2009cap com summer.qxd:2006cap com winter
TRANSCRIPT
N A R E I T
capitolcomments
Summer 2009
CHAIRConstance B. Moore
BRE Properties, Inc.
PRESIDENT & CEOSteven A. Wechsler
FIRST VICE CHAIRDebra A. Cafaro
Ventas, Inc.
SECOND VICE CHAIRBryce Blair
AvalonBay Communities, Inc.
TREASURERDonald C. Wood
Federal Realty Investment Trust
NAREIT Officers
"All politics is local."
—Thomas P. O’Neill, Jr.
The quote to the left is attributed to the former Speaker of the House ofRepresentatives, Thomas P. (“Tip”) O’Neill, Jr. However, as revealed in his 1987autobiography, Man of the House, O’Neill did not coin this phrase – it waspassed down to him from his father, Thomas O’Neill, Sr., on the occasion of theonly political election the former Speaker ever lost, a seat on the Cambridge,MA City Council. As recorded in the book, “…when [the campaign] was over, [myfather] pointed out that I [had] taken my own neighborhood for granted…I hadreceived a tremendous vote in the other sections of the city, but I hadn’t workedhard enough in my own backyard. ‘Let me tell you something I learned years ago,’he said, ‘all politics is local.’” And so, with this quote, the strong link betweenknowing what is happening in one’s own backyard and being a successful politicianentered the political lexicon.
For this reason, NAREIT staff began three years ago to undertake a serious effort tofamiliarize Members of Congress and Senators with the various REIT properties thatform part of every Congressional backyard, or district. After all, there is at least oneREIT property located in each of the 435 congressional districts. Legislators have
accepted invitations to visit specific REIT properties located in their districts or states– shopping centers, regional malls, office buildings, research centers, and industrialwarehouses – that were recently opened, recently expanded or redeveloped, orsimply constituted a significant presence in the district’s local economy. NAREITstaff believes, and can demonstrate, that these past efforts have brought the pub-licly-traded real estate industry closer to federal legislators so that the REITapproach to real estate investment can be better understood by key policymakers.
We cannot overstate the importance of these and other contacts with federal legis-lators. These onsite visits by Members of Congress or their staffs are critical to
NAREIT’s overall objective of informing key policymakers about our industry, especiallyat this time when the nation’s financial system is under such severe strain. They are
important because they tell the REIT story to the Member in the best way possible — byseeing firsthand what the industry has accomplished with investments from many of theirconstituents as well as from typical investors around the nation. Through our grassroots pro-gram, Members witness for themselves the handiwork, if you will, of the REIT industry in theirown backyards, and learn about the value REITs return to their communities and their share-holders. They are especially important for those Members of Congress who serve on one of thekey tax-writing or banking committees, which will provide tremendous assistance to NAREIT’sfuture legislative and political outreach activities.
At the same time, the grassroots program will serve to familiarize Members of Congress with thecompanies they represent in Congress. Whether through sponsoring onsite visits or attendance atpublic events, such as ribbon-cuttings, NAREIT’s members can help NAREIT get the industry’s storyout to legislators while communicating their own company’s story.
Since NAREIT staff began this grassroots program, a total of 27 Members of Congress or their staffshave visited REIT properties, including the offices of Senators Blanche Lincoln (D-AR), Orrin Hatch (R-UT), James Webb (D-VA), former Senator Hillary Clinton (D-NY), and Representatives Chris Van Hollen(D-MD), Earl Blumenauer (D-OR), John Shadegg (R-AZ), and Michael Capuano (D-MA). A complete listof the Members of Congress who have visited REIT properties since 2006, and the REIT companies thathave hosted them, is located on the following page.
NAREIT has been pleased with a number of on-site visits that have occurred since last spring, which arepictured on the following pages. We look forward to working with our membership to arrange addi-tional visits between now and the end of the year.
We would like to request that each of our members consider participating in NAREIT’s grassroots pro-gram that will showcase their properties to federal legislators and greatly help in spreading the message
(continued)
on Capitol Hill about the economic benefits of the REIT form of investing in real estate. Most politicians know Mr.O’Neill’s quote. In fact, they often quote it themselves. With this in mind, the REIT industry can take advantage ofthis knowledge and familiarize our policymakers with those REIT properties that are located in their own backyards.
We encourage you to contact Ryan Kilpatrick, NAREIT’s Manager, REITPAC and Grassroots Activities([email protected]) to discuss how your company can become involved in this worthwhile program and beginthe process of scheduling a grassroots contact for key policymakers with your company and employees.
— Robert Dibblee, VP, Government Relations
ContinuedFrom Page one
Senator Robert Bennett (R-UT)Senator Hillary Clinton (D-NY) (retired)Senator Orrin Hatch (R-UT)Senator Blanche Lincoln (D-AR)Senator Gordon Smith (R-OR) (retired)Senator Jim Webb (D-VA)Rep. John Adler (D-NJ)Rep. John Barrow (D-GA)Rep. Melissa Bean (D-IL)Rep. Shelley Berkley (D-NV)Rep. Earl Blumenauer (D-OR)Rep. Michael Capuano (D-MA)Rep. Andre Carson (D-IN)Rep. Gerry Connolly (D-VA)
Rep. Chaka Fattah (D-PA)Rep. Gabrielle Giffords (D-AZ)Rep. Ric Keller (R-FL) (retired)Rep. Nicholas Lampson (D-TX)Rep. Jim Moran (D-VA)Rep. Jim Matheson (D-UT)Rep. Timothy Murphy (R-PA)Rep. John Murtha (D-PA)Rep. Ed Perlmutter (D-CO)Rep. John Shadegg (R-AZ)Rep. Patrick Tiberi (R-OH) Rep. Dina Titus (D-NV)Rep. Chris Van Hollen (D-MD)
Congressional Offices Participating in NAREIT’s Grassroots Program
AMB Property CorporationAvalonBay Communities, Inc.Biomed Realty TrustBrandywine Realty TrustCBL & Associates, Inc.General Growth PropertiesGlimcher Realty TrustHighwoods Properties, Inc.
Inland Real Estate CorporationKimco Realty CorporationLaSalle Hotel PropertiesMacerichPennsylvania REITRegency Centers CorporationSimon Property GroupTanger Factory Outlet Centers, Inc.
NAREIT Members Participating in NAREIT’s Grassroots Program
infocusA Gallery of Recent Events
perspectiveson the hill
Representative Tiberi Tours Glimcher’s Polaris FashionPlace CenterThursday, August 27: Representative Patrick Tiberi (R-OH), left, ispictured with Marshall Loeb, President & COO, Glimcher RealtyTrust, during his recent tour of Glimcher’s Polaris Fashion PlaceCenter in Columbus, OH. Loeb and other Glimcher executivesupdated Mr. Tiberi on the Center’s recent development and thestate of the REIT industry. Tiberi is a member of the Ways andMeans Committee, the principal tax-writing committee in theHouse of Representatives.
Regency Centers Corporation Hosts RepresentativeConnolly at The Shops at StonewallWednesday, August 26: Representative Gerry Connolly (D-VA),second from left, is pictured with executives from RegencyCenters during his recent tour of the company’s latest develop-ment in Gainesville, VA, The Shops at Stonewall. Pictured withConnolly are, left to right, Rich Sutphin, Vice President,Regional Officer; Taylor Chess, Senior Vice President, Investments;Emily Ford, Regional Marketing Manager; and Keith Lebor,Property Manager, The Shops at Stonewall.
Representative Moran Vis its Tysons Corner CenterTuesday, August 25: Representative Jim Moran (D-VA), right,stands with Dana Anderson, Vice Chairman, Macerich, during hisrecent tour of Macerich’s Tysons Corner Center located inMcLean, VA. Anderson, along with John Harrison, Vice Presidentof Development, and Chuck Cope, Vice President, Macerich EastDevelopment LLC, briefed Rep. Moran on Macerich’s future plansfor the Center and the state of transportation development sur-rounding the Center.
Macerich Executives Update Representative Connolly onthe Tysons Corner Center DevelopmentMonday, August 24: Representative Gerry Connolly (D-VA), right,listens to Dana Anderson, Vice Chairman, Macerich, as heupdates him on the latest construction and transportation devel-opments associated with the Tysons Corner Center in McLean, VA.Macerich’s John Harrison, Vice President of Development, andChuck Cope, Vice President, Macerich East Development LLC, alsoparticipated in the briefing. Rep. Connolly is the former FairfaxCounty Supervisor and is very familiar with the Tysons CornerCenter, and appreciated being updated on the company’s futureplans for the Center.
We encourage you to get involved with the growing grassroots program at NAREIT.NAREIT stands ready to better inform Members of Congress on your company’s activities.Contact: Ryan Kilpatrick at [email protected] or (202) 739-9436.
infocusA Gallery of Recent Events
perspectiveson the hill
Representative Adler v is its Pennsylvania REIT’s Cherry HillMallWednesday, July 1: Representative John Adler (D-NJ), right, is pic-tured with Edward Glickman, President & COO, PennsylvaniaREIT, during his tour of PREIT’s Cherry Hill Mall located in CherryHill, NJ. Glickman was accompanied by Nurit Yaron, VicePresident, Investor Relations and Robert Wahlquist, SeniorRegional Manager and Cherry Hill Mall General Manager, as theybriefed Rep. Adler on the Mall’s recent redevelopment, PREIT’sother properties in the region, and the current state of the REITindustry. Rep. Adler is a member of the Financial ServicesCommittee in the House of Representatives.
Macerich hosts Representative Shadegg at the BiltmoreFashion ParkWednesday, May 27: Representative John Shadegg (R-AZ), left,stands with Scott Nelson, Vice President, Development, Macerich,during his recent tour of the Biltmore Fashion Park in Scottsdale,AZ. Nelson and Anita Walker, Vice President of Public Relations,Macerich, briefed Rep. Shadegg on the Biltmore’s recent redevel-opment and on Macerich’s other projects in the area. In addition,they were able to discuss the state of the commercial real estatemarket and policy initiatives designed to address the current situ-ation with Rep. Shadegg.
Representative Barrow Tours AMB Property Corporation’sMorgan Business ParkFriday, May 8: Representative John Barrow (D-GA), third from theright, is pictured with executives with AMB Property Corporationduring a tour of the company’s Morgan Business Park facilitylocated in Savannah, GA. AMB’s Savannah Port Facility is one ofthe country’s first speculative industrial developments which hasachieved LEED Silver Certification. Pictured with Rep. Barrow, leftto right, is John Morgan, VP, Development, AMB PropertyCorporation; Steven Callaway, SVP, Director of CustomerDevelopment, AMB Property Corporation; Steve Kros, VP,Development, AMB Property Corporation; Jeff Brown, FacilityManager, Dorel Juvenile Group USA; Lynn Pitts, SVP, SavannahEconomic Development Authority; and Lee G. Beckman,Manager, Legislative Affairs, George Ports Authority.
Brandywine Realty Trust Hosts Representative Fattah atthe Cira CentreMonday, February 9: Representative Chaka Fattah (D-PA), left,met with Gerard H. Sweeney, President and CEO, BrandywineRealty Trust, to discuss Brandywine’s Cira Centre South develop-ment near Philadelphia’s 30th Street Station. Cira Centre South,expected to be completed in summer 2010, will be two blocksfrom Cira Centre, which is the tallest building in Philadelphiaoutside of Center City.
PAC statsF a c t s & F i g u r e s f o r R E I T PA C
REITPAC Historical Receipts
2007
$800,000
$900,000
2008
$808,687
$823,625
2009
$564,566
2009REITPAC Receipts
$564,566
2009 Goal
2009
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
$800,000
$750,000
$900,000
REITPAC CHAIRDebra A. Cafaro
Chairman, President & CEOVentas, Inc.
REITPAC VICE CHAIRBryce Blair
Chairman & CEOAvalonBay Communities, Inc.
National Association of Real Estate Investment Trusts®
Political Action Committee
2009-2010 REITPAC Disbursements
40%
60%
Steven A. WechslerPRESIDENT & CEO
Tony M. EdwardsEXECUTIVE VICE PRESIDENT &
GENERAL [email protected]
Robert L. DibbleeVICE PRESIDENT,
GOVERNMENT [email protected]
Dara F. BernsteinSENIOR TAX [email protected]
Kirk W. FreemanSENIOR DIRECTOR, GOVERNMENT RELATIONS
Ryan P. KilpatrickMANAGER, REITPAC and GRASSROOTS ACTIVITIES
Emily B. ReidPOLICY ISSUES COORDINATOR
Copyright© 2009 by the National Association of Real Estate Investment Trusts, Inc.® 1875 I Street, NW, Suite 600, Washington, D.C. 20006. Phone: (202) 739-9400; Fax: (202) 739-9401. Web site: REIT.com. All rights reserved.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means; electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission ofthe publisher. NAREIT is the exclusive registered mark of the National Association of Real Estate Investment Trusts, Inc.®
NAREIT® does not intend this publication to be a solicitation related to any particular company, nor does it intend to provide investment, legal or tax advice. Investors should consult with their own investment, legal or taxadvisers regarding the appropriateness of investing in any of the securities or investment strategies discussed in this publication. Nothing herein should be construed to be an endorsement by NAREIT of any specific companyor products or as an offer to sell or a solicitation to buy any security or other financial instrument or to participate in any trading strategy. NAREIT expressly disclaims any liability for the accuracy, timeliness or completenessof data in this publication. Unless otherwise indicated, all data are derived from, and apply only to, publicly traded securities. All values are unaudited and subject to revision. Any investment returns or performance data(past, hypothetical, or otherwise) are not necessarily indicative of future returns or performance. © Copyright 2009 National Association of Real Estate Investment Trusts®. NAREIT® is the exclusive registered trademark ofthe National Association of Real Estate Investment Trusts.
Robert L. Dibblee
(As of 9/18/09)
(As of 9/18/09)
(As of 9/18/09)