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Equity REITs and other publicly traded real estate companies were officially elevated to a new Real Estate Sector in the Global Industry Classification Standard (GICS), after the close of trading Sept. 16.
S&P Dow Jones Indices implemented the changes to coincide with their annual rebalance.
Equity REITs and other publicly traded real estate companies were moved out from the Financials Sector and into a standalone 11th sector. Mortgage REITs remain in the Financials Sector.
Stock exchange-listed equity REITs and other listed real estate companies will be reclassified from the Financials Sector and elevated to an 11th headline Real Estate Sector of the Global Industry Classification Standard (GICS), the leading global listed equity classification system maintained by MSCI Inc. and S&P Dow Jones Indices. Industry observers received the news as a major step in the growth of REIT-based real estate investment.
The next event in the Real Estate Luminaries Series at Georgetown University will feature a conversation with Starwood Capital Group Chairman and CEO Barry Sternlicht.
Mike Kirby, chairman of real estate research firm Green Street Advisors, and Steve Wechsler, president and CEO of NAREIT, will interview Sternlicht as part of the program. The event is scheduled to take place April 23 beginning at 5 p.m. in the Lohrfink Auditorium of the Rafik B. Hariri Building at Georgetown University in Washington, D.C.