The 1960s: Infancy
Congress authorized REIT organizations through legislation that was signed into law in 1960. The intent was to enable individual investors to invest easily in commercial real estate so that they might enjoy investment benefits similar to owning individual properties directly. Once the structure was created, the first REITs were quickly organized. However, most of these early REITs were not “pretty babies” by today's standards.
According to The REIT Investment Summary (1996), a report by Goldman Sachs, only 10 REITs of any significant size existed during the 1960s. Most of them were managed by outside advisers, and all property management functions were handled by outside companies. Many of these management companies were affiliated ...
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