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Ken Kies, managing director of the Federal Policy Group, LLC, joined REIT.com for a video interview at REITWise 2016: NAREIT’s Law, Accounting and Finance Conference at the Marriott Marquis in Washington, D.C.
Federal Policy Group advises clients on tax policy matters before Congress, the Treasury Department, the Internal Revenue Service and the OECD. Kies previously served as the chief of staff of the Joint Committee on Taxation.
REITs lost ground in November, as uncertainty over the timing of interest rate changes and concerns about economic data weighed on the sector.
The total returns of the FTSE/NAREIT All REIT Index fell 0.3 percent in November, while the S&P 500 Index gained 0.3 percent. The yield on the 10-year Treasury note was up 0.1 percent for the month.
Through the end of November, REIT total returns for 2015 were up 1.1 percent, while the S&P 500 Index was up 3.0 percent.
REIT returns lost ground in the first half of 2015, in part over expectations of the potential market impact of rising interest rates.
For the year to July 6, total returns from the FTSE/NAREIT All REIT Index declined 3.2 percent. The S&P 500 was up 1.5 percent during the same period. The yield on the 10-year Treasury note gained 0.1 percent during that time.
In the latest edition of Quick Study, Brad Case, NAREIT’s senior vice president for research and industry information, discussed a down month for REITs during April.
The total returns of the FTSE NAREIT All REITs Index dipped approximately 4.7 percent in April, following a gain of 1.2 percent the month before.
“It was a difficult month for REIT investors,” Case said, although he stressed that it wasn’t a good month for investors in any asset class.
REITs lost ground in September against the backdrop of a weakened broader market. The total return on the FTSE NAREIT All REITs Index dropped 5.6 percent for the month, the S&P 500 Index fell 1.4 percent.
As of the end of September, however, the FTSE NAREIT All REITs Index had gained 13.1 percent for the year, compared with an 8.3 percent gain for the S&P 500.