Agree with this line of thinking. Building on this, if a REIT's underlying assets have supply constraints and demographics on their side (hypothetical for now), and thus likely has inflation protection built in, isn't it more comparable to a TIPS-type security vs. a nominal bond? Further, if the REIT has a well termed out cap structure with reasonable leverage, they're effectively short nominal bonds while their underlying that they are long behave more like inflation-protected bonds. It's a very attractive structure with the right assets, cap structure, and management.