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History of REITs

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September 14, 2010 marked the beginning of the 50th anniversary year of celebration of the U.S. REIT industry. Fifty years prior, President Dwight D. Eisenhower signed legislation that created a new approach to income-producing real estate investment – a manner in which the best attributes of real estate and stock-based investment are combined.

This special commemorative section of REIT.com was created to help celebrate this historic milestone.

REITs, for the first time, brought the benefits of commercial real estate investment to all investors – benefits that previously had been available only through large financial intermediaries and to wealthy individuals.

Over time, investors responded to this new opportunity, and 50 years after their creation stock exchange-listed U.S. REITs constituted a more than $300 billion equity market with an average daily trading volume of about $4 billion. Public, non-listed REITs in the U.S. now manage assets of more than $70 billion and are adding another $7 billion annually. Outside the U.S., REITs and listed property companies constitute another $700 billion plus, comprising a listed REIT and real estate investment universe of more than $1 trillion.

REITs in the U.S. and increasingly around the world now regularly provide investors with meaningful dividends, portfolio diversification, valuable liquidity, enviable transparency and competitive performance.

A short video from NAREIT President and CEO Steven A. Wechsler with a few reflections on this important day is available by CLICKING HERE. Below you will find video interviews and articles which provide the reflections and thoughts of key industry leaders in connection with the 50th anniversary of REITs.

Also, please be sure to visit the interactive timeline on REITs and the REIT approach to real estate investment which is accessible HERE.

The November/December 2010 issue of REIT magazine also featured extenive coverage of the 50th anniversary.

Industry Reflections (all titles reflect position held in 2010)

Gene Landy 50th Eugene Landy
Chairman, President
Monmouth REIC
Chairman
UMH Properties
CLICK HERE to watch the video

Ken Campbell 50thKenneth Campbell
Managing Director
ING Clarion Real Estate Securities
CLICK HERE to watch the video

Hamid Moghadam PlayHamid Moghadam
Co-Founder, Chairman & CEO
AMB Property Corporation
CLICK HERE to watch the video

Ken Rosen PlayKen Rosen
Chairman
Rosen Real Estate Securities
CLICK HERE to watch the video

Stanford Alexander PlayStanford Alexander
Chairman
Weingarten Realty Investors
CLICK HERE to watch the video

Douglas Crocker PlayDouglas Crocker
Former President & CEO
Equity Residential
CLICK HERE to watch the video

Chris Lucas 50thChris Lucas
Managing Director, Senior REIT Analyst
R.W. Baird
CLICK HERE to watch the video

Hap Stein PlayHap Stein
Chairman & CEO
Regency Centers
CLICK HERE to watch the video

Tom Robinson PlayTom Robinson
Senior Advisor
Stifel Nicolaus Weisel
CLICK HERE to watch the video

David Brandon PlayDavid Brandon
National Director of REIT Services
KPMG
CLICK HERE to watch the video

Barden GaleBarden Gale
CEO
J.E. Robert Companies
CLICK HERE to watch the video

Bryce BlairBryce Blair
Chairman & CEO
AvalonBay Communities
CLICK HERE to watch the video

Mark DeckerMark Decker, Sr.
Managing Director
R.W. Baird
CLICK HERE to watch the video

Michael AshnerMichael Ashner
Chairman & CEO
Winthrop Realty Trust
CLICK HERE to read the article

Cohen & SteersMartin Cohen & Robert Steers
Co-Chairs, Co-CEOs
Cohen & Steers, Inc.
CLICK HERE to watch the video

Gil MennaGil Menna
Partner
Goodwin Procter LLP
CLICK HERE to watch the video

Morris KramerMorris Kramer
Partner
Roberts & Holland LLP
CLICK HERE to watch the video

Mike KirbyMike Kirby
Chairman, Director of Research
Green Street Advisors
CLICK HERE to watch the video

Connie MooreConstance Moore
President & CEO
BRE Properties, Inc.
CLICK HERE to watch the video

Steve RothSteven Roth
Chairman
Vornado Realty Trust
CLICK HERE to watch the video

Don WoodDon Wood
President & CEO
Federal Realty Investment Trust
CLICK HERE to watch the video

Bill KingWilliam King
Former Partner
Goodwin Procter LLP
CLICK HERE to watch the video

Sam ZellSam Zell
Chairman
Equity Group Investments
CLICK HERE to watch the video

Debra CafaroDeb Cafaro
Chairman, President & CEO
Ventas, Inc.
CLICK HERE to watch the video

David SimonDavid Simon
Chairman & CEO
Simon Property Group
CLICK HERE to watch the video

Bill NewmanBill Newman
Founder
New Plan Excel Realty Trust, Inc.
CLICK HERE to read the article

Art Von ThadenArt Von Thaden
Founder, Past Chairman & CEO
BRE Properties, Inc.
CLICK HERE to read the article

Steven GuttmanSteven Guttman
Former Chairman, President & CEO
Federal Realty Investment Trust
CLICK HERE to read the article

MIlton CooperMilton Cooper
Chairman
Kimco Realty Corporation
CLICK HERE to watch the video

Kenneth CampbellKenneth Campbell
Managing Director
ING Clarion Real Estate Securities
CLICK HERE to read the article

Congressional Recognition of 50th Anniversary

  Legislative Text and Floor Proceedings
  • Statutory Language of House Resolution 1595, Recognizing the 50th Anniversary of REITs
(as passed by the House of Representatives, September 15, 2010): CLICK HERE to read
  • House Consideration of H. Res. 1595 (Congressional Record - House, September 15, 2010),
Including statements by Representatives Spencer Bachus (R-MI), Earl Blumenauer (D-OR), Dave Camp (R-MI), Danny Davis (D-IL), Bill Pascrel (D-NJ), Pete Stark (D-CA), John Tanner (D-TN) and Patrick Tiberi (R-OH): CLICK HERE to read
  • House Consideration of H. Res. 1595 (C-SPAN Video Coverage, September 15, 2010):
CLICK HERE to view full session and access additional information on C-SPAN
 
   
  Legislator Statements
  • Senator Orrin Hatch (R-UT): CLICK HERE to read the statement
  • Senator Johnny Isakson (R-GA): CLICK HERE to read the statement
  • Representative Ron Kind (D-WI): CLICK HERE to read the statement
  • Senator Debbie Stabenow (D-MI): CLICK HERE to read the statement
  • Representative Patrick Tiberi (R-OH): CLICK HERE to read the statement