The Intelligent REIT Investor : How to Build Wealth with Real Estate Investment Trusts.

Cover -- Title Page -- Copyright -- Contents -- Foreword -- Preface -- Acknowledgments -- About the Author -- Part I An Introduction to REITs -- Chapter 1 What Is a REIT? -- Size of the REIT Industry -- Categories of REITs -- Equity REITs -- Mortgage REITs -- Classification by Property Type -- Size and Index Inclusion -- Geographic Focus -- Growth Strategy -- Where to Find Information on REITs -- FTSE NAREIT All REITs Index -- Company-Specific Websites -- Indexes for Tracking REIT Performance -- Exchange-Traded Funds for Investing in REITs -- Chapter 2 Why Invest in REITs? -- Double-Digit Total Returns -- Dividends -- Liquidity -- Portfolio Diversification -- Hedge Against Inflation -- Transparent Corporate Structures -- Chapter 3 REIT Dividends -- Rockland REIT -- REIT Yields -- Are REIT Yields Safe? -- Quantifying Dividend Safety -- Dividend/FFO Payout Ratio -- Debt Ultimately Determines Dividend Safety -- Debt-to-Total Market Capitalization Ratio -- Debt-to-Gross Book Value Ratio -- Legal Standing of Leases Supports Dividend Safety -- REIT Dividends and Taxation -- REITs Do Not Pay Out All of Their Cash in Dividends -- The Components of a REIT's Common Dividend -- REIT Dividends and the Bush Tax Cuts -- Preferred Stock Dividends -- Preferred Stock Basics -- Risks to Owning Preferred Shares -- Conclusion -- Chapter 4 Leases -- Lease Terminology -- The Four Major Types of Leases -- Leases and Tenant Bankruptcy -- FASB and the New Standard for Accounting for Leases -- Lease Duration and REIT Stock Price Performance -- Chapter 5 REITs by Property Type -- Diversified and Specialized REITs -- REITs that use Triple-Net-Leases -- Risks and Rewards of REITs That Use Triple-Net Leases -- Health-Care REITs -- Risks and Rewards of Health-care REITs -- Industrial REITs -- Risks and Rewards of Industrial REITs -- Lease Terms -- Lodging/Resort REITs.

Hotel Revenue -- Hotel Expenses -- Technical Aspects Specific to Hotel REITs -- Risks and Rewards of Hotel REITs -- Mortgage REITs -- Risks and Rewards of Mortgage REITs -- Office REITs -- Lease Terms -- Risks and Rewards of Office REITs -- Residential REITs -- Apartment REITs -- Manufactured Housing REITs -- Single-Family-Home REITs -- Retail REITs -- Shopping Center REITs -- Mall REITs -- Freestanding Retail REITs -- Risks and Rewards of Retail REITs -- Self-Storage REITs -- Risks and Rewards of Self-Storage REITs -- Conclusion -- Part II Investing in REITs -- Chapter 6 Getting Technical -- REIT Structures -- UPREITs -- OP Units -- OP Units and Estate Planning -- DownREITs -- Publicly Traded, Public Nonlisted, and Private REITs -- Volatility versus Liquidity -- Transparency and Corporate Governance -- Costs and Fees -- Externally Advised and Externally Managed REITs -- Qualifying as a REIT -- REITs Are Not Limited Partnerships -- Chapter 7 REIT Performance -- Historical Total Returns -- Factors Influencing Demand for REIT Shares -- Events That Increased Demand for REIT Shares -- REITs versus the Attractiveness of Other Investments (Lessons from History) -- Growth Stocks versus REITs, 1998-1999 -- Treasury Yield versus REITs, 2004-2006 -- Safety and Yield, and the Big League of Benchmarks, 2000-2006 -- REITs During the Financial Crisis of 2007-2008 -- Company Attributes That Affect Performance -- Real Estate Fundamentals and REIT Performance -- Performance by Property Type -- How Lease Length and Structure Affect REIT Returns -- Weighted Average Cost of Capital and REIT Performance -- Debt as a Four-Letter Word -- Competitive Advantage or Disadvantage-Why Cost of Capital Matters -- REIT Performance in a Rising Interest Rate Environment -- Conclusion -- Chapter 8 Analyzing REITs -- Operating Metrics -- Net Operating Income (NOI).

Same-Store (Organic) Earnings -- 'Earnings Growth' for REITs Is 'FFO Growth' -- Management's Track Record as a Screening Tool -- Profitability Metrics -- Funds from Operation -- Adjusted Funds from Operations (AFFO) -- Cash Available for Distribution (CAD) -- Balance Sheet Metrics and Analysis -- Leverage -- Debt-to-Total Market Capitalization Ratio -- Debt-to-Gross Book Value Ratio -- Debt-to-EBITDA Ratio -- Weighted Average Cost of Capital (WACC) -- Valuation Metrics -- Price/Earnings Multiple -- PEG Ratios -- Dividend Yield -- Dividend Safety -- Dividend Coverage, or Payout Ratios -- Dividend Discount Model -- Net Asset Valuation (NAV) -- Implied Capitalization Rate -- Conclusion -- Appendix A REITs Listed Alphabetically by Company Name -- Appendix B REITs Listed Alphabetically by Ticker Symbol -- Appendix C REITs by Sector -- Appendix D REITs with Credit Ratings -- Glossary -- Index -- EULA.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.