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 individualsinvestors, financial planners, and investment advisorsand institutions interested in investing in commercial real estate through REIT stocks, Investing in REITs continues to set the bar for REIT information and advice.