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Investing in REITs: Real Estate Investment Trusts by Ralph L Block

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Item specifics

Condition
Good: A book that has been read, but is in good condition. Minimal damage to the book cover eg. ...
Publish Year
2011
Type
Book
Publication Name
See Title
ISBN
9781118004456

About this product

Product Identifiers

Publisher
Wiley & Sons, Incorporated, John
ISBN-10
1118004450
ISBN-13
9781118004456
eBay Product ID (ePID)
109125151

Product Key Features

Edition
4
Book Title
Investing in Reits : Real Estate Investment Trusts
Number of Pages
448 Pages
Language
English
Topic
Investments & Securities / Real Estate, Investments & Securities / General
Publication Year
2011
Illustrator
Yes
Genre
Business & Economics
Author
Ralph L. Block
Book Series
Bloomberg Ser.
Format
Hardcover

Dimensions

Item Height
1.6 in
Item Weight
24.1 Oz
Item Length
9.2 in
Item Width
6.3 in

Additional Product Features

Intended Audience
Trade
LCCN
2011-012859
Reviews
Additional Praise for Investing in REITs, Fourth Edition ?I have enjoyed reading Ralph's insightful and refreshing commentary on the REIT industry for years, and his REIT guide is an invaluable resource for those of us who work in the industry and also invest in REIT stocks. His extensive knowledge comes through clearly in an easy-to-follow guide for both the novice and real estate expert.' ?Robert Elms, Head of Debt & Equity Placement, Cushman & Wakefield, Inc. Praise for Previous Editions of Investing in REITs ?For over thirty years, Ralph Block has observed and studied Real Estate Investment Trusts and has accumulated a storehouse and reservoir of knowledge and insights, which in this book he dispenses to the reader'simply, lucidly and logically. It is a must-read for anyone interested in the growing market of REITs.' ?Milton Cooper, Chairman & CEO, Kimco Realty Corporation ?Ralph Block has long advocated the merits of investing in REITs, and investors who have heeded his advice have profited handsomely. By making complicated issues accessible for investors of all types, Investing in REITs provides a great introduction to an investment vehicle that offers solid returns, moderate risk, and good diversification benefits.' ?Mike Kirby, Cofounder, Green Street Advisors ?In a clear, direct, and authoritative manner, Ralph Block provides and opens an extensive and illuminating window on investing in real estate investment stocks. He fully explains the story of REITs, flags their investment attributes, and underlines their role in a diversified portfolio. I highly recommend it to the investor considering REITs for the first time, as well as the investor with some knowledge about and experience with real estate stocks.' ?Steven A. Wechsler, President and CEO, The National Association of Real Estate Investment Trusts ?REIT investing has always been something of a ?no-man's land? in the investment world. Common stock investors often look at REITs as real estate while real estate investors consider REITs to be stocks. Ralph Block has written a wonderful book that sheds light on an asset class that is becoming an increasingly important building block for the well-diversified portfolio.' ?Roger C. Gibson, CFA , Author of Asset Allocation: Balancing Financial Risk ?The well-informed author has written the most complete and easy-to-read book about real estate investment trusts yet. The stunning graphics are matched by excellent detailed information concisely arranged.'? The Los Angeles Times ?Ralph Block has made the world of REITs accessible to all. This is a superb book for every investor.' ?Tom Gardner, cofounder of The Motley Fool ? Finally, a book that demystifies REIT s for both armchair investors and seasoned professionals. Investing in REITs by Ralph Block is a balanced, clearly written guide that fills a major void in today's investment literature.' ?Jonathan Litt, Senior Real Estate Analyst, Salomon Smith Barney ?Whether you're an individual or institutional investor, you won't find a better primer on REIT investing. Ralph Block takes the complex issues that must be addressed to produce above-average results when investing in REITland, and makes them simple and easy to understand. A must for every serious REIT investor's library, and a fun read, to boot.' ?Geoffrey Dohrmann, Publisher and Editor in Chief, Institutional Real Estate Securities ? Investing in REITs is a must-read for anyone wishing to gain a better understanding of this thriving sector of the capital markets. Given the continued transformation of private real estate to the public markets, this book is an essential resource for students, individual and institutional investors, and anyone else interested in understanding the REIT market.' ?David J. Hartzell, Distinguished Professor of Finance and Real Estate and Director of the Real Estate Program, The Kenan-Flager Business School, The University of North Carolina at Chapel Hill
Dewey Edition
22
Series Volume Number
141
Dewey Decimal
332.63/247
Table Of Content
Introduction xi Acknowledgments xv Part I Meet the REIT Chapter 1 REITs: What They Are and How They Work 3 Types of REITs 5 General Investment Characteristics 6 Higher Current Returns 11 Summary 17 Chapter 2 REITs versus Competitive Investments 19 Bonds 20 Convertible Bonds 22 Preferred Stocks 23 Other High- Yielding Equities 24 Other Real Estate Investment Vehicles 26 Summary 31 Chapter 3 Today''s REITs 33 The First REIT 33 The Tax Reform Act of 1986 34 UPREITs and DownREITs 35 REIT Modernization Act and RIDEA 37 Lending REITs versus Ownership REITs 39 Expansion of REIT Property Sector Offerings 40 Summary 41 Chapter 4 Property Sectors and Their Cycles 43 Ups and Downs 45 Property Sectors 49 Summary 87 Part II History and Mythology Chapter 5 REITs: Mysteries and Myths 91 Changing Attitudes toward REITs 91 Myths about REITs 97 Summary 108 Chapter 6 A History of REITs and REIT Performance 109 The 1960s: Infancy 109 The 1970s: Adolescence and Turbulence 111 The 1980s: Overbuilding--The Troll Under the Bridge 113 The 1990s: The Modern REIT Era--Plus More Growing Pains 115 2000 to 2007: Credibility and Market Acceptance 124 2007 through 2010: REITs Survive the Great Recession 127 Recent Trends 134 Summary 139 Part III Investing Intelligently in REITs Chapter 7 REITs: Growth and Value Creation 143 The Significance of FFO and AFFO 144 The Dynamics of FFO/AFFO Growth 149 Internal Growth 152 How to Build Internal Growth into a Lease 157 Other Ways to Generate Internal Growth and to Create Shareholder Value 158 External Growth 163 More External Growth Avenues 172 Summary 173 Chapter 8 Searching for Blue Chips 175 Investment Styles 175 Growth REITs 176 Value or "Turnaround" REITs 178 Bond- Proxy REITs 179 The Virtues of Blue-Chip REITs 180 The Importance of Allocating Capital Wisely 190 Summary 212 Chapter 9 The Quest for Investment Value 215 The Investor''s Dilemma: Buy-and-Hold versus Trading 215 The Buy- and- Hold Strategy 217 REIT Stock Valuation 218 Valuing REITs as a Group 231 Summary 237 Chapter 10 Building a REIT Portfolio 239 How Much of a Good Thing Do You Want? 239 Diversification among REITs 245 Toward a Well- Balanced Portfolio 248 How to Get Started 251 Summary 259 Chapter 11 Investing in Global REITs and Property Companies 261 How the U.S. REIT Revolution Spread around the Globe 264 Mapping the Size of Global Property Stock Markets 274 Managing a Global Real Estate Securities Portfolio 284 The Practicalities of Investing Overseas for the Individual Investor 287 A Summary: Stocks for All Investment Seasons 298 The Long- Term Evidence Supporting Investments in Global Real Estate Securities 300 Part IV Risks and Future Prospects Chapter 12 What Can Go Wrong? 309 Issues Affecting All REITs 309 Problems Affecting Individual REITs 323 Summary 333 Chapter 13 Tea Leaves: Some Thoughts about the Future 335 Additional Real Estate Owners Will "REITize" 337 Increasing Investor Demand for REITs 344 Larger REITs: Is Bigger Really Better? 353 Additional New Trends 360 So Much More to Come 366 Summary 367 Appendix A Death and Taxes 369 Appendix B Case Study: FFO, AFFO, FAD, and CAD 373 Appendix C Cost of Equity Capital 377 Appendix D REIT Portfolio Management 381 Appendix E Largest Global Real Estate Companies as of December 2010 391 Glossary 413 About the Author 423 About the Contributors 425 Steven D. Burton 425 Kenneth D. Campbell 425 Index 427
Synopsis
The new Fourth Edition of the definitive handbook on investing in Real Estate Investment Trusts (REITs) Real Estate Investment Trusts (REITs), which provide some of the best total returns in the investment world, along with above-average dividend yields and stable earnings, have become increasingly popular with both individual and institutional investors. Investing in REITs, Fourth Edition has established itself as the definitive guide to understanding this attractive asset class. The book is invaluable for investors, financial planners, and investment advisers interested in understanding REITs and REIT investment opportunities. As their earnings and dividends are beginning to grow again after the Great Recession--and as they are in a unique position to take advantage of distressed sale opportunities--now is an excellent time for investors to consider REITs for both diversification and strong total returns. The new edition covers: A comprehensive history of the REIT industry How REITs compare with other competitive investments How to spot blue-chip REITs and control investment risk How to value individual REIT stocks, and REIT shares generally How to build a diversified REIT portfolio, directly or with REIT mutual funds Understanding the risk-and-reward dynamics of commercial real estate Assessing non-US REITs and how to invest in them Important new developments and strategies in the REIT industry Author Ralph L. Block, who has been investing in REIT stocks for 40 years and is widely considered a leading authority on REITs, brings the historical success of Investing in REITs right up to date. This book is an essential read for both individuals and institutions who desire to invest in commercial real estate through REIT stocks., Praise for Investing in REITs "A necessary starting tool for anyone interested in building a foundation in understanding the REIT market." Steve Buller REIT Portfolio Manager, Fidelity Investments "REITs are a great investment idea as they provide a way for investors to gain exposure to an important asset class that is otherwise hard to access. The sector can, however, be daunting for the uninitiated, as it is filled with jargon, performance metrics, and valuation tools that are not typically employed elsewhere. Ralph Block has cut through the clutter and created a must-read road map for anyone investing in REITs." Mike Kirby Cofounder, Green Street Advisors "A perfect blend of street talk and clear thinking that will provide the advice and knowledge that both first-time as well as seasoned REIT investors can benefit from". Bryce Blair CEO & Chairman, AvalonBay Communities, Inc. "If you are a REIT investor, or are thinking of becoming one, Investing in REITs will unlock opportunities for you. Since its first publication in 1998, it remains a must-read for anyone interested in REITs. The first thing I did when I joined NHP in 2003 was read Ralph's book and the best advice I can give you is to do the same." Douglas M. Pasquale Chairman of the Board, President & CEO, Nationwide Health Properties, Inc.
LC Classification Number
HG5095.B553 2012

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