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Investing in REITs: Real Estate Investment Trusts Hardcover – October 11, 2011

4.2 out of 5 stars 23 customer reviews

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Editorial Reviews

Review

Additional Praise for Investing in REITs, Fourth Edition

“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.”
—Robert Elms, Head of Debt & Equity Placement, Cushman & Wakefield, Inc.

Praise for Previous Editions of Investing in REITs

“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.”
—Milton Cooper, Chairman & CEO, Kimco Realty Corporation

“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, Investing in REITs provides a great introduction to an investment vehicle that offers solid returns, moderate risk, and good diversification benefits.”
—Mike Kirby, Cofounder, Green Street Advisors

“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.”
—Steven A. Wechsler, President and CEO, The National Association of Real Estate Investment Trusts

“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.”
—Roger C. Gibson, CFA, Author of Asset Allocation: Balancing Financial Risk

“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.”—The Los Angeles Times

“Ralph Block has made the world of REITs accessible to all. This is a superb book for every investor.”
—Tom Gardner, cofounder of The Motley Fool

Finally, a book that demystifies REIT s for both armchair investors and seasoned professionals. Investing in REITs by Ralph Block is a balanced, clearly written guide that fills a major void in today’s investment literature.”
—Jonathan Litt, Senior Real Estate Analyst, Salomon Smith Barney

“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.”
—Geoffrey Dohrmann, Publisher and Editor in Chief, Institutional Real Estate Securities

Investing in REITs is a must-read for anyone 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.”
—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

From the Inside Flap

Real 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.

Widely 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.

REIT 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.

An 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.

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Product Details

  • Hardcover: 432 pages
  • Publisher: Bloomberg Press; 4 edition (October 11, 2011)
  • Language: English
  • ISBN-10: 1118004450
  • ISBN-13: 978-1118004456
  • Product Dimensions: 6.4 x 1.4 x 9.3 inches
  • Shipping Weight: 1.6 pounds (View shipping rates and policies)
  • Average Customer Review: 4.2 out of 5 stars  See all reviews (23 customer reviews)
  • Amazon Best Sellers Rank: #183,278 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover Verified Purchase
The earlier editions of this classic work have served as the bible for REIT investors for many years. Much of the material in those earlier versions applies even today. Now, with this new 4th edition we get additional perspectives -- for example, how REITs managed through the tumultuous events of the past few years, plus an especially informative new chapter on investing in global REITs.

The writing is easy to follow even though the subject matter can be complex at times. Although it is written so a beginner can understand, it is not just for novices. This is a valuable reference work for seasoned REIT investors as well.

The book is divided into four well-organized sections:

1) The general characteristics of REITs, how they compare to other investments, how legislation has molded REITs (updated with the latest developments), and the types of REITS and the cycles they go through.

2) The history of REITs and their performance, as well as some common myths about REITs debunked.

3) Ways to value REITs and how to think about them in your portfolio. This section includes the invaluable new chapter on global REIT investing -- how the REIT revolution spread internationally, and the practicalities of investing outside the US.

4) The risks of REIT investing and the author's vision of the future of REITs.

If you are new to REITs and want to learn more about them, or if you are an experienced REIT investor looking for ideas, or if you are looking for the definitive REIT reference, this book offers a clear, concise, informative solution. Highly recommended!
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Format: Hardcover Verified Purchase
This is the best book on Real Estate Investment Trusts and I recommend it without reservation. I read an earlier edition while researching my own book on income investing. It went through the history of REITs from 1960 to date, but of course didn't cover the most modern era.

And of course the period from the real estate boom of thru 2007 through the financial crisis of 2008 and current "Great Recession" is of great interest to current investors. So I'm glad to see a new edition to bring REITs up to date.

The crisis certainly hurt REITs in the short run, but in the past few years it's helped to show REITs are better able to function in a crisis than private real estate companies, because they cannot raise public equity cash.

This is an important investment class for everyone who desires current income -- which keeps up with inflation -- rather than speculative capital gains that look increasingly improbable for years to come.

Read this book closely and you'll practically be an expert on equity REITs in the United States. It does not cover mortgage REITs, because they are different kind of investment altogether.
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Format: Hardcover
This is probably more about equity REITs than you ever will need, want or fear to know. Also includes a history of REITs that's very detailed. However, it only very briefly talks about mortgage REITs, which have much higher yields, or how to play them more safely, such as with put options. But if you're looking for long-term holds of REITs that manage real properties, then this is a well-written book with lots of up-to-date references (4th Edition book, published 2012). If you want more information about evaluating mortgage REITs, their use of leverage, inflation risks, rising interest rate risks, etc., then this book is not really for you.
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Format: Hardcover Verified Purchase
Clear, knowledgeable, balanced and thorough, one of the best REIT portfolio mangers ever describes the real estate investment trust industry with crisp intelligence. If you want only one book on the topic, this is it, and you probably don't need a second. There are many good aspects to consider in REIT investing but this once sleepy corner of the investment world has attracted huge inflow of funds from major Wall Street firms in the last decade, bringing with it greatly increased risk/volatility. Even if you have an earlier edition (as I do) it's well worth while getting this substantially revised edition which reflects the new state of affairs.
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Format: Hardcover Verified Purchase
I purchased the book hoping it would help me evaluate REITs as an investment. I am somewhat disappointed in that regard. The author spends much time giving us the history of REITs and why he thinks they are good investments, but when it comes down to figuring out if a particular REIT is a good investment, the book leaves a lot to be desired. The author spends much time talking about net asset value (NAV) as a way to evaluate a REIT. But then tells us that determining the NAV is very subjective and it is difficult to get the NAV on a REIT. But he does say we might be able to get information on NAV from a financial adviser. If I am paying money to an adviser r to help me evaluate a REIT, then why would I buy his book? He also talks a lot about Adjusted Funds from Operations (AFFO). But getting the data to calculate AFFO is quite difficult. I have not found one source that provides all that information. He gives a nice detailed example of calculating AFFO, but I have not been able to find a source that provides data in the detail as in the example.
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