Taken from a newsletter from the National Association of Realtors:

To provide a more accurate picture of the global investment landscape, Standard & Poor has changed the definations for several Global Industry Classification Standards (GICS) categories

and implemented new categories. Changes in the Real Estate Industry
Group include replacing the ‘Real Estate Industry’ with two new
Industries: ‘Real Estate Investment Trusts’ and ‘Real Estate Management
& Development.’ The new Real Estate Investment Trusts Industry will
see the creation of seven new Sub-Industries: Diversified REITs,
Industrial REITs, Mortgage REITs, Office REITs, Residential REITs,
Retail REITs and Specialized REITs. The new Real Estate Management
& Development Industry will include a Real Estate Management &
Development Sub-Industry. Standard & Poor is a leading provider of
independent credit ratings, indices, risk evaluation, investment
research and data.
Report compiled by NAR International Operations, [email protected].