IRS requires REITs to pay out at least 90% of their income to unitholders, not the SEC. https://www.reit.com/what-reit?gclid=Cj0KCQjwuuHdBRCvARIsAELQRQGuE38hFLbJoWrxf28O83T_h4b3Efk8z-Gg1qHugDKTLwFGPTAnQ-8aAg8qEALw_wcB