QUESTION 3 REITs own and operate commercial properties that typically generate a stable stream of recurring income from rent payments. Assuming a solid credit grade tenant, long term leases usually result in predictable cash flows. Conversely, properties with shorter term leases have less predictable cash flow streams and are more vulnerable to short term changes in economic conditions. Looking at the choices of property types listed below, what is the real estate operating model with the shortest leases? O 1. Industrial 0 2. Hotels 3. Retail O 4. Office