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Brad Thomas. The Intelligent REIT Investor Guide
Table of Contents
List of Tables
List of Illustrations
Guide
Pages
Praise for The Intelligent REIT Investor Guide
The Intelligent REIT Investor Guide. HOW TO SLEEP WELL AT NIGHT WITH SAFE AND RELIABLE DIVIDEND INCOME
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
Notes
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
The Relevancy of Past Statistics
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
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