Читать книгу The Intelligent REIT Investor Guide - Brad Thomas - Страница 21

Comparatively speaking, convertible bonds may provide more competition for REITs. These securities offer comparable yields as well as appreciation potential if the common stock these bonds can be converted into rises substantially.

In general, these assets provide the security of fixed maturity dates in case their underlying common stocks fail to appreciate in value. So they can be relatively attractive investments.

The main problem here is that most companies just don't issue them. Some REITs have occasionally issued convertible securities, including convertible preferred stock. But investors should consider whether the extra safety they provide outweighs the often substantial conversion premium and their relative lack of liquidity.