Serena Wolfe, central region real estate hospitality and construction leader at EY, participated in a video interview at Nareit’s REITwise: 2019 Law, Accounting & Finance Conference in San Antonio.
Wolfe discussed how REITs prepared for the new leasing standard, and the impact that investors will likely see as a result of its adoption.
“The first thing you’re going to see from an investor perspective is a large change in the composition in the assets and liabilities as a result of bringing those leases on balance sheet,” Wolfe said. She added that the material impact will be great for ground leases, which can run as long as 99 years.
Wolfe also talked about her role on Nareit’s Dividends Through Diversity & Inclusion working group, noting the importance of similar industry groups working together for a greater impact.