Table of Contents
1 Cover
7 CHAPTER 1: REITs: What They Are and How They Work REITs Are Liquid Assets Types of REITs General Investment Characteristics Higher Current Returns
8 CHAPTER 2: REITs Versus Competitive Investments Bonds Convertible Bonds Preferred Stocks Other High‐Yielding Equities Other Real Estate Investment Vehicles The Private REIT Phenomenon
9 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
10 CHAPTER 4: Residential REITs Ups and Downs The Real Estate Cycles Apartments
11 CHAPTER 5: Retail REITs The Mall Sector Factory Outlet Centers Shopping Centers Nothing but Net Lease
12 CHAPTER 6: Office, Healthcare, Self‐Storage, and Lodging REITs Office Buildings Healthcare Self‐Storage Hotels/Lodging
13 CHAPTER 7: Technology REITs Tower REITs Risks
14 CHAPTER 8: Specialized REITs Gaming Billboards Prisons Timber Farmland (Contributed by David Gladstone) Cannabis
15 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
16 CHAPTER 10: REITs: Growth and Value Creation The Significance of FFO Funds from Operations (FFO) Capital Recycling NOI and IRR
17 CHAPTER 11: Searching for Blue Chips Growth REITs Value or “Turnaround” REITs The Virtue of Blue‐Chip REITs
18
CHAPTER 12: Breaking Down the REIT Balance Sheet
Debt Ratios
Interest Coverage Ratios
Debt Maturity
Variable‐Rate Debt
Secured Debt
Conservative