The Intelligent REIT Investor Guide: How to Sleep Well at Night with Safe and Reliable Dividend Income

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