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| Real Estate Investment Trusts: Structure, Performance, and Investment Opportunities (Financial Management Association Survey and Synthesis Series) |
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List Price: $39.99
Our Price: $30.14
You Save: $ 9.85 (25%)
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Manufacturer: Oxford University Press, USA
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Average Customer Rating:  
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Binding: Hardcover
Dewey Decimal Number: 332.63247
EAN: 9780195155341
ISBN: 0195155343
Label: Oxford University Press, USA
Manufacturer: Oxford University Press, USA
Number Of Items: 1
Number Of Pages: 230
Publication Date: 2002-11-07
Publisher: Oxford University Press, USA
Studio: Oxford University Press, USA
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Editorial Reviews:
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The increasing interest in REIT's (Real Estate Investment Trusts) suggests that REIT's are becoming an increasingly important part of investors' diversified portfolios. Real Estate Investment Trusts: Structure, Performance and Investment Opportunities helps investors evaluate REIT's and identify those with the greatest investment potential. It analyzes REIT's and explains the changes that have occurred in the REIT's industry. This book discusses the existing scholarly research on REIT's in a way that will enable managers to improve their investment decisions and the operating performance of their REIT's. This text provides up-to-date original research on REIT's based on the authors' own database, which is the most extensive data base available on Real Estate Investment Trusts. This book is part of the Financial Management Association's Survey and Synthesis Series.
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Customer Rating:
Summary: Must read for REIT investors
Comment: This book provides a whole lot of data and facts and commented on them in a very objective manner. The analysis about various aspects of REIT investment is thorough and cautious. Highly recommended and hope to see an updated version addressing the issues and prospect after 2003. Today's crisis in housing and REIT investment had been mirrored in the one around 1974: nearly all the arguments there apply to today's market.
Customer Rating: 
Summary: Good book for real estate practitioners and lay investors who are interested in REITs
Comment: This book is the most authoritative analysis and synthesis of modern scholarly research on different complicated issues surrounding REITs. No currently available books can examine this investment vehicle as comprehensive and organised as this one.
This book consists of 12 chapters that provide readers with full understanding on how to manage and invest in REITs. Chan et al suggest that REIT stocks are different from real estate investment because investors should judge the value of a REIT stock not only by the assets it holds but also by its organisational structure (traditional vs UPREITs), management style (externally advised vs internally advised REITs), and growth strategy (diversification vs focus). They conclude that equity and mortgage REITs remain an attractive long-term investment vehicles because of their high dividend-payout ratios that generate a more stable income stream when the overall stock market is down and interest rates are low. However, investors should avoid purchasing stocks in the IPO market because the initial-day return of REIT IPOs is far lower than non-REIT stocks. In other words, REIT stocks seldom perform well in the short run.
Chan et al also suggest that REITs with significant investment from institutional investors and adoption of a focused investment strategy will offer more potential opportunities for investors to earn above-average profits. However, they do not recommend investors to buy captive REIT stocks because the sponsor-shareholder conflict will lower the value of the REIT.
This book has its limitation because it was published in 2003. The REIT concept has been becoming very hot in overseas real estate markets, particularly in Europe and Asia. For instance, US REIT players such as GE Capital, ABM, Morgan Stanley, and Goldman Sachs have undertaken active property investments in Japan, China, and Hong Kong. I highly recommend Chan et al to add 1 or 2 chapters on investment strategy in emerging markets and the laws and regulations that circumscribe activities in these markets to their next edition.
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