1. Introduction -- 2. The Origins and Evolution of Real Estate Investment Trusts -- 3. Organizational Structure -- 4. Advisor Puzzle -- 5. REIT Economies of Scale -- 6. The Impact of Institutional Investors -- 7. Diversification versus Focus -- 8. Dividends and Debt Policies of REITs -- 9. REIT Security Offerings -- 10. The Performance of REIT Stocks -- 11. The Predictability of the REIT Stock Market -- 12. The Future of REITs -- App. Monthly Stock Returns and Performance Index of All Publicly Traded REITs (1962-2000 and 2001-2002)