Investing in REIs: Real Estate Investment trusts 3rd Edition
作者: Ralph. L. Block
出版: BLOOMBERG PRESS 2006
完美PDF文件，320页

I N T R O D U C T I O N 1
P A R T I
Meet the REIT 4
C H A P T E R 1
REITs: What They Are
and How They Work
An essential framework for investors 6
C H A P T E R 2
REITs versus Competitive Investments
How they stack up against common stock,
bonds, and utilities 22
C H A P T E R 3
Today’s REITs
A revolution in real estate investing 40
C H A P T E R 4
Property Sectors and Their Cycles
From apartments to malls,
office buildings to prisons 54
P A R T I I
History and Mythology 88
C H A P T E R 5
REITs: Mysteries and Myths
Setting the record straight 90
C H A P T E R 6
A History of REITs and REIT Performance
From the trials of the 1960s to the rebirth
of the 1990s and beyond 108
Choosing REITs and
Watching Them Grow 138
C H A P T E R 7
REITs: How They Grow
Growing cash flows and dividends 140
C H A P T E R 8
Spotting the Blue Chips
Types of REITs and investment styles 170
C H A P T E R 9
The Quest for Investment Value
Methods to value REIT stocks 208
C H A P T E R 1 0
Building a REIT Portfolio
Choosing the right mix of REIT investments 232
P A R T I V
Risks and Future Prospects 254
C H A P T E R 1 1
What Can Go Wrong
It pays to know the pitfalls 256
C H A P T E R 1 2
Tea Leaves: Where Will REITs
Go from Here?
New opportunities for today’s investors 284
R E S O U R C E S 320
C O N T I N U I N G - E D U C A T I O N E X A M 353
for CFP Continuing Education Credit and PACE Recertification Credit
I N D E X 361

All of us think we know real estate, and we have all been
involved with it in one way or another since our arrival in the
hospital delivery room. That building, our earliest impression
of the world, is real estate; the residence we were taken home
to, whether a single-family house or an apartment, is real estate; the
malls and neighborhood centers where we shop, the factories and
office buildings where we work, the hotels and resorts where we vacation,
even the acres of undeveloped land we have trod—all are real
estate. Real estate surrounds us. But do we really understand it?
For many years we have had a schizophrenic relationship with
real estate. We love our homes and fully expect that they will appreciate
in value. We admire real estate tycoons, past and present,
such as Joseph Kennedy, Conrad Hilton, and the Rockefellers; we
even find Donald Trump and Leona Helmsley fascinating. Yet we
believe real estate to be a risky investment and marvel at how major
Japanese companies and other sophisticated institutional investors
spent hundreds of millions of dollars on U.S. hotels, golf courses,
major office buildings, and other “trophy” properties during the
1980s, only to see their values plummet in the real estate recession
of the late 1980s and early 1990s. During the last ten years, real
estate values have climbed substantially, but we’ve experienced gutwrenching
changes in occupancies and rental rates, particularly
with respect to office properties.
Is real estate a good investment? Real estate investment trusts, or
“REITs,” own, and sometimes provide loans for, commercial real
estate and have delivered excellent returns to their investors—but
will this continue? Can we still make money in REITs regardless of
the ups and downs of real estate cycles?
This book answers those questions and more. It not only makes a
convincing case for investing in REITs, but also provides the details,
background, and guidance investors should have before delving
into these highly rewarding investments. Here’s what’s in store:
Part I: Meet the REIT serves as an introduction to REITs. The first
order of business is to explain why REITs are excellent investments
that belong in every well-diversified portfolio. From there, we’ll
explore the “nature of the beast,” and obtain a good working familiarity
with REITs and their characteristics. We will follow with a
description of the types of properties REITs own and the investment
characteristics of each. And, finally, this section compares
REITs with other traditional investments and also describes the
structure and evolution of REITs.
Upon reaching Part II: History and Mythology, readers should find
REITs such an intriguing investment that they’ll wonder why these
solid and profitable companies have been neglected for much of
their history. This section answers this question and dispels some
old myths about REITs. We’ll take a look back to study the forty-twoyear
history of the REIT world since its inception in 1962, and trace
REITs’ progress up to today, when they have finally come of age.
Part III: Choosing REITs and Watching Them Grow provides the
basic tools investors need to understand the dynamics of REITs’
revenue and earnings growth, distinguish the blue-chip REITs
from their more ordinary relatives, and consider ways to value the
shares of a particular REIT. It will also get into the nitty-gritty of
building REIT portfolios with adequate diversification.
Finally, Part IV: Risks and Future Prospects presents a necessary
discussion of the risks investors face as they become more familiar
with the REIT world. And, at last, we’ll do some speculating as to
the future growth of the REIT industry and how we might profit
from future trends.
By the time you finish this book, you will have a firm understanding
and appreciation of one of the most rewarding investments on
Wall Street. Even more important, you will be able to build your
own portfolio of outstanding real estate companies that should provide
you with attractive current dividend yields and the prospects of
significant capital appreciation in the years ahead. By investing in
investment-quality REITs, investors large and small have been able
to earn total returns averaging 12 percent annually, with steady
income, low market-price volatility, and investment safety.
REIT investors today have a much wider choice of investment
properties than ever before and can choose from some of the most
experienced and capable managements that have ever invested
in and operated real estate in the United States. As you read on,
you’ll see why REITs should be an essential part of every investor’s
portfolio; REIT investors with a long-term time horizon have benefited
mightily since the first REIT was organized more than forty
years ago, and REIT investing remains alive and well!