Which type of REIT primarily invests in commercial real estate such as shopping centers and office buildings?

The correct answer identifies Property (equity) REITs as the type of real estate investment trust that primarily invests in commercial real estate, including shopping centers and office buildings. Property REITs own and operate income-producing real estate assets directly, which allows them to generate revenue through leasing space and collecting rents.

This distinction is crucial because while Mortgage REITs primarily focus on financing real estate by investing in mortgages and mortgage-backed securities, and Hybrid REITs combine both property and mortgage investing, Property REITs are distinctly centered around owning physical properties. Investment Trusts is a more general term and does not specify the focus on real estate, making it less accurate in this context. Consequently, the unique focus of Property REITs on acquiring and managing commercial properties sets them apart as the correct answer to the question.