A discussion of the evolution of the REIT industry since the original 1960 REIT Act, and its various iterations: mortgage REITs, the revival of REITs in 1985, and the emergence of a REIT structure in 1991-92, when the structure and the pricing for the first time really represents a scenario where it is a fair deal to both the buyer and the issuer. The author argues that REITs need to get larger, and that the real future of the REIT industry is going to emanate from the creation of very large mega-REITs that give sophisticated investors the opportunity to make a real bet on real estate as an asset class, and have the liquidity to both enter and exit.
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