Real estate investment trusts (“REITs”) are endlessly inventive. They were first developed in the 1960s as a means for ordinary retail investors to hold interests in real estate. The REIT market has waxed and waned over the years. During the early years of the Great Recession, 2008-2009, REITs surged in popularity due to their dividend yields, among other things, then they slowed down. However, the past few years have been excellent years for REITs.

REIT market participants have started de novo REITs, including equity REITs and mortgage REITs, or have converted existing organizations into REITs. Both new REITs and private REITs have filed registration statements with the Securities and Exchange Commission (“SEC”) for proposed initial public offerings (“IPOs”).