The Intelligent REIT Investor
How to Build Wealth with Real Estate Investment Trusts
(Sprache: Englisch)
The go-to guide for smart REIT investingThe Intelligent REIT Investor is the definitive guide to real estate investment trusts, providing a clear, concise resource for individual investors, financial planners, and analysts--anyone who prioritizes dividend...
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Klappentext zu „The Intelligent REIT Investor “
The go-to guide for smart REIT investingThe Intelligent REIT Investor is the definitive guide to real estate investment trusts, providing a clear, concise resource for individual investors, financial planners, and analysts--anyone who prioritizes dividend income and risk management as major components to wealth-building.Later this year, the REIT industry will experience a watershed event when Standard & Poors creates a new Global Industry Classification Standard (GICS) sector called Real Estate. On September 1st, publicly traded equity REITs will be removed from Financials, where they have been classified since their creation in 1960, and begin trading as their own S&P Sector. This separation from banks and financial institutions already is attracting new investors, but REITs require an industry-specific knowledge that is neither intuitive or readily accessible to newcomers--until now. Using straightforward language and simple example to illustrate important concepts, this book will enable any reader to quickly learn and understand the lexicon and valuation techniques used in REIT investing, providing a wealth of practical resources that streamline the learning process. The discussion explains terminology, metrics, and other key points, while examples illustrate the calculations used to evaluate opportunities. A comprehensive list of publicly-traded REITs provides key reference, giving you access to an important resource most investors and stockbrokers lack.REITs are companies that own or finance commercial rental properties, such as malls and apartment buildings. Despite historically high total returns relative to other investments, such as the Nasdaq or S&P 500 index, most investors are unfamiliar with the REIT industry, and wary of investing without adequate background. This book gets you up to speed on the essentials of REIT investing so you can make more informed--and profitable--decisions.* Understand REITs processes, mechanisms, and industry*
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Calculate key metrics to identify suitable companies* Access historical performance tables and industry-specific terminology* Identify publicly-traded REITs quickly and easilyREITs have consistently outperformed many more widely known investments. Over the past 15-year period, for example, REITs returned an average of 11% per year, better than all other asset classes. Since 2009, REITs have enjoyed positive returns; large cap stocks and cash are the only other classes that paralleled that record. Even in 2015, a 'year of fear' related to rising rates, REITs returned 2.4%, beating most all other asset classes.REITs have a long history (over fifty years) of performance, and are about to enter the big leagues. If you feel like you've been missing out, don't keep missing out. Prepare yourself, and your portfolio, to benefit from the demand for REITs that will follow the creation of a Real Estate GICS sector. The Intelligent REIT Investor gives you the information you need to invest wisely and manage your real estate risk effectively. By maintaining a tactical exposure in the brick and mortar asset class, investors should benefit from the information contained in The Intelligent REIT Investor. Join the REIT world and look forward to owning stocks that will help you to sleep well at night.
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Inhaltsverzeichnis zu „The Intelligent REIT Investor “
Foreword xiPreface xvAcknowledgments xixAbout the Author xxiPart I An Introduction to REITs 1Chapter 1 What Is a REIT? 3Size of the REIT Industry 4Categories of REITs 4Equity REITs 4Mortgage REITs 6Classification by Property Type 7Size and Index Inclusion 7Geographic Focus 9Growth Strategy 12Where to Find Information on REITs 15FTSE NAREIT All REITs Index 15Company-Specific Websites 15Indexes for Tracking REIT Performance 15Exchange-Traded Funds for Investing in REITs 17Chapter 2 Why Invest in REITs? 19Double-Digit Total Returns 19Dividends 20Liquidity 20Portfolio Diversification 21Hedge Against Inflation 23Transparent Corporate Structures 25Chapter 3 REIT Dividends 27Rockland REIT 27REIT Yields 27Are REIT Yields Safe? 30Quantifying Dividend Safety 31Dividend/FFO Payout Ratio 31Debt Ultimately Determines Dividend Safety 32Debt-to-Total Market Capitalization Ratio 32Debt-to-Gross Book Value Ratio 32Legal Standing of Leases Supports Dividend Safety 33REIT Dividends and Taxation 34REITs Do Not Pay Out All of Their Cash in Dividends 35The Components of a REIT's Common Dividend 36REIT Dividends and the Bush Tax Cuts 39Preferred Stock Dividends 40Preferred Stock Basics 40Risks to Owning Preferred Shares 40Conclusion 42Chapter 4 Leases 43Lease Terminology 44The Four Major Types of Leases 48Leases and Tenant Bankruptcy 51FASB and the New Standard for Accounting for Leases 52Lease Duration and REIT Stock Price Performance 52Chapter 5 REITs by Property Type 55Diversified and Specialized REITs 55REITs that use Triple-Net-Leases 56Risks and Rewards of REITs That Use Triple-Net Leases 59Health-Care REITs 59Risks and Rewards of Health-care REITs 61Industrial REITs 62Risks and Rewards of Industrial REITs 63Lease Terms 63Lodging/Resort REITs 63Hotel Revenue 64Hotel Expenses 64Technical Aspects Specific to Hotel REITs 64Risks and Rewards of Hotel REITs 66Mortgage REITs 66Risks and Rewards of Mortgage REITs 69Office REITs 70Lease Terms 72Risks and Rewards of Office REITs
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72Residential REITs 73Apartment REITs 73Manufactured Housing REITs 75Single-Family-Home REITs 76Retail REITs 77Shopping Center REITs 77Mall REITs 79Freestanding Retail REITs 80Risks and Rewards of Retail REITs 81Self-Storage REITs 82Risks and Rewards of Self-Storage REITs 82Conclusion 83Part II Investing in REITs 85Chapter 6 Getting Technical 87REIT Structures 87UPREITs 88OP Units 89OP Units and Estate Planning 90DownREITs 91Publicly Traded, Public Nonlisted, and Private REITs 92Volatility versus Liquidity 92Transparency and Corporate Governance 92Costs and Fees 95Externally Advised and Externally Managed REITs 95Qualifying as a REIT 96REITs Are Not Limited Partnerships 98Chapter 7 REIT Performance 99Historical Total Returns 99Factors Influencing Demand for REIT Shares 101Events That Increased Demand for REIT Shares 102REITs versus the Attractiveness of Other Investments (Lessons from History) 108Growth Stocks versus REITs, 1998-1999 108Treasury Yield versus REITs, 2004-2006 109Safety and Yield, and the Big League of Benchmarks, 2000-2006 110REITs During the Financial Crisis of 2007-2008 111Company Attributes That Affect Performance 113Real Estate Fundamentals and REIT Performance 113Performance by Property Type 116How Lease Length and Structure Affect REIT Returns 122Weighted Average Cost of Capital and REIT Performance 127Debt as a Four-Letter Word 127Competitive Advantage or Disadvantage--Why Cost of Capital Matters 127REIT Performance in a Rising Interest Rate Environment 129Conclusion 131Chapter 8 Analyzing REITs 133Operating Metrics 134Net Operating Income (NOI) 134Same-Store (Organic) Earnings 134'Earnings Growth' for REITs Is 'FFO Growth' 135Management's Track Record as a Screening Tool 136Profitability Metrics 137Funds from Operation 137Adjusted Funds from Operations (AFFO) 139Cash Available for Distribution (CAD) 140Balance Sheet Metrics and Analysis 140Leverage 140Debt-to-Total Market Capitalization Ratio 141Debt-to-Gross Book Value Ratio 142Debt-to-EBITDA Ratio 142Weighted Average Cost of Capital (WACC) 143Valuation Metrics 145Price/Earnings Multiple 145PEG Ratios 145Dividend Yield 146Dividend Safety 147Dividend Coverage, or Payout Ratios 147Dividend Discount Model 148Net Asset Valuation (NAV) 149Implied Capitalization Rate 158Conclusion 161Appendix A REITs Listed Alphabetically by Company Name 167Appendix B REITs Listed Alphabetically by Ticker Symbol 175Appendix C REITs by Sector 182Appendix D REITs with Credit Ratings 193Glossary 199Index 209
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Autoren-Porträt von Stephanie Krewson-Kelly, R. Brad Thomas
Stephanie Krewson-Kelly analyzed REITs for top Wall Street firms from 1994 through 2009 and, today, heads the Investor Relations department for a publicly traded REIT. Her prior publications include REIT Roadmap: An Insider's Guide to Successful Investing in Real Estate Investment Trusts (2nd edition, 2012).R. Brad Thomas is an acknowledged expert in commercial real estate investing and REITs. He is editor of the Forbes Real Estate Investor newsletter and writes for Forbes and Seeking Alpha.
Bibliographische Angaben
- Autoren: Stephanie Krewson-Kelly , R. Brad Thomas
- 2016, 1. Auflage, 240 Seiten, Maße: 15,9 x 23,6 cm, Gebunden, Englisch
- Verlag: Wiley & Sons
- ISBN-10: 1119252717
- ISBN-13: 9781119252719
Sprache:
Englisch
Pressezitat
"...the book is very lively and engaging. It is easy to read and provides readers with a solid methodology for understanding the asset class and how to apply that understanding in making solid choices in investing in US Reits." (FTAdviser.Com, March 2017)
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