Real estate investment trusts (REITs) in Singapore have come a long way. Since our country’s first REIT, CapitaLand Mall Trust, was listed in July 2002, the REIT market has grown to become one of the largest in Asia. Currently, the Singapore Exchange is home to 43 REITs and property trusts, with a combined market capitalisation of S$104 billion (as of November 2020). REITs have a structure that is quite different from traditional listed companies. Therefore, it would be useful to go through a typical trust structure for investors to have a better understanding of REITs in general. TL;DR: Peering Into a REIT’s Structure  There are four main parts of a REIT’s structure, and they are: Trustee, which holds the underlying properties of a REIT on behalf of unitholders. REIT manager, which sets the strategic direction for the REIT and ensures its property values grow over time. Property manager,...