Nareit is celebrating 65 years of REITs by interviewing key figures who have helped shape the industry, including Gil Menna, of counsel in Goodwin’s nationally recognized REITs and real estate M&A practice and Nareit 2010 Industry Achievement Award recipient.
Menna reaffirmed the enduring value of low leverage in public REITs, highlighting its critical role during the 2008 financial crisis and its continued importance in managing risk and enabling capital access.
Public REITs, with their relatively low cost of debt and equity capital, remain well-positioned to raise funds across market cycles—an advantage over private real estate ventures, he noted. Menna also discussed the evolving REIT landscape, noting the expansion into new asset classes such as life sciences, digital infrastructure, and cell towers. He credited Nareit’s policy efforts for adapting regulations to accommodate these innovations and said he anticipates further growth driven by emerging sectors like AI and chip manufacturing.
Reflecting on REITs’ legacy, Menna emphasized their democratizing effect—providing retail investors access to high-quality real estate investments once reserved for institutions. He underscored the cost-efficiency and liquidity of public REITs compared to private real estate funds, positioning them as a vital vehicle for broad-based participation in real estate markets.