The Intelligent REIT Investor Guide

The Intelligent REIT Investor Guide

by Brad Thomas
Released August 2021
Publisher(s): Wiley
ISBN: 9781119750307

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Book description

Demystify real estate investment trusts with this masterful guide from an industry expert.

In The Intelligent REIT Investor Guide, author Brad Thomas walks you through both basic and advanced topics in the profitable, sustainable world of real estate investment trusts. From historical industry performance to the equations needed to calculate key metrics in REIT stocks, this book covers the history, vocabulary, principles, and analysis you’ll need to invest wisely in this growing asset class. Find out how you can strengthen your investment decisions and conclusions with publicly traded REITs in the short- and long-terms alike.

With this book you’ll:

  • Understand exactly what REITs are, how they work, and why they’ve achieved such impressive historical returns
  • Discover how REITS have performed over the decades up against other asset classes
  • Compare and contrast the various subsectors – such as residential, retail, office, healthcare, self-storage, lodging, technology, and more – to understand which ones can work better in your personal portfolio.

Perfect for personal and professional investors alike, The Intelligent REIT Investor Guide is an invaluable guide to a crucial asset class that is often overlooked or poorly understood despite its undeniable impact on portfolios over the past 60 years.

Table of contents

  1. Cover
  2. Title Page
  3. Copyright
  4. Dedication
  5. Acknowledgments
  6. A Building Block for REITs
  7. CHAPTER 1: REITs: What They Are and How They Work
    1. REITs Are Liquid Assets
    2. Types of REITs
    3. General Investment Characteristics
    4. Higher Current Returns
  8. CHAPTER 2: REITs Versus Competitive Investments
    1. Bonds
    2. Convertible Bonds
    3. Preferred Stocks
    4. Other High‐Yielding Equities
    5. Other Real Estate Investment Vehicles
    6. The Private REIT Phenomenon
  9. CHAPTER 3: REITs over the Decades
    1. The Tax Reform Act of 1986
    2. The 1990s: The Modern REIT Era Begins
    3. UPREITs and DownREITs
    4. REIT Modernization Act, RIDEA, and Capital Recycling
    5. The 21st Century (So Far)
    6. Lending REITs Versus Ownership REITs
  10. CHAPTER 4: Residential REITs
    1. Ups and Downs
    2. The Real Estate Cycles
    3. Apartments
  11. CHAPTER 5: Retail REITs
    1. The Mall Sector
    2. Factory Outlet Centers
    3. Shopping Centers
    4. Nothing but Net Lease
  12. CHAPTER 6: Office, Healthcare, Self‐Storage, and Lodging REITs
    1. Office Buildings
    2. Healthcare
    3. Self‐Storage
    4. Hotels/Lodging
  13. CHAPTER 7: Technology REITs
    1. Tower REITs
    2. Risks
  14. CHAPTER 8: Specialized REITs
    1. Gaming
    2. Billboards
    3. Prisons
    4. Timber
    5. Farmland (Contributed by David Gladstone)
    6. Cannabis
  15. CHAPTER 9: REITs: Mysteries and Myths
    1. Myth #1: REITs Are Packages of Real Estate Properties
    2. Myth #2: Real Estate Is a High‐Risk Investment
    3. Myth #3: Real Estate Is Merely an Inflation Hedge
    4. Myth #4: REIT Performance Is Anchored to REIT Property Performance
    5. Myth #5: REIT Stocks Are Trading Vehicles
  16. CHAPTER 10: REITs: Growth and Value Creation
    1. The Significance of FFO
    2. Funds from Operations (FFO)
    3. Capital Recycling
    4. NOI and IRR
  17. CHAPTER 11: Searching for Blue Chips
    1. Growth REITs
    2. Value or “Turnaround” REITs
    3. The Virtue of Blue‐Chip REITs
  18. CHAPTER 12: Breaking Down the REIT Balance Sheet
    1. Debt Ratios
    2. Interest Coverage Ratios
    3. Debt Maturity
    4. Variable‐Rate Debt
    5. Secured Debt
    6. Conservative and Consistent Dividends
    7. Corporate Governance
    8. Notes
  19. CHAPTER 13: REIT Preferred Stocks
    1. Primary Characteristics of REIT Preferred Stocks
    2. Types of Preferred Stocks
    3. Credit Ratings and Analysis
    4. Yield to Call
    5. Interest Rate Risk
    6. Stock Market Risk and Recessions
    7. Types of Preferred Stocks
    8. Taxation
    9. ETFs, Mutual Funds, and Closed End Funds
    10. Conclusion
  20. CHAPTER 14: The Quest for Investment Value
    1. Real Estate Asset Values
    2. Valuing REITs as a Group
  21. CHAPTER 15: Building a REIT Portfolio
    1. Modest Risks and Sustainable Retirements
    2. Looking for the “Holy Grail” Allocation
    3. Diversification Among REITs
    4. How to Get Started
  22. CHAPTER 16: Investing in Global REITs
    1. Institutionalization of Real Estate
    2. The Three Big Drivers
    3. The Case for a Global Real Estate Portfolio
    4. Defining Global Investment Opportunities
    5. Risks Associated with International Investing
  23. CHAPTER 17: Management Matters
  24. Afterword
  25. The Intelligent REIT Glossary
  26. Contributor Biographies
  27. Index
  28. End User License Agreement

Product information

  • Title: The Intelligent REIT Investor Guide
  • Author(s): Brad Thomas
  • Release date: August 2021
  • Publisher(s): Wiley
  • ISBN: 9781119750307