operators and managers. Even with these changes, REITs did not flourish right away. During the late 1980s, banks, insurance companies and pension funds kept up a fast pace of real estate...-oriented. Second, as part of the Act, Congress empowered REITs. The Act permitted REITs not only to own, but also to operate and manage, most types of income-producing commercial... and some other activities that require a higher degree of personal services relative to rent), the economic interests of the REITs owners could be merged with those of the REITs...