The Intelligent REIT Investor Guide. Brad Thomas

book provides a valuable resource, giving students the definitions and descriptions they need as we build from there.”

      J. Morris Professor at Georgetown University, founder of REIT Academy

      “Brad Thomas has taken the mystery out of investing in REITs. The Intelligent REIT Investor Guide is a timely and useful guide to navigating this often overlooked asset class.”

      Greg Morillo Managing Partner at Lionbridge Capital, L.P.

“From the basics to how to think about analyzing and investing in REITs, this book offers a valuable perspective for investors of any experience level.”

      Brian Nelson CFA, President of Valuentum Securities, Inc.

      “Brad’s skillful guide to the world of REIT investing is a must‐read for anyone considering sustainable liquid real estate investments. His deep knowledge of commercial real estate combined with the constant study of REITs is a combination producing rich takeaways.”

      Michael Bull CEO of Bull Realty

      “I worked with Brad as a development partner in my firm and have always been awestruck by his creativity and grasp of capital and markets.”

      Ed Kobel President of DeBartolo

      “Brad Thomas is one of the most trusted voices in real estate investing. REIT investors who follow Brad’s research and analysis have benefitted from consistent dividends and long‐term value creation.”

      Brad Watt President and managing partner at Petra Capital Properties

      “There is a reason that Brad Thomas is among the most followed REIT analysts and writers. He harnesses his broad knowledge of the players and familiarity with various real estate businesses to make REIT investing accessible and simple. Brad has long believed that REIT investing is foundational to creating a solid personal long‐term stock portfolio. This book shows you why.”

      Christopher VolkCofounder and Executive Chairman of STORE Capital

      “I believe in and follow Brad Thomas, my go‐to for REIT investing knowledge.”

      Prince Dykes Veteran, host of The Investor Show, and author of the Wesley Learns book series

“Brad Thomas has been guiding REIT investors through many economic cycles. His common‐sense, bottom‐up approach identifies the financial, operational, and strategic characteristics that separate winners and losers over the long term. This book is an essential overview for anyone looking for the tools for success investing in REITs.”

      Paul E. Adornato CFA and veteran REIT analyst

The Intelligent REIT Investor Guide

      HOW TO SLEEP WELL AT NIGHT WITH SAFE AND RELIABLE DIVIDEND INCOME

       Brad Thomas

Copyright © 2021 by John Wiley & Sons, Inc. All rights reserved.

      Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

      Published simultaneously in Canada.

      No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per‐copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750‐8400, fax (978) 750‐4470, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748‐6011, fax (201) 748‐6008, or online at http://www.wiley.com/go/permissions.

      Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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       Library of Congress Cataloging‐in‐Publication Data

      Names: Thomas, R. Brad, 1966‐ author.

      Title: The intelligent REIT investor guide : how to sleep well at night with safe and reliable dividend income / Brad Thomas.

      Description: Hoboken, New Jersey : Wiley, [2021] | Includes index.

      Identifiers: LCCN 2021020641 (print) | LCCN 2021020642 (ebook) | ISBN 9781119750307 (cloth) | ISBN 9781119750352 (adobe pdf) | ISBN 9781119750376 (epub)

      Subjects: LCSH: Real estate investment trusts. | Dividends.

      Classification: LCC HG5095 .T46 2021 (print) | LCC HG5095 (ebook) | DDC 332.63/247—dc23

      LC record available at https://lccn.loc.gov/2021020641

      LC ebook record available at https://lccn.loc.gov/2021020642

      Cover images: Front: © LRuthven/Getty Images; Back: © Domin_Domin/Getty Images

      Cover design: Tony Merola

       In many ways, my love of REITs can be correlated to my love for my five kids. That's why I dedicate this book to Lauren, Lexy, Nicholas, Riley, and A.J. They're always worth investing in.

       “The true investor will do better if he forgets about the stock market and pays attention to his dividend returns and to the operation results of his companies.”

      – Benjamin Graham

Acknowledgments

      Anyone who's written a book recognizes the time, energy, and effort it takes to turn an idea into a finished product. In bringing The Intelligent REIT Investor Guide to fruition, it took an army of individuals; and I'm honored and blessed to have collaborated with all of them.

      Most importantly, I want to acknowledge my family for being patient and understanding in support of this project. It took me over eight months to complete the book, and that means spending almost every weekend away from home.

      A very special thank you is in order for my editor, Jeannette DiLouie. She is an amazing and gifted professional, and I'm honored to have her on the Wide Moat Research team. I also want to thank other WMR teammates, such as Noah Blacker, Tony Merola, Stephen Hester, and Frances Popp, who were all helpful in the creation of