[Congressional Record Volume 156, Number 123 (Tuesday, September 14, 2010)]
[Extensions of Remarks]
[Page E1582]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




    RECOGNIZING THE 50TH ANNIVERSARY OF THE CREATION OF REAL ESTATE 
                           INVESTMENT TRUSTS

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                         HON. PATRICK J. TIBERI

                                of ohio

                    in the house of representatives

                      Tuesday, September 14, 2010

  Mr. TIBERI. Madam Speaker, I rise today to recognize the 50th 
anniversary of the creation of real estate investment trusts and 
congratulate the National Association of Real Estate Investment Trusts 
on 50 years of service to their membership.
  Real Estate Investment Trusts (REITs) opened the door for all 
investors to participate in large-scale commercial real estate 
investments. Prior to the passage of tax law in 1960 that provided for 
the establishment of REITs, this opportunity was generally available 
only to large financial institutions and wealthy individuals through 
direct investment in the real estate.
  Today, REITs own approximately $500 billion of commercial real estate 
assets and 132 REITs are traded on the New York Stock Exchange. Last 
year, REITs paid out approximately $13.5 billion in dividends. This 
access to publically traded and regulated securities has expanded 
investment and diversification opportunities for millions of Americans 
and provided more options as they plan and invest for their retirement 
security.
  REITs have become an important piece of the U.S economy and 
investment markets, and I congratulate the industry on their 50th 
anniversary.

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