For Immediate Release
July 13, 1999
Laura Armstrong or Jay Hyde
FAVORABLE REIT PROVISIONS INCLUDED IN CHAIRMAN'S MARK
Washington, D.C. -- The following is a statement by Steven A. Wechsler, President and Chief Executive Officer of the National Association of Real Estate Investment Trusts® (NAREIT), in reaction to the inclusion of the Real Estate Investment Trust Modernization Act of 1999 (H.R. 1616) in the "Chairman's Mark" of House Ways and Means Committee Chairman Bill Archer (R-TX):
"Federal rules governing the operation of real estate investment trusts have been revised from time to time since 1960 to keep pace with the evolution of the real estate marketplace and broader economy. Adoption and enactment of provisions contained in the REIT Modernization Act would enable REITs to provide more and better services to tenants and other customers than are available now in a fast-changing, competitive environment.
Only the proposal's effective date differs from that of the REIT Modernization Act, permitting REITs to create taxable subsidiaries beginning January 1, 2001, instead of January 1, 2000.
We welcome the inclusion of the REIT Modernization Act in the Chairman's Mark of the Financial Freedom Act of 1999 and applaud Chairman Archer for his continued confidence in the REIT and publicly traded real estate industry.
By putting ownership of income-producing commercial properties within reach of any and all investors, REITs and publicly traded real estate have made a lasting contribution to the nation's economic growth and prosperity."
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The National Association of Real Estate Investment Trusts® (NAREIT) is the national trade association for REITs and publicly traded real estate companies. Members are real estate investment trusts (REITs) and other businesses that own, operate and finance income-producing real estate, as well as those firms and individuals who advise, study and service those businesses. Visit our web site at www.nareit.com.