• This paper documents the differences between ‘old’ and ‘new’ REITs and notes that the ‘new’ REITs are dominating the real estate industry.
• The shift in the REIT market is traced to three primary factors:
1 ascendancy of the ‘self-advised/self-managed’ REIT
2 the UPREIT structure
3 the ‘paired-shared’ phenomenon
• These innovations allow for either the control of the inherent conflicts of interest that exist in the REIT structure or provide some flexibility to enable new REITs to pursue a growth strategy.
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