This is my last letter as NAREIT Chairman. It has been my privilege to serve
and I would like to thank everyone for their assistance and cooperation over
the last two years—especially Steve Wechsler and the NAREIT staff.
NAREIT and its members have accomplished much in the past few years—not the least of which being the passage of Taxable REIT Subsidiary (TRS) legislation in Congress. Yet there remains much to do.
We have set some goals for the future. To my successor I leave the following open issues:
- Forced Access—Who will decide who has access to our properties? Who
will benefit?
- E Commerce—How will transformation of the way in which our customers
receive goods and services affect us? Who will benefit?
- Investor Relations—How do we best tell our story to the investment
community?
- Political Activism—How do we best tell our story in Washington? How
do we make sure our story is heard?
- Implementation and Explanation of TRS—2001 brings the opportunity
for implementation. Who will take advantage?
We have been part of a dramatic sea change in the last few years as the real estate industry has begun to integrate with the rest of the economy. This integration has been tremendously beneficial—making our companies more valuable and more profitable and providing for many their first opportunity to own income-producing real estate. It has made us, as an industry, more powerful. With this increased presence and profile comes a new set of challenges. As we enter new fields of business, expand upon the goods and services we provide our customers and reach for a larger slice of the pie, we enter the territory of other service providers. We must be prepared to compete ever more intensely on all levels. A key to competing is our continued political activism. We must be a major presence in our Nation's Capital and state capitals. We must make sure our issues are heard, understood and acted upon. I urge you all to continue your participation in NAREIT as well as participating in organizations that represent your property types.
The beginning of the future is tomorrow. Understanding the urgency and organizing our power will ultimately translate into measurable benefits. Complacency is our greatest enemy.
I want to once again thank everyone for their continued support. This accolade is particularly devoted to the NAREIT Executive Committee members who, over the last two years, have melded into an active and aggressive advocate to the benefit of all of us.
Please continue to fight the good fight. I'll be there right along side you.
I hope to see you all at the NAREIT Annual Convention!
Warmest regards,
Sam Zell
Nareit chair
