Which of the following is not classified as a type of REIT?

Real Estate Investment Trusts (REITs) are companies that own, operate, or finance income-producing real estate across a range of property sectors. They typically fall into specific categories based on their investment strategies and asset types. The primary classifications of REITs include equity REITs, mortgage REITs, and hybrid REITs.

Equity REITs primarily invest in and own properties, generating revenue through leasing space and collecting rents on the properties it owns. Mortgage REITs, on the other hand, primarily provide financing for income-producing real estate by purchasing or originating mortgages and mortgage-backed securities. Hybrid REITs incorporate elements of both equity and mortgage REITs, meaning they invest in both properties and mortgages.

The term "managed" does not correspond to a recognized classification of REITs and is not used within the industry to define any specific type of investment trust. As such, it is not classified as a type of REIT. This understanding helps to clarify the nomenclature and categorization within the REIT structure, which is essential for anyone involved in the securities industry or real estate investment.