A real estate investment trust (REIT, pronounced "reet"[1]) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, studios, warehouses, hospitals, shopping centers, hotels and commercial forests.[2] Some REITs engage in financing real estate.
Most countries' laws on REITs entitle a real estate company to pay less in corporation tax and capital gains tax.[3] REITs have been criticised as enabling speculation on housing, and reducing housing affordability, without increasing finance for building.[4]
REITs can be publicly traded on major exchanges, publicly registered but non-listed, or private.[5][6] The two main types of REITs are equity REITs[7] and mortgage REITs (mREITs).[8] In November 2014, equity REITs were recognized as a distinct asset class[9] in the Global Industry Classification Standard by S&P Dow Jones Indices and MSCI. The key statistics to examine the financial position and operation of a REIT include net asset value (NAV), funds from operations (FFO), and adjusted funds from operations (AFFO).[10]
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