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| Introduction | |
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| Acknowledgments | |
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| Meet the REIT | |
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| REITs: What They Are and How They Work | |
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| Types of REITs | |
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| General Investment Characteristics | |
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| Higher Current Returns | |
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| Summary | |
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| REITs versus Competitive Investments | |
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| Bonds | |
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| Convertible Bonds | |
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| Preferred Stocks | |
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| Other High-Yielding Equities | |
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| Other Real Estate Investment Vehicles | |
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| Summary | |
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| Today's REITs | |
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| The First REIT | |
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| The Tax Reform Act of 1986 | |
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| UPREITs and DownREITs | |
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| REIT Modernization Act and RIDEA | |
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| Lending REITs versus Ownership REITs | |
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| Expansion of REIT Property Sector Offerings | |
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| Summary | |
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| Property Sectors and Their Cycles | |
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| Ups and Downs | |
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| Property Sectors | |
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| Summary | |
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| History and Mythology | |
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| REITs: Mysteries and Myths | |
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| Changing Attitudes toward REITs | |
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| Myths about REITs | |
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| Summary | |
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| A History of REITs and REIT Performance | |
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| The 1960s: Infancy | |
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| The 1970s: Adolescence and Turbulence | |
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| The 1980s: Overbuilding-The Troll Under the Bridge | |
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| The 1990s: The Modern REIT Era-Plus More Growing Pains | |
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| 2000 to 2007: Credibility and Market Acceptance | |
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| 2007 through 2010: REITs Survive the Great Recession | |
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| Recent Trends | |
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| Summary | |
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| Investing Intelligently in REITs | |
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| REITs: Growth and Value Creation | |
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| The Significance of FFO and AFFO | |
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| The Dynamics of FFO/AFFO Growth | |
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| Internal Growth | |
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| How to Build Internal Growth into a Lease | |
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| Other Ways to Generate Internal Growth and to Create Shareholder Value | |
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| External Growth | |
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| More External Growth Avenues | |
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| Summary | |
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| Searching for Blue Chips | |
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| Investment Styles | |
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| Growth REITs | |
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| Value or "Turnaround" REITs | |
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| Bond-Proxy REITs | |
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| The Virtues of Blue-Chip REITs | |
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| The Importance of Allocating Capital Wisely | |
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| Summary | |
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| The Quest for Investment Value | |
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| The Investor's Dilemma: Buy-and-Hold versus Trading | |
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| The Buy-and-Hold Strategy | |
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| REIT Stock Valuation | |
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| Valuing REITs as a Group | |
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| Summary | |
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| Building a REIT Portfolio | |
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| How Much of a Good Thing Do You Want? | |
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| Diversification among REITs | |
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| Toward a Well-Balanced Portfolio | |
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| How to Get Started | |
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| Summary | |
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| Investing in Global REITs and Property Companies | |
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| How the U.S. REIT Revolution Spread around the Globe | |
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| Mapping the Size of Global Property Stock Markets | |
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| Managing a Global Real Estate Securities Portfolio | |
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| The Practicalities of Investing Overseas for the Individual Investor | |
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| A Summary: Stocks for All Investment Seasons | |
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| The Long-Term Evidence Supporting Investments in Global Real Estate Securities | |
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| Risks and Future Prospects | |
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| What Can Go Wrong? | |
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| Issues Affecting All REITs | |
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| Problems Affecting Individual REITs | |
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| Summary | |
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| Tea Leaves: Some Thoughts about the Future | |
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| Additional Real Estate Owners Will "REITize" | |
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| Increasing Investor Demand for REITs | |
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| Larger REITs: Is Bigger Really Better? | |
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| Additional New Trends | |
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| So Much More to Come | |
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| Summary | |
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| Death and Taxes | |
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| Case Study: FFO, AFFO, FAD, and CAD | |
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| Cost of Equity Capital | |
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| REIT Portfolio Management | |
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| Largest Global Real Estate Companies as of December 2010 | |
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| Glossary | |
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| About the Author | |
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| About the Contributors | |
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| Index | |