Educated REIT Investing (eBook)

STEPHANIE KREWSON-KELLY is the Vice President of Investor Relations at Corporate Office Properties Trust (NYSE: OFC). Her career in the REIT industry began in 1994 and includes work in investment banking, as a sell-side analyst, and as an internationally published author. She also serves as an adjunct professor at the University of Denver, Franklin L. Burns School of Real Estate and Construction Management, and as a board member of the James A. Graaskamp Center for Real Estate Applied REIT program at the Wisconsin School of Business. GLENN R. MUELLER, PHD, is a professor at the University of Denver, Franklin L. Burns School of Real Estate and Construction Management as well as a Real Estate Investment Strategist at Black Creek Group. He has 44 years of real estate experience as a builder, developer, lender, and institutional real estate researcher. His Real Estate Market Cycle research is internationally known as well as his award-winning investment strategy and REIT research.

Foreword ix

Preface xi

Acknowledgments xv

About the Authors xvii

Part I An Introduction to REITs 1

Chapter 1 What is a REIT? 3

Chapter 2 Benefits of Investing in REITs 25

Chapter 3 Real Estate Fundamentals 37

Chapter 4 REIT Dividends 49

Chapter 5 Leases 65

Chapter 6 REITs by Property Type 79

Chapter 7 Mortgage REITs 109

Part II Investing in REITs 125

Chapter 8 Getting Technical 127

Chapter 9 Real Estate Debt and Fixed Income Securities 147

Chapter 10 REIT Performance in Various Market Conditions 159

Chapter 11 Analyzing REITs 185

Conclusion 227

Appendix A REITs Listed Alphabetically by Company Name 233

Appendix B REITs Listed Alphabetically by Ticker Symbol 241

Appendix C REITs by Sector 249

Glossary 263

Index 273