’s Investor Outreach team conducted 383 meetings worldwide the dynamic proposition of with many of the largest and most influential investment management REIT-based real estate investment and to organizations in the institutional investment marketplace. Collectively, increase thereby the allocation of capital those organizations represented more than $40 trillion in assets under invested in REITs and stock exchange-listed management or advisement. Michael Grupe, EVP, real estate by all cohorts of investors. Research & Investor The meetings spanned a variety of targeted investment groups, Outreach The Research & Investor Outreach team including: domestic and international pension, retirement and sovereign educates and informs key audiences by wealth funds; investment consultants; defined contribution plan conducting and supporting rigorous analytic research – developed by sponsors; and investment managers. internal staff as well as by widely recognized investment consultants – that highlights and clarifies the competitive, long-term market performance The NAREIT outreach team also conducted 75 meetings with other record and portfolio benefits of stock exchange-listed REITs and the organizations and associations active in the investment management role REITs can and should play in diversified investment portfolios. and retirement industry. Results of NAREIT’s REIT research are then communicated to investors “I think REITs and others through direct meetings with large and small investment deserve a place organizations, at relevant investment conferences, through earned media and webinar presentations and via NAREIT’s website, REIT.com. in all portfolios.” Through our meetings with investors, we also seek to position NAREIT — Burton Malkiel, author as both a resource for data and information with respect to REIT-based “A Random Walk Down Wall Street” real estate investment as well as a partner in promoting the merits of real estate investment through REITs. NAREIT continued communicating the benefits of REIT-based real estate investment to the $18.8 trillion retirement savings market, NEED TO KNOW including $6.8 trillion in defined benefit (DB) plans and $5.8 trillion in defined contribution (DC) plans. Key messaging in 2013 focused on the • of the 10 fastest growing target-date fund 80% moderate correlation of stock exchange-listed REIT returns with returns managers feature a meaningful allocation to stock of other equities; the decline of listed REIT share price volatility; the exchange-listed equity REITs. investment performance of listed equity REITs during periods of rising Total U.S Retirement Plan Assets REIT Ownership Sept. 30, 2013 Pension REIT Funds Mgt. Other Defined 6.5% 4% Benefit 4% Plans1 Individual Institutional Retirement $6.8 trillion Investors Growing Plans 17.5% More $6.2 trillion Slowly Mutual Growing 40% Funds Most Rapidly Defined Contribution Benefit Plans1 17.5% $5.8 trillion Growing More Individual Investors Rapidly 10.5% ETFs Source: Investment Company Institute. 1Excludes assets of Federal DB and DC plans. Data as of 2013. Source: Citi Research, SNL, Bloomberg, FactSet and Lipper. Research & Investor Outreach 4 interest rates; and NAREIT sponsored research with Wilshire Associates on the important role of U.S. and global stock exchange-listed equity REITs and real estate securities in target date funds. In 2013, NAREIT expanded its comprehensive outreach program to registered investment advisors and financial planners who advise the investment allocation decisions of individual investors in the $6.2 trillion individual retirement account (IRA) market. The NAREIT Investor Outreach team also participated in 45 institutional investment conferences in 2013, compared to 37 events the year NAREIT’s Brad Case (center) presented the outsanding research prize at the before. Real Estate Research Conference to Sheridan Titman (right) and Garry Twite, both professors of finance at the McCombs School of Business at the University of Texas at Austin, for their research on REIT performance during the liquidity Investor Outreach Meetings Breakdown crisis co-authored with Libo Sun, professor at Cal Poly Pomona. Internal and Sponsored Research Other In 2013, NAREIT sponsored the Real Estate Research Conference for Plan Sponsors 75 institutional investors in conjunction with REITWeek 2013® and in 71 partnership with the American Real Estate and Urban Economics Investment Association, publisher of Real Estate Economics, the premier academic consultants journal for real estate investment. The conference featured selected 46 research papers focused on REIT and real estate investment which had been submitted for publication in a 2014 special issue of Real Estate Economics
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