
REITs For Dummies
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Are you looking for exciting--but responsible--new investment opportunities that go beyond simple stocks and bonds?
In REITs For Dummies, celebrated investing lecturer and author Brad Thomas delivers an easy-to-understand guide to getting started with real estate investment trusts--also known as "REITs." These flexible and lucrative investment tools package together individual properties so you can invest in land and buildings without the hassle of being a landlord.
In the book, you'll get a straightforward tour of REIT property sectors and the different ways you can invest in REITs. You'll also find:
* Strategies for selecting the best REITs for you and your family
* Ways to navigate the sector and generate durable income that helps you sleep well at night
* Options for those who want to go beyond the United States and investigate international REIT products.
You already know about the basics of stock and bond investing. Now it's time to learn about some of the other interesting financial products available to the responsible investor. In REITs For Dummies, you'll get the jargon-free and easy-to-follow guidance you need to wrap your head around this exciting opportunity.
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Content
- Intro
- Title Page
- Copyright Page
- Table of Contents
- Introduction
- About This Book
- Foolish Assumptions
- Icons Used in This Book
- Beyond This Book
- Where to Go From Here
- Part 1 Getting Started with REITs
- Chapter 1 Who Wants to Be a Virtual Landlord?
- Commercial Real Estate for the Masses
- REITs Do the Work for You
- Get Paid While You Sleep
- Size Does Matter
- Focusing on Fundamentals
- REITs on the Street
- A Slice for All Types
- Chapter 2 It All Starts with Real Estate
- Land: They're Not Making It Anymore
- Supply and demand
- Every business uses real estate
- Introducing Homer Hoyt and Real Estate Cycles
- Recognizing the cycles most businesses go through
- Looking at the long cycles of real estate
- The Concept of Appreciation and Depreciation
- Appreciating appreciation
- Appreciating depreciation
- Rental Income Is the Key to Value Creation
- Rents and pricing power
- The power of compounding
- Chapter 3 Unlocking the First Level of the REIT Universe
- How REITs Came to Be
- The early years
- The REIT Act of 1960
- Tax Reform Act of 1976
- Tax Reform Act of 1986
- Modern REITs and UPREITs
- REIT Modernization Act
- Housing and Economic Recovery Act of 2008
- The 21st century
- REITs Were Made for You and Me
- The REIT rules
- REITs' primary investment attributes
- Diversification
- Transparency
- Liquidity
- Performance
- Dividends
- BDCs and MLPs: REITs' Kissing Cousins
- Business development companies
- Master limited partnerships
- Chapter 4 Understanding How REITs Make Money
- How REITs Raise Money
- Initial public offerings
- Debt financing
- Equity REITs: The Brick-and-Mortar Landlords
- Types of equity REITs
- The great American REIT rally
- Unlocking the Mystery Behind Preferreds
- Welcome to the High-Yield mREIT Club
- The residential mREIT model
- The commercial mREIT model
- Every REIT Isn't Traded on the Stock Market
- Private REITs
- Public non-listed REITs
- Chapter 5 REITs around the Globe
- The Long and Short of It
- Oh, the Places You Can Go and the Money You Can Make
- Keeping the "Real" in Global Real Estate
- The Countries and Regions with REITs - So Far
- Combing through the G7 countries
- Canada
- France
- Germany
- Italy
- Japan
- United Kingdom
- The other REIT-permitting countries on parade
- Argentina
- Australia
- Bahrain
- Belgium
- Brazil
- Bulgaria
- Chile
- China
- Costa Rica
- Dubai
- Finland
- Greece
- Hong Kong
- Hungary
- India
- Ireland
- Israel
- Kenya
- Malaysia
- Mexico
- Netherlands
- New Zealand
- Nigeria
- Oman
- Pakistan
- Philippines
- Portugal
- Puerto Rico
- Saudi Arabia
- Singapore
- South Africa
- South Korea
- Spain
- Taiwan
- Turkey
- Vietnam
- It Ain't Over 'til It's Over . . . and It Ain't Over Yet!
- Part 2 Exploring the REIT Universe
- Chapter 6 Exploring the Primary REIT Sectors
- Understanding REIT Property Classifications
- Industrial REITs: Warehouses and More
- Apartment REITs: Living in a REIT Paradise
- Office REITs: A Diminished Necessity
- The More for Less Net-Lease Landlords
- Retail: The Kingdom of Thing-dom
- The once-mighty mall REIT sector
- Outlet centers: Everyone likes a bargain
- Shopping for shopping centers
- Chapter 7 Exploring Alternative REIT Sectors
- REITs on the Cutting Edge: Technology REITs
- Calling all cell tower REITs
- Data centers: The digital dynamos
- Essential Healthcare Properties on Parade: Healthcare REITs
- Storing Stuff and Lots of It: Self-Storage REITs
- Checking Into Lodging REITs
- Residential REITs: Building the Case for (Rental) Homes and Housing
- Becoming a tree landlord
- Homeownership on the cheap: Manufactured housing
- The essential shelter play: Single-family rentals
- In a Class by Themselves: Specialty REITs
- Farming REITs
- Billboard REITs
- Cannabis REITs
- Chapter 8 Putting on Your REIT Analyst Hat
- Becoming a Virtual Rent Collector
- The scoop on net operating income
- Understanding cap rates
- Internal rates of return on review
- REIT Earnings Metrics
- FFO to the rescue
- The dawn of AFFO
- A worthwhile "FAD" to keep in mind
- Calculating NAV
- Putting Weighted Average Cost of Capital on the Scale
- The Cost of Buying In and Buying Up
- Looking at REIT Balance Sheets
- Conservative and consistent dividends
- Not all dividends are the same
- Watch out for sucker yields
- REIT preferreds
- What a Strong REIT Balance Sheet Looks Like
- Interest coverage ratios
- Debt maturity
- Variable-rate debt
- REIT credit ratings
- The Case for Buying Bonds
- Chapter 9 Separating the Wheat from the Chaff
- Management Works for You
- Minding your management
- Avoiding the bad actors
- Internal versus External Management
- What About Short Sellers?
- A REIT short that actually worked
- A short caught with its pants down
- Activist Investors on the Loose
- Following the Money: Executive Compensation
- Passing on the Crown
- Part 3 REITs for All Investors
- Chapter 10 Building a Smart REIT Portfolio from the Ground Up
- What Type of REIT Investor Are You?
- Know your REIT psychology
- REIT temperament
- Looking at REIT Types
- Growth REITs
- Value REITs
- Income REITs
- Building a Diversified REIT Portfolio
- My anchor-and-buoy model
- Your house doesn't count
- The Taxation Situation
- Ordinary income
- Qualified business income
- Long-term capital gains or losses
- Return of capital
- Individual Retirement Accounts
- Traditional IRA
- The Roth IRA-lternative
- Chapter 11 The Big Fish REIT Investors
- Why Institutional Investors Love REITs
- The geographic diversification is "out of this world"
- REITs create a good balance between old and new
- REITs help fill the asset allocation gaps
- REITs enhance ESG attributes
- A Peek at the Top Institutional Players
- Pension funds
- REITs roar back
- Pension funds flock to REITs
- University endowments and the "Yale Model"
- Private equity firms
- Signs of the Times
- Chapter 12 Pressing the REIT Easy Button
- Give Me an E . . . Give Me a T . . . Give Me an F! Give Me REIT ETFs!
- Why ETFs are attractive to investors
- How ETFs can help you diversify
- Breaking Down REIT ETFs by Category
- Mega market cap weightings
- Global REIT exposure
- Specialty REIT ETFs
- Preferred REIT ETFs
- The ETF Game Is All About Scale
- REIT Mutual Funds
- REIT Closed-End Funds
- Part 4 The Part of Tens
- Chapter 13 More Than Ten FAQs About REITs
- How Do REITs Perform in a Recession?
- Why Are REITs Good Inflation Hedges?
- Why Invest in REITs Instead of the Next Big Thing?
- How Many REITs Should I Own at a Time?
- Does My House Count toward My Real Estate Holdings?
- Should I Invest in REITs That Just Went Public?
- What Is the Best Way to Get Rich Owning REITs?
- When Should I Dollar-Cost Average?
- Should I Own REITs That Pay Monthly?
- What's the Best Way to Get Started?
- What Are Other REIT Resources to Consider?
- What's a SWAN Stock?
- Chapter 14 Ten Mistakes to Avoid When Investing in REITs
- Obsessing Over Just One REIT
- Obsessing Over a Single Sector
- Owning Nothing but REITs
- Investing Too Heavily (Or at All) In mREITs
- Trying to Time the Market
- Buying Overvalued REITs
- Falling for Value Traps
- Falling for Sucker Yields
- Considering REITs to Be Fixed-Income Investments
- Forgetting That the CEO Works for You
- Appendix A Assessing Weighted Average Cost of Capital
- A Textbook Example of Cost of Capital at Work
- Don't Be(lieve) a Sucker (Yield)
- Appendix B Determining Net Asset Value
- Calculating NAV: A Four-Step Process
- Step 1: Use NOI to determine fair market value
- Step 2: Calculate NAV
- Step 3: Subtract debt and preferred stock to arrive at NAV
- Step 4: Divide by diluted shares
- An Expert's Take on NAV
- Appendix C Calculating Adjusted Funds from Operations
- Glossary
- Index
- EULA
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