[Congressional Record (Bound Edition), Volume 146 (2000), Part 13]
[Senate]
[Page 18203]
[From the U.S. Government Publishing Office, www.gpo.gov]



                            REIT ANNIVERSARY

 Mr. GORTON. Mr. President, the real estate investment trust, 
or REIT, turned 40 years old yesterday. It has been a remarkable four 
decades for this investment vehicle. The goal of Congress in creating 
REITs back in 1960 was to give the small investor an opportunity to 
invest in portfolios of large-scale, commercial properties. Today, 
anyone and everyone can buy shares of real estate operating companies 
that focus on particular sectors or regions of the country.
  In January, the REIT Modernization Act will take effect. Adopted by 
Congress last year, this law will permit REITs to remain competitive in 
the real estate marketplace by creating subsidiaries to offer the same 
range of tenant services provided by its competitors. And, as the REIT 
marks its 40th anniversary, so too does its association, NAREIT, the 
National Association of Real Estate Investment Trusts. NAREIT's annual 
convention will be held here in Washington, DC next month, and we wish 
them well on another successful event.

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