- Series: Bloomberg Financial (Book 88)
- Hardcover: 256 pages
- Publisher: Bloomberg Press; 1 edition (September 1, 1998)
- Language: English
- ISBN-10: 1576600556
- ISBN-13: 978-1576600559
- Product Dimensions: 5.8 x 1.2 x 9.3 inches
- Shipping Weight: 1.5 pounds
- Average Customer Review: 8 customer reviews
- Amazon Best Sellers Rank: #2,682,324 in Books (See Top 100 in Books)
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Investing in REITs: Real Estate Investment Trusts 1st Edition
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First, it provides current information concerning the major events that have occurred and continue to evolve in the REIT industry. These include the REITs' bear market of 1998-1999, their subsequent amazing 6-year bull market, widespread acceptance of REITs as proxies for commercial real estate, and merger and acquisition activity. Further, all graphs and charts have been updated, and a new appendix on managing an all-REIT investment portfolio has been included.
Second, the new 3rd edition provides commentary on recent REIT industry trends that will affect all REIT investors, including the apparent "disconnect" between the 2001-2005 softness in the commercial real estate "space" markets and booming commercial real estate capital markets, the much-discussed "bubble" in residential real estate, changes in REITs' business strategies as they seek to create value in a very competitive marketplace, and the increasing pace of asset sales and joint venture activity.
If you liked the prior editions, you will love this new 3rd edition; if you didn't, well, don't buy this one. If you haven't bought "Investing in REITs" yet, well, decide whether you should own some REIT investments and act accordingly. The case for REIT investing has been proven convincingly, and it is my firm belief that every investor should own REIT stocks (or a REIT mutual fund) as part of a diversified investment portfolio. And, as each of us is responsible for our own investment strategies and success, there is no substitute for understanding both risk and reward.
Footnote and disclosure: Abe Lincoln refused to vote for himself in the 1860 presidential election, but I cannot figure out how to avoid assigning stars to this review of my own book. Accordingly, I hope you will forgive me if I immodestly give it 5 stars.
Despite my pre-existing biases, day by day, it was becoming ever more clear to me that REITs had become the lower risk, more highly liquid, no-fuss, no muss, preferred vehicle for participating in commercial real estate profits. Still, somehow, it was not until I picked up Ralph's first book that I was able to garner the enthusiam necessary to truly embrace REITs, ultimately altering my career course mid-stream and dedicating it to REIT investing and analysis. I read his book in one sitting, literally not being able to put it down.
While that "sold out" first book will forever have an emotional attachment for me, as an "analyst", I must acknowledge that this new and improved version is even better still, both from an informational standpoint, as well as being more colorful and thus, much easier on the eyes - courtesy of Bloomberg's fine editor, I suspect.
But you don't need to be a professional to understand and appreciate Ralph's down-to-earth, folksy style of writing. In fact, because this book was written for the un-initiated, armchair investor, its price tag is extremely low. But even if it were not so inexpensive, to anyone who loves either real estate or the high dividends REITs provide (over 7% on average, as of this writing), I'd say: "INVESTING IN REITS is worth its weight in gold".
The author could have brought the caveats of REIT investing to life by using more real world examples, even some drawn from real world SEC statements.
The author spends an inordinate time selling the idea of investing in the sector. My guess is people who reach for this book are already interested or even invested in REITs, and are looking for help in navigating the potential minefields.
The book needs a second edition, to bring it more current.
Per KPA's 10k, President Clinton signed a new law Dec 99 that allows a REIT to own up to 100% of stock in a taxable subsidary. How does this impact paired share reits? What will be the long term impact of this legislative change on the REIT landscape?
A good effort, yet one that can be improved upon.
In these days of plummeting stocks (and reits are in there falling, too), this book helps me prepare for the time when I will want to sink some money into real estate the easier, cheaper way.