REITs have existed for 50 years, but the modern REIT era can be traced to the early 1990s. Since that time, the real estate industry has undergone significant and possibly irrevocable structural changes driven by the shift from privately to publicly owned real estate and the resulting migration of assets and talent into the public markets. During that period, the REIT sector has grown and evolved into a very viable and highly credible investment class. This book presents an in depth overview of the REIT industry, including its history and performance. The purpose is to serve as a no BS or fluff reference for experienced investors, while new investors should find the book helpful in familiarizing themselves with the industry.