REITs: Building Profits with Real Estate Investment Trusts »

JOHN A. MULLANEY has spent much of his career in the investment industry evaluating and managing real estate investments. He was previously employed as an assistant vice president for Integrated Resources Equity Corporation, a subsidiary of one of the top real estate syndicators during the 1980s, and as a vice president for MML Investor Services, a subsidiary of Mass Mutual Insurance Company. In both positions, Mullaney was responsible for evaluating and marketing private placement and publicly registered real estate investments. He also served as President of U.S. Boston Asset Management Corporation, where he managed a $70 million real estate portfolio and evaluated potential real estate investment opportunities for U.S. Boston Corporation. Mr. Mullaney has an MBA from the University of Denver and an undergraduate degree in business administration from Providence College. He currently resides in Denver, Colorado, where he heads his own firm providing research and consulting services on real estate investment trusts.

Real estate is back, and it’s back big. Today the hot, new investment opportunity is REITs—real estate investment trusts. Attracting investors in record numbers, REITs have recorded historical growth this decade. From a stock market value of less than $9 billion, the industry has grown to over $100 billion. It is now more diversified than ever, with over 200 publicly traded REITs—double the number that existed in 1992. In REITs: Building Profits with Real Estate Investment Trusts, John Mullaney, who has spent a career evaluating and managing real estate investments, offers a timely and comprehensive introduction to this increasingly popular investment opportunity. Along with a complete review of the different types of REITs and the various property sectors in which they invest, Mullaney provides a detailed look at the major REITs in each segment of the industry, their investment strategies, and their track records. Originally authorized by Congress in 1960, REITs gained new prominence starting in 1991 when Kimco Realty, a private real estate company, decided to go public. Since then, more than 100 private real estate companies have taken the same path. The result is that there are now more investment options in the REIT industry than ever before. To help you navigate your way in the REIT marketplace, REITs: Building Profits with Real Estate Investment Trusts examines all aspects of REITs to give you the necessary tools and know-how to select the REITs that meet your individual investment needs. Included is information on:

• What to look for in REITs—and what to avoid
• Finding the best-performing REITs
• The risks and benefits of different types of REITs
• The key differences between REITs and limited partnerships
• Mutual funds that specialize in real estate investments
• The future of the REIT industry

Vital information, practical guidance, and a wealth of sound advice make REITs: Building Profits with Real Estate Investment Trusts an indispensable resource for all looking to enter this rapidly expanding and potentially lucrative marketplace.

	Introduction
Ch. 1	What Are REITs?	1
Ch. 2	Past to Present	9
Ch. 3	Running a REIT the Right Way	19
Ch. 4	The Real Estate Marketplace	25
Ch. 5	Multifamily Residential	37
Ch. 6	Manufactured Housing	67
Ch. 7	Retail Properties	75
Ch. 8	Office/Industrial Properties	119
Ch. 9	Triple Net Lease Investments	153
Ch. 10	Self-Storage Centers	161
Ch. 11	Health Care	171
Ch. 12	The Lodging Industry	189
Ch. 13	Mortgage REITs	207
Ch. 14	Miscellaneous REITs	221
Ch. 15	Diversified REITs	225
Ch. 16	The Price Is Right	239
Ch. 17	The Track Record of the REIT Industry	249
Ch. 18	Finding the Right REIT for You	255
Ch. 19	Making the Investment	263
Ch. 20	The Future	275
	Endnotes	279
	Index	285