The third REIT boom was in the 1990s and I think this third REIT boom is different from the others because it didn't arise from any government regulation change.

第三次发展浪潮在20世纪90年代,我认为第三次有别于前两次,因为这次不是源自政府监管的变革

耶鲁公开课 - 金融市场课程节选

Real Estate Investment Trusts became very important in three waves.

房地产投资信托基金,在经历三次发展浪潮后变得十分重要

耶鲁公开课 - 金融市场课程节选