The intelligent REIT investor guide : how to sleep well at night with safe and reliable dividend income

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. Cover Title Page Copyright Page Contents Acknowledgments A Building Block for REITs Chapter 1 REITs: What They Are and How They Work REITs Are Liquid Assets Types of REITs General Investment Characteristics Performance and Returns Lower Correlations Lower Volatility Less Risk Higher Current Returns High Current Returns Versus Slow Growth Chapter 2 REITs Versus Competitive Investments Bonds Convertible Bonds Preferred Stocks Other High-Yielding Equities Other Real Estate Investment Vehicles Direct Ownership Private Partnerships Publicly Traded Limited Partnerships The Private REIT Phenomenon Chapter 3 REITs over the Decades The Tax Reform Act of 1986 The 1990s: The Modern REIT Era Begins UPREITs and DownREITs REIT Modernization Act, RIDEA, and Capital Recycling The 21st Century (So Far) Lending REITs Versus Ownership REITs Chapter 4 Residential REITs Ups and Downs The Real Estate Cycles Apartments Manufactured Housing REITs Student Housing Chapter 5 Retail REITs The Mall Sector Factory Outlet Centers Shopping Centers Nothing but Net Lease Chapter 6 Office, Healthcare, Self-Storage, and Lodging REITs Office Buildings Healthcare Self-Storage Hotels/Lodging Chapter 7 Technology REITs: (Contributed by Jennifer Fritzsche) Tower REITs A Quick History Lesson of the Tower Industry The Economics of the Tower Model Opportunities and Drivers Risks Data Centers Drivers and Opportunities Risks Industrial Chapter 8 Specialized REITs Gaming Billboards Prisons Timber Farmland (Contributed by David Gladstone) Cannabis Chapter 9 REITs: Mysteries and Myths Myth #1: REITs Are Packages of Real Estate Properties Myth #2: Real Estate Is a High-Risk Investment Myth #3: Real Estate Is Merely an Inflation Hedge Myth #4: REIT Performance Is Anchored to REIT Property Performance Myth #5: REIT Stocks Are Trading Vehicles Chapter 10 REITs: Growth and Value Creation The Significance of FFO Funds from Operations (FFO) Adjusted Funds from Operations (AFFO) The Dynamics of FFO/AFFO Growth Internal Growth Rental Revenue Increases How to Build Internal Growth into a Lease Property Refurbishments Capital Recycling Technology Upgrades NOI and IRR External Growth Acquisition Opportunities The Cost of Equity Capital New Developments More External Growth Avenues Chapter 11 Searching for Blue Chips Growth REITs Value or “Turnaround” REITs The Virtue of Blue-Chip REITs The Supreme Importance of Management Creating Value in All Types of Climates Extra Growth Internally The “One-Off” Deal Cost Control Track Record of Value Creation Access to Capital and Its Effective Deployment Chapter 12 Breaking Down the REIT Balance Sheet Debt Ratios Interest Coverage Ratios Debt Maturity Variable-Rate Debt Secured Debt Conservative and Consistent Dividends Corporate Governance Chapter 13 REIT Preferred Stocks: (Contributed by Jay Hatfield) Primary Characteristics of REIT Preferred Stocks Types of Preferred Stocks Credit Ratings and Analysis Yield to Call Interest Rate Risk Stock Market Risk and Recessions Types of Preferred Stocks Taxation ETFs, Mutual Funds, and Closed End Funds Conclusion Chapter 14 The Quest for Investment Value Real Estate Asset Values P/FFO Models Discounted Cash Flow and Dividend Growth Models Valuing REITs as a Group Chapter 15 Building a REIT Portfolio Modest Risks and Sustainable Retirements Looking for the “Holy Grail” Allocation Diversification Among REITs How to Get Started Doing It Yourself Using a Stockbroker Financial Planners and Investment Advisers REIT Mutual Funds A Mutual Fund Alternative: ETFs Closed-End REIT Funds Chapter 16 Investing in Global REITs: (Contributed by Scott Robinson) Institutionalization of Real Estate The Three Big Drivers The Case for a Global Real Estate Portfolio Defining Global Investment Opportunities Risks Associated with International Investing Chapter 17 Management Matters Afterword The Intelligent REIT Glossary Contributor Biographies Index EULA **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. "The separation of real estate companies and equity REITs from banks and financial institutions should precipitate significant demand not only for publicly traded shares of such companies, but also information about them. Investors and financial advisors will need to learn the lexicon and valuation technics that are specific to REITs, and learn them quickly. The book will feature: Historical industry performance tables Basic information about REITs and the REITs industry Equations, bolstered with examples, needed to calculate key metrics used to identify suitable companies A dictionary that explains the terminology that is specific to the REIT industry A list of publicly-traded REITs. The existing publications do not provide basic listings of publicly-traded REITs. Most stock brokers also do not have a concise, consistent way to identify companies that are REITs."-- Provided by publisher.