BOSTON (September 20, 2018) – The New England Council, the nation’s oldest regional business organization, today released a new report, “The Economic Impact of REITs in New England.” The report, developed with economic data and content compiled by Nareit, details the various ways that Real Estate Investment Trusts (REITs) are contributing to the New England economy, ranging from employment, to assets, to community revitalization.
REITs (Real Estate Investment Trust) own, operate or finance income-producing real estate. Modeled after mutual funds, REITs provide all investors the chance to own an interest in valuable real estate, present the opportunity to access dividend-based income and total returns, and help communities grow, thrive and revitalize. 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.
“From apartment complexes to office buildings, telecom towers to data storage facilities, REITs are all around us in New England,” said James T. Brett, President & CEO of The New England Council. “As this report details, these businesses are having a tremendous impact on our region’s economy, ranging from community revitalization to supporting tens of thousands of jobs thought the six New England states. We hope that this report will provide stakeholders and policy makers with a better understanding of the role these companies play in our region’s economic wellbeing.”
“By investing in our communications infrastructure, American Tower is pleased to help bring connectivity to New Englanders which is now essential to all aspects of our work, education, health care and play,” said Jim Taiclet, Chairman, President and CEO of American Tower Corporation.
“We are proud to call Boston home and to support the New England economy with 20 facilities and more than 800 employees across the six New England states, including our global headquarters,” said William L. Meaney, president and CEO, Iron Mountain Incorporated.
The report draws upon data from Nareit’s December 2017 study “Economic contribution of REITs in the United States,” which was prepared by EY, as well as other data sources. The New England Council report supplements the data for the six New England states with profiles of some of the REITs operating in the region, including New England Council members American Tower Corporation and Iron Mountain—both headquartered in Boston, MA—as well as Boston Properties’ 888 Boylston Street in Boston, MA, Federal Realty’s Assembly Row in Somerville, MA, Weyerhaeuser’s timberlands in Maine, Ventas Inc.’s South Street Landing in Providence, RI, and EPR Properties’ various recreational properties throughout New England.
The New England Council, the country’s oldest regional business organization, is an alliance of businesses, academic and health institutions, and public and private organizations throughout New England formed to promote economic growth and a high quality of life in the region. The Council is dedicated to identifying and supporting federal public policies and articulating the voice of its membership regionally and nationally on important issues facing New England. The NEC is also committed to working with public and private sector leaders across the region and in Washington through educational programs and forums for information exchange. For more information, please visit: www.newenglandcouncil.com.