This article was originally published in the May/June 2016 issue of REIT magazine and has been republished with the magazine's permission.

Circle Aug. 31, 2016, on the calendar, REIT enthusiasts, because what many consider the biggest development to hit the sector in 15 years is quickly approaching. After the market closes, stock exchange-listed Equity REITs and other listed real estate companies will be elevated to a new Real Estate Sector in the closely watched Global Industry Classification Standard (GICS), making it the 11th Headline-level sector under GICS.

GICS serves as thede facto classification system for equities worldwide, providing an organizational framework for everything from performance analysis to product development. The move, which pulls listed Equity REITs and real estate companies from their longtime home buried in the Financials Sector, might sound routine and wonky to the uninitiated, but it is far from it. This is the fir