Real Estate Investment Trusts (REITs) are securities of public companies that own, operate, and invest in real estate. An investor that owns a REIT security will receive a Form 1099-DIV that reflects the income from the REIT as either a return of capital, income, or gain. REITs must comply with a strict set of rules to classify as a REIT under the IRS tax code. LEX offerings are structured as a partnership, and more specifically, a Publicly Tradable Partnership (PTP). These units (not shares) entitle the investor to receive all of the economic interests and benefits of direct ownership, including the potential to offset interest and depreciation against net income and the issuance of Form K-1s. Furthermore, when investing in a REIT, an investor may never know the entirety of the REIT’s portfolio and will see only the consolidated financials of the REIT entity. LEX securities include audited financials at the property level and more transparency to what an investor is actually owning. Traded REITs that are registered securities may be more liquid than LEX securities.