Do members own REI?

Are members of REI, the Real Estate Investment Trust, actually owners of the properties and assets under its management? Or do they simply hold shares in the company that manages and operates these properties on their behalf? It's important to understand the ownership structure of REI to make informed investment decisions and assess the potential risks and rewards associated with investing in this type of financial vehicle. So, let's delve deeper into the question: Do members own REI, or do they merely hold shares in the company that oversees its operations?