Revision with unchanged content. Real Estate Investment Trusts (REITs) are a bridge between two worlds, the ca­pital markets at one end and the real estate sector on the other, leading to a unique risk/return profile. They bear benefits neither of which can realize stan­ding alone, resembling a hybrid between real estate and equity. REITs invest directly in property and pass on almost all earnings to their share­holders as dividends. By distributing most of their profits, REITs get spe­cial tax treatment and avoid corporate income tax. Because of that REITs have pro­ven very attractive to investors: Their returns have beaten most major e­qui­ty benchmarks over three decades, with lower volatility, while offering pre­dictable cash flows and high dividend yields. Further, they have a low cor­re­lation with other asset classes, aiding portfolio diversification. In Germany real estate has been the most popular investment theme of the past three years, despite its significant...

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