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International REITs Types

Most REITs are listed and traded on major securities exchanges, but there are also public non-listed and private REITs. The two main investment categories are Equity REITs and Mortgage REITs.

By Listing Status

Publicly Listed REITs

Public REITs

Registered with the SEC and traded on national stock exchanges, providing investors with access to diversified income-producing asset portfolios.

  • SEC registered with transparent information disclosure
  • High liquidity with low investment threshold
  • Strictly regulated with high investor protection

Public Non-Listed REITs

PNLRs

Registered with the SEC but not traded on national stock exchanges. Liquidity is typically more limited, may adopt share repurchase plans or secondary market trading.

  • SEC registered with information disclosure requirements
  • Not traded on exchanges, lower liquidity
  • Valuation frequency is lower, quarterly or annually

Private REITs

Private REITs

Real estate funds or companies exempt from SEC registration, typically only sold to institutional investors or accredited investors.

  • Exempt from SEC registration, lower information disclosure requirements
  • Only for institutional/accredited investors
  • May offer higher potential returns

By Investment Category

Equity REITs

~93%
Equity REITs

Directly own and operate income-producing real estate, with income primarily from property rent. Account for the vast majority of total REITs market cap, covering all property types.

  • Directly own and operate income-producing real estate
  • Income primarily from property rent
  • Investor returns from dividends and asset appreciation
  • Cover commercial, residential, industrial, healthcare, etc.

Mortgage REITs

~5%
mREITs

Provide financing for income-producing real estate by purchasing or originating mortgages and mortgage-backed securities, earning income from interest.

  • Do not directly own properties, invest in real estate debt
  • Income from mortgage interest
  • Highly sensitive to interest rate changes
  • Typically higher leverage

Hybrid REITs

~2%
Hybrid REITs

Hold both property assets and mortgage investments, combining characteristics of both equity and mortgage types.

  • Hold both properties and mortgages
  • Risk-return characteristics between the two
  • More diversified investment portfolio
  • Smaller market share