Investing in REITs : Real Estate Investment Trusts

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  • Edition: 4th
  • Format: Hardcover
  • Copyright: 2011-10-11
  • Publisher: Bloomberg Pr

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The consistency of REITs' earnings and their high dividend yields, together with the low correlation of REIT stock prices with prices of other asset classes, make real estate investment trusts a unique opportunity for investors. Drawing on more than thirty years of successful investing experience with REITs, Ralph L. Block has created the ultimate REIT guide. This fully updated fourth edition explains the ins and outs of this attractive asset class for investors, as well as financial planners and investment advisers, to find what they need to know. The new edition covers the changes in the real estate market and how the volatility of commercial real estate prices can affect REITs. This new edition offers the following: How to spot blue-chip REITs and control investment risk How REITs compare with other investments How to build a diversified REIT portfolio, directly or with REIT mutual funds Understanding the risk-and-reward dynamics of commercial real estate How to invest in non-US REITs Important new developments and strategies in the REIT industry

Author Biography

Ralph L. Block, has been an active participant in the REIT industry for four decades, as an individual investor, investment advisor, professional money manager, author, publisher, and consultant. Mr. Block is currently the owner and proprietor of Essential REIT Publishing Co. For his many contributions to the REIT industry, Block received the 2004 Industry Achievement Award from the National Association of Real Estate Investment Trusts (NAREIT).

Table of Contents

Introductionp. xi
Acknowledgmentsp. xv
Meet the REIT
REITs: What They Are and How They Workp. 3
Types of REITsp. 5
General Investment Characteristicsp. 6
Higher Current Returnsp. 11
Summaryp. 17
REITs versus Competitive Investmentsp. 19
Bondsp. 20
Convertible Bondsp. 22
Preferred Stocksp. 23
Other High-Yielding Equitiesp. 24
Other Real Estate Investment Vehiclesp. 26
Summaryp. 31
Today's REITsp. 33
The First REITp. 33
The Tax Reform Act of 1986p. 34
UPREITs and DownREITsp. 35
REIT Modernization Act and RIDEAp. 37
Lending REITs versus Ownership REITsp. 39
Expansion of REIT Property Sector Offeringsp. 40
Summaryp. 41
Property Sectors and Their Cyclesp. 43
Ups and Downsp. 45
Property Sectorsp. 49
Summaryp. 87
History and Mythology
REITs: Mysteries and Mythsp. 91
Changing Attitudes toward REITsp. 91
Myths about REITsp. 97
Summaryp. 108
A History of REITs and REIT Performancep. 109
The 1960s: Infancyp. 109
The 1970s: Adolescence and Turbulencep. 111
The 1980s: Overbuilding-The Troll Under the Bridgep. 113
The 1990s: The Modern REIT Era-Plus More Growing Painsp. 115
2000 to 2007: Credibility and Market Acceptancep. 124
2007 through 2010: REITs Survive the Great Recessionp. 127
Recent Trendsp. 134
Summaryp. 139
Investing Intelligently in REITs
REITs: Growth and Value Creationp. 143
The Significance of FFO and AFFOp. 144
The Dynamics of FFO/AFFO Growthp. 149
Internal Growthp. 152
How to Build Internal Growth into a Leasep. 157
Other Ways to Generate Internal Growth and to Create Shareholder Valuep. 158
External Growthp. 163
More External Growth Avenuesp. 172
Summaryp. 173
Searching for Blue Chipsp. 175
Investment Stylesp. 175
Growth REITsp. 176
Value or "Turnaround" REITsp. 178
Bond-Proxy REITsp. 179
The Virtues of Blue-Chip REITsp. 180
The Importance of Allocating Capital Wiselyp. 190
Summaryp. 212
The Quest for Investment Valuep. 215
The Investor's Dilemma: Buy-and-Hold versus Tradingp. 215
The Buy-and-Hold Strategyp. 217
REIT Stock Valuationp. 218
Valuing REITs as a Groupp. 231
Summaryp. 237
Building a REIT Portfoliop. 239
How Much of a Good Thing Do You Want?p. 239
Diversification among REITsp. 245
Toward a Well-Balanced Portfoliop. 248
How to Get Startedp. 251
Summaryp. 259
Investing in Global REITs and Property Companiesp. 261
How the U.S. REIT Revolution Spread around the Globep. 264
Mapping the Size of Global Property Stock Marketsp. 274
Managing a Global Real Estate Securities Portfoliop. 284
The Practicalities of Investing Overseas for the Individual Investorp. 287
A Summary: Stocks for All Investment Seasonsp. 298
The Long-Term Evidence Supporting Investments in Global Real Estate Securitiesp. 300
Risks and Future Prospects
What Can Go Wrong?p. 309
Issues Affecting All REITsp. 309
Problems Affecting Individual REITsp. 323
Summaryp. 333
Tea Leaves: Some Thoughts about the Futurep. 335
Additional Real Estate Owners Will "REITize"p. 337
Increasing Investor Demand for REITsp. 344
Larger REITs: Is Bigger Really Better?p. 353
Additional New Trendsp. 360
So Much More to Comep. 366
Summaryp. 367
Death and Taxesp. 369
Case Study: FFO, AFFO, FAD, and CADp. 373
Cost of Equity Capitalp. 377
REIT Portfolio Managementp. 381
Largest Global Real Estate Companies as of December 2010p. 391
Glossaryp. 413
About the Authorp. 423
About the Contributorsp. 425
Indexp. 427
Table of Contents provided by Ingram. All Rights Reserved.

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