I read the article. It was not very good. Plenty of misconceptions and items that were never clarified. Read the comments section below his article. Most of his "examples" were mortgage REITS. His article made it sound like REITS are a big ponzi scheme. He failed to mention that many REITS, due to depreciation, are NOT paying out all their income and when they do grow through issuing new stock it often is not dilutive. They guy missed on a lot of issues.