Real Estate Investment Trusts (REITs) are companies that own, operate, or finance income-producing real estate across a range of property sectors. Investors can gain exposure to real estate assets through the purchase of shares in a publicly traded REIT, allowing for diversification and liquidity.

Discuss the primary benefits and risks associated with investing in REITs. In your answer, address aspects such as income generation, liquidity, market volatility, and management fees. Provide examples where applicable to support your arguments.