Real Estate Investment Trusts (REITs) are a popular way to invest in real estate without owning property directly. This article covers the emergence of REITs in the U.S. market, their legal and tax structures, and strategies for investors and institutions. It also discusses the relationship between REITs and commercial lenders, as well as the historical behavior of REIT returns. The key findings include insights into the financial analysis of REIT securities, the performance implications of public and private real estate, and the strategies of institutional investors in the REIT market.