Much of the rapid growth in the REIT industry in recent years is from REIT conversions, where C-corps that control substantial amounts of real estate choosing to convert into REITs. These REIT conversions are occurring in property types that are less familiar to real estate investors – timber land, data centers, prisons, casinos, cell towers, and billboards. In a recent article for PREA Quarterly, Jim Sullivan, says he expects REIT conversions and REIT spin offs to ramp up in ’15 and continue to expand the boundaries of the types of assets that can end up on a REIT’s balance sheet.