7 Surprising Things Owned by REITs

Real estate investment trusts, or REITs, give investors the opportunity to own a stake in various pieces of real estate. It’s very similar to how you can own a stake in a company with stocks. When most people think of REITs, they think of things like multifamily properties, industrial and retail real estate, hotels, warehouses, and office space.

But REITs also own some pretty interesting real estate you probably don’t generally associate them with. We’ll open with a couple of prominent landmarks and follow with several types of real estate you may not have realized you could buy into by investing in REITs.

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Having appeared in countless films and televisions shows and currently celebrating its 90th anniversary, the Empire State Building is a New York City icon. It remains one of the country’s tallest buildings, and its observation decks are not to be missed when visiting the city. The famous skyscraper is the crown jewel of Empire State Realty Trust’s (NYSE: ESRT) portfolio, giving any interested investor the opportunity to own a piece of the city’s history. A recent $165 million renovation should help ensure it remains a major attraction for years to come.

ALSO READ: Real Estate Investment Trusts: What They Are and How to Invest in Them

A business center and massive tourist attraction, International Commerce Centre in Hong Kong is full of surprises. The tallest building in Hong Kong -- its tower is even taller than the Empire State Building -- it should come as no surprise that its observatory is a tremendous draw. Among other amenities, the center features the world’s highest hotel, swimming pool, and bar; a luxurious mall; and incredible restaurants. The property is owned by Hong Kong REIT Sun Hung Kai Properties.

When we think of REITs, we tend to think strictly of buildings of one form or another. But a few REITs also own and manage timberland real estate. Some simply own the timberland itself and sell the raw lumber. Others go beyond that to manage the entire process, from owning the land to harvesting and processing the timber themselves in their own facilities.

Increased demand and reduced supply during the pandemic led to sky-high lumber prices. Prices briefly trended downward but are heading up again following an increase on the tariffs on lumber from Canada, which supplies 25% of America’s lumber.

ALSO READ: Investing in Timberland REITs

You may think of more traditional businesses like stores, warehouses, and offices when you think of REITs, but many hold some more fun properties in their portfolios, too. While hotels are a well-known REIT holding, they’re just the tip of the iceberg when it comes to experiential properties you can invest in with REITs. From water parks and ski resorts to golf resorts and even casinos, you can invest in a wide array of places for families and grown-ups alike to go for vacations or just to relax and enjoy themselves for a day or evening.

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Whether filled with beautiful paintings, modern sculptures, or relics from our past, museums are a fun, enriching way to spend a day. And many are so large and filled with treasures that one day isn’t enough to truly appreciate all they have to offer. These institutions are an important part of our cultural fabric. And with REIT investing, the opportunity to own a stake in one or more museums is more accessible than ever. Experiential REIT EPR Properties (NYSE: EPR) holds in its portfolio City Museum in St. Louis and the Titanic Museum locations in Branson, Missouri, and Pigeon Forge, Tennessee.

You may know you can invest in the grocery stores we buy food from through REITs, but supermarkets are just the last stop when it comes to produce. Don't forget about the farms where our food is grown. Farmland REITs Gladstone Land (NASDAQ: LAND) and Farmland Partners (NYSE: FPI) represent an opportunity to own a piece of the land that feeds our nation. Both hold farmland in different locations within the U.S. and focus on different types of produce, with some overlap.

ALSO READ: Forget Bitcoin: I'm Buying This Under-the-Radar REIT

It’s hard to drive much of anywhere without seeing billboards along the highway advertising everything from restaurants and stores to attorneys and even residential communities. They’re unlikely to be the first thing to come to mind when you think of real estate, much less when you consider investing in REITs. But with around $13 billion in market value, Lamar Advertising (NASDAQ: LAMR) and Outfront Media (NYSE: OUT) are the two REITs in this space and may be worth a look as people return to spending more time on the roads again.

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To the uninitiated, investing can sound a bit dull. Keeping track of how current events could impact your investments can make it more interesting. But so can investing in more unique types of real estate. These surprising REIT investments give you the opportunity to invest in everything from cultural icons to entertainment venues to open land. The developments around these REITs can be interesting to follow, and they provide an unique way to diversify your holdings.

Nell McPherson has no position in any of the stocks mentioned. The Motley Fool owns and recommends Farmland Partners and Gladstone Land. The Motley Fool recommends EPR Properties, Empire State Realty Trust, and Outfront Media. The Motley Fool has a disclosure policy.