1  Cover

      2  Title Page

      3  Copyright

      4  Dedication

      5  Acknowledgments

      6  A Building Block for REITs

      7  CHAPTER 1: REITs: What They Are and How They Work REITs Are Liquid Assets Types of REITs General Investment Characteristics Higher Current Returns

      8  CHAPTER 2: REITs Versus Competitive Investments Bonds Convertible Bonds Preferred Stocks Other High‐Yielding Equities Other Real Estate Investment Vehicles The Private REIT Phenomenon

      9  CHAPTER 3: REITs over the Decades The Tax Reform Act of 1986 The 1990s: The Modern REIT Era Begins UPREITs and DownREITs REIT Modernization Act, RIDEA, and Capital Recycling The 21st Century (So Far) Lending REITs Versus Ownership REITs

      10  CHAPTER 4: Residential REITs Ups and Downs The Real Estate Cycles Apartments

      11  CHAPTER 5: Retail REITs The Mall Sector Factory Outlet Centers Shopping Centers Nothing but Net Lease

      12  CHAPTER 6: Office, Healthcare, Self‐Storage, and Lodging REITs Office Buildings Healthcare Self‐Storage Hotels/Lodging

      13  CHAPTER 7: Technology REITs Tower REITs Risks

      14  CHAPTER 8: Specialized REITs Gaming Billboards Prisons Timber Farmland (Contributed by David Gladstone) Cannabis

      15  CHAPTER 9: REITs: Mysteries and Myths Myth #1: REITs Are Packages of Real Estate Properties Myth #2: Real Estate Is a High‐Risk Investment Myth #3: Real Estate Is Merely an Inflation Hedge Myth #4: REIT Performance Is Anchored to REIT Property Performance Myth #5: REIT Stocks Are Trading Vehicles

      16  CHAPTER 10: REITs: Growth and Value Creation The Significance of FFO Funds from Operations (FFO) Capital Recycling NOI and IRR

      17  CHAPTER 11: Searching for Blue Chips Growth REITs Value or “Turnaround” REITs The Virtue of Blue‐Chip REITs

      18  CHAPTER 12: Breaking Down the REIT Balance Sheet Debt Ratios Interest Coverage Ratios Debt Maturity Variable‐Rate Debt Secured Debt Conservative