Читать книгу The Intelligent REIT Investor Guide - Brad Thomas - Страница 16

Make no mistake: There are times to buy and sell. But prudent investors control their emotions, oftentimes by filling their portfolios with low‐risk positions like REITs.

As we already established, there's no way to avoid risk completely. Even simple preservation of capital carries its own risk, with inflation taking its typical toll on almost everything. So it should come as no surprise that real estate ownership and management comes with potential problems too.

The previously referenced Cohen & Steers report already broached the subject. It's easy to see that retail REITs are subject to the changing spending habits of consumers and that rising online capabilities are affecting offices. But every other property type comes with its own set of potential pitfalls. For instance, apartment REITs have to deal with varying popularity of single‐family dwellings and/or declining job growth. And the healthcare subsector constantly battles government decisions concerning healthcare reimbursement.

Again, there is no perfect investment. I can't stress that enough. The global pandemic and consequent government shutdowns certainly put significant stress on many REITs, especially already struggling malls, which we'll discuss in Chapter 5. Even so, the unique blocks these investments are built on do make them very worthwhile considerations.

The fact that they simultaneously provide a steady income of dividend payments even during the occasional bear market doesn't hurt either. They literally pay us to wait.