REITs - Typical deal structure

Generally speaking, REITs have a fee structure whereas a REPE/opportunistic fund would have more of a promote/participatory structure, for obvious reasons. I've stated on other threads but there can be exceptions to the rule. This is generally due to the types of deals that each acquire and also a function of the usual investor profile. The thing I think is laughable is that wannabe hardos in college on this forum start spamming links about REITs outperforming other fund profiles when you can't compare them. REITs/core funds basically buy and hold something forever as long as it's spitting out relatively good annual yields relative to bond rates whereas the structure of value-add/opportunistic funds generally have a lifespan of 5-10 years. So of course depending on the vintage of those funds they could have vastly superior/inferior returns to REITs which are more steady state. Right now for example, people are seeing lots of funds with acquisition vintage in '06-'07 and wondering why the returns are poor. The people that say this have no concept of how the industry (and broader capital market) works.