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REITs can be classified into four categories: equity, mortgage, public non-traded and private. 

• Equity REITs: Equity REITs own or operate income-producing real estate, and they are publicly traded on major stock exchanges. Equity REITs are often simply referred to as REITs.
• Mortgage REITs: Also known as mREITs, mortgage REITs provide financing for real estate by buying or originating mortgages and mortgage-backed securities. mREITs earn income from the interest on the investments.
• Public Non-Traded REITs: Public, non-traded REITs are registered with the SEC but do not trade on national stock exchanges.
• Private REITs:  Private REITs are exempt from Securities and Exchange Commission (SEC) registration and the shares do not trade on public stock exchanges.

Furthermore, REITs can be classified by the type of properties in which they choose to invest.  For example, REITs may be categorized as residential, office space, retail, health care, lodging, and more. REITs with different portfolios operate in different real estate markets, making it important for investors to research REITs before investing in any of them.