Reit Magazine - January/February 2021 - 5

are deploying for the
safety of employees and
tenants such as static
and dynamic (robotic)
UVC lights and dry mist
hydrogen peroxide disinfection systems.

What is happening with
Pandemic Business
Continuity Insurance?

Cathy Barré
Cathy Barré is Nareit's executive vice president
& general counsel. She spoke with REIT magazine
about some of Nareit's key priorities on Capitol
Hill for the year ahead.
What has Nareit been
working on with respect
to pandemic economic
recovery?

Since the start of the
pandemic, Nareit has
focused on relief in
support of tenants and
their businesses that
serves as a bridge to
the post-pandemic
economy, including the
bipartisan Retail Revitalization Act of 2020,
which would allow REITs
to commit additional

equity investment to
struggling tenants without risking REIT status.
Additionally, we're
supportive of the bipartisan RESTART Act,
which would provide
loans and grants to the
hardest hit businesses.
Nareit is also supporting potential legislation
that would provide tax
incentives for PPE and
other COVID-related
expenses, including
the prop tech REITs

Nareit has joined with
more than two dozen
industries and companies representing
more than 60 million
workers in the restaurant, entertainment,
hospitality, gaming,
retail, communications,
broadcasting and real
estate industries to
form the Business Continuity Coalition, a joint
effort to support the
work of public policymakers in advocating
for a public/private
business continuity
insurance program
for future potential
government-ordered
shutdowns.
In November, the
House convened a
hearing of stakeholders
on " Insuring against a
Pandemic: Challenges

and Solutions for Policyholders and Insurers "
and discussed the
Pandemic Risk Insurance Act of 2020. We
expect conversations
on pandemic business
continuity to continue in
the 117th Congress.

What is the status of the
Improving Corporate
Governance through
Diversity Act?

This important legislation, which Nareit
supports and would
require public companies to annually disclose
the voluntarily self-identified gender, race,
ethnicity, and veteran
status of their board of
directors, nominees,
and senior executive
officers, passed the
House of Representatives in late 2019 on a
solidly bipartisan basis.
Nareit expects there
to be progress on it
in 2021 in the Senate
where a companion
bipartisan bill had been
introduced in 2019 and
had been referred to
the Senate Banking
Committee.

What are some other initiatives we can expect to
see in the future?

Infrastructure will continue to be a legislative
priority on both sides of
the aisle this year. Many
REITs are leaning into
ESG and environmental sustainability. For
example, Duke Realty
Corp. (NYSE: DRE)
is poised to become
New Jersey's largest
community solar host.
Nareit is particularly
interested in updates
to the REIT rules to
allow REITs to invest
more extensively in and
operate more types of
infrastructure, including green infrastructure
and renewable energy.
Nareit is also supporting the bipartisan
Energy Efficient Qualified Improvement
Property Act of 2020
which would provide
accelerated cost recovery for energy efficient
qualified improvement
property. We anticipate an acceleration in
activity in the infrastructure and green energy
space.

OUTLOOK: REIT PERFORMANCE IN 2021

Calvin Schnure
Nareit SVP,
Research &
Economic Analysis

Despite fervent desires to block out memories of
last year, a brief retrospective of REIT stock market
performance during the pandemic can help provide
insights into what to expect in the year ahead.
The historic stock market declines during the periods of greatest uncertainty about the pandemic were
partly or completely reversed as the market reality
proved less threatening than some of the initial fears.
Real estate markets have been the focus of some of
these concerns, especially that the pandemic may
have caused long-term shifts in how real estate is
used and that these shifts may continue to influence

REIT sectoral performance well into the future.
REITs lagged the broader market during much of
the mid-year recovery from the initial plunge, perhaps
reflecting these longer-term concerns. Markets have
rallied since initial vaccine results were released, however, and those REIT sectors that had suffered the
largest declines last spring have posted impressive
gains. Should these trends continue in 2021, REITs
may outperform the broader market in the months
ahead.

reit.com/news/blog/market-commentary
Nareit: Real estate working for you |

5


http://www.reit.com/news/blog/market-commentary

Reit Magazine - January/February 2021

Table of Contents for the Digital Edition of Reit Magazine - January/February 2021

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