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If you are considering a publicly registered non-exchange traded REIT, be prepared to ask questions about the benefits, risks, features and fees.A real estate investment trust, or REIT, is a corporation, trust or association that owns (and might also manage) income-producing real estate.REITs pool the capital of numerous investors to purchase a portfolio of properties—from office buildings and shopping centers to hotels and apartments, even timber-producing land—which the typical investor might not otherwise be able to purchase individually. For instance, qualified REITs that meet Internal Revenue Service requirements can deduct distributions paid to shareholders from corporate taxable income, avoiding double taxation.The REIT must also distribute at least 90 percent of its taxable income to shareholders annually.One such product is the publicly registered non-exchange traded real estate investment trust (REIT) or "non-traded REIT" for short.While non-traded REITs and exchange-traded REITs share many features in common, they differ in several key respects.

For this reason, non-traded REITs are generally illiquid, often for periods of eight years or more.Early redemption of shares is often very limited, and fees associated with the sale of these products can be high and erode total return.Furthermore, the periodic distributions that help make these products so appealing can, in some cases, be heavily subsidized by borrowed funds and include a return of investor principal.REITs in this latter category are generally referred to as publicly registered non-exchange traded, or simply non-traded REITS, which are the focus of this alert.Like exchange-traded REITs, non-traded REITs invest in real estate.

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