They're supposed to be like a pass through vehicle -they're owning real estate on your behalf, so they shouldn't be retaining earnings.

房地产投资信托基金应是投资中介,它代表你持有房地产,所以不应该留存利润

耶鲁公开课 - 金融市场课程节选

Now the interesting thing is, the green line here is the expenditure on real estate investment.

有个有趣的情况,绿线代表房地产投资支出

耶鲁公开课 - 金融市场课程节选

There's something else going on besides diversification; diversification means you get the average return.

除了投资多样化外,肯定还有别的因素,投资多样化代表着市场平均收益

耶鲁公开课 - 金融市场课程节选