[.ca] Investing in REITs: Real Estate Investment Trusts (ISBN 1576601935)

REITS are not the low risk investment people seem to think:
I am disturbed by the misconception of some of the review writers concerning REITS. I worked for a REIT for several years, and I can tell you the only ones truly getting their investments worth are the CEO's. There are many scandals involving REITS, including resident lawsuits due to the REITs necessity to turn over populations in order to maximize profit. The REIT I worked for was sleazy and cut corners every chance it got--it was just like ENRON, only it hasn't been "outed" yet as the sleazebag operation it is. There is no "safe" investment. REITS can tank just like any other investment. Do your research before investing.

Good introduction, but...:
While the book serves well as an introduction to the sector, it devotes a mere single chapter, the last, to what could go wrong. What a missed opportunity. The author could have brought the caveats of REIT investing to life by using more real world examples, even some drawn from real world SEC statements. The author spends an inordinate time selling the idea of investing in the sector. My guess is people who reach for this book are already interested or even invested in REITs, and are looking for help in navigating the potential minefields. The book needs a second edition, to bring it more current. Per KPA's 10k, President Clinton signed a new law Dec 99 that allows a REIT to own up to 100% of stock in a taxable subsidary. How does this impact paired share reits? What will be the long term impact of this legislative change on the REIT landscape? A good effort, yet one that can be improved upon.

Good -- but buy the updated second edition released 4/02:
I am the author of "Investing in REITs," and would like to contribute a few comments regarding the new edition of the book that was released in April 2002 (cobalt blue cover) and how it differs from the original (1998) edition. The new edition improves upon the original in two principal ways: First, it provides the reader with a description and commentary regarding several very important events that have occurred in REIT world since 1998. These include the REITs' bear market of 1998-1999 (and subsequent bull market beginning in 2000), the REIT Modernization Act and inclusion of REITs in the Standard & Poor's 500 stock index. Further, all graphs and charts have been updated. Second, the new edition provides commentary on recent REIT industry trends that will affect all REIT investors, including the recent down-cycle in the commercial real estate markets, new changes in REITs' business strategies and a fresh perspective on value creation - as well as value destruction - by REIT organizations. Readers interested in the new 2002 edition of "Investing in REITs" will want to click on the link to "All Editions" of the book, under "Product Details" at this website, and look for the cobalt blue cover. Ralph Block

This book covers all the bases:
Having heard of REITs and noticed their significant investment returns with relatively low risk, I wanted a book that would help me understand as much as possible about REITs. This book came highly regarded from the financial planning community in Northern California, so I decided to read it. It is excellent. The author's long history in following REITs made this book stand out from the rest. It thoroughly covers every topic one could consider when investing in REITs, and not only is it particularly insightful, the author's casual style makes for interesting reading. The book does need a new edition, however, as the REIT world has evolved over the past couple of years.

New, Improved Map of REITville:
Since the original "Investing in REITs" was published in 1998, much has changed in REITville. REITs endured a minor bear market in 1998 and 1999, the Congress passed the REIT Modernization Act of 1999, and the investing public found REITs a profitable place to invest as the rest of market fell away from them in 2000 and 2001. This book is an interesting and enjoyable text as the reader is guided through the history of REITS, property sectors, and a plain math approach to REIT analysis. The author revises the original book to include discussion of recent legislation which changes the amount of income that must distributed to shareholders and the rules which allows REITs to own taxable subsidiaries, and on a recent study that demonstrates the merit of including REITs in every diversified portfolio to provide currrent income, less volitility, and better returns. He also updates his "reading of the tea leaves", where he predicts the future for REITs. "Investing in REITs" is a must read for everyone who wants to know how to build a REIT portfolio.