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REIT Industry Celebrates 45 Years


On Sept. 20, leaders of the real estate investment trust (REIT) industry rang the closing bell at the New York Stock Exchange to commemorate 45 years in service. Taking part in the ceremony were several members of the National Association of Real Estate Investment Trusts (NAREIT), the representative voice for U.S. REITs and publicly traded real estate companies worldwide:

• Steven A. Wechsler, president and CEO
• R. Scot Sellers, first vice chair (chairman and CEO of Archstone-Smith)
• Milton Cooper, past chair (chairman and CEO of Kimco Realty Corp.)
• Steven Roth, past chair (chairman and CEO of Vornado Realty Trust)
• Glenn J. Rufrano, member of the Board of Governors’ Executive Committee (CEO of New Plan)
• Scott Rechler, member of the Board of Governors (chairman, president and CEO of Reckson Associates Realty Corp.)

To honor the milestone, NAREIT ran a special print advertisement in The Washington Post and several other D.C. publications. The ad featured a smiling President Dwight Eisenhower with a headline that read, “Ike signed the law creating real estate investment trusts 45 years ago today. Now, REIT investors around the world are smiling.” The ad was intended to remember the work of President Eisenhower and the 86th Congress, and express NAREIT’s interest in working with President Bush and the 109th Congress in a continuing effort to improve the world’s first REIT model. To view the ad, visit

In addition, the cover story of the September/October edition of Real Estate Portfolio magazine, titled “Forty-five @ 45,” highlights the 45 events that shaped the course of the REIT industry. To read the feature, visit

NAREIT members include REITs and other businesses that own, operate and finance income-producing real estate, as well as those firms and individuals who advise, study and service those businesses. For more information, call 1-800-3NAREIT; visit

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