{"product_id":"investing-in-reits-isbn-9781118004456","title":"Investing in REITs","description":"\u003cb\u003eThe new \u003ci\u003eFourth Edition\u003c\/i\u003e of the definitive handbook on investing in Real Estate Investment Trusts (REITs)\u003c\/b\u003e  \u003cp\u003eReal Estate Investment Trusts (REITs), which provide some of the best total returns in the investment world, along with above-average dividend yields and stable earnings, have become increasingly popular with both individual and institutional investors. \u003ci\u003eInvesting in REITs, Fourth Edition\u003c\/i\u003e has established itself as the definitive guide to understanding this attractive asset class. The book is invaluable for investors, financial planners, and investment advisers interested in understanding REITs and REIT investment opportunities.\u003c\/p\u003e \u003cp\u003eAs their earnings and dividends are beginning to grow again after the Great Recession—and as they are in a unique position to take advantage of distressed sale opportunities—now is an excellent time for investors to consider REITs for both diversification and strong total returns. The new edition covers:\u003c\/p\u003e \u003cul\u003e \u003cli\u003eA comprehensive history of the REIT industry\u003c\/li\u003e \u003cli\u003eHow REITs compare with other competitive investments\u003c\/li\u003e \u003cli\u003eHow to spot blue-chip REITs and control investment risk\u003c\/li\u003e \u003cli\u003eHow to value individual REIT stocks, and REIT shares generally\u003c\/li\u003e \u003cli\u003eHow to build a diversified REIT portfolio, directly or with REIT mutual funds\u003c\/li\u003e \u003cli\u003eUnderstanding the risk-and-reward dynamics of commercial real estate\u003c\/li\u003e \u003cli\u003eAssessing non-US REITs and how to invest in them\u003c\/li\u003e \u003cli\u003eImportant new developments and strategies in the REIT industry\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eAuthor Ralph L. Block, who has been investing in REIT stocks for 40 years and is widely considered a leading authority on REITs, brings the historical success of \u003ci\u003eInvesting in REITs\u003c\/i\u003e right up to date. This book is an essential read for both individuals and institutions who desire to invest in commercial real estate through REIT stocks.\u003c\/p\u003e \u003cp\u003eIntroduction xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I Meet the REIT\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 REITs: What They Are and How They Work 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTypes of REITs 5\u003c\/p\u003e \u003cp\u003eGeneral Investment Characteristics 6\u003c\/p\u003e \u003cp\u003eHigher Current Returns 11\u003c\/p\u003e \u003cp\u003eSummary 17\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 REITs versus Competitive Investments 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBonds 20\u003c\/p\u003e \u003cp\u003eConvertible Bonds 22\u003c\/p\u003e \u003cp\u003ePreferred Stocks 23\u003c\/p\u003e \u003cp\u003eOther High- Yielding Equities 24\u003c\/p\u003e \u003cp\u003eOther Real Estate Investment Vehicles 26\u003c\/p\u003e \u003cp\u003eSummary 31\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Today’s REITs 33\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe First REIT 33\u003c\/p\u003e \u003cp\u003eThe Tax Reform Act of 1986 34\u003c\/p\u003e \u003cp\u003eUPREITs and DownREITs 35\u003c\/p\u003e \u003cp\u003eREIT Modernization Act and RIDEA 37\u003c\/p\u003e \u003cp\u003eLending REITs versus Ownership REITs 39\u003c\/p\u003e \u003cp\u003eExpansion of REIT Property Sector Offerings 40\u003c\/p\u003e \u003cp\u003eSummary 41\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Property Sectors and Their Cycles 43\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eUps and Downs 45\u003c\/p\u003e \u003cp\u003eProperty Sectors 49\u003c\/p\u003e \u003cp\u003eSummary 87\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II History and Mythology\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 REITs: Mysteries and Myths 91\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChanging Attitudes toward REITs 91\u003c\/p\u003e \u003cp\u003eMyths about REITs 97\u003c\/p\u003e \u003cp\u003eSummary 108\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 A History of REITs and REIT Performance 109\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe 1960s: Infancy 109\u003c\/p\u003e \u003cp\u003eThe 1970s: Adolescence and Turbulence 111\u003c\/p\u003e \u003cp\u003eThe 1980s: Overbuilding—The Troll Under the Bridge 113\u003c\/p\u003e \u003cp\u003eThe 1990s: The Modern REIT Era—Plus More Growing Pains 115\u003c\/p\u003e \u003cp\u003e2000 to 2007: Credibility and Market Acceptance 124\u003c\/p\u003e \u003cp\u003e2007 through 2010: REITs Survive the Great Recession 127\u003c\/p\u003e \u003cp\u003eRecent Trends 134\u003c\/p\u003e \u003cp\u003eSummary 139\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III Investing Intelligently in REITs\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 REITs: Growth and Value Creation 143\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Significance of FFO and AFFO 144\u003c\/p\u003e \u003cp\u003eThe Dynamics of FFO\/AFFO Growth 149\u003c\/p\u003e \u003cp\u003eInternal Growth 152\u003c\/p\u003e \u003cp\u003eHow to Build Internal Growth into a Lease 157\u003c\/p\u003e \u003cp\u003eOther Ways to Generate Internal Growth and to Create Shareholder Value 158\u003c\/p\u003e \u003cp\u003eExternal Growth 163\u003c\/p\u003e \u003cp\u003eMore External Growth Avenues 172\u003c\/p\u003e \u003cp\u003eSummary 173\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Searching for Blue Chips 175\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eInvestment Styles 175\u003c\/p\u003e \u003cp\u003eGrowth REITs 176\u003c\/p\u003e \u003cp\u003eValue or “Turnaround” REITs 178\u003c\/p\u003e \u003cp\u003eBond- Proxy REITs 179\u003c\/p\u003e \u003cp\u003eThe Virtues of Blue-Chip REITs 180\u003c\/p\u003e \u003cp\u003eThe Importance of Allocating Capital Wisely 190\u003c\/p\u003e \u003cp\u003eSummary 212\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 The Quest for Investment Value 215\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Investor’s Dilemma: Buy-and-Hold versus Trading 215\u003c\/p\u003e \u003cp\u003eThe Buy- and- Hold Strategy 217\u003c\/p\u003e \u003cp\u003eREIT Stock Valuation 218\u003c\/p\u003e \u003cp\u003eValuing REITs as a Group 231\u003c\/p\u003e \u003cp\u003eSummary 237\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Building a REIT Portfolio 239\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow Much of a Good Thing Do You Want? 239\u003c\/p\u003e \u003cp\u003eDiversification among REITs 245\u003c\/p\u003e \u003cp\u003eToward a Well- Balanced Portfolio 248\u003c\/p\u003e \u003cp\u003eHow to Get Started 251\u003c\/p\u003e \u003cp\u003eSummary 259\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Investing in Global REITs and Property Companies 261\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eHow the U.S. REIT Revolution Spread around the Globe 264\u003c\/p\u003e \u003cp\u003eMapping the Size of Global Property Stock Markets 274\u003c\/p\u003e \u003cp\u003eManaging a Global Real Estate Securities Portfolio 284\u003c\/p\u003e \u003cp\u003eThe Practicalities of Investing Overseas for the Individual Investor 287\u003c\/p\u003e \u003cp\u003eA Summary: Stocks for All Investment Seasons 298\u003c\/p\u003e \u003cp\u003eThe Long- Term Evidence Supporting Investments in Global Real Estate Securities 300\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV Risks and Future Prospects\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 What Can Go Wrong? 309\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIssues Affecting All REITs 309\u003c\/p\u003e \u003cp\u003eProblems Affecting Individual REITs 323\u003c\/p\u003e \u003cp\u003eSummary 333\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13 Tea Leaves: Some Thoughts about the Future 335\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAdditional Real Estate Owners Will “REITize” 337\u003c\/p\u003e \u003cp\u003eIncreasing Investor Demand for REITs 344\u003c\/p\u003e \u003cp\u003eLarger REITs: Is Bigger Really Better? 353\u003c\/p\u003e \u003cp\u003eAdditional New Trends 360\u003c\/p\u003e \u003cp\u003eSo Much More to Come 366\u003c\/p\u003e \u003cp\u003eSummary 367\u003c\/p\u003e \u003cp\u003eAppendix A Death and Taxes 369\u003c\/p\u003e \u003cp\u003eAppendix B Case Study: FFO, AFFO, FAD, and CAD 373\u003c\/p\u003e \u003cp\u003eAppendix C Cost of Equity Capital 377\u003c\/p\u003e \u003cp\u003eAppendix D REIT Portfolio Management 381\u003c\/p\u003e \u003cp\u003eAppendix E Largest Global Real Estate Companies as of December 2010 391\u003c\/p\u003e \u003cp\u003eGlossary 413\u003c\/p\u003e \u003cp\u003eAbout the Author 423\u003c\/p\u003e \u003cp\u003eAbout the Contributors 425\u003c\/p\u003e \u003cp\u003e\u003ci\u003eSteven D. Burton 425\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e\u003ci\u003eKenneth D. Campbell 425\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIndex 427\u003c\/p\u003e  \u003cp\u003eRalph L. Block, has been an active participant in the REIT industry for four decades, as an individual investor, investment advisor, professional money manager, author, publisher, and consultant. Mr. Block is currently the owner and proprietor of Essential REIT Publishing Co. For his many contributions to the REIT industry, Block received the 2004 Industry Achievement Award from the National Association of Real Estate Investment Trusts (NAREIT).\u003c\/p\u003e  \u003cp\u003eReal Estate Investment Trusts (REITs) are companies that invest directly in commercial real estate properties, but whose shares trade as stocks on the major exchanges. As the interest in REITs grows, so does the need for an in-depth, reliable, yet accessible resource for understanding these investments. The newly revised and updated Investing in REITs: Real Estate Investment Trusts, Fourth Edition does exactly that.\u003c\/p\u003e \u003cp\u003eWidely considered the classic book on real estate investment trusts for the sophisticated investor, this new edition provides up-to-date information and discusses industry trends. Written by REIT investment pro Ralph L. Block, it looks at all the key developments and strategies that have taken place in the REIT industry over the last several years, presenting invaluable information and guidance on how to value individual REITs (as well as REIT shares generally), the risk-and-reward dynamics of commercial real estate, and how to spot blue-chip REITs and control investment risk. In addition, an entirely new chapter, written by industry veterans Kenneth Campbell and Steven Burton, looks at non-U.S. REITs and options for investing in them.\u003c\/p\u003e \u003cp\u003eREIT investing has become increasingly popular in the aftermath of the real estate crisis. A liquid, dividend-paying way to participate in the real estate market, investing in REITs has a long track record of providing excellent investment returns. Their consistency, together with the low correlation of REIT stock prices with the prices of other asset classes, make such investments a unique opportunity.\u003c\/p\u003e \u003cp\u003eAn essential read for both individuals—investors, financial planners, and investment advisors—and institutions interested in investing in commercial real estate through REIT stocks, Investing in REITs continues to set the bar for REIT information and advice.\u003c\/p\u003e  Praise for Investing in REITs  \u003cp\u003e\"A necessary starting tool for anyone interested in building a foundation in understanding the REIT market.\"\u003cbr\u003e —Steve Buller REIT Portfolio Manager, Fidelity Investments\u003c\/p\u003e \u003cp\u003e\"REITs are a great investment idea as they provide a way for investors to gain exposure to an important asset class that is otherwise hard to access. The sector can, however, be daunting for the uninitiated, as it is filled with jargon, performance metrics, and valuation tools that are not typically employed elsewhere. Ralph Block has cut through the clutter and created a must-read road map for anyone investing in REITs.\"\u003cbr\u003e —Mike Kirby Cofounder, Green Street Advisors\u003c\/p\u003e \u003cp\u003e\"A perfect blend of street talk and clear thinking that will provide the advice and knowledge that both first-time as well as seasoned REIT investors can benefit from\".\u003cbr\u003e —Bryce Blair CEO \u0026amp; Chairman, AvalonBay Communities, Inc.\u003c\/p\u003e \u003cp\u003e\"If you are a REIT investor, or are thinking of becoming one, Investing in REITs will unlock opportunities for you. Since its first publication in 1998, it remains a must-read for anyone interested in REITs. The first thing I did when I joined NHP in 2003 was read Ralph's book and the best advice I can give you is to do the same.\"\u003cbr\u003e —Douglas M. Pasquale Chairman of the Board, President \u0026amp; CEO, Nationwide Health Properties, Inc.\u003c\/p\u003e  \u003cb\u003eAdditional Praise for \u003ci\u003eInvesting in REITs, Fourth Edition\u003c\/i\u003e\u003c\/b\u003e  \u003cp\u003e“I have enjoyed reading Ralph’s insightful and refreshing commentary on the REIT industry for years, and his REIT guide is an invaluable resource for those of us who work in the industry and also invest in REIT stocks. His extensive knowledge comes through clearly in an easy-to-follow guide for both the novice and real estate expert.”\u003cbr\u003e —Robert Elms, Head of Debt \u0026amp; Equity Placement, Cushman \u0026amp; Wakefield, Inc.\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePraise for Previous Editions of \u003ci\u003eInvesting in REITs\u003c\/i\u003e\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e“For over thirty years, Ralph Block has observed and studied Real Estate Investment Trusts and has accumulated a storehouse and reservoir of knowledge and insights, which in this book he dispenses to the reader—simply, lucidly and logically. It is a must-read for anyone interested in the growing market of REITs.”\u003cbr\u003e —Milton Cooper, Chairman \u0026amp; CEO, Kimco Realty Corporation\u003c\/p\u003e \u003cp\u003e“Ralph Block has long advocated the merits of investing in REITs, and investors who have heeded his advice have profited handsomely. By making complicated issues accessible for investors of all types, \u003ci\u003eInvesting in REITs\u003c\/i\u003e provides a great introduction to an investment vehicle that offers solid returns, moderate risk, and good diversification benefits.”\u003cbr\u003e —Mike Kirby, Cofounder, Green Street Advisors\u003c\/p\u003e \u003cp\u003e“In a clear, direct, and authoritative manner, Ralph Block provides and opens an extensive and illuminating window on investing in real estate investment stocks. He fully explains the story of REITs, flags their investment attributes, and underlines their role in a diversified portfolio. I highly recommend it to the investor considering REITs for the first time, as well as the investor with some knowledge about and experience with real estate stocks.”\u003cbr\u003e —Steven A. Wechsler, President and CEO, The National Association of Real Estate Investment Trusts\u003c\/p\u003e \u003cp\u003e“REIT investing has always been something of a ‘no-man’s land’ in the investment world. Common stock investors often look at REITs as real estate while real estate investors consider REITs to be stocks. Ralph Block has written a wonderful book that sheds light on an asset class that is becoming an increasingly important building block for the well-diversified portfolio.”\u003cbr\u003e —Roger C. Gibson, \u003ci\u003eCFA\u003c\/i\u003e, Author of \u003ci\u003eAsset Allocation: Balancing Financial Risk\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e“The well-informed author has written the most complete and easy-to-read book about real estate investment trusts yet. The stunning graphics are matched by excellent detailed information concisely arranged.”—\u003ci\u003eThe Los Angeles Times\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e“Ralph Block has made the world of REITs accessible to all. This is a superb book for every investor.”\u003cbr\u003e —Tom Gardner, cofounder of The Motley Fool\u003c\/p\u003e \u003cp\u003e“\u003ci\u003eFinally,\u003c\/i\u003e a book that demystifies REIT s for both armchair investors and seasoned professionals. \u003ci\u003eInvesting in REITs\u003c\/i\u003e by Ralph Block is a balanced, clearly written guide that fills a major void in today’s investment literature.”\u003cbr\u003e —Jonathan Litt, Senior Real Estate Analyst, Salomon Smith Barney\u003c\/p\u003e \u003cp\u003e“Whether you’re an individual or institutional investor, you won’t find a better primer on REIT investing. Ralph Block takes the complex issues that must be addressed to produce above-average results when investing in REITland, and makes them simple and easy to understand. A must for every serious REIT investor’s library, and a fun read, to boot.”\u003cbr\u003e —Geoffrey Dohrmann, Publisher and Editor in Chief, \u003ci\u003eInstitutional Real Estate Securities\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003e“\u003ci\u003eInvesting in REITs\u003c\/i\u003e is a must-read for \u003ci\u003eanyone\u003c\/i\u003e wishing to gain a better understanding of this thriving sector of the capital markets. Given the continued transformation of private real estate to the public markets, this book is an essential resource for students, individual and institutional investors, and anyone else interested in understanding the REIT market.”\u003cbr\u003e —David J. Hartzell, Distinguished Professor of Finance and Real Estate and Director of the Real Estate Program, The Kenan-Flager Business School, The University of North Carolina at Chapel Hill\u003c\/p\u003e","brand":"Bloomberg Press","offers":[{"title":"Default Title","offer_id":47989474066661,"sku":"NP9781118004456","price":48.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118004456.jpg?v=1761784244","url":"https:\/\/k12savings.com\/products\/investing-in-reits-isbn-9781118004456","provider":"K12savings","version":"1.0","type":"link"}