Stephanie Krewson-Kelly - Educated REIT Investing: The Ultimate Guide to Understanding and Investing in Real Estate Investment Trusts

1. Chapter 1
2. Chapter 2
3. Chapter 4
4. Chapter 5
5. Chapter 6
6. Chapter 7
7. Chapter 8
8. Chapter 10
9. Chapter 11
10. Conclusion
11. Appendix C

1. Chapter 2
2. Chapter 3
3. Chapter 4
4. Chapter 7
5. Chapter 8
6. Chapter 9
7. Chapter 10
8. Chapter 11

Stephanie Krewson-Kelly

Glenn R. Mueller, Ph.D.

2021 by Stephanie Krewson-Kelly, . All rights reserved.
Glenn R. Mueller, Ph.D., . All rights reserved.
Calvin Schnure, . All rights reserved.
Merrie S. Frankel and Glenn R. Mueller, Ph.D., . All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data:

Names: Krewson-Kelly, Stephanie, author. | Mueller, Glenn R., author.
Title: Educated REIT investing : the ultimate guide to understanding and investing in real estate investment trusts / Stephanie Krewson-Kelly, Glenn R. Mueller, Ph.D.
Description: Hoboken, New Jersey : John Wiley & Sons, Inc., [2021] | Includes index.
Identifiers: LCCN 2020025486 (print) | LCCN 2020025487 (ebook) | ISBN 9781119708698 (cloth) | ISBN 9781119709046 (adobe pdf) | ISBN 9781119708711 (epub)
Subjects: LCSH: Real estate investment trusts. | Investments.
Classification: LCC HG5095 .K7378 2021 (print) | LCC HG5095 (ebook) | DDC 332.63/247dc23
LC record available at https://lccn.loc.gov/2020025486
LC ebook record available at https://lccn.loc.gov/2020025487

Cover Design: Wiley
Cover Images: 3d building jl661227/Shutterstock, cycle chart curve graphic courtesy of Glenn Mueller

To my son, William, and my husband, Matthew. Thank you for indulging my passion for The Three R's: reading, writing, and REITs!

______

To Jan for loving and living with your type A husband these last 44 years.

Steven A. Wechsler

Nareit President & CEO

REITs were established by Congress in 1960 to make commercial real estate investment once available only to the wealthy and large institutions accessible to all investors. Today, more than 87 million Americans invest in REITs through their 401(k) or other retirement funds.

Even though REITs have grown to become an essential part of the investment universe with an equity market capitalization of approximately $1 trillion, there is room for greater understanding of all that REITs have to offer. Enter Educated REIT Investing, which makes the REIT approach to real estate investment easily understandable to investors of all sizes and experience levels.

Stephanie Krewson-Kelly, Glenn Mueller, and their contributors have written a book that delivers a comprehensive window into REIT investment, sharing their insights on everything from how REITs are formed to the fundamentals of REIT stock analysis.

Educated REIT Investing explains the benefits of investing in REITs, including the important roles REIT stocks can play in addressing volatility and boosting the performance of investment portfolios. Importantly, the book also introduces readers to the broad spectrum of REIT market segments, explains their business models, and sheds light on their performance in various market conditions.

I have known Stephanie and Glenn for many years, and they are both well equipped to make the case for REITs and REIT investment. Stephanie brings her experience heading investor relations at Corporate Office Properties Trust, a major NYSE-traded office REIT, coupled with her earlier roles as a well-regarded investment banker and REIT analyst.

Glenn is a longstanding member of Nareit's Real Estate Investment Advisory Council who has more than 40 years of real estate industry experience. He is internationally recognized for his Real Estate Market Cycle research and REIT research, his public and private market investment strategies, and his capital markets analysis.

I recommend this book to anyone looking to better understand REITs and real estate investment. Investors new to REITs can read it in its entirety and come away with a comprehensive introduction to REITs, while more experienced investors can also dive into the book for greater understanding of specific topics.

Many investors are unfamiliar with equity REITs the world's largest real estate companies that own income producing properties, such as office, industrial warehouse, retail, apartment or hotel buildings or with mortgage REITs, which invest in real estate-based (mortgage) loans.

The legislation that created the REIT structure was enacted by the US Congress in 1960 to allow small investors access to large multi-million-dollar and now even billion-dollar properties. In 2016, Standard & Poor's Dow Jones Indices (S&P) and MSCI Inc. (MSCI) created a new Global Industry Classification Standard (GICS) sector called Real Estate. Historically, REITs were classified in the Financials sector, but S&P and MSCI determined that real estate should be regarded as a distinct asset class one that is different from banks and financial institutions. (Note mortgage REITs remained in S&P's