Board of Governors of the Federal Reserve System

Beginning 1996, level is the sum of the market value of common and preferred equity for eREIT. The level of common equity is calculated from CRSP micro data as the sum of shares outstanding times share price at the end of the quarter, using Standard and Poor's company information to identify eREIT entities. The level of total financial and nonfinancial preferred equity is benchmarked to data from Standard and Poor's and is calculated for other periods using a perpetual inventory method based on transactions data from Thomson Financial and the Standard and Poor's U.S. Preferred Stock Index. Total preferred stock is then allocated to eREIT by applying the eREIT?s share of total domestic financial corporate equity to the financial portion of the preferred stock, using a ratio from Standard and Poor's Compustat to split out preferred stock between financial and nonfinancial corporations. Prior to 1996, eREIT's public corporate equities also includes eREIT's closely held corporate equities ( FOF series FL123164123). From 1999:Q4 the unadjusted transaction is the difference in eREIT equity capital, series FL125080003. Prior to 1999:Q4 and starting in 1992:Q2 unadjusted transactions are estimated as a portion of REIT Watch equity capital transactions, where the share is based on the relative size of the change in levels for equity REITs and mortgage REITs and assuming the rates of return are the same for all REITs Prior to 1992:Q2 transactions are equal to the change in level. Data for the most recent ten years show no significant seasonality.