Book Description
Drawing on more than thirty years of successful investing experience with REITs, Ralph L. Block has created the ultimate REIT guide. This third edition, fully updated, explains the ins and outs of this attractive asset class in an uncomplicated style that makes it easy for novice and professional investors, as well as financial planners and investment advisers, to find what they need to know.
Customer Reviews:
May Require Above Average Work for a Little Extra Return.......2007-04-06
I came across the first edition of this book in my local library (along with Mullaney's book on REITs). That edition hit all the right notes, and as expected from someone who manages an REIT fund, Block reserves considerable space in the book for his pitch for the REIT as a great investment vehicle. Overall, I found the first edition to be balanced, even-handed and a solid introduction to the REIT, though I did have a few criticisms about REITs in general. These are the following:
1. REITs generally are high yield investments. Block failed to address the common dangers associated with any high yield investment, and he did not mention any specific means for the investor (particularly small investors like myself) to shield these juicy yields from the tax man. In passing, over the long term, I am of the opinion that carefully selected REITs will provide an adequate total return, and the prudent small investor would do well to include a select few of them in a Roth IRA.
2. Block tries to compare REITs with other income producing stocks, and generally fails in this regard. Though REITs have similarities to utilities and preferred stock (the one over-riding similarity being the fat yield), there are too many differences between REITs and other income producing investments to make a fair comparison.
3. I believe that an REIT should be evaluated as a common stock first, and then as a real estate play second, rather than the other way around, as Block preferred to do. Granted, the basic nature of the activity should be taken into account, but one should never forget that the publicly traded REIT is a stock. That said, less attention should be paid to the FFO (funds from operation) or AFFO and more should be paid to net income. FFO can be gamed, as Block correctly pointed out, by the creative interpretation as to what constitutes depreciation (FFO is typically defined as net income, less capital gains on sale of real estate, plus depreciation).
4. Block correctly identified the importance of capital structure for the REIT, and did a good job of explaining the REITs need for capital infusions. Intelligent investors in this activity would do well to keep in mind that institutional players get to participate in REITs as either bond-holders or preferred holders, and thus they get sweeter deals than the little guy, who, unless he participates through a mutual fund, will almost always participate as a common stock holder. Moreover, the little guy gets paid his dividend AFTER the institutional players get their cut. Also, I disagree with Block's notion that market cap is a good indicator of REIT capitalization. Essentially, I feel that REIT capitalization is best measured by the balance sheet ( debt load plus cash position and equity), and while not the best measure of capitalization, it is, in my opinion (which granted ain't worth much)better than the use of a subjective measure which changes as market conditions change.
5. I found it odd that Block did not mention the importance of cash flow for the REIT. At a minimum, the REIT has to be able to service its debts. An REIT with a weak cash position and cash flow constraints can not deliver a fat yield for long. Intelligent investors in this activity would do well to be very wary of an REIT that pays out more in dividends than it actually earns in net income per share. An outfit doing this is generally eroding its cash position, thus weakening its ability to service its debts and making it vulnerable to adverse external conditions.
6. My last point is perhaps the most important. The little guy looking to profit in this space is up against 1) insttitutional players who can get sweeter deals as mentioned before and 2) real estate pros who are closer to the various real estate markets and eat, sleep and breathe real estate 24/7. The little guy would do well to know market cycles, specific property types and demographic trends very well before looking at REIT investments. Also, the pros more typically have access to a greater variety and volume of information than is typical in more traditional common stock investment, so on that score, the small investor is fairly well disadvantaged. Thus, I am of the opinion that REIT investment may require a lot more work for a little extra gain, so it is best to dabble lightly in this space.
In sum, this book, now in its third edition, makes for a good starting point for REIT investment. In passing, a more accessible, albeit dated text on REIT investment is John A. Mullaney's REITs: Building Profits with Real Estate Investment Trusts. Those of you looking to invest with safety and success in this space would do well to pick up the latter book and memorize Chapter 16 of the text word for word.
Great intro to REITS.......2007-04-05
Great book for someone trying to get a basic understanding of REITs written from an investor's perspective.
A sensible handbook on investing in REITS.......2007-03-30
More and more financial advisers suggest investing in REITs. But are they another real-estate investment fad, like the "real estate limited partnerships" of the 1980s? Not at all, says Ralph L. Block, an experienced REIT portfolio manager and former securities attorney. In this clear, sensible book, Block provides an engaging overview of REITs and the underlying real-estate market in which they invest. Block's self-deprecating, casual style is refreshing, and the book assumes little background knowledge of finance, economics or real estate (though it does bog down occasionally in accounting minutiae). In addition to learning about REITs, you'll also get a painless refresher on investment basics at no extra cost. We recommend this book to prudent, buy-and-hold investors who want to know if REITs are right for them.
THE Book to Buy About REITs .......2007-03-08
Most investors can point to an elite handful of teachers that they would credit for their investment success and overall knowledge of markets. Warren Buffett, Peter Lynch, and perhaps John Bogle are the best-known great friends of the individual investor in our generation. I don't say this lightly, but for any investor trying to get a handle on the REIT asset class, Ralph Block is in their esteemed company.
You won't find a more clearly written book about REITs anywhere, and beginning investors to hedge fund managers would be well-advised to digest everything that Ralph puts forth in his continually updated books on REITs. The metrics used to evaluate REITs, the forces which make them rise and fall, and their tax implications are different enough from other asset classes that any conscientious investor should keep this book handy. Ralph does a masterful job of making this fine asset class easier to understand, and he helps investors know where to spot risk, growth, management excellence and ultimately, opportunity.
REITs have gone from being an undiscovered backwater in the investment world (perhaps because so many real estate limited partnerships in the 1980's were indeed toxic waste) but today they are clearly mainstream. Investors need to understand what they own, and Ralph's book helps readers understand exactly that. He writes in a clear, succinct fashion that is manna from heaven for both the new investor and private equity guy alike. People focusing on P/E ratios, MACD divergences and EBITDA would be well-served to invest a little time and a teensy amount of money in this book to get a handle on AFFOs, NAVs, and most importantly, great REIT management teams.
Ralph is a looong-time REIT investor, has been a top-rated REIT fund manager and he has a unique perspective on this important asset class. His contributions to REIT understanding have been recognized by NAREIT (the National Association of Real Estate Investment Trusts) and by many individual investors through his books and his well-received contributions on The Motley Fool message boards. Feel confident that purchasing his book is a good decision on your part.
Good introduction and overview of REIT.......2006-10-29
In over 400 pages, the author makes the case that real estate,
as marketed through REIT vehicles, makes enormous sense, from
an investment point of view.
This emphasizes the point, that real estate can be seen in
2 aspects, the first being that of a home owner who resides
in his own home, in which case he's not an investor as such
(although an annual tax exempt status from a home's
increasing value is the case until it's sold, at which point a
capital gains tax is paid), versus someone who doesn't live
in a dwelling, but owns it, operates it, rents it out,
for purposes of profit. Only 1 of the 2 is an investment as such.
And investments much be compared with one another, including mutual funds,
bonds, GIC's, or savings accounts at new banks (ING, Dynamic, or ICICI
Canada or India subsidiary) that are popular vs. money market funds.
The weakness of this book, is the thin columns and fat, double spacing
that the publisher chose, perhaps to make the book seem wider, more
credible than otherwise. The double spacing also suggests that the
author is trying to fill pages, vs. communicate a message effectively,
efficiently, clearly.
Next, the content is attractively though out, in terms of pacing
the concepts, taking the reader one step at a time over a multitude
of aspects of real estate analysis, and summarizing the subject
after each chapter, so the read doesn't miss the lessons shown.
The actual REIT vehicles discussed, are those of the USA, unfortunately,
for those readers in Canada, as Canada some one of the most attractive
real estate properties in the world. I would suggest readers examine
the composition of iSHARES (Barclay's) REIT trading on the TSX.
Finally, the book has an easy reading style, saving the reader from
complicated analytics formulae, charts, or theories, that perhaps
other readers would expect, especially those having been exposed
to College Finance 101 research papers, and what not.
Book Description
Benefit from the outstanding investment opportunities that currently exist in the REIT industry
The growth of REITs as an asset class has created an excellent opportunity for small investors to participate in the ownership of institutional-quality real estate. Are you ready to help your clients make the most of this opportunity?
J.K. Lasser Pro Real Estate Investment Trusts thoroughly explains the nature of REITs and explores how this investment vehicle can be integrated and implemented into almost any client's portfolio. This invaluable resource discusses the benefits and performance characteristics of REITs and includes a chapter on each of the following forms of REITs available, including:
- Residential REITs
- Manufactured home community REITs
- Office REITs
- Industrial property REITs
- Retail REITs
- Hotel property REITs
- Health care REITs
- Self-storage REITs
- Specialized, diversified, and mortgage REITs
Filled with practical guidance, vital information, and in-depth interviews with some of the most respected individuals in the REIT industry, J.K. Lasser Pro Real Estate Investment Trusts is a valuable road map to an investment vehicle that can help you stabilize and grow any investor's portfolio.
Please visit our Web site at www.jklasser.com
Customer Reviews:
Excellent Survey of Equity REITS But It Has Limitations........2003-04-13
This book is an excellent survey of the world of equity REITS. And it does sum up the value of buying each type of equity REIT. But if you're looking for a book which shows you how to invest in REITS and how to analyze the figures of a REIT, this isn't the book.
I also was hoping to find information on Mortgage REITS. There was only a paragraph or two on the subject --- certainly not enough information on this topic.
This book is geared more toward the analyst or someone with a tremendous amount of experience in REITS. It assumes you have a good background in REIT investing. And it certainly does not cover the entire field of REITS.
So it depends upon your needs as to whether or not this book would be a good addition to your investing library. I personally got three bits of information out of it that were worth the cost of the book. But I could have probably gotten the information elsewhere free.
Susanna K. Hutcheson
Executive Copy Director and Owner
Powerwriting.com LLC
Great Survey Of The REIT World.......2002-12-11
This book provided a great overview of the REIT industry. As an analyst, I found the summary data at the end of each chapter most useful. I also liked the interviews with the real estate titans, such as Sam Zell, they added a practical dimension to the "hard data" in the book. I picked-up some good practical insights from the interviews. It's a substantial but easy to read book.
A Must Read for Financial Planners and Seasoned Investors..........2002-09-19
This is a great guide for the sophisticated investor or financial planner looking to learn more about investing in Real Estate Investment Trusts. Mr. Imperiale outlines the history and characteristics of REITs as well as how investment portfolios can benefit from exposure to REITs. The interviews with succesful real estate investment professionals is also very insightful. This is a must read for the skilled investor considering purchasing REITs!
An Excellent Guide For the Wise Investor . . . ........2002-07-21
Richard Imperiale's book is a must read for the conservative investor considering real estate investment to substantially expand, strengthen, and increase the value of the assests in his or her current investment portfolio. . Mr. Imperiale's advice and strategies are sound for the investor seeking both short and long term investment portfolio gains.
Book Description
THIS IS ABOUT MY LIFE AS A STOCK MARKET SPECULATOR. AND MY GRADUAL TRANSFORMATION FROM A CONSERVATIVE BLUE-CHIP INVESTOR INTO A STEELY EYED, RIVERBOAT GAMBLER WITH NERVES OF STEEL. WHO FOUND WHAT HE WAS LOOKING FOR IN THE STRANGE AND WONDROUS WORLD OF MICRO-CAP INVESTING. ALLOW ME TO INTRODUCE YOU INTO MY WORLD. A WORLD WHERE YOU CAN MAKE A FORTUNE ON A CHUMP-CHANGE INVESTMENT.
Customer Reviews:
How to make a killing on a chump-change investment........2007-05-30
My pen name is Big Al. I am also the writer of this book. When you self - publish a book if you don't review and promote it, then no one will. Which is what I am doing now. I have read dozens of investment books and they all ignore the almost unknown world of small-cap and micro-cap investing. Not to mention my specialty of penny mining stock investing. And yet this is precisely the world where the small investor of limited means can make a killing. Once you make your first killing in my world you will be in it for life. Just like I am. Let me introduce you to my world. A world where you can make a killing on a chump-change investment.
The most exciting thing about my world is that anyone can afford to enter it. You can become a player for an investment as low as $500.
A "must read" for any investor!.......2007-04-12
Whether you are a beginner or an experienced investor this book is a must read. The stock market can be very complicated, but Fred's forty years of knowledge and experience gives you the insight needed to invest correctly and make big returns on your money. The book is easy to read, a mixture of intellgent writing with humorus anecdotes. I highly recommend this book!
Average customer rating:
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Real Estate Securities: The Reit Investment Handbook (Investing Essentials)
Peter Madlem
Manufacturer: Publications International
ProductGroup: Book
Binding: Paperback
Public Finance
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ASIN: 0942641604 |
Average customer rating:
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ROUNDTABLE FORUM: REAL ESTATE INVESTMENT TRUSTS
The Wall Street Transcript
Manufacturer: The Wall Street Transcript
ProductGroup: Book
Binding: Digital
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ASIN: B00005V87N
Release Date: 2004-11-01 |
Product Description
In this new revised edition, Block explains what REITs are, where they fit into a diversified portfolio, and how to invest successfully. Investing in REITs is an enlightening, practical look how they work, and what properties they own. Learn all essential aspects of REITs, including: The ABCs of successful REIT investment * How to spot blue-chip REITs * How REITs compare to other investments * How to build a diversified REIT portfolio * REIT mutual funds * and more!
The experts agree: REITs (Real Estate Investment Trusts) should be a part of every serious investor's diversified portfolio. All the essentials are there - low volatility, consistent and steady profits, impressive dividends, convenient liquidity, low correlation with other asset classes and, most importantly, professional management - yet to take advantage of this investment vehicle, understanding the unusual features and performance characteristics of REITs is key. Investing in REITs - Revised & Updated Edition is an enlightening, practical look at what REITs are, how they work, what properties they own, and why they deserve an important place in any diversified investment portfolio. Ralph Block's classic is newly updated to reflect all the latest changes in the industry. Block provides cogent analysis of what is unique about REITs and cuts to the chase on how to make money with them while avoiding common pitfalls. Succinct, informative, and user-friendly in its layout and presentation, this guide makes the world of REITs accessible to all investors.
This essential guide offers: The ABCs of successful REIT investment How to spot blue-chip REITs A concise history of REITs and how they compare to other investments How to build a diversified REIT portfolio REIT mutual fund opportunities and performance Important new developments and strategies in the REIT industry, including specific sectors of real estate, asset recycling, and joint venture strategies
Product Description
The experts agree: REITs (Real Estate Investment Trusts) should be a part of every serious investor's diversified portfolio. All the essentials are there - low volatility, consistent and steady profits, impressive dividends, convenient liquidity, low correlation with other asset classes and, most importantly, professional management - yet to take advantage of this investment vehicle, understanding the unusual features and performance characteristics of REITs is key. Investing in REITs - Revised & Updated Edition is an enlightening, practical look at what REITs are, how they work, what properties they own, and why they deserve an important place in any diversified investment portfolio. Ralph Block's classic is newly updated to reflect all the latest changes in the industry. Block provides cogent analysis of what is unique about REITs and cuts to the chase on how to make money with them while avoiding common pitfalls. Succinct, informative, and user-friendly in its layout and presentation, this guide makes the world of REITs accessible to all investors.
This essential guide offers: The ABCs of successful REIT investment How to spot blue-chip REITs A concise history of REITs and how they compare to other investments How to build a diversified REIT portfolio REIT mutual fund opportunities and performance Important new developments and strategies in the REIT industry, including specific sectors of real estate, asset recycling, and joint venture strategies.
list price $26.95
Learn candlestick charting from a trading master! Steve will take you through the basics of candlestick charting and spotting early reversal signs in this informative audio tape. A great supplement to his best-selling title 'Japanese Candlestick Charting Techniques' and his video workshop 'Strategies for Profiting with Japanese Candlesticks'.
list price $19.95
Book Description
A collection of essays to help today's businessman understand the crucial role of philosophy in free trade, free markets, health care and business ethics. The book includes a title essay by Leonard Peikoff and two essays by Ayn Rand never before p ublished in book form: "The Money-Making Personality" and "An Answer for Businessmen." Twelve additional essays by Leonard Peikoff and other contributors are included.
Customer Reviews:
Excellent compilation of philosophical/economic thought.......2007-09-27
An excellent alternative to the nonsense offered by liberals and conservatives (and moderates, and socialists, and greens, and reds, and libertarians for that matter). Among the highlights are Harry Binswanger's excellent "'Buy American' is Un-American," along with articles addressing such perennially-hot issues as immigration, socialized medicine, etc. Great book. Don't miss it!
A Book That Is An Accolade to Efficacious Businessmen.......2003-08-02
A productive modern businessman at his most efficacious should consciously hold as much pride for organizing his sphere of business as for the profits he earns as a result of that organization. Should he ever observe an intellectual's insistence that unregulated business development is the cause for economic ills--e.g., the unfairness of using private information about the market to make profits, when competitors cannot thus prosper since they lack this information. . .or the intellectual's insistence that foreign competition is bad for the American economy . . .or the insistence that any motive for the businessman's activity other than his delight in production and in the self-serving use of his wealth, Why Businessmen Need Philosophy will both inspire the listener and galvanize him to follow the right political and economic direction.
The book is also valuable to an honest, reality focused intellectual (even if he has grasped the essential truths of Capitalism: The Unknown Ideal, which contains Rand's articles about basic economic issues). Why Businessmen Need Philosophy offers the truth about some technical, "abstruse" business methods, using historic examples to make them clear. (Several such methods are not covered in CUI.)
The style of the book's authors is simple and straightforward, which makes their articles accessible to every literate reader.
Why Businessmen Need Philosophy is an excellent companion work to CUI, because it applies economic principles in the latter to some highly specialized areas of the business world. If you read one article in this collection, read any of "Why Businessmen Need Philosophy" by Leonard Peikoff, "Wall Street Under Siege" by Richard Salsman, "'Buy American' is Un-American" by Harry Binswanger, "The Philosophical Origins of Antitrust" by John Ridpath, and "Antitrust 'Returns' With a Vengeance" by Richard Salsman--a suggestion based on the standards of lucidity, excellent grammar, and emotional impact.
Businessmen Need Philosophy but Don't Know It.......2003-05-02
Business people find themselves under continual assault from government regulations, threats of lawsuits and under-appreciation of their positive role. The media, activists, politicians and even many religious officials cling to the cliché of business people as greedy, selfish or operating at the expense of others. The positive virtues of business people-self-sufficiency, responsibility and investment in the future--often are ignored by those who see business people as exploiters, cash cows for the government, or guinea pigs for government social policies.
Those suffering under the weight of such attacks will find encouragement and articulate arguments on their behalf in Why Businessmen Need Philosophy, a book-collection of essays that champions the free market and individual rights. Published by the Ayn Rand Institute, a free market and individualism advocacy group, the book lays a solid foundation of reasoned argument of how business people in a free economy exemplify the positive principles on which this country was founded.
"Some critics point to the homeless and blame their poverty on greedy private businessmen who exploit the public. Others, such as [economist] John Kenneth Galbraith, say that American are too affluent and too materialistic, and blame greedy private businessmen...," says philosopher and commentator Leonard Peikoff, who forcefully argues against this negative attitude. "Who are the most denounced and vilified men in the country? You are-you, the businessmen."
The book is an exuberant, enthusiastic reaffirmation of the business person as providing the moral and economic foundation to the country. It provides a spirited defense of small and large business, argues the necessity of a foundation of honesty and fair dealing as growing from a free market economy and states the philosophical basis of why no one has a right to take the earnings of another.
The book argues against the welfare state that relies on the false premise that the desire for another's property creates a right to take it. "The (American) system guarantees you the chance to work for what you want-not to be given it without effort by somebody else," Peikoff says. "We are seeing a total abandonment by the intellectuals and the politicians of the moral principles on which the U.S. was founded. The rule now is for politicians to ignore and violate men's actual rights, while arguing about a whole list of rights never dreamed of in this country's founding documents-rights...."
For those weary of overflowing government regulations and laws dictating their professional lives and businesses, and for those working people who need reaffirmation of their vital role in society, this book serves them well.
Awesome reality check.......2002-02-19
This book does a terrific job at showing how one's philosophy will impact one's success (or failure) in business. It also reminds readers that the long term cannot be ignored, or one will fail in the long term.
Its not by Ayn Rand!.......2001-08-18
The front cover says "by Ayn Rand" but look at inside -- most of the essays are not by her. I think she called this secondhandedness.
Book Description
Specific statutory analysis is de-emphasized just long enough to focus students' attention on purpose, so that the detailed statutory and regulatory analysis that follows can be put into context. Chapter titles include Overview of the Partnership Tax Concept; Organization of a Partnership; Operations of a Partnership; Partnership Allocations; Limitations on Partners' Loss Deductions; Sales and Exchanges of Partnership Interests; Operating Distributions; Liquidation of a Partnership Interest; Death of a Partner.
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