Reits Quotes

I’ll do anything to make you happy because you’reit for me. There isn’t anyone else in the universe that can make me feel the way you do. You’re my crazy other half, the one that drives me insane when you’re not around. The one I can’t live without, nor would I ever want to. You’re worth fighting, dying and killing for.

But how could you know the limits of your courage if you never put it to the test?

From an asset-allocation perspective, when we talk about diversification, we're talking about investing in multiple asset classes. There are six that I think are really important and they are US stocks, US Treasury bonds, US Treasure inflation-protected securities [TIPS], foreign developed equities, foreign emerging-market equities and real estate investment trusts [REITS]. p473

Det er ulike typer eiendomsinvesteringer som nye investorer krever å sette pris på: Kommersiell fast eiendom, bolig, eiendomsmegling, eiendomsmegling, eiendomsmegling, REITs, boliglån og salg / leaseback-transaksjoner. Hver har sine egne fordeler og ulemper.

REIT stands for a Real Estate Investment Trust.

30 percent—Domestic equities: US stock funds, including small-, mid-, and large-cap stocks 15 percent—Developed-world international equities: funds from developed foreign countries, including the United Kingdom, Germany, and France 5 percent—Emerging-market equities: funds from developing foreign countries, such as China, India, and Brazil. These are riskier than developed-world equities, so don’t go off buying these to fill 95 percent of your portfolio. 20 percent—Real estate investment trusts: also known as REITs. REITs invest in mortgages and residential and commercial real estate, both domestically and internationally. 15 percent—Government bonds: fixed-interest US securities, which provide predictable income and balance risk in your portfolio. As an asset class, bonds generally return less than stocks. 15 percent—Treasury inflation-protected securities: also known as TIPS, these treasury notes protect against inflation. Eventually you’ll want to own these, but they’d be the last ones I’d get after investing in all the better-returning options first.

There’s no real definition of a shadow bank, but a shadow bank is basically a financial institution that performs banking functions. A shadow bank can be anything from an REIT (Real Estate Investment Trust) to a mortgage finance company to a hedge fund to a broker-dealer. Think of what banks do. In the simplest terms, a bank takes in deposits and makes mortgage loans. The mortgage loans are the bank’s investments. The deposits are the bank’s funding. Anyone with a savings or checking account is lending money to a bank. The bank borrows money from the depositors and loans money to the homeowners. Mortgage REITs are a great example of shadow banking. The REIT buys mortgage-backed securities (MBSs) and borrows money to finance the purchases in the Repo market. The mortgage-backed securities are just like a bank writing a mortgage loan, except they’re a security, and the Repo transactions are just like the deposits. But the REIT is not a bank. It’s a shadow bank.

Now, picture a bank that’s financing CDOs for a hedge fund through Repo transactions. Suppose the floor dropped-out from under the CDO market, like it did in 2007, and the bank issued a margin call to the hedge fund. Suppose the hedge fund told the bank, “We will give you your cash as soon as we sell some CDOs. Maybe next week.” That doesn’t work. But the Repo counterparty has an out. No need to wait. Once there is technically a default or bankruptcy, the bank can take over the hedge fund’s positions and liquidate them. Then they cross their fingers that they had taken enough margin to cover the losses on the forced sale! That brings up a good question. Why are there runs on banks and shadow banks? The question is easily answered when you look at what banks and shadow banks have in common. They lend long and borrow short. It’s the age-old business model flaw of the banking system. They are lending money long-term and borrowing money short-term. A bank writes a 30-year mortgage loan to a homeowner and borrows money from their depositors to cover the loan. Remember, the depositors can show up any day and withdraw their money. Unfortunately, this same bank business model flaw extends to the shadow banks. They also lend long and borrow short. Just like a bank, a REIT’s MBS portfolio might have an average weighted maturity of, say, seven years.

Following the 4 Percent Rule still gives you a 5 percent chance of running out of money, due to a phenomenon known as sequence-of-return risk. Your backup plan is to use the Cash Cushion and the Yield Shield. Cash Cushion: A reserve fund held in a savings account that you can use to avoid doing a full portfolio withdrawal during down years. Yield Shield: A combination of dividends and interest being paid by your ETFs that is delivered as cash without selling any assets. The Yield Shield can be raised by pivoting some of your assets into higher-yielding assets, such as . . . Preferred shares Real estate investment trusts (REITs) Corporate bonds Dividend stocks The size of the Cash Cushion is determined using the following formula: Cash Cushion = (Annual Spending − Annual Yield) × Number of Years

There's a saying on Wall Street that certain investments are sold, not bought, in that they require a salesman to push them on a willing investor rather than the buyer actively seeking them out. This would certainly apply to non-traded REITS. Because the first question any investor, or for that matter well-intentioned advisor, should ask before considering non-traded REITs is how the sector is likely to perform going forward. Asset allocation, the choice of how much an investor should put in stocks, investment grade bonds, REITs, high-yield bonds, commodities, or any other asset class generally drives 80% to 90% of the investor's overall return.

20% Wilshire 5000 Total Mkt TR USD 20% FTSE NAREIT All REITs TR 20% MSCI ACWI Ex USA GR USD 15% Barclays US Long Credit TR USD 15% Barclays US Treasury US TIPS TR USD 10% MSCI EM PR USD

There are six that I think are really important and they are US stocks, US Treasury bonds, US Treasury inflation-protected securities [TIPS], foreign developed equities, foreign emerging-market equities, and real estate investment trusts [REITs].

The 70 percent rule is a guideline to help real estate investors make the best deals. According to this rule, the purchase price shouldn’t be more than 70 percent of the after-repair value (ARV, how much the house should sell for after all the repairs are made) minus the total cost of those repairs.

A thorough flip budget includes: • Investment property purchase price and settlement costs • Loan costs (such as application fees, points, and lifetime interest) • Repair and renovation costs (based on estimates from experienced contractors) • Inspection fees • Staging costs • Selling costs (including real estate agent commission and other closing costs) • Professional fees • Insurance • Property and school taxes • Utilities • Income tax provisions

When you’re ready to sell your rental property, you may be in for a very large windfall. That could produce a substantial tax bill, unless you take some steps to reduce that tax burden. There are three main ways to do that with rental properties: • Sell off some losing assets (like stocks that have plummeted) to offset the gain • Structure a special deal called a 1031 exchange • Turn the property into your primary residence for a couple of years before you sell

For example, let’s say you bought a rental house five years ago for $300,000 and rented it for three years. When your tenant moved out, you and your spouse moved in and stayed there for two years. You just sold the house for $400,000, a $100,000 capital gain. You can exclude two-fifths of that gain ($40,000) from taxes.

If you owned the house for one year or less, gains get taxed at ordinary rates (which range as high as 37 percent). If you’ve held the asset for more than a year, capital gains rates kick in (0 percent, 15 percent, or 20 percent depending on your overall income level).

When your asset counts as an investment, it’s not subject to self-employment (Medicare and Social Security) taxes of 15.3 percent, which comes on top of ordinary income taxes.

flipping business counts as a business for tax purposes (even if you’re just doing it as a side gig). All of your profits will be taxed at ordinary rates and be subject to self-employment taxes.

What would make the IRS consider you a dealer instead of an investor? • You’ve flipped multiple homes during the year. • Most of your work time is spent on flipping homes. • A large percentage of your income is earned flipping houses. • Your house-flipping business is active. You may have noticed that those factors are vague; that’s not an accident. The IRS hasn’t published specific guidelines, so it’s possible to fight dealer classification (especially if you have an experienced tax accountant). Remember, under the current tax law dealers may get to use the 20 percent deduction, which could result in a lower tax bill.

The basic premise of 1031 exchanges is the asset swap: you’re essentially trading one asset for another. To qualify here, the assets have to be real estate and be “like-kind.” Here are some examples of real estate assets that you could swap and benefit from the 1031 rules: • Single-family rental property • Multi-family rental property • Apartment building • Office building • Strip mall • Self-storage facility • Hotel • Raw land

Publicly traded residential mREITs include: • Ellington Residential Mortgage REIT, trading as EARN and yielding 12.30 percent • Armour Residential REIT, trading as ARR and yielding 10.39 percent • Capstead Mortgage Corporation, trading as CMO and yielding 6.64 percent As with all investments, higher returns are associated with higher risk levels, so don’t judge REITs based solely on their current yields.

Many real estate investing clubs assign roles to members based on their personal background and abilities. Those responsibilities could include: • Keeping club records • Bookkeeping and taxes • Property maintenance • Tenant management • Member communications • Scheduling meetings • Representing the club at closings • Researching potential investments By keeping these jobs “in-house,” the club can direct more funds toward building its real estate portfolio or increasing equity.

To qualify as an accredited investor, you must have earned at least $200,000 a year ($300,000 for a married couple) for the past two years and reasonably expect that level of income to continue or have a net worth of at least $1 million (on your own or joint with your spouse) not including your primary residence.

The semi-liquid status of interval funds also works as a protection for shareholders. When investors hear bad news about a stock, they panic and a massive sell-off follows, which sends the share price down to dirt cheap levels. That can’t happen with interval fund shares because they can’t be sold at will.

When a fund manager doesn’t have to constantly worry about having enough cash or liquid assets on hand to meet constant redemptions (as is the case with regular mutual funds), she can take a long-term view. That lets her buy alternative assets like commercial real estate, real estate debt, and shares in high-end private investment funds.

Then come the fees: virtually all interval funds charge a sales fee (or “front-end load”) when you buy shares, and those fees typically hover around 5.25 percent. So if you invested $1,000 in a real estate interval fund, you only end up buying $947.50 worth of shares (and paying a sales charge of $52.50). With most funds, you’ll also pay a redemption fee (usually around 2 percent) when you sell your shares. Interval funds also charge more in ongoing fees than managed mutual funds (and substantially more than ultra-low fee index funds). The ongoing expense ratios range from about 2.25 percent to more than 5 percent annually. So for every $1,000 you have invested, you could pay more than $50 in annual fees.

Real estate notes offer the promise of steady high returns, usually between 5 percent and 9 percent. But like any other investment, not all real estate notes pan out. You can minimize your risk (especially when just starting out) by looking for notes that are: • Senior: first mortgages come first in the pecking order should the borrower default • Performing: notes that are currently and regularly being paid down • Seasoned: older notes that come with a borrower payment track record, so you can see whether someone is actually making regular payments

The four main factors you’ll want to investigate are: 1. Borrower’s credit: Look for whether they’re paying their bills regularly and on time, how much debt they have in relation to their income (the debt-to-income ratio, or DTI), and the status of the senior lien. 2. Borrower’s payment history: The longer someone has been making mortgage payments, the more likely they are to keep doing so; it demonstrates their commitment to the property. 3. Fair market value (FMV): Find the current FMV of the property, as it affects the equity (ownership stake) in the property; if the property has declined substantially, you may not be able to recover your investment if the borrower defaults. 4. Location: With real estate debt, geography matters for several reasons including state foreclosure laws, local demographics (which can affect future property values), and area economy.

MBS are bonds that use pools of mortgages for collateral. The bond issuer buys up thousands of mortgages, and then repackages them into bonds. As payments are made on the mortgages, the bond issuer passes those payments through to the bondholders (minus their fee, of course). That’s why MBS are considered to be “pass-through securities.

The three main players in the MBS market are: • Government National Mortgage Association, or GNMA (pronounced “Ginnie Mae”), is backed by a federal agency and guarantees mortgage payments on loans issued through federal loan programs (like the VA and the FHA). Unlike other MBS, bonds guaranteed by GNMA are backed by the full faith and credit of the US government, just like Treasury bonds. • Federal National Mortgage Association, or FNMA (“Fannie Mae”), is a private corporation that buys mortgages from large commercial banks, repackages them into bonds, and sells those bonds to investors. FNMA is not backed by the federal government (even though the government created it), so these bonds carry higher credit risk (the risk that you won’t get your money back). • Federal Home Loan Mortgage Corporation, or FHLMC (commonly called “Freddie Mac”), works almost the same way as FNMA. It buys up mortgages from smaller lenders, like savings and loan banks or credit unions, then packages them to create MBS. Freddie Mac bonds are not backed by the US government.

MBS face all of the regular risks (changing interest rates, for example) linked to bonds and other fixed-income securities, and two that are unique to them. These special risks are tied to the underlying mortgages: homeowners could default (stop making payments, substantially more likely with private-label MBS) or pay off their loans early, either of which would affect investor yield and cash flows.

MBS can be harder to buy and sell than other types of bonds, as they’re bought mainly by institutional investors. Many MBS are issued and sold in large denominations (like $25,000 minimums), but some are issued at $1,000 (like most other types of bonds). You can trade MBS through specialty bond brokers, which you can find at most major brokerages (like Charles Schwab or Merrill Edge). The easiest way to invest in MBS is through specialty mutual funds or ETFs. Though technically MBS are not fixed-income investments (because the payments can vary monthly), they’re usually included in that category (because they’re bonds).

Buying an investment property in a country you want to visit extensively or live in gives you a double helping of benefits. Through rent and property appreciation, your global getaway pays for itself and provides pre-relocating cash flow. Then, when you’re ready to be there, you already have a substantial holding and history in the country.

Solid global real estate ETFs include: • Vanguard Global ex-US Real Estate ETF (VNQI) • WisdomTree Global ex-US Real Estate Fund (DRW) • iShares International Developed Real Estate ETF (IFGL)

To simplify your foreign property purchase, work with an experienced international broker, a real estate company with offices around the world. Two of the most prominent international real estate firms include Sotheby’s International Realty and Christie’s International Real Estate.

The most common certifications include: • LEED (Leadership in Energy and Environmental Design), an internationally recognized green building rating and certification system • HERS (Home Energy Rating System), a nationally recognized rater of a building’s energy efficiency • Energy Star, a US government-backed symbol for energy-efficient products

To get in on the green real estate trend without holding properties, look at REITs like: • Camden Property Trust (CPT) • Prologis (PLD) • Digital Realty Trust (DLR) • Macerich (MAC)

One common complaint among real estate investors is the lack of liquidity, especially with direct or unlisted property investments. Blockchain tokens bring liquidity to real estate investments, because they can be more easily traded on secondary markets, rather than having to wait for a building to be sold to cash out.

There’s a special tax provision called Section 179 that lets business owners deduct 100 percent of the cost of personal property (such as desks and computers) in the year it was bought instead of having to depreciate it over time. In the past, rental property owners weren’t allowed to use this provision for personal property (such as appliances, carpets, and furniture) in their rental units. The Tax Cuts and Jobs Act (TCJA) removed that restriction, and now landlords can take full advantage of Section 179 deductions, up to a total of $1 million (but the deduction can’t create a net loss).

The TCJA also offers an added “bonus depreciation.” Before TCJA, business owners were limited to bonus depreciation of up to 50 percent of the cost of a new asset in the year it was purchased. Now bonus depreciation has been expanded to 100 percent and can be used for existing assets as well. I know it sounds like Section 179 and bonus depreciation are the same, but they have two very important differences: there’s no annual limit on bonus depreciation (unlike the $1 million limit under Section 179), and bonus depreciation is not limited to the profits (meaning it can create a net loss). These deductions can be tricky to maneuver, so talk to a pro.

The TCJA created a tax treasure for pass-through business owners, such as landlords set up as sole proprietorships, LLCs, and partnerships. Any profits earned through the rental properties get “passed through” to your personal income tax return. If your rental properties qualify as a business for tax purposes—and they almost always do when you actively participate in the business—the new tax law lets you deduct 20 percent of your net rental income from your taxable income. That can translate into huge tax savings, freeing up more money so you can beef up your investments or pay down some debt.

Landlords need to keep track of ongoing rental income and expenses along with anything that changes the cost basis of their property. The easiest way to do that: QuickBooks. It’s simple to set up and use, and provides all the information your accountant (or your tax software) will need at the end of the year.

Unlike the house you live in, practically every expense attached to your rental property counts as a deductible business expense for tax purposes. Expenses to deduct include: • Mortgage interest • Property taxes • Insurance • Homeowners association dues • Advertising (to fill a vacancy) • Utilities • Repairs and maintenance • Pest control • Landscaping • Trash pickup • Depreciation What doesn’t count as an expense? Any major repairs or renovations you perform count as capital expenditures that get added to the cost basis of the property, effectively reducing your taxable income when you eventually sell.

Depreciation gets special IRS attention, and requires Form 4562. To fill out this form (whether you’re doing it with DIY software or providing info to your accountant), you’ll need to know the basis of your rental property. The basis for depreciation is different than the overall basis because land does not get depreciated, and may change over time if you make improvements to the property. To get started you’ll need to know: • The original purchase price of the property • The list of closing costs (most closing costs get added to the basis) • Land value, which you can find on the most recent property tax assessment paperwork • Additions or improvements you made that will add value for more than one year (think replaced roof, not repainted rooms) • The date the property was “placed in service,” meaning made available for rent The

Also, as you’ll soon learn, there are some great ways to invest in real estate—like first trust deeds, REITs (real estate investment trusts), senior housing, income-producing properties, and so on.

The highest-risk investments include: Futures Commodities Limited partnerships Collectibles Rental real estate Penny stocks (stocks that cost less than $5 per share) Speculative stocks (such as stock in new companies) Foreign stocks from volatile nations “Junk” (or high-yield corporate) bonds Moderate-risk investments include: Growth stocks (companies that reinvest most of their profits to grow the business) Corporate bonds with lower (but still investment-grade) ratings Mutual funds or exchange-traded funds (ETFs) Real estate investment trusts (REITs) Blue chip stocks Limited-risk investments include: Top-rated investment-grade corporate and municipal bonds The lowest-risk investments include: Treasury bills and bonds FDIC-insured bank CDs (certificates of deposit) Money market funds Practicing

Equity Office was the largest REIT in the country. We had spent a decade acquiring an irreplaceable collection of over five hundred of the best office buildings in every major market in the U.S. It was my baby. Truth is, had I kept the company private, I probably would have never considered selling. But when I took EOP public, I assumed a fiduciary responsibility to shareholders. In exchange for their capital, I made a commitment to give them the best return possible on their investment. That was my primary obligation. Nothing stood before that.

Discover Sortis, your partner in financial growth. With our Sortis Income Fund, you can secure stable, high-yielding returns without the use of leverage. Explore real estate investments through Sortis REIT, offering cash flow, long-term appreciation, and a hedge against inflation, all in a tax-advantageous manner. Uncover the potential of Opportunity Zones with the Sortis Opportunity Zone Fund, and navigate distressed opportunities with the Sortis Rescue Fund. Stay informed with our latest news and insights on how we generate solid returns in diverse sectors.

Yet so many investors do this with stocks because they view them as mere numbers on a screen. By engaging in such short-term behavior, you increase your likelihood of making poor decisions. Market timing is also not as easy as

stocks

The five major domestic asset classes you should use are: large market, small market, large value, small value, REITs.

REITs. Real Estate Investment Trusts, or REITs (pronounced “reets”), are companies that own and collect rent from commercial and residential properties.10 Bundled into real-estate mutual funds, REITs do a decent job of combating inflation. The best choice is Vanguard REIT Index Fund; other relatively low-cost choices include Cohen & Steers Realty Shares, Columbia Real Estate Equity Fund, and Fidelity Real Estate Investment Fund.11 While a REIT fund is unlikely to be a foolproof inflation-fighter, in the long run it should give you some defense against the erosion of purchasing power without hampering your overall returns. TIPS. Treasury Inflation-Protected Securities, or TIPS, are U.S. government bonds, first issued in 1997, that automatically go up in value when inflation rises. Because the full faith and credit of the United States

20% US Total Stock Index 20% Developed (Foreign) Markets Index 20% US REIT Index (Real Estate) 15% Long-term US Treasuries Index 15% US TIPS Index (Treasury inflation-protected) 10% Emerging Markets Stock Index

33% US Total Bond Index 27% US Total Stock Index 14% Developed (Foreign) Markets Index 14% Emerging Markets Stock Index 12% US REIT Index (Real Estate)

protected securities [TIPS], foreign developed equities, foreign emerging-market equities, and real estate investment trusts [REITs].

Every cycle has four phases: expansion, peak, contraction, and trough.

Baby boomers own about 40 percent of homes in the US; that could lead to a sell-off of larger family homes as they downsize to maintenance-friendly condo-style properties, increasing the number of single-family homes for sale. More homes on the market could lead to a sharp decline in home prices—bad for homeowners but a benefit for real estate investors looking to snap up residential properties.

The first and most important rule of physical real estate investing—meaning you buy property—is to never purchase property in your own name.

In order for this strategy to work the way it’s supposed to, you have to keep business and personal finances completely separate.

One clue to a good rental market: properties being snatched up for cash, which indicates investors. You can do a search at the local courthouse (part of the public record) to find out whether homes in the area have been selling for cash.

Eleven Questions to Ask During your interview with any prospective property manager, make sure to cover all of these key questions: 1. How long have you been managing properties? 2. What types of properties do you manage? 3. What licenses and certifications do you hold? 4. Do you have a thorough understanding of landlord-tenant law, including fair housing practices, eviction procedures, and safety codes? 5. How long does it typically take you to fill a vacancy? 6. How do you vet prospective tenants? 7. How many tenants have you evicted in the past six months? 8. What services do you provide? 9. What are your fees and how are they charged? 10. Where are the property funds held and how are they handled? 11. How often do you perform property inspections and do preventive maintenance?

At the very least, you’ll want to find a lawyer, an accountant, and a handyman (yes, even if you’re using a property

Your attorney can also help: • Set up your holding company correctly • Draft leases • Deal with property closings and title issues • Navigate federal, state, and local laws • Review and revise the property management contract

Your CPA can help you: • Create a property budget • Deal with estimated tax payments • Set up and manage retirement accounts • Analyze complicated financing options • Handle all the tax returns

Real Estate Investment Trusts, or REITs (pronounced “reets”), are companies that own and collect rent from commercial and residential properties.10 Bundled into real-estate mutual funds, REITs do a decent job of combating inflation. The best choice is Vanguard REIT Index Fund; other relatively low-cost choices include Cohen & Steers Realty Shares, Columbia Real Estate Equity Fund, and Fidelity Real Estate Investment Fund.11 While a REIT fund is unlikely to be a foolproof inflation-fighter, in the long run it should give you some defense against the erosion of purchasing power without hampering your overall returns.

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From a strictly investment perspective, commercial real estate has several benefits over residential real estate: • More stable cash flow • Longer leases (usually five to ten years) • More opportunity for cash flow (more rental units than even a multi-family home) • Economies of scale (lower per-unit costs, like buying in bulk)

You can see how the stock price has performed over a variety of periods, the company’s earnings per share (EPS), how earnings compare to the stock price (the P/E, or price-to-earnings ratio), historical dividend payments, and much more.

Examples of real estate mutual funds include: • Fidelity Real Estate Investment Portfolio (FRESX), a managed fund (so expect a higher expense ratio) that selects REITs with high-quality properties (mainly commercial and industrial) • Cohen & Steers Realty Shares (CSRSX), a managed fund that holds a targeted portfolio of forty to sixty commercial REITs • Vanguard Real Estate Index Fund Admiral Shares (VGSLX), a low-cost index fund that tracks a key REIT benchmark index (called the MSCI US Investable Market Real Estate 25/50 Index) • Cohen & Steers Quality Income Realty Fund (RQI), a closed-end fund that holds a variety of high-income-producing commercial REITs and real estate–related stocks

• Loads are sales charges that kick in when you buy (front-end load) or sell (back-end load) open-end mutual fund shares. • Expense ratio refers to ongoing fees for the fund, which range from 0.09 percent to more than 3 percent; lower fees are associated with index funds, higher fees with managed funds. • Minimum investment requirement for open-end funds typically ranges from $500 to $3,000 for the initial investment only. • NAV (net asset value) equals the total current value of all assets held by the fund minus any outstanding liabilities divided by the total number of outstanding shares [(assets – liabilities)/shares].

REIT ETFs can cover a broad market (like all equity REITs) or a narrow slice (like hotel REITs). Examples of real estate ETFs include: • Vanguard Real Estate ETF (VNQ), which follows the MSCI US Investable Market Real Estate 25/50 Index (a broad REIT index) • iShares Global REIT (REET), which tracks the FTSE EPRA/NAREIT Global REIT Index and holds a combination of US and overseas property REITs • Pacer Benchmark Industrial Real Estate Sector ETF (INDS), a targeted fund that follows the Benchmark Industrial Real Estate SCTR Index with an emphasis on industrial (such as cell towers and data centers) and self-storage properties • Schwab US REIT ETF (SCHH), which tracks the Dow Jones US Select REIT Index, holding a broad mix of residential and commercial REITs

Virtually all brokerage firms offer individual retirement accounts (IRAs). There are two main types: traditional and Roth. The main difference between them is tax treatment. Traditional IRAs give you a tax deduction now, and tax-deferred growth for the money in the account; you pay taxes only when you begin to withdraw money. Roth IRAs give you no tax deduction now, but all of the money in the account grows tax-free as long as you don’t take it out early (the after-tax money you put in you can still access penalty-free if you need to).

If the company meets all of the qualifications for a REIT, it enjoys special tax status: it doesn’t have to pay any taxes at the company level, which means more cash and higher returns for shareholders. (This is in contrast to the double-taxation issues of corporate stocks, where the corporation has to pay taxes on its income before distributing dividends to shareholders, and then the shareholders have to pay taxes on the dividends they receive, resulting in the same money being taxed twice.)

You can easily buy shares in any of thirty-six publicly traded retail REITs, which offer yields topping 4 percent (on average). Examples of retail REITs include: • Getty Realty Corp. (GTY), which holds convenience stores and gas stations and has a yield of 4.42 percent • Four Corners Property Trust (FCPT), which holds more than five hundred restaurants in forty-four states and yields 4.18 percent • SITE Centers Corp. (SITC), which holds shopping centers in major metropolitan areas around the US and has a yield of 6.40 percent

While these REITs may have lower yields than other categories, they tend to have lower risk profiles and high-growth potential (which increases total returns). Examples of residential REITs include: • AvalonBay Communities (AVB), which holds apartment communities throughout the US and has a yield of 3.15 percent • American Campus Communities (ACC), which holds student housing communities in the US and yields 4.25 percent • Equity Lifestyle Properties (ELS), which holds manufactured home communities, campgrounds, and RV resorts in North America and has a yield of 2.19 percent

Examples of publicly traded healthcare REITs include: • National Health Investors (NHI), which specializes in a variety of senior-related properties such as skilled nursing facilities and memory care facilities and has a yield of 5.01 percent. • Medical Properties Trust (MPW), which holds properties including women’s and children’s hospitals and community hospitals and yields 5.90 percent. • Physicians Realty Trust (DOC), which holds strategically located healthcare properties associated with hospitals or physician organizations and yields 5.25 percent.

• Lodging REITs (e.g., Hospitality Properties Trust [HPT]), which hold properties such as hotels, resorts, and travel centers. • Self-storage REITs (e.g., Public Storage [PSA]), which specialize in both owning self-storage facilities and renting storage spaces to customers. • Office REITs (e.g., Boston Properties [BXP]), which own, operate, and lease space in office buildings. • Industrial REITs (e.g., PS Business Parks [PSB]), which own and manage properties such as warehouses and distribution centers. • Data center REITs (e.g., Equinix [EQIX]), which own data centers, properties that store and operate data servers and other computer networking equipment. • Timberland REITs (e.g., Rayonier [RYN]), which hold forests and other types of real estate dedicated to harvesting timber. • Specialty REITs, which narrow in on very specific properties such as casinos, cell phone towers, or educational facilities.

Commercial loans tend to have lower loan-to-value ratios (LTVs) than residential loans and shorter loan terms that end in balloon payments. Residential mortgages come with longer loan terms and higher LTVs.

LTV stands for “loan-to-value,” a ratio that determines the maximum loan amount based on the value of the property. For example, if a property was worth $100,000 and the lender’s maximum LTV was 75 percent, the borrower could not get more than $75,000 of financing.

Examples of publicly traded commercial mREITs include: • Jernigan Capital (JCAP), which specializes in self-storage facilities and has a 6.62 percent yield • Apollo Commercial Real Estate Finance (ARI), which holds commercial real estate debt and has a yield of 9.86 percent • Blackstone Mortgage Trust (BXMT), which originates loans backed by commercial properties in the US and Europe and has a yield of 7.15 percent

Amortization is a method used to calculate the principal and interest portions of payments on a mortgage loan based on the current loan balance. As the loan balance decreases, the interest portion shrinks and the principal portion grows. In partial payment situations, the interest portion always gets paid first.

Whenever you sell a capital asset for a gain or loss, that sale gets reported on Schedule D. The gains and losses are sorted based on timing: short-term for assets held for one year or less and long-term for assets held longer than one year. That timing matters because gains on short-term holdings are taxed at ordinary rates rather than the more favorable capital gains tax rates (0 percent, 15 percent, or 20 percent depending on your income). Capital gains can be used to offset capital losses, and you only have to pay tax on your overall net capital gains. If you end up with a net capital loss, you can deduct up to $3,000 of it against your other income; the rest gets carried forward to the next year.

As an investor, you pay lower capital gains taxes on any property sale profits. As a dealer, you pay higher ordinary income tax rates plus self-employment taxes (Social Security and Medicare). If you do get stuck in this dealer category, you’ll probably be eligible for the 20 percent deduction, so check with your tax preparer.

If you qualify for one of these exceptions (and most landlords can), you’ll be able to deduct at least a portion of your rental property losses against all of your other income. The two exceptions cover landlords who “actively participate” and real estate professionals. Both of those come with some strict IRS definitions, so make sure you really qualify (your CPA will be able to help if you’re not sure) before you take the deduction.

If you “actively participate” with your rental properties, you may be able to deduct $25,000 of rental real estate losses against your other income.

If you qualify as a real estate professional under IRS rules, there’s no limit on the amount of rental losses you can use to offset other income. As you’d expect, this exception

To get this special exemption from the passive loss rules, you (or your spouse) have to meet both of these requirements: 1. Spend more than half of your total working hours for the year in real estate activities 2. Spend more than 750 hours in real estate activities where you “materially participate” (which means you are regularly, continuously, and substantially involved)

Large-cap U.S. Stock S&P 500 Index Midcap U.S. Stock S&P Midcap 400 Index Small-cap U.S. Value stock Russell 2000 Value Index Non-U.S. Developed stock MSCI EAFE Index Non-U.S. Emerging stock MSCI Emerging Markets Index Real Estate Dow Jones U.S. Select REIT Index Natural Resources Goldman Sachs Natural Resources Index Commodities Deutsche Bank Liquid Commodity Index U.S. Bonds Barclays Capital Aggregate Bond Index Inflation Protected Bonds Barclays Capital U.S. Treasury Inflation Note Index Non-U.S. Bonds Citibank WGBI Non-U.S. Dollar Index Cash 3-Month Treasury Bill

How about REITs? David told me he likes “real estate investment trusts that own big central business district office buildings and big regional malls and industrial buildings. They generally throw off a high-income component.

The first metric you need to learn is funds from operation or FFO, which is the REITS version of “earnings”.

you must keep note that REITs are mandated by law to pay 90% of their yearly earnings to shareholders.

The shop owners were busy, too. Ms. Reit and Sylvia Pepper were putting the finishing touches on their shop windows. Mr. Ames from the hardware store was hanging a large banner that proclaimed, GREENFIELD WINTER FESTIVAL.

If your company has any credible strategy for providing equity-based returns with muted volatility, you have not just a value proposition, but one of the most important value propositions of our time.... What's the concept in an operating real estate REIT? Operating real estate (as distinct from net leases or mortgages, which are other financing concepts) has the potential to produce equity-like long-term returns, but isan extremely powerful diversifier, in that real estate correlates positively with inflation while stocks and bonds correlate negatively with it. Inflation, with it attendant higher interest rates, chokes off new supply of real estate: new expensive to build, to expensive to finance at prevailing market rents. When new supply dwindles, normal growth absorbs the available space and puts upward pressure on rents, increasing cash flows to the owners... until rents get to a point where new construction pencils out again. (Meanwhile, in an inflation/interest rate flareup of any consequence, stocks and bonds are usually getting hit, and sometimes hit hard.) This, to me, is a trifecta of a conceptual value proposition: (a) the potential for the equity-like long-term returns investors need, (b) historically correlated positively with inflation, unlike all financial assets, and (c) just when you think this story can't get better, with 90% of available income paid out currently to income-starved investors.... What's the concept for variable life insurance? It's certainly the least expensive long-term form of life insurance, in that, as the investment portion grows, it extinguishes the insurance company's exposure. (As Ben Baldwin gnomically and brilliantly observes, 'All insurance is term insurance.') It may also be, in a given situation, the cheapest way of funding an estate tax liability, leaving the maximum legacy to one's heirs. And, of course, if the ownership is vested in an insurance trust, one may (under current law at this writing) be bequeathing wealth without income or estate taxation. As long as there is an estate tax - any estate tax - there will be a financial planning issue in the life of every affluent household/family: how do you want the heirs to pay it? And it seems likely that, conceptually, VUL will always be an answer.... Small cap equities? The concept is, clearly, higher returns with - and precisely because of - their higher volatility.

REITs do a decent job of combating inflation. The best choice is Vanguard REIT Index Fund; other relatively low-cost choices include Cohen & Steers Realty Shares, Columbia Real Estate Equity Fund, and Fidelity Real Estate Investment Fund.