REITs are a type of tax-efficient trust which have a pre-defined investment strategy that their fund manager is responsible for executing. This means when you invest in a REIT, you purchase units in a collective investment rather than shares of an SPV. Depending on your profile as an investor, the REIT model has various costs and benefits but a key difference to highlight is the way they pay out returns. REITs consist of a portfolio of properties which each generate an income that the fund manager then blends into a total yield which is normally an average of the net returns across the portfolio. Therefore, understanding the risks and returns related to a REIT can be more tricky as they depend on lots of properties. 

Yielders is not a fund manager and, therefore, we do not operate any REITs. We instead leave the decision of which properties to invest in to the investors, as well as minimising the amount of complex risk analysis they must do.