New NEC Report Highlights Economic Impact of REITs
The New England Council is pleased to share our new report, “The Economic Impact of REITs in New England.” The Council was honored to collaborate with Nareit to develop this report, which details the diverse ways that these businesses contribute to our region’s economic wellbeing.
A REIT (Real Estate Investment Trust), is a company that owns, operates or finances income-producing real estate. Modeled after mutual funds, REITs provide all investors the chance to own valuable real estate, present the opportunity to access dividend-based income and total returns, and help communities grow, thrive and revitalize. As you will see in this report, these businesses and organizations are having a tremendous economic impact here in New England.
Across the six New England states, REIT-owned properties include everything from commercial properties like office buildings, shopping centers, hotels, data centers, and recreational and entertainment facilities; residential properties such as apartment complexes and rental homes; as well as consumer and commercial storage facilities, over 3000 telecom towers and nearly one million acres of timber land. In total, there are over 13,000 REIT-owned properties in New England, which represent $94 billion in gross assets, and support over 100,000 jobs.
The New England Council is grateful to American Tower Corporation, a New England Council member and one of the largest REITs headquartered in our region, for their generous support for this publication.
We hope that this report will help Council members, investors, and other 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.