The First REIT
The REIT was defined and authorized by the U.S. Congress, in the Real Estate Investment Trust Act of 1960, and the first REITs were organized in that year. This legislation was intended to provide individual investors with the opportunity to participate in the benefits, already available to large institutional investors, of owning and/or financing a diversified portfolio of commercial real estate.
TIP The avoidance of “double taxation” is one of the key advantages to the REIT structure.
A key hallmark of the REIT structure is that the REIT can deduct from its pretax net income all dividends paid to its shareholders—thus, the REIT ...
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