down Senior House after a century of service as an undergrad dorm. That year, MIT administrators released data showing just 60% of Senior House residents had graduated in four years. Campus-wide, the four-year graduation rate is 84% (the cumulative graduation rate is significantly higher).
=== Off-campus real estate ===
MIT has substantial commercial real estate holdings in Cambridge on which it pays property taxes, plus an additional voluntary payment in lieu of taxes (PILOT) on academic buildings which are legally tax-exempt. As of 2017, it is the largest taxpayer in the city, contributing approximately 14% of the city's annual revenues. Holdings include Technology Square, parts of Kendall Square, University Park, and many properties in Cambridgeport and Area 4 neighboring the main campus. The land is held for investment purposes and potential long-term expansion.
== Organization and administration ==
MIT is a state-chartered nonprofit corporation governed by a privately appointed board known as the MIT …
