Political Quotes

“Mr. Speaker, on September 14, 1960, President Eisenhower signed legislation into law, creating real estate investment trusts. House Resolution 1595 celebrates the 50th anniversary of REITs, as they are called, and the enhanced opportunities they provide for investments in real estate by Americans from all walks of life. REITs allow individual investors to purchase interests in portfolios of real estate assets. In many instances, REITs also operate the properties that they own. To qualify as a REIT, these companies must distribute 90 percent of their income back to their shareholders in the form of dividends. As noted in the resolution, REITs have given average American investors access to large-scale commercial real estate investment opportunities through publicly traded, regulated securities, which provide investors with transparency and liquidity. Four REITs are headquartered in my home State of Tennessee, and nearly 800 Tennessee properties are owned by REITs. Across the country, REITs own approximately $500 billion commercial real estate properties, approximately 10 to 15 percent of institutionally owned commercial real estate. In 2009, REITs paid over $13.5 billion in dividends. More than 30 countries around the world have passed legislation enabling REITs. Again, they have helped millions of average American investors to participate in the real estate markets of this country as well as others.”