The intelligent REIT investor guide how to build wealth with safe and reliable dividend income
"The separation of real estate companies and equity REITs from banks and financial institutions should precipitate significant demand not only for publicly traded shares of such companies, but also information about them. Investors and financial advisors will need to learn the lexicon and valua...
| Otros Autores: | |
|---|---|
| Formato: | Libro electrónico |
| Idioma: | Inglés |
| Publicado: |
Hoboken, New Jersey :
Wiley
[2021]
|
| Edición: | 2nd ed |
| Materias: | |
| Ver en Biblioteca Universitat Ramon Llull: | https://discovery.url.edu/permalink/34CSUC_URL/1im36ta/alma991009633607906719 |
Tabla de Contenidos:
- Cover
- Title Page
- Copyright Page
- Contents
- 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
- 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
- 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
- EULA.
