Wal-Mart, after the 1960 Act of Congress,

国会通过这部法案后
would say, hey we're a real estate investment trust,

沃尔玛说我也是房地产投资信托基金
we own real estate--all these stores

我也持有房地产所有店铺都是房地产
--but that's not what the intent of this bill was.

但这并不是这部法案的本意
They wanted REITs to be companies that

REITs应是只持有房地产的公司
just owned real estate and Wal-Mart is primarily a retailer.

而沃尔玛主要经营零售
They specified that 75% of assets must be real estate

于是国会规定REIT资产的75%必须是房地产
and 75% of income must be real estate income

收入的75%必须来自房地产收入
--so that would be ruling out Wal-Mart.

这就把沃尔玛排除了出去
And 95% of income must be paid out--they can't retain earnings.

95%的收入必须分配掉不得留存
That limits it further.

这就进一步做出了限制
They're supposed to be like a pass through vehicle

房地产投资信托基金应是投资中介