The real estate industry is the largest single industry in the global economy, and real estate as an asset class has long played an important role in the portfolios of private, commercial, and institutional investors. Real estate investments typically exhibit distinctive and desirable investment characteristics compared with stocks and bonds, particularly over long time periods. A real estate investment trust (REIT) is a collective vehicle for investing in real estate that originated in the United States and has since been adopted around the world. In this comprehensive examination of the global REIT industry, the author outlines the industry’s structure and provides practical guidance for effective analysis of publicly traded REITs.