Board of Governors of the Federal Reserve System

Prior to 2019q1, quarterly stocks outstanding are benchmarked annually to U.S. Census Bureau, Annual Survey of Public Pensions (ASPP), State & Local Data, Table 1: National Summary of Public-Employee Retirement Systems: directly held real property. Quarterly stocks outstanding between ASPP Q2 benchmarks are computed by increasing the previous stocks outstanding using the quarterly growth rate of U.S. Census Bureau, Quarterly Survey of Public Pensions (QSPP) total cash and security holdings. Any residual difference between Q2 benchmark stocks outstanding and quarter stocks outstanding method is spread evenly over the previous quarters. Capital gains are computed using the change in the FOF commercial real estate price index (FL075035503). The unadjusted transactions are the change in stocks outstanding, less capital gains, less any other changes in volume. Data for the most recent ten years show no significant seasonality. Beginning with 2019q1, quarterly stocks outstanding are benchmarked against the new Census QSPP, scaled up to include the entire universe of plans using total assets available in the new Census ASPP each year. Quarterly total transactions on financial assets are extracted from the cash flow information included in the ASPP, and then carried forward until the next ASPP becomes available. Quarterly total capital gains are calculated as the difference between total assets and total transactions. Quarterly stocks outstanding for directly held real property are reported in the new Census QSPP (HLDDRP), available to the public with a quarter lag. Capital gains rely on changes in the FOF commercial real estate price index (FL075035503). The unadjusted transactions are the change in stocks outstanding, less capital gains, less any other changes in volume.