Just completed The Intelligent REIT Investor by Brad Thomas. Sorry I didn’t get to it sooner.
Thomas has written a book that combines the thinking of two legendary investors:
1) Ben Graham – author of Security Analysis, The Interpretation of Financial Statements and the Intelligent Investor and the Columbia Business Professor who mentored Warren Buffett, and
2) Ralph L. Block – longtime proponent of REITs (real estate investment trusts) and author of Investing in REITs
Ben Graham revolutionized the investment industry by suggesting long-term investors take a business approach when assessing the value and potential growth of stock and bond securities. For him, that meant paying attention to fundamentals like earnings and earnings growth, purchase price and a number of profitability ratios.
Graham never addressed REITs in his classic investing book because they’re a more recent phenomena (i.e. modern REIT legislation was established in the 1990s).
Henry Block wrote his definitive book on REITS in 2002. In his book, “Investing in REITs,” Block introduced readers to REIT structures, types of REITs (residential, industrial, etc.) and how to decipher the balance sheet (why do we use FFO to gage REIT performance vs. Net Income?). That book was written two decades ago.
Thomas’ book does a wonderful job of combining the wisdom of both these authors and updating readers with more recent trends. Technology has radically changed the nature of home and office properties over the past twenty years and Thomas does a commendable job of leading the reader through the changes.
Highly recommended for real investors.