A Practice Note discussing the exemptions available in transactions involving real estate investment trusts (REITs) under the Hart-Scott-Rodino (HSR) Act. This Note discusses the definition of a qualified REIT, exemptions available to a REIT's acquisition of real estate, equity of another REIT, or of a non-REIT, and exemptions available to a non-REIT's acquisition of a REIT. It also discusses the effect of these exemptions on determining the HSR size-of-transaction, and consequently, whether a transaction involving a REIT must be reported.