Level from micro data on public operating REITs compiled by and purchased from SNL Financial. Level is calculated as the sum of Secured Debt (SNL variable 6146) and Obligations Under Capital Lease (SNL variable 18093) from all equity REITs, multiplied by an the proportion of loans that are commercial mortgages estimated by FOF based on company level information. Equity REITs are defined as North America Real Estate companies that have an Equity investment focus. Unadjusted flow is the change in the level; data for the most recent ten years show no significant seasonality.
