An investment vehicle in which investors purchase certificates of ownership in the trust, which in turn invests the money in real property and then distributes any profits to the investors.  The trust is not subject to corporate income tax as long as it complies with the tax requirements for a REIT.  Shareholders must include their share of the REIT’s income in their personal tax returns.  (Barron’s Dictionary of Real Estate Terms and Encyclopedia of Real Estate Terms 2nd Edition, Damien Abbott)