NEC Releases Updated Report on Economic Impact of REITs in Partnership with Nareit
The New England Council was fortunate to partner with Nareit, a council member, to release the first edition of “The Economic Impact of REITs in New England,” in 2018. As the positive impact of REITs has continued to grow in our region, we are now pleased to share an updated edition of this report, which details the tremendous economic impact these businesses and organizations have here in our region.
A REIT (real estate investment trust) is a company that owns, operates, or finances income-producing real estate. Modeled after mutual funds, REITs provide everyday investors the chance to own valuable real estate, present the opportunity to access dividend-based income and total returns, and help communities grow and thrive.
Throughout New England, REIT-owned properties include everything from commercial properties like office buildings, shopping centers, hotels, data centers, and life science, recreational, and entertainment facilities; residential properties such as apartment complexes and rental homes, as well as consumer and commercial storage facilities; more than 2,750 towers; and 943,000 acres of timberland. In total, there are more than 12,300 REIT-owned properties in New England, which represent nearly $100 billion in gross assets, and support more than 179,000 jobs.
The New England Council is grateful to the experts at Nareit for their ongoing collaboration, and to American Tower Corporation, Crown Castle, and Iron Mountain for their ongoing support and participation as New England Council member REITs.
We hope that this report helps stakeholders throughout our region gain a better understanding of the important economic contributions these businesses make in New England. We also hope that it will be a valuable resource for policymakers at the local, state, and federal levels as they craft policies and regulations that will impact these businesses.
For more information, please contact Emily Heisig.