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With regards to REIT's (Real Estate Investment Trust[s]), what is the difference (if any) between an exchange traded REIT and one bought through a vendor

With regards to REIT's (Real Estate Investment Trust[s]), what is the difference (if any) between an exchange traded REIT and one bought through a vendor as a Limited Partnership... Also, what is the difference between an 'open-ended' fund housing an REIT and a 'closed-end' fund housing an REIT. Lastly, would you be interested in holding an REIT in/within your own portfolio... Why/Why not...and, if you would hold...which type of 'ownership' might you deem best (LP, exchange, open-ended fund, etc.) and if you'd prefer not to hold an REIT, which other assets might you prefer in its place...

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