Читать книгу The Intelligent REIT Investor Guide - Brad Thomas - Страница 12

There are two basic categories of real estate investment trusts to consider. An equity REIT, for one, is a publicly traded company that buys, manages, renovates, maintains, and sometimes sells real estate properties as its principal business. Many also develop new properties under favorable economic conditions. Meanwhile, mortgage REITs (mREITs) make and hold loans and other debt instruments that are secured by real estate collateral.

The focus of this book, it should be stated, is on the former. That's mainly because, while mREITs have higher dividend yields and can deliver spectacular investment returns at times, equity REITs are less vulnerable to changes in interest rates. And they've historically provided better long‐term total returns, more stable price performance, lower risk, and greater liquidity.

In addition, equity REITs allow the investor to determine the type of property he or she invests in and often even the geographic location of the properties in question. Most equity REITs today are specialized, best‐in‐class operating companies that invest in only one or two property types. This makes them concentrated experts in their fields of business, which gives investors greater chances to reap significant benefits over time.