Internacional

REITs

Vivemos em um mundo globalizado e dinâmico,  onde as mudanças e oportunidades estão por toda parte.

Estamos aqui no Blog, sempre ligados nas tendências e a mais recente são as oportunidades de investimento fora do país.

Também buscamos atender sempre às solicitações dos amigos e esta foi com certeza a mais recorrente nos últimos dias.

Global

Vejo fundos de investimento sendo criados, focados no mercado externo, vejo a discussão cada vez mais incidente sobre os REITs ( os FIIs americanos ), vejo uma preocupação cada vez maior com o intervencionismo do governo e grandes investidores optando por ações de empresas em outros países.

São preocupações justificadas?  Saberemos aqui 😀

REITS

Se mais alguém tiver interesse por REITs (Real Estate Investment Trust ou FIIs americanos) e puder complementar …

Basicamente são de 3 tipos:

Os de Hipoteca (Mortgage), os de Investimento (Equity REITs) e os Híbridos (uma mistura dos dois).

Mortgage REITs: possuem retornos maiores, devido ao risco maior a que se expõem. Quem lembra da crise recente, as hipotecas são justamente onde o fato explodiu. São equivalentes aos financiamentos, podem proporcionar grandes retornos ou grandes perdas.

Equity REITs: esses seriam os mais próximos que temos em relação aos nossos FIIs, onde o objetivo é a exploração do imóvel para aluguel e obtenção de renda.

Hybrid REITs: Mais ou menos um FII de FIIs de lá, onde ambos os tipos são mesclados, aproveitando o que de melhor cada um tem e tentando minimizar o que há de pior (risco).

o recebimento dos rendimentos também é bem complicadinho; aqui nosso rendimento é isento e divididos em Amortização ou Rendimento. Lá existe um terceiro tipo que separa o ganho de capital ( Rendimento de Aluguel, Amortização e Ganho de Capital ).

o imposto depende da sua renda.

Mais informações:

http://www.investopedia.com/terms/r/reit.asp

http://www.reit.com

http://us.spindices.com/indices/equity/sp-united-states-reit-us-dollar

Tributos Envolvidos

http://seekingalpha.com/article/1233411-understanding-the-taxation-of-reit-distributions

Lista de REITS

http://www.reit.com/Investing/ListofREITFunds/MutualFunds.aspx

Busca de Dividendos

http://www.dividend.com

http://www.dividendchannel.com/slideshows/?slideshow=mreits&page=1

* Contribuição do amigo Eric:

“eu vejo nesse site http://www.dividend.com, como por exemplo o OLP http://www.dividend.com/dividend-stocks/financial/real-estate-development/olp-one-liberty-properties/ tem os rendimentos recentes e para quem paga tem o histórico.”

* Contribuição do XReis:  Top REITs

http://money.usnews.com/funds/etfs/rankings/real-estate-funds  

* Contribuição do Trix

O que qualifica uma empresa como um REIT?

• Invistir em pelo menos 75 % de seus ativos totais no setor imobiliário;
• Deduzir pelo menos 75 % de sua receita bruta de aluguéis de imóveis, juros sobre hipotecas de financiamento imobiliário ou de venda de imóveis;
• Pagar pelo menos 90 % de sua renda tributável na forma de dividendos aos acionistas em cada ano como, resultado, REITs não podem geralmente deixar de distribuir seus ganhos;
• Ser uma entidade que é tributável como uma corporação;
• Ser gerida por um conselho de diretores ou administradores;
• Ter um mínimo de 100 acionistas e não ter mais de 50 % de suas ações detidas por cinco ou menos pessoas.

Anúncios

875 comentários sobre “Internacional

  1. REITs Face Late-Cycle Policy Discipline Test

    Decelerating property-level income increases and rising interest rates may tempt some REITs to consider development and other external expansion moves, says Stephen Boyd of Fitch Ratings.

    May 15 2019
    By Stephen Boyd

    Tepid internal growth and discounted stock market values for select property sectors are testing REIT financial policies this cycle, leading REITs to pursue funding avenues for external, primarily development-led, growth strategies. Despite these challenges, balanced market fundamentals for most commercial real estate property types will provide a benign and accommodating operating environment, which may provide some mitigation.

    Modest same-store net operating income growth is yielding minimal incremental leverage capacity under current financial policy commitments. In this environment, development-oriented REITs find themselves better positioned given incremental net operating income from new deliveries. That said, any near-term benefit could be undercut by reloading development pipelines.

    Higher interest rates increased short-term borrowing costs and reduced, or eliminated, accretive refinancing opportunities. However, unsecured maturities remain light for REITs due to the capital markets dislocation in the prior decade. Almost half of the unsecured obligations maturing this year are lower-cost, shorter-term unsecured bonds issued mid-cycle to balance maturity ladders. Accretive refinancings helped offset the negative spread by recycling disposition proceeds from higher yielding, slower growth properties into lower yielding, faster growing and less capital intensive assets in core, supply constrained markets.

    Pressure on Valuations

    Commercial real estate values remain high and markets liquid, notably for core, class A assets. Even so, decelerating property-level income growth and rising interest rates could pressure valuations.

    Commercial real estate fundamentals are generally balanced. Industrial is enjoying strong e-commerce related demand, while retail varies from solid grocery-anchored strip centers to struggling class B malls. Health care is facing headwinds driven by changing patient care settings and government reimbursement policies. Multifamily is working to absorb excess supply, while office market performance is bifurcated by exposure to tech employment.

    Core commercial real estate property types, except industrial, face supply pressure on occupancies. At the same time, bank construction lending is tempered by high regulatory capital requirements, supporting REIT occupancies and pricing. Year-over-year, rent growth remains positive.

    Supported by solid market fundamentals, and an agreeable operating environment, REITs look poised to maintain their current trajectory. For REITs that face these tests of financial policy head on and with strategic action, the near-term looks stable.

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  2. REITs’ Convoluted Relationship With Interest Rates

    The Federal Reserve has signalled it will be pursuing a dovish monetary policy for the time being. This should be good news for REITs, but don’t be surprised if many view the development as merely a blip on a longer-term horizon.

    Last year when the ten-year Treasury rate hit 350, many people in the market were convinced that the ten-year would stay above 3% for the foreseeable future. But then the Treasury rate dropped and net lease REIT Store Capital felt compelled to make a move. So it did a Treasury lock at 290 in order to issue debt. “We were happy with where ten-year was and we were happy issuing debt at that spread,” Chris Volk, president and CEO of the company, says. “So we locked in. Of course, as it turned out, we lost money on the lock.” Because with impeccable timing, the Treasury promptly dropped to 240 after STORE Capital’s lock.

    It’s all good, though, Volk says. “We managed to borrow money a little cheaper than we would have” and that somewhat offset the loss. At any rate STORE Capital, as well as any other REIT more than one day old, knows it is more important to set and adhere to an overarching business and investment strategy than to make major decisions based on interest rates. A long period of stable interest rate policy-making still tends to be of shorter duration than, say, a REIT’s five-year strategic plan.

    Indeed even now with the Federal Reserve signalling it is settling in for a dovish stretch of monetary policy, there are signs that this could change sooner rather than later. At the March 2019 meeting of the Federal Open Market Committee, several Federal Reserve policymakers left the door open for interest-rate increases later in the year if the economy improves—which most Fed officials do expect to see happen, especially with consumer spending, according to the minutes. “Some participants indicated that if the economy evolved as they currently expected, with economic growth above its longer-run trend rate, they would likely judge it appropriate to raise the target range for the federal funds rate modestly later this year,” according to the minutes.

    REITs’ Link to Interest Rates

    This is not to say that REITs—like most companies—don’t appreciate a low-interest rate environment. For starters, it means lower borrowing costs, says Mike DeMarco, CEO of Mack-Cali Realty Corp. But REITs’ relationship with interest rates is also tightly intertwined with their stock market prices.

    When interest rates rise, REIT shares usually take a hit because the market assumes they are too expensive to compete with other investments. When rates drop, REITs are in favor again. Industry advocates such as REIT association Nareit argue that rising rates—when they are a function of a strong economy—are good for REITs because that also means rising rents.

    This is especially true of net lease REITs, Volk says. “People tend to treat us overly favorably when rates go down and overly punitive when rates go up.”

    With rates increases temporarily on hiatus, the environment is very favorably for REITs right now, says Scott Robinson, director of the New York University’s Schack Institute of Real Estate’s REIT center and a clinical assistant professor who focuses on finance and investment. “Fundamentals are balanced, construction has been modest and the dovish actions on the monetary front is all good for REITs and real estate.”

    The Longer Range

    It is a good time, in short, to be executing on long-range plans. That is what Cedar Realty Trust is doing as it moves forward its mixed-use development projects, says President and CEO Bruce Schanzer. A REIT focused on grocery-anchored retail, Cedar Realty has long been a fixture in the Boston-to-Washington, DC corridor.

    In recent years it has begun to work on enhancing the retail component of these retail properties by adding apartments and other uses. “The idea is to take these retail assets and bring them into the 21st Century, making them better amenities for the communities,” says Schanzer. “We are moving to transform our portfolio to that of an owner of mixed-use assets that include apartments,” he says. Two examples he cites are South Quarter Crossing in Philadelphia and East River Park in Washington, DC.

    “These are great examples of Cedar executing on an ambitious urban mixed-use proj- ect that will become more of an asset for these communities,” he says.

    Schanzer comes to the issue of interest rates from the perspective of a former REIT investment banker; he has spent time at Merrill Lynch, and then Goldman Sachs.

    His take is that the interest rate environment impacts REITs depending on why interest rates are behaving the way that they are. “Sometimes rates are low because we are in low-growth environment or there is an effort to stimulate the economy or a secular shock, such as Brexit,” he explains.

    Generally speaking, he continues, a flat rate environment is good for REITs, assuming that rates aren’t low because of a market shock.

    All that said, Cedar Realty’s strategy is a long-dated one that is not based around interest rates or what the capital markets are doing. Rather it focuses on demo- graphics, macroeconomics and current trends that are driving growth: for exam- ple, it has watched Baby Boomers sell their suburban homes and move into urban cores. It has watched as other people have been priced out of the urban core for vari- ous reasons to move further out. Ergo, its strategy is focused on first ring outside of the urban core.

    “We underwrite our projects very conservatively and there is no question that in a lower growth scenario we don’t want to underwrite too aggressively,” Schanzer says. “We want to make returns in a low growth environment.”

    Low interest rates become a factor because it means lower borrowing costs, but that is largely the extent of the impact, Schanzer says. “We have five-year and seven-year plans and we expect we will be in a lot of different interest rate environments as we execute on these plans.”

    Fewer Acquisitions

    One element of REITs’ strategic plan that may be put on hold, however, is a strong asset acquisition play. There is good reason for that, explains DeMarco of Mack-Cali Realty Corp.

    “REITs’ acquisition pace has moderated because these companies still need to see a strong underlying growth in economy, which has diminished a bit,” he says. The numbers bear this out: REITs’ pace of acquisitions has been markedly slow in 2019, a trend that is continuing from last year. In June 2018, Nareit reported that REITs’ net acquisitions had slowed from $50 billion in 2015, to $16.3 billion over the past four quarters.

    To be sure one-off purchases are still happening; so are strategic portfolio buys. In April, to name one example of the former, Mack-Cali closed on the purchase of the 377-unit SoHo Lofts apartment tower in Jersey City, NJ, from AEW for $263.8 million. A more notable transaction for Mack-Cali, though, was its April sale of its 56-building, 3.1 million-square-foot office/flex portfolio in Westchester County, NY and Fairfield County, CT for $487.5 million. It was the last of its office/flex holdings, and the transaction allowed the REIT to fully focus on waterfront centric property and residential assets—an important strategic play.

    Likewise with WashREIT, although it was on the buying end of a portfolio deal with strategic significance. In April, it entered into a definitive agreement to purchase a 2,113 unit multifamily portfolio for $461 million. The portfolio consists of seven suburban Class B apartment communities in Northern Virginia and Montgomery County, MD. The acquisition was in response to a trend that the REIT had been tracking in the Washington, DC area: namely, a growing affordability gap for housing not just at the lower end of the income spectrum but also among aging Millennials that are pulling down middle-class salaries. The REIT has identified as its sweet spot a Millennial renter that is on the lower end of the income range and wants to live in the suburbs. This cohort is expected to grow as Millennials continue to age, thus increasing demand for the type of product that WashREIT just entered into a definitive agreement to acquire.

    Perhaps the most profound illustration of how M&A are playing out in the REIT space this year has been the relative lack of the blockbuster public-to-private deals that the market saw in 2018. Here too, interest rates play a tangential role as lower rates tend to smooth out valuations. Robinson, the director of the New York University’s Schack Institute of Real Estate’s REIT center, for instance, does not expect to see many major private sector takedowns of REITs for that reason. “Generally, you need a definitive dislocation between NAV (net asset value) and sector private values,” he says. “With the more tepid interest rate out- look now I don’t expect to see much activity along these lines.”

    An important addition to that statement, however, is that Robinson does expect to see public-to-public merger and acquisitions when the deals make strategic sense or are a tactical move.

    Deals of this type have been happening on both small and large scales. In March, Cousins Properties and TIER REIT entered into a definitive merger agreement to combine in a stock-for-stock transaction. The combined company is to have an equity market capitalization of $5.9 billion, a total market capitalization of $7.8 billion and a portfolio of over 21 million square feet of offices located across the Sun Belt.

    In April, Carter Validus Mission Critical REIT and Carter Validus Mission Critical REIT II entered into a definitive agreement to merge in a stock and cash transaction, creating an entity that will be valued at $3.2 billion.

    Both of these deals are examples of REITs looking to expand for tactical reasons, such as wanting to bolster their exposure to different markets, or to add new concentrations or just increase scale to improve their access to liquidity, Robinson says.

    By Erika Morphy | Abril 25, 2019 at 07:57 AM

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  3. Industrial REITs Are Acting Like Growth Stocks. Here’s Why.

    By Daren Fonda April 12, 2019

    Many investors own real estate investment trusts (REITs) for dividend income. But industrial REITs are acting more like growth stocks, up an average 21% this year—compared with a 17% gain for the FTSE NAREIT Equity REITs index—and they could produce more strong returns.
    BTIG analyst Thomas Catherwood raised his price targets on three industrial REITs on Thursday: Prologis (ticker: PLD), Duke Realty (DRE), and Terreno Realty (TRNO). He raised his price target on Prologis to $82 from $73, Duke went to $35 from $30, and Terreno to $50 from $42. Those targets are well above where the stocks have been trading, with Prologis at around $73 Thursday afternoon, Duke at $30.60 and Terreno at $43.50.

    Industrial REITs own properties such as warehouses and logistics distribution centers. They aren’t high-yielding REITs. They yield an average 2.9%, below the equity REIT average of 3.7%.
    But the stocks have been winners thanks to solid demand, limited supply of new properties, and steady rental-income growth. In 2018, demand for industrial REITs grew 1.9% (77% higher than the sector’s long-term average), according to Catherwood, and asking rents grew 2.5% (more than twice the long-term average). Demand has slowed a bit in 2019, but rent-growth projections have increased by 0.6 percentage points to 3.1%, he writes.

    Supplies of new properties are growing at a modest pace, Catherwood notes. And demand for industrial space looks healthy, fueled by a strong economy and continuing growth in e-commerce sales.

    Indeed, e-commerce has been a huge driver for the industrial REIT sector and it shows no signs of slowing. Leasing by e-commerce companies accounts for 20% to 30% of industrial leasing, Catherwood writes. With e-commerce sales growing more than 14% a year, the REIT sector should have a natural demand driver. Indeed, he expects the sector’s vacancy rate to continue falling through 2019, going from 7.1% to 6.8% by year-end.
    Prologis, a large, global industrial REIT with a $46.3 billion market-cap, yields just 2.9%. But the stock is up 26% this year, a big comeback from its 9% decline in 2018. It trades at 22 times funds from operations (a REIT industry measure of operating profit), at the upper end of its average over the last five years. But Catherwood writes that the stock deserves a premium multiple. Earnings growth should accelerate in 2020, he writes, and “tenant demand continues to outpace new supply,” justifying higher valuations.
    Duke is a midcap REIT with a market-cap of $11.1 billion. It yields 2.8% and trades at 22 times FFO, near the upper end of its 5-year average. That multiple is warranted, Catherwood writes, given an expected re-acceleration of Duke’s U.S. warehouse rents (it is 100% U.S-based) and scant supply concerns. Analysts expect Duke’s revenue to reach $840 million in 2019, up from $785 million in 2018. FFO is expected to reach $1.40 a share, up from $1.33 in 2018, according to consensus estimates.

    Terreno is a small-cap REIT with a market value of $2.7 billion. It yields 2.2%, a meager payout for a REIT, and it trades at a steep 31 times estimated 2019 FFO. But it is one of the faster-growing industrial REITs, with properties in prime locations. The firm operates in six major coastal markets, building and acquiring “infill” properties in urban areas where there isn’t much new supply because of zoning restrictions and other roadblocks. Catherwood said he expects Terreno’s year-over-year earnings growth to accelerate from 3.1% in 2019 to 15.7% in 2020. That warrants a premium multiple, he writes, saying he is comfortable with a valuation at the top end of the stock’s range.

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  4. China To Release Initial Batch Of REITs Very Soon

    China is set to introduce the very first batch of public Real Estate Investment Trusts (REITs), according to officials. Asia Times reported that the Shanghai Stock Exchange convened a meeting about pilot public REIT projects, with fund managers and brokers attending, back in March this year.

    Wang Fang, a Development Research Center of the State Council researcher, shared his thoughts on the matter, saying that authorities have been at work on these for over a decade. The securities regulator only reached a high point in February this year, when they hope to launch the first batch of products. Insiders, however, see April as a more likely month.

    In China, the first cities to release REITs are Hainan province, the Xiong’an New Area, and other first-tier cities. Reuters reported that investment bank DBS VIckers is looking to launch the first batch of REITs in April, or even later. Regulators are looking to provide investors an additional platform for investment through these REITs. Companies will also gain an additional funding channel.

    That, however, doesn’t come without obstacles. High transaction taxes and punitive regulations are seen by insiders as hurdles to be overcome, restricting mutual funds from being used by commercial properties. The Chinese REITs would have come earlier, had these issues been resolved all those years ago.

    China had seen many ‘pseudo-REITs’ come and go over the years, which were regulated by private equity funds. These REIT forms were also not opened to the public to invest in. DBS Vickers’ Carol Wu, the head of research, sees the first batch of these REITs opened to the public through investments in mutual funds. A single mutual fund also gains the power to invest in many pre-REITs.

    The Chinese government reportedly is speeding up things, as the latest revised draft of the REITs code is already good for legislation. According to Carol Wu, DBS has asked officials from the banking and securities watchdog as well as the Shanghai Stock Exchange. She further shared that she feels China will launch the REITs in April. If not, then they will surely launch by next year.

    Public REITs will likely have an operating structure that looks like this: public funds are supported by asset-backed securities. This shows that while the funds are publicly raised and traded as well, most of the assets available for trade are securitized. Those properties could be anything from infrastructure, public utilities, to commercial and residential properties.

    By Geronimo Marcus – Apr 03, 2019

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  5. 8 Great Ways to Buy International REITs
    Diversify your real estate portfolio with these global funds.

    An often overlooked asset class.
    Real estate investment trusts make it possible to reap all the benefits of owning property while adopting a hands-off approach. REITs frequently invest in U.S. properties, but these funds can offer an entry point to foreign real estate investment as well. International REITs concentrate on the best countries for investing, based on factors such as the current political and economic climate and the temperature of the native real estate market. These eight international REIT and REIT exchange-traded fund options are the best ones to consider when putting together a portfolio that includes foreign property.

    Vanguard Global Ex-U.S. Real Estate ETF (ticker: VNQI)
    VNQI offers broad exposure across international REIT equity markets in more than 30 countries. The ETF invests in stocks in the S&P Global Ex-U.S. Property Index, with the largest regional concentrations focused on Europe, the Pacific and emerging markets. While the fund dipped in the second half of 2018, its three-year cumulative return is 9.8 percent and its trading price is up nearly 15 percent since early January. Jay Srivatsa, CEO of California-based Future Wealth, says this type of ETF may be attractive for a buy-and-hold approach. “As with most emerging market investments, VNQI has more volatility and as such, is more suitable for long-term investors looking for diversification and exposure outside of U.S. markets.”

    iShares International Developed Property ETF (WPS)
    The best countries for foreign real estate investment may be the ones with an established track record, says Avi Sinai, principal of HM Capital in Los Angeles. “We always favor proven real estate markets when investing abroad and that’s why we recommend WPS,” Sinai says. WPS invests in international real estate stocks and REITs in developed countries, such as Germany, Japan and France, with 346 holdings total. The fund has a 10-year average annual return of 9.16 percent. “Developing nations offer more upside,” Sinai says, “But there’s also top-down risk from government intervention.”

    Welltower (WELL)
    WELL, formerly Health Care REIT, invests in senior housing facilities, assisted living facilities, medical office buildings, hospitals and other health care facilities in the U.S., Canada and the United Kingdom. The stock price has seen some fluctuation in recent months, but experts lean toward a bullish stance, anticipating that pricing will even out as the company’s balance sheet improves. WELL may offer some certainty in terms of demand, as the need for memory care and senior living properties rise. But investors may have to accept some near-term risk to see a payoff with WELL in the long run.

    WisdomTree Global Ex-U.S. Real Estate ETF (DRW)
    DRW tracks investment results for dividend-paying real estate companies in developing and emerging equity markets. DRW’s weighting strategy makes it an attractive choice for foreign real estate investment. “Weighting by yield makes a lot of sense in real estate investments,” says Kostya Etus, senior portfolio manager at CLS Investments in Omaha. “WisdomTree does just that with DRW, weighting in a way to maximize yield, which also tends to allocate more toward some of the more undervalued real estate companies.” Etus says DRW is unique in offering a dividend-weighted approach in international real estate, while offering a reasonable exposure to emerging markets and a low correlation to equities.

    FlexShares Global Quality Real Estate ETF (GQRE)
    GQRE is an index fund that offers international REIT exposure by tracking the performance of the Northern Trust Global Quality Real Estate Index. “While GQRE is global in nature, meaning it invests in U.S. as well as international companies, it offers a unique smart beta screening, which sets it apart from the competition,” Etus says. This selection methodology makes it akin to an actively managed fund, “as it attempts to select the best companies within the global real estate sector, as well as attempting to avoid the ones that may be struggling.” GQRE’s core holdings span commercial and residential REITs, specialized REITs and diversified REITs.

    Public Storage (PSA)
    PSA is the largest self-storage REIT in the U.S. and it’s carving out an increasingly large market share in Canada and Europe. The REIT’s chief European holdings are represented by Shurgard Self Storage and while the self-storage market overseas is relatively small, there’s room for expansion. In recent years, PSA has been taking advantage of opportunities for growth, bolstered by a strong balance sheet. The current dividend yield is 3.7 percent and like its self-storage cohorts, this REIT tends to be low volatility. Experts say that if demand for self-storage maintains a steady pace, PSA should continue to appeal to international real estate investors in the future.

    Prologis (PLD)
    PLD is an industrial REIT that focuses on supply chain logistics in high-growth markets. It has a global real estate footprint in nearly 20 countries, including the U.S., but Europe represents its second largest market. Sam Adams, CEO and co-founder of Vert Asset Management in Sausalito, says PLD is leveraging the e-commerce trend to its advantage, “taking the Japanese convention of placing distribution warehouses in urban areas in the U.S.” That’s allowed PLD to operate more efficiently, while enhancing sustainability. Amazon.com (AMZN) is PLD’s largest tenant, which might get the attention of investors seeking opportunities to ride the e-commerce wave.

    SPDR Dow Jones Global Real Estate ETF (RWO)
    RWO tracks the performance of the Dow Jones Global Select Real Estate Securities Index, offering exposure to publicly traded real estate securities in developed and emerging markets. The U.S. claims the largest weighting share of assets, but Japan, the United Kingdom, Hong Kong, Australia and France also have a presence. Industrial and office space accounts for the largest share of holdings by sector, followed by retail, residential and real estate operating companies. RWO is a strong performer, with a 10-year annualized return of 15.06 percent. A 0.5 percent expense ratio makes it a bit more expensive compared with other global REITs and REIT ETFs, but that may be outweighed by the consistency of its returns.

    Gain exposure to international real estate markets
    To recap, the eight best international REITs to invest in now are:
    •Vanguard Global Ex-U.S. Real Estate ETF (VNQI)
    •iShares International Developed Property ETF (WPS)
    •Welltower (WELL)
    •WisdomTree Global Ex-U.S. Real Estate ETF (DRW)
    •FlexShares Global Quality Real Estate ETF (GQRE)
    •Public Storage (PSA)
    •Prologis (PLD)
    •SPDR Dow Jones Global Real Estate ETF (RWO)

    By Rebecca Lake, March 22, 2019

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  6. Trix e pessoal, aguem tem em carteira:
    Ventas, Inc. (VTR)
    Welltower Inc (WELL)
    Se sim, gostaria de opinião sobre os mesmos, são Reits de HelthCare e verifiquei que tem aumento constante nos rendimentos nos ultimos anos. O setor parece ser promissor.

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    • amaralneto, estou formando capital para investimento no exterior, que devo iniciar provavelmente ano que vem.
      Sim é um setor promissor e mais importante rendimentos crescentes ano a ano não são difíceis de encontrar em REITs de diversos setores, ao contrário dos nossos FIIs, onde isso é raridade e a evolução dos rendimentos ano a ano mal consegue acompanhar a inflação.

      Curtido por 1 pessoa

    • Então Amaralneto, não tenho VTR em carteira pq já tenho outros REITS de saúde, mas ano passado ele teve uma queda muito grande, abrindo uma excelente oportunidade de entrada, nunca vista. Agora ja recuperou, mas não deixou de ser, na minha concepção, o segundo melhor REIT de saúde.

      Realizaram investimentos em centros de pesquisas e salas médicas ano passado que acredito valeram muito a pena.

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  7. FTSE Nareit All REITs Index Up 0.5% in February

    REIT returns were marginally higher in February, with sentiment turning more cautious as investors focused on REIT fourth quarter earnings reports and 2019 guidance, analysts said.

    The total returns of the FTSE Nareit All REITs Index edged 0.5 percent higher, while the S&P 500 rose 3.2 percent. The total returns of the FTSE Nareit Mortgage REIT Index fell 1.0 percent, while the yield on the 10-year Treasury note gained 0.1 percent.

    REIT market performance in February could not match the strong gains seen the previous month, when the FTSE Nareit All REITs Index advanced 11.4 percent. January was the strongest monthly performance for REITs since October 2011.

    Lindsay Dutch, analyst at Bloomberg Intelligence, noted that swings in December and January were generated more by moves in the 10-year Treasury yield. February, however, was clearly earnings-driven, she said.

    Rob Stevenson, managing director at Janney, noted that the more muted guidance forecasts issued by some REITs for 2019 was not surprising.

    “When you get into a period of time with some macro uncertainty coming up with Brexit and U.S. trade tensions, I think that a lot of management teams are going to be prone to under-promising and over-delivering,” he said.

    Fundamentals have not really changed, Stevenson added. “You’re still set up well for the group to perform. The 10-year is still very conducive to real estate, and REITs specifically, doing well.”

    Among the best performers in February, data center REIT returns rose 4.9 percent, while lodging REIT returns gained 4.2 percent.

    Year-to-date, lodging REITs are leading the market with returns of 17.3 percent. Office REIT returns are 16.9 percent higher for the year, while industrial REIT returns are 16.7 percent higher so far in 2019.

    Dutch noted that in the self-storage REIT sector, net operating income growth expectations for 2019 are well below expectations, and 2018 levels. “There’s just a lot of new supply coming on and that’s hurting more than most people expected it to this year,” she said. Self-storage REIT returns dropped 1.1 percent in February.

    Sarah Borchersen Keto

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  8. Olá!

    1. Estou começando a estudar REITs. Por óbvio, sei que os melhores materiais estão em inglês. Entretanto, haveria algum lugar, além daqui, para estudar em português? Inclusive sobre tributação. E também sobre os procedimentos de abertura de contas, custos etc.

    2. Sem nenhum comprometimento, claro, qual o valor mínimo que os colegas entendem como adequado, considerando os custos de manutenção envolvidos, para iniciar as aplicações? Iniciar, sem prejuízo de posteriores aportes.

    Desde já agradeço,

    Jorge

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  9. Who’s Right About New York City Office Values?

    Despite some impressive portfolios, the public market has been tough on REITs that own Manhattan office properties, according to CenterSquare senior analyst Alex Snyder. The private market, on the other hand, has been more optimistic.

    New York City office REITs trade at a significant discount to private market values. Given the multi-year duration of the dislocation, the two camps have clearly planted flags. The question is: Who is right?

    The answer, as always, is nuanced. In general, the REIT market has a few great arguments in its favor. First, net effective rent growth in New York has been and is likely to continue to be muted, thanks to competitive new supply and onerous capital expenditure requirements. As growth diminishes, the multiple you should pay for any given asset also diminishes, even if that asset is in Manhattan.

    Second, the evolving preferences of tenants are at odds with most of the antiquated office space prevalent in New York. Tech tenants, coworking firms and now even major banks like JP Morgan are demanding space with open floor plates, natural light and speedy elevator banks. Most of the bricks and beams in New York City simply weren’t configured that way and never can be.

    The final point in favor of the REIT discount is the shadow supply caused by increased efficiency of office space. Gone are the days of large file cabinets and carefully kept color coded cases. In the digital age, all that many employees need to be productive is a laptop and a WiFi signal. The result is a dramatic decrease in the amount of space needed per employee, from 250 square feet per person down to, in some extreme cases, just 50. This trend has been a significant hinderance to many landlords’ abilities to push rents.

    The amalgamation of these factors has reduced cash flow growth for office landlords, which exacerbates the detrimental effects of the high prices it takes to become an owner of New York City real estate. In a world of ever-increasing investor sophistication, these quantifiable concerns are beginning to triumph over the premium paid for the New York brand name.

    Individual Opportunities

    However, the private market has a few reasonable rebuttals that merit review. The first one is perhaps the most obvious: REITs represent a portfolio of assets, meaning investors are buying the whole New York City market. Private investors, however, can buy individual assets. On a one-off basis, one can still find opportunities that present upside even at current prices.

    The second reason the private market might pay more is efficiency of deployment. REIT investors have the luxury of putting large sums of investment dollars to work in trailer parks as easily as they can the Empire State Building. Private investors that need to deploy large sums of equity, however, generally do not have the option to allocate quickly across numerous small investments. Sometimes buying a large office asset in New York makes sense not because it has the best returns, but because the purchase allows an investor to deploy $100 million at once.

    So who is right? Both sides have valid arguments, but at the end of the day we believe the private market corrects towards the public market more often than the other way around. Already, stories have surfaced of landlords pulling assets off the market when they didn’t receive the bid they wanted, and many have preferred to refinance assets in the debt market as a way to extract proceeds. If you were able to peek at New York City office cap rates 10 years from now, our bet is that the REIT market looks smarter today.

    by Alex Snyder Feb 20 2019

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  10. Real Estate Versus Stocks: Which Is Right For You?

    Over the years, we’ve heard the arguments as to which is the better investment: real estate or stocks. Both have their advantages and disadvantages, and there are several aspects of each that make them unique investments in their own way. To make money with either investment requires that you understand the positives and negatives of both.
    Real Estate
    Real estate is something that you can physically touch and feel – it’s a tangible good and, therefore, for many investors, feels more real. For many decades this investment has generated consistent wealth and long-term appreciation for millions of people. Depending on the location of your real estate, you can enjoy sizable returns on your investment.
    Real estate investment site Biggerpockets.com produces an annual real estate investment index for major U.S. cities. According to their latest index for 2016, the area with the best returns is Dallas, Texas, where real estate investors saw 20.7% in unleveraged returns. While your returns may not be Texas big, investing in real estate can be very lucrative.
    There are two main types of real estate: commercial and residential. While other types exist (mobile home parks, strip malls, apartment buildings, office buildings, storefronts and single-family homes), they generally fall into those two categories. Making money in real estate isn’t as cut-and-dry. Some people take the “home flipping” route – searching for distressed properties, refurbishing them and selling them for a profit at a higher market value. Others look for properties that can be rented to generate a consistent income.
    Generally, a down payment of up to 20% of the purchase price can be made, and the rest can be financed via a mortgage.
    Advantages of Investing in Real Estate
    There are many positive benefits to investing in real estate, including depreciation (writing off wear and tear of a commercial property), tax deductions and finally, you can sell the property through what is known as a 1031 exchange, and will not have to pay capital gains taxes, as long as you invest the money into a similar kind of property type.
    Disadvantages of Investing in Real Estate
    Like all investments, real estate also has its drawbacks. Most importantly, the investment is illiquid. When you invest in a property, you usually cannot sell it right away. In many cases, you may have to hold the property for several years to realize its true profit potential. Also, the closing cost can add up to thousands of dollars, and include taxes, commissions, and fees. Further, real estate prices have a tendency to fluctuate. While long-term prices generally increase, there are times when prices could go down or stay flat. If you have borrowed too much against the property, you may have trouble making the payment with a property that is worth less money than the amount borrowed on it.
    Finally, it’s often hard to get diversified if investing in real estate. However, diversification is possible in real estate, provided that you do not concentrate on the same community and have a variety of different types of property. That being said, there is an additional way that you can be able to diversify in real estate through real estate investment trusts (REITs), under which you can purchase a trust that is invested in a large portfolio of real estate, and will offer you a dividend as a shareholder. However, in general, stocks offer more diversification because you can own many different industries and areas across the entire economy.
    Stocks
    Using the S&P 500 as a benchmark to illustrate the performance of stocks, the stock market has had an average annual rate of return of 10.31% from 1970-2016. It’s important to use this figure as just a benchmark for the performance of U.S. stocks though as there are several other major indexes globally.
    With a stock, you receive ownership in a company. When times are good, you will profit. During times of economic challenges, you may see diminishing funds as the earnings of the company drop. Taking a long-term approach and being balanced in many areas can help build your net worth at a much greater rate, compared with real estate.
    As with real estate, financing in stocks allows you to use margin as leverage to increase the overall amount of shares that you own. The downside is that, if the stock position falls, you could have what is known as a margin call. This is where the equity, in relation to the amount borrowed, has fallen below a certain level and money must be added to your account to bring that amount back up. If you fail to do this, the brokerage firm can sell the stock to recover the amount loaned to you.
    The Advantage of Stocks
    Stocks are very liquid, quick and easy to sell. They are also flexible, and can even be reallocated into a retirement account – tax-free – until you start to withdraw the money. As well, many stocks can do considerably better than real estate in one year. Due to the volatility of some stocks, it is not unusual to see companies that are averaging 20% or even 50% growth in one year.
    The Disadvantages of Stocks
    Stocks can be very volatile, especially when the economy or the company is facing challenges. Also, stocks are often emotional investments, and your decisions within the market can often be irrational. Finally, bankruptcy is always in the back of the active stock investor’s mind – as it should be, as your investment will be dissolved in this instance.
    The Bottom Line
    A good compromise when deciding between investing in the stock market and investing in real estate may be to own a REIT, which combines some of the benefits of stocks with some of the benefits of real estate. While each investment has its benefits and drawbacks, to decide which one would work well for you depends on your overall financial situation and level of comfort.
    By Chris Seabury

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  11. Estimating the Size of the Commercial Real Estate Market in the U.S.
    The total size of commercial real estate in the U.S. was estimated $15 trillion in 2017.

    Nareit estimates that the 2017 total dollar value of commercial real estate was between $14 and $17 trillion, with a mid-point of $15 trillion. This study was conducted primarily using data from CoStar and other sources. We used a bottom up approach identifying and estimating the number of units and total square footage by property sector and property quality type for the largest 200 markets in the U.S.

    Table 1 summarizes the base estimates by property sector. The base estimate is $15.2 trillion with low and high estimates of $14.1 and $16.8 trillion, respectively. These estimates are based on a bottom-up approach using the best available data for each property sector.

    Due to data limitations, the estimates do not include billboards, single family home rental, timber, or infrastructure other than wireless towers.

    Owner occupied properties account for about 11 percent of the total value. Approximately one-third of commercial real estate value is located in the seven “gateway” markets2, half is in the next largest 47 markets and the balance is in other markets.

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  12. Three Ways to Invest in New York City Real Estate

    By John P. Schmoll, Jr. | Updated Oct 21, 2018

    New York City real estate is renowned for investment opportunities. As one of the most famous cities in America and the world, New York City property presents unique investment opportunities. There is one problem, however. Real estate in New York is expensive. In fact, a report from Savills Research shows New York City as the most expensive city in the world to rent, and one of the most expensive residential real estate markets.
    One might look at this and believe the high rates leave little opportunity for investment. That is not the case. There are ways to invest in New York City real estate even if you don’t live there. Here are a few of the best ways to do so.

    Invest Through a Turnkey Property
    A turnkey property allows investors to buy a property, turn around, and rent it immediately. This may sound impossible to find, but there are companies that specialize in selling these properties. This presents a unique opportunity for those who want to invest in real estate in New York City but don’t live there.
    A property management company or a local employee may eat into profit, though it can go a long way to help manage your investments.

    Try a REIT
    Much like investing in a turnkey property, a real estate investment trust (REIT) allows local and global investors to invest in New York City real estate. As of late 2014, there were three REITs that focused specifically on New York real estate. A REIT, in many cases, allows investors to invest in commercial or residential property as well as mortgage loans. What’s unique about New York City REITs is their singular focus on commercial or retail buildings in prestigious properties like Grand Central Terminal or Union Square.
    A REIT, generally speaking, allows investors access to a grouping of such properties that trade like a stock. By their nature, this provides dividend income (as they’re required to distribute 90% of their taxable income annually through dividends) as well as diversification opportunities. They’re also prone to risk in rising interest rate climates.

    Buy Property Directly
    A final, though likely cost prohibitive, opportunity to invest in New York City real estate is through purchasing properties directly. This is easier said than done due to the inherent demand within the city. That being said, there are often stricter requirements investors face if they choose to invest in real estate in New York City.

    What to Look For
    Due to the extreme popularity in real estate investments, there are some things to keep in mind if you plan to invest. The first key is to realize you’re competing with many other investors. However, that isn’t the only thing to look out for:
    •Rent is determined by the number of bedrooms, not their size.
    •Lower income areas tend to have more maintenance issues as well as higher turnover.
    •Compare sales price against what you can earn in rent so you don’t over-leverage yourself.
    Ultimately, there is opportunity to be had investing in New York City real estate if you’re able to act fast and have a good plan in place.

    The Bottom Line
    New York is known the world over for its real estate. There are numerous ways to take advantage of it and grow your wealth. Just make sure to do so with your eyes open to the risks.

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  13. 8 Reasons to Love Monthly Dividend ETFs

    Dividend-paying exchange-traded funds (ETFs) have been growing in popularity for a while now, especially among investors looking for high yields and more stability for their portfolios. As with stocks, most pay their dividends quarterly. But an increasing number of ETFs pay them monthly. Investors do not just like these ETFs; they love them.
    Why? Well, obviously because they provide frequent payouts. Not only is that a godsend for senior citizens and others who are on a fixed income, but it is also attractive to any investor seeking income in the current, often-volatile, stock market. Monthly dividends can be more convenient for managing cash flow, too: Most people find it easier to budget when their income stream is more predictable.
    But the appeal is not just for spenders. For investors looking for greater total returns, monthly dividends that are reinvested can compound at a faster rate than dividends paid quarterly.
    Range of Choices
    Luckily, there is a plethora of monthly dividend ETF funds offered by the major firms, including State Street Global Advisors (via its SPDR ETFs), The Vanguard Group and BlackRock, Inc. (BLK) (via its iShares ETFs), along with smaller outfits such as Global X Funds. The majority of monthly dividend payers come from the bond field, but there are more than 40 that invest in equities, preferred stock or a mix of assets.
    Either way, it pays to be choosy. Fund managers sometimes offer high double-digit yields that they cannot sustain in order to attract investors who would otherwise ignore them. It is important to pay attention to expense ratios, as well. Remember, the less money that goes into a manager’s pocket the better.
    For investors interested in such funds, here are eight names to consider (in no particular order). The performance figures are as of October 2017.
    Global X SuperDividend ETF
    Assets Under Management: $1.03 billion
    Total Expenses: 0.58%
    Yield (12 mo.): 6.57%
    2016 Return (Price): 13.31%
    This fund (SDIV) tracks an index of 100 equally weighted companies that rank among the highest-dividend payers around the world – a strategy that has earned it kudos in the financial press. The fund includes common stocks, real estate investment trusts (REITs) and master limited partnerships (MLPs) that must combine top returns with lower-than-average volatility to be included in the index.
    Global X U.S. SuperDividend U.S. ETF
    Assets Under Management: $425.6 million
    Total Expenses: 0.45%
    Yield (12 mo.): 6.13%
    2016 Return (Price): : 10.61%
    Established in 2013, DIV is a relatively small fund. Like its international counterpart, it focuses on a basket of a low-volatility, high-yielding securities, the objective of which is to track the performance of 50 equally weighted common stocks, MLPs and REITs within the INDXX SuperDividend U.S. Low Volatility Index. It has performed very well against its benchmark, returning an annualized average of 6.2% over the last four years. Securities listed in the index are among the highest-yielding in the United States, and they have lower relative volatility than the market. It pairs very nicely with SDVI for investors who want a truly global grip on high-yielding equities.
    PowerShares S&P 500 High Dividend Low Volatility ETF
    Assets under management: $3.02 billion
    Total Expenses: 0.30%
    Yield: 3.6%
    2016 Return (Price): 22.36%
    As it says on the tin, this PowerShares fund (SPHD) looks for stocks that both pay high dividends and offer low volatility. It is heavily weighted toward utilities. Other holdings include Health Care REIT, Inc. (HCN) and Altria Group, Inc. (MO). The fund’s low expenses are especially attractive.
    WisdomTree U.S. High Dividend ETF
    Assets Under Management: $1.24 billion
    Total Expenses: 0.38%
    Yield (12 mo.): 3.25%
    2016 Return (Price): 8.63%
    DHS mimics the WisdomTree High Dividend Index, a fundamentally weighted index that features companies ranked by dividend yield with average daily trading volumes of at least $200 million. The fund’s holdings are well diversified among sectors such as real estate, health care, energy/utilities and consumer staples.
    PowerShares Preferred ETF
    Assets Under Management: $5.31 billion
    Total Expenses: 0.5%
    Yield (12 mo.): 5.6%
    2016 Return (Price): .85%
    The PowerShares Preferred Fund (PGX) is another preferred stock ETF that delivers on yield. PGX’s objective is to replicate the performance and yield of the BofA Merrill Lynch Core Fixed-Rate Preferred Securities Index. Its portfolio holds more than 200 preferred stocks with a heavy weighting towards the financial sector. and a smaller presence in telecommunications, industrials and energy. Less than 5% of the portfolio is invested in A- and AA-rated securities, while the rest is invested primarily in BBB- or BB-rated securities. Launched in January 2008, the fund has returned an annualized 5.66% since 2013; last year was rough, but it is currently up 10% year-to-date.
    PowerShares KBW High Dividend Yield Financial Portfolio ETF
    Assets Under Management: $329.94 million
    Total Expenses: 2.99%
    Yield (12 mo.): 8.32%
    2016 Return (Price): 20.48%
    Based on one of the prestigious Keefe, Bruyette & Woods NASDAQ indexes, this fund’s fat dividend yield is pretty tempting. KBWD ​​is heavily weighted (at least 90%) towards publicly held financial companies, which should perform better in a rising interest rate environment.
    iShares U.S. Preferred Stock ETF
    Assets Under Management: $18.7 billion
    Total Expenses: 0.47%
    Yield (12 mo.): 5.68%
    2016 Return (Price): 1.3%
    The iShares U.S. Preferred Stock ETF (PFF) is a viable alternative for investors seeking high yields. PFF was launched in March 2007, and as of October 2017, it was the largest fund in its category. PFF seeks to mirror the performance and yield of the S&P U.S. Preferred Stock Index. The portfolio is well diversified, with no security weighted more than 3.23%. However, it does tend to favor financial companies that are big issuers of preferred securities. More than 80% of the portfolio is invested in BBB- or B-rated securities and less than 8% is invested in A-rated or better. Preferred stock ETFs are generally designed for income, not outperformance, as is the case with PFF, which has delivered a steady total return of 5.29% over the last five years.
    SPDR Dow Jones Industrial Average ETF
    Assets Under Management: $19.1 billion
    Total Expenses: 0.17%
    Yield (12 mo.): 2.11%
    2016 Return (Price): 16.37%
    The SPDR Dow Jones Industrial Average ETF (DIA) does not offer the highest yield, but investors who prefer some capital appreciation potential with their income might find its portfolio attractive. Launched in January 1998 (making it one of the oldest ETFs still standing), the fund is one of the few to directly play the Dow Jones Industrial Index (DJIA) – itself the grandpa of stock indexes, composed of 30 of the bluest blue chip companies. It has done a commendable job of tracking the DJIA, returning 7.41% over the 10 years since 2005 and 10.70% over the five years since 2010.
    The Bottom Line
    High-dividend ETFs offer a cheap, easy way to add an extra stream of income to the portfolios of retirees and beginning investors alike. As always, it is important to do your due diligence on any fund before committing your hard-earned cash.
    By Investopedia | Updated Oct 10, 2018

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