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

789 comentários sobre “Internacional

  1. Are REITs Oversold?

    Real Estate Investment Trusts have suffered over the past year, thanks to rising interest rates, ending a seven-year rally, but there are still pockets of strength.
    Dan Weil | May 14, 2018

    Real estate investment trusts have taken it on the chin for over a year now, as rising U.S. interest rates led investors to head for the exits.

    As of May 7, the Vanguard Real Estate Index ETF (VNQ) share price dropped 17 percent from its peak of Aug. 1, 2016. During this same period, the S&P 500 Index climbed 23 percent.

    Meanwhile, the Federal Reserve boosted interest rates five times in that time span. “Increasing interest rates took the wind out of REITs’ sails,” says Barry Vinocur, editor of REIT Zone Publications in Novato, Calif. REITs had registered an impressive seven-year rally before reaching the 2016 zenith.

    Rising interest rates hurt REITs in two ways. First, REITs are heavily leveraged, as they need to borrow to purchase properties. Higher rates, of course, make this borrowing more expensive. Second, REITs compete with other income-producing assets based on their dividends, and higher rates increase payouts from bonds and other income assets.

    REITs also were sporting high valuations after their seven years of gains, as measured by price- to-adjusted funds from operations and price-to-net asset value of REITs’ real estate, Vinocur says.

    In addition, prospects for growth look stronger in other areas of the economy than they do in real estate, which is likely in the late stage of its recovery from the 2008-09 financial crisis, says Alexander Goldfarb, senior REIT analyst at investment bank Sandler O’Neill + Partners in New York.

    But things aren’t all bleak for REITs, even on the interest rate front. “The concerns about rates are probably overstated, causing REITs to be oversold, compared to both historical standards and private market values,” says Martin Fridson, chief investment officer at money management firm Lehmann Livian Fridson Advisors in New York. “Rising interest rates are generally associated with economic recoveries, helping the REITs’ underlying businesses.”

    Investors typically sell REITs initially in a rising-rate environment like this, but later return to the asset class, he says. “It’s also important to remember that REITs are less leveraged than they were going into the Great Recession” of 2007-09.

    There are pockets of strength amid the overall weakness in the real estate universe. “Industrial REITs are doing amazingly well,” Goldfarb says. The FTSE NAREIT Industrial REIT Index generated an annualized return of 20 percent over three years through May 7.

    With retail sales soaring on the web, there’s an increased need for warehouses to store and distribute the goods being purchased. And that has paved the way for industrial real estate’s rally. Internet retail sales totaled $119 billion in the fourth quarter, soaring 17 percent from the fourth quarter of 2016, according to the Commerce Department. And e-commerce sales make up just 9 percent of total retail sales, so there’s plenty of room for growth.

    “Amazon and others need more places to ship their wares to customers and to keep them close to customers,” Vinocur says.

    Prologis, the largest industrial REIT, estimates that every dollar of online sales requires three times more distribution and warehouse space than a dollar of sales at a brick-and-mortar store.

    Shipments of goods to a brick-and-mortar retailer are usually large, unlike the huge number of small shipments going to individuals. Internet sales often involve delivery of a single package to anywhere in the country and beyond. These goods must be stored in industrial facilities in route.

    Of course, the flip side of the strength of industrial REITs is the weakness of retail REITs, as brick-and-mortar retailers suffer at the hands of online retailers. Retail REITs posted a negative return of 7.5 percent in the 12 months ended May 7.

    “The most challenged REIT sector is retail, most notably malls, and also to some extent strip centers,” Vinocur says. But even there, the situation isn’t always as bleak as the media presents it, he and others say. The sector’s occupancy rate has declined only 100 to 150 basis points, Goldfarb says. And re-leasing spreads, which measure the increase in rent per square foot between new and expiring leases, are registering double digits, he says.

    “There is clearly dislocation in the mall space, but REITs are responding in different ways,” Vinocur notes. Some malls are bringing in movie theatres, restaurants, hotels and apartment complexes to occupy space. “Malls won’t go away, but they will be different,” he says.

    Both Vinocur and Goldfarb like the mall REIT Simon Property Group. “It has a super CEO [David Simon] and a good business, though it’s encountering choppy waters,” Vinocur says.

    The CIO Fridson favors REITs in the following sectors: cell phone towers, data centers, storage facilities, e-commerce distribution centers, static and digital billboards and healthcare facilities. The fundamentals in all these industries are strong, and dividend increases are likely as a result, he points out.

    In addition to Simon, Goldfarb recommends American Campus Communities Inc., a student housing REIT; Boston Properties, an office REIT; SL Green Realty, another office REIT; Brixmor Property Group, a shopping center REIT; Terreno Realty, an industrial REIT and EastGroup Properties, another industrial REIT.

    “For value investors, there are good opportunities,” Goldfarb says. “But you must be patient: it’s still a tough market.”

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    • Eu tenho vontade de operar com REITs, mas não consegui achar uma corretora pra fazer isso, mas não sei se é o melhor momento por causa do aumento dos Juros dos EUA e lendo aqui, fico mais preocupado ainda rsss vc opera por lá?

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      • Vitor , eu não opero lá, ainda, estava com o dinheiro de uma propriedade que vendi pronto para mandar pra lá quando achei um negócio de ocasião com bom “upside” e comprei outra aqui, revendendo essa caio fora do mercado brasileiro.

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      • hum, esse upside que deu no dolar que foi uma boa pra quem mandou dinheiro pra fora antes, pena não ter aproveitado, mas conheço pessoas próximas que aproveitaram rss, eu vou dar uma olhada, mas algumas coisas que eu já vi, não foram muito atrativas! obrigado!

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  2. Long-Term Prognosis Sound for Health Care REITs

    5/7/2018 | By Nareit Staff

    Health care REITs have grown rapidly over the past two decades, bringing professional management to a critical sector of the economy as they have solidified their position as an important sector of the REIT universe. The number of health care REITs in the FTSE Nareit All Equity REITs index increased from 13 in 2000 to 19 as of March 31, 2018. The market capitalization of this sector rose from $4.7 billion to $87 billion during this same period.

    Health care REITs own and operate a range of facilities, including senior housing communities, medical office buildings, medical research, skilled nursing, and long-term care and rehabilitation facilities. REITs have made net acquisitions of these properties totaling $50 billion in the past five years.

    Investments in these properties have historically delivered solid returns to shareholders. Health care REITs have paid a total of $26.3 billion in dividends over the past five years, and total returns over the past 15 years have averaged 12.5 percent annually. However, the sector’s total returns have underperformed the broader REIT market more recently.

    The health care property sector overall is experiencing a building boom, with new construction projects totaling 5 percent or more of the existing stock. Occupancy rates have eased a bit as the new supply is completed, but demand continues to grow, and health care REITs are well-positioned to take advantage of future growth in the sector.

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  3. The Basics of REIT Taxation

    By Mark P. Cussen, CFP®, CMFC, AFC | Updated March 13, 2018

    Real estate investment trusts (REITs) have established themselves as a means for the smaller investor to directly participate in the higher returns generated by real estate properties. In the past, these trusts were considered to be minor offshoots of unit investment trusts, in the same category as energy or other sector-related trusts, but when the Global Industry Classification Standard granted REITs the status of being a separate asset class, the rules changed and their popularity soared.

    In this article, we will explain how REITs work and examine the unique tax implications and savings they offer to regular investors.

    Basic Characteristics of REITs

    REITs are a pool of properties and mortgages bundled together and offered as a security in the form of unit investment trusts. Each unit in an REIT represents a proportionate fraction of ownership in each of the underlying properties. REITs on the NYSE possessed a market cap over $1 trillion as of August 2017. In 2017, nearly 225 REITs were traded actively on the New York Stock Exchange and other markets.

    Typically, REITs tend to be more value than growth-oriented and are chiefly composed of small and mid-cap holdings.

    The IRS requires REITs to pay out at least 90% of their income to unitholders. This means REITs provide higher yields than those typically found in the traditional fixed-income markets. They also tend to be less volatile than traditional stocks because they swing with the real estate market.

    Three Types of REITs

    REITs can be broken down into three categories:
    Equity REITs: These trusts own and/or rent properties and collect the rental income, dividends and capital gains from property sales. The triple source of income makes this type very popular.
    Mortgage REITs: These trusts carry greater risk because of their exposure to interest rates. If interest rates rise, the value of mortgage REITs can drop substantially. (To learn more, see: Mortgage Rates: How the Interest Rate Rise Affects Mortgages.)
    Hybrid REITs – These instruments combine the first two categories. They can be either open- or closed-ended (similar to open- and closed-ended mutual funds), have a finite or indefinite life, and invest in either a single group of projects or multiple groups.

    Taxation at the Trust Level

    REITs must follow the same rules as all other unit investment trusts. REITs must be taxed first at the trust level, then to beneficiaries. But they must follow the same method of self-assessment as corporations. So, REITs have the same valuation and accounting rules as corporations, but instead of passing through profits, they pass cash flow directly to unitholders.

    There are a few extra rules for REITs beyond the rules for other unit investment trusts:
    1.Rental income is treated as business income to REITs because the government considers rent to be the business of REITs. This means all expenses related to rental activities can be deducted the same as business expenses can be written off by a corporation.
    2.Furthermore, current income distributed to unitholders is not taxed to the REIT, but if the income is distributed to a non-resident beneficiary, that income must be subject to a 30% withholding tax for ordinary dividends and a 35% rate for capital gains, unless the rate is lower by treaty.

    For all practical purposes, REITs are generally exempt from taxation at the trust level as long they distribute at least 90% of their income to their unitholders. However, even REITs adhering to this rule still face corporate taxation on any retained income.

    Taxation to Unitholders

    The dividend payments made by the REIT are taxed to the unitholder as ordinary income, unless they are considered qualified dividends, which are taxed as capital gains. Otherwise, the dividend will be taxed at the unitholder’s top marginal tax rate.

    Also, a portion of the dividends paid by REITs may constitute a nontaxable return of capital, which not only reduces the unit holder’s taxable income in the year the dividend is received, but also defers taxes on that portion until the capital asset is sold. These payments also reduce the cost basis for the unitholder. The nontaxable portions are then taxed as either long- or short-term capital gains/losses.

    Because REITs are seldom taxed at the trust level, they can offer relatively higher yields than stocks, whose issuers must pay taxes at the corporate level before computing dividend payout.

    Example – Unitholder Tax Calculation
    Jennifer decides to invest in an REIT currently trading at $20 per unit. The REIT has funds from operations of $2 per unit and distributes 90%, or $1.80, of this to the unitholders. However, $0.60 per unit of this dividend comes from depreciation and other expenses and is considered a nontaxable return of capital. Therefore, only $1.20 ($1.80 – $0.60) of this dividend comes from actual earnings. This amount will be taxable to Jennifer as ordinary income, with her cost basis reduced by $0.60 to $19.40 per unit. As stated previously, this reduction in basis will be taxed as either a long- or short-term gain/loss when the units are sold.

    The Bottom Line

    The unique tax advantages offered by REITs can translate into superior yields for investors seeking higher returns with relative stability. Theoretically, it is possible for a unitholder to achieve a negative cost basis if the units are held for a long enough period of time. While this is hardly common, the potential for realizing a possible gain or loss in this manner should be clearly understood by investors.

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  4. Tax Reform Is a Windfall for REIT Investors

    The new tax law benefits REIT investors more than it does the real estate investment trusts themselves.

    By Rebecca Lake, Contributor |April 13, 2018

    Real estate has traditionally held up well against market swings and rising inflation. Real estate investment trusts offer a compact, tax-advantaged alternative to direct ownership, and thanks to tax reform, those advantages are better than ever.

    The 2017 Tax Cuts and Jobs Act introduces several new measures affecting REIT taxation. “The new tax bill is a boon for REIT investors, but they need to be careful not to let the tax tail wag the dog,” says Blake Morris, certified financial planner at The Lloyd Group in Suwanee, Georgia. “Many investors have used tax changes to drive investment decisions, only to quickly feel the pain.”

    Tax reform may also have a broader impact on some REIT sectors that could also influence performance and returns. As you shape your REIT investing strategy, think about how tax reform comes into play.

    Pass-through income gets a big tax break. One of the central features of the tax bill is a new 20 percent deduction on pass-through income. This deduction applies to businesses that operate as pass-through entities, REITs included. “REITs are mandated to distribute at least 90 percent of their income, and REITs do not pay taxes on this distributed income,” says Austin Pickle, investment strategy analyst for Wells Fargo Investment Institute in Sarasota, Florida.

    This means REITs generally don’t owe any taxes, leaving more of their earnings to be passed on in the form of dividends to investors, who are taxed on that income. As a result, “the new tax law benefits REIT shareholders more than the REITs themselves,” Pickle says.

    That’s because REIT dividends are taxed at the individual shareholder’s rate, rather than the corporate rate, says Scott Crowe, chief investment strategist for CenterSquare Investment Management in Plymouth Meeting, Pennsylvania. The 20 percent pass-through deduction reduces the top tax rate on REIT dividends from 39.6 percent to 29.6 percent for a taxpayer in the highest tax bracket. And “shareholders in lower brackets would have even lower rates on the same dividends.”

    Crowe points out that shareholders can deduct that 20 percent of pass-through income from REITs and other pass-through entities, even if they don’t itemize deductions on their federal tax return. This change could prove to be more significant for REIT investors than the across-the-board reductions in individual tax rates.

    Additionally, REIT dividends have been excluded from the wage restriction, and “thus, don’t have a cap on what they can deduct,” says Daniel Milan, managing partner of Cornerstone Financial Services in Birmingham, Michigan. Ordinarily, the 20 percent pass-through deduction is limited to whichever is greater – 50 percent of wages paid by the business or 25 percent of wages, plus 2.5 percent of the property’s original purchase price.

    These exchange benefits remain intact. While the tax bill eliminated certain tax breaks, it preserved others, including the 1031 rule. It permits REITs to exchange one investment property holding for a similar one, while deferring capital gains tax on the exchange. “REITs benefit from the 1031 exchange, as it supports transaction activity leading to better liquidity and value,” says Steve Ralff, managing director of LaSalle Investment Management Securities in New York.

    The rule also allows investors to exchange real property for the equivalent in REIT shares without capital gains tax. This process requires the investor to place the property in a Delaware statutory trust first. This is a separate legal entity that the IRS has deemed eligible for 1031 exchanges.

    There are some additional steps required to exchange trust shares for REIT shares, but doing so may be worth the effort to capitalize on the 20 percent pass-through deduction and similar tax breaks under the new law. Of course, you can’t defer your tax liability indefinitely, and you’ll still owe capital gains tax when you sell your REIT shares.

    Tax reform may favor some REIT sectors. Under the new tax law, certain REIT sectors could fare better than others. “While a lower corporate tax rate generally does not directly benefit REIT earnings, it does benefit the earnings of REITs’ main customers – corporations,” Pickle says. This, along with tax reform’s potential stimulative effect on economic growth, may increase demand for REIT properties. Rising demand leads to higher property prices and enables REITs to raise rents. “The more cyclical REIT sectors, like hotel-lodging, industrial and office REITs, should derive more fundamental benefit from tax reform than less cyclical sectors, like health care.”

    Morris cautions that underlying sector risks still apply. He gives the example of mortgage REITs, which are susceptible to interest rate increases. Additionally, REITs tied to the retail sector are facing increasing pressure because of consolidation and reduced in-store traffic as online retailers like Amazon (ticker: AMZN) account for a larger share of the retail market.

    Investors should also be aware of how changes in the market might affect some real estate sectors more than others. “Our current bull market has been going strong for quite some time, despite some recent slips,” Morris says. Still, investors should consider how well a REIT’s underlying properties could withstand a bear stock market if one occurs.

    In general, however, tax reform could be huge for REITs as certain personal tax benefits disappear. “It’s important to note that the new bill caps the amount of state and local taxes, otherwise known as SALT, that homeowners can deduct from their federal tax bill, which will actually increase taxes for some,” says Allen Shayanfekr, CEO and co-founder of real estate investment platform Sharestates. “At the same time, it provides an opportunity to earn more with direct investments into real estate-type products to offset that.”

    Shayanfekr says updated tax breaks will spur new development and real estate investment opportunities. “There will be a stronger demand for rental properties, which helps developers and rental owners, as homebuyers might think twice before buying their first home and continue to rent.

    Remember the risks. REITs are like any other investment and you should be clear on whether they match your risk tolerance and timeline for investing.

    One of the biggest issues to keep in mind is liquidity. When investing in REITs, particularly non-traded REITs, remember that “access to your money could be limited, subjected to substantial penalties or suspended altogether,” Morris says.

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    • Olha um novo termo aí … De-RETIing

      Pra nós arigor não deveria ter muita diferença em termos de “income” Corporation vs REITs (embora a rigor o que compramos de REITs são UNITs e não STOCKs). O bicho ia pear se fosse de REIT para Partnership que geram o malditop Schedule-K1 pro IRS. Enfim a noticia da Bloomberg:

      Under New Tax Law the Question Is, To Be or Not to Be a REIT?

      25 de abril de 2018 06:00 BRT

      For real estate investment trusts, a spur to become a C corp
      Conversion would free up cash for mall, office-property owners
      The sturdy, reliable REIT is facing an existential choice. Should it abandon its tax-free structure to meet pressing capital needs, using the new U.S. tax law as a stepping stone? Or hang on to a status that gives it access to its very own set of investors?

      In a letter to investors published this week, Third Avenue Real Estate Value Fund portfolio managers Jason Wolf and Ryan Dobratz argue that some U.S. REITs should consider converting to a regular corporation, known as a C corp, to “maximize the value for shareholders over the long term.”

      To qualify as a REIT, a company must invest at least 75 percent of its assets in real estate and get 75 percent of its gross income from sources related to property, such as rent and interest. REITs, which are required to distribute at least 90 percent of their earnings as dividends, pay no federal tax at all. Converting to a C corp would mean paying the new corporate tax rate of 21 percent (likely to be substantially lower with deductions).

      Because of their dividend payments, though, REITs are often forced to sell assets or turn to sometimes volatile capital markets to finance expansion and meet other needs. As regular corporations, they could instead retain their earnings for capital expenditures. They could also use any extra cash to buy back stock. That’s a tricky business for some REITs, which can trade at a discount to their net asset value due to rising interest rates and other factors.

      Now, with the sharp decline in the corporate tax rate from 35 percent, the transition would be less jarring than before.

      “REITs that are trading at a discount may not be interested in raising capital at their current levels, so it’s certainly possible that they explore models that enable them to retain earnings,” said David Bonser, a partner at the Hogan Lovells US LLP law firm who has advised REITs for more than two decades. “Still, it’s a heck of a cliff to jump off.”

      ===> Candidates for ‘De-REITing’

      Most will stay as they are. But “certain REITs with significant development, redevelopment and other capex needs could undoubtedly benefit from de-REITing,” Wolf and Dobratz write. They say logical candidates for conversion include mall REITs, such as Seritage Growth Properties and Macerich Co., which need cash to transform space into more-profitable “mixed used” concepts that include fitness, entertaining and dining options. They also cite office REITs with large capex programs to refurbish properties as tenants demand “live-work-play” environments, such as Vornado Realty Trust and JBG Smith Properties.

      A conversion by Seritage “seems like a no-brainer to us,” Dobratz said in an interview. “We think the company would be in a better spot in five years if they made a decision to retain the capital, reinvest in the business and accelerate the pace of putting their legacy Sears and Kmart boxes to a higher and better use.”

      Seritage, Macerich and Vornado didn’t respond to requests for comment. JBG declined to comment.

      Newcastle Investment Corp., now known as Drive Shack Inc., chose to pivot from simple real estate ownership and was forced to convert to a regular corporation. Quality Care Properties Inc. is following suit. So far, few if any companies that still qualify as REITs have made the leap.

      Isn’t This Backwards?

      Conversion has generally gone in the other direction, with corporations flocking to the REIT structure. The trend has tapered off in recent years as the Internal Revenue Service has cracked down on spinoffs. That didn’t stop Alexander & Baldwin Inc., which focuses on Hawaiian properties, from becoming a REIT last year. The change in tax status spurred a one-time special dividend to shareholders totaling $783 million.

      Even in the wake of the new tax law, REITs tempted to become ordinary corporations may be wary that the tax rate could change again. Still, a company that converts can go back to the REIT structure after five years. In fact, Third Avenue said, once sufficient investments have been made and assets put to new purposes, that may be the best course.

      Another concern is the stock-price decline that would probably follow a company’s removal from REIT indexes and the universe of dedicated REIT investors. Third Avenue argues that any short-term declines are likely to be countered by substantial long-term gains if the conversion makes sense for the company.

      Wolf and Dobratz admit their proposal is “no doubt a contrarian idea” but say it sometimes takes a bold move to generate outsize returns.

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  5. FTSE Nareit All REITs Index Up 3.7% in March
    4/4/2018 | By Sarah Borchersen-Keto
    REIT returns rose in March as investors turned their attention to more defensive sectors of the economy, analysts said.
    The total returns of the FTSE Nareit All REITs Index rose 3.7 percent in March, while the S&P 500 dropped 2.5 percent. The total returns of the FTSE Nareit Mortgage REIT Index gained 6.5 percent in March.
    The yield on the 10-year Treasury note fell 0.1 percent in March.
    BMO Capital Markets analyst John Kim said REITs found favor late in the month as investors viewed the sector as less volatile than other parts of the broader market, particularly the technology sector. Investor perception that the yield on the 10-year Treasury note has now stabilized also supported REIT performance, he added.
    Matt Kopsky, analyst at Edward Jones, described the broader market as “skittish” in March, in part due to concerns about inflation and an escalating trade war. “Due to increased macro uncertainty, more defensive sectors such as REITs outperformed,” he said.
    Compass Point Research & Trading LLC analyst Steve Manaker pointed out that relative to the broader market—and even on an absolute basis—“REIT valuations looked attractive” last month. Interest rate concerns ebbed and investors felt it was a safer time to come back into REITs, he explained.
    “The plateauing of the 10-year Treasury makes us incrementally more positive for now,” Manaker said.
    Gains were seen across most segments of the REIT market.
    Returns for apartment REITs rose 7.4 percent in March. Kopsky noted that a few apartment REITs reported favorable trends for the first two months of the year, which helped the group overall. Continued construction delays to start the year may smooth out new deliveries in 2018, he added.
    Health care REITs posted returns of 5.9 percent, as the segment benefited from interest rate stabilization, according to analysts.
    Regional mall REIT returns fell 0.9 percent in March, as the market continued to digest the impact of Brookfield Property Partners LP’s proposed acquisition of GGP Inc. (NYSE: GGP) on valuations.

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  6. Pessoal que investe no exterior…qual melhor corretora? melhor começar a montar a carteira de reits ou começar pela carteira de stocks? estou querendo começar a diversificar no exterior, ou melhor, abrir uma conta em uma corretora americana.

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      • Qual corretora vc usa, seria a popular DW? Qual a porcentagem da carteira vc acha ideal para ter no exterior?…primeiro quero terminar de montar minha carteira de fiis e açoes e depois vou com tudo para terra do tio san!!!

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    • Utilizo a DW. Porcentagem ideal da carteira é algo muito pessoal. É aquela situação que pode ser confortável pra mim e não pra você. Até onde você sente confortável se sua carteira derreter? Sugiro fazer uma autoanálise, com calma, que você chegará ao percentual ideal. Com calma e aos poucos. No meu caso, estipulei 10% stock da carteira global. O mercado americano é gigantesco. Estou com 20 stocks, por enquanto. Pretendo chegar aos 30 e ver se consigo parar, dar um tempo e ir ajustando, mas será difícil. É muita empresa com bons fundamentos.

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    • Não conheço os REITS: WPC, AVB , qual a categoria deles… Dê uma olhada em VTR , SPG, WELL,PLD,IRM,SKT, eles valem a pena, um pouco mais arriscados são SBRA e NRZ.

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  7. Look for Downward Pricing of REITs

    Março 21, 2018 | By Betsy Kim
    The public market is saying something bad is going to happen to private real estate pricing.
    NEW YORK CITY—Green Street Advisors, the Newport Beach, CA-headquartered, independent researcher of REITs and the CRE industry has 30 years of data comparing pricing of REITs versus stocks. Mike Kirby, the company’s chairman and director of research, said with public market real estate, “It is flashing a cheap signal. REITs look cheap versus stocks.”

    REITs have delivered better earnings growth for the last 20 years. When compared to capital markets alternatives, private market real estate is fairly priced, Kirby said.

    NYU’s Schack Institute of Real Estate hosted its 23rd Annual REIT Symposium at The Pierre on the Upper East Side of Manhattan on Tuesday. Sam Chandan, Associate Dean, NYU Schack Institute of Real Estate reviewed the state of the industry with Kirby.

    The Green Street Property Price Index provides information based on the value of REIT-owned portfolios. Kirby said it’s the one index that has shown pricing has actually ticked down over the last 12 months. Most other property price indexes are still incrementally rising.

    One of the best ways to tell what’s going to happen with private market real estate pricing is to look at the public market, according to Kirby. “The public market right now is saying is something really bad is going to happen to private real estate pricing.”

    He added that he did not necessarily fully buy into that. “But you’re also foolish not to listen to it because it is a signal that has worked in the past. When REITs are trading discounts to NAV (net asset values), private market values typically go down over the course of the next 12 to 20 weeks.”

    Kirby distinguished different property sectors. The drop in pricing in the index implies dire times ahead for owners of gateway offices and apartments, particularly in New York. “Those are the asset classes in the public space that are trading at the biggest discounts, meaning the public investors don’t believe private values are accurate. The truth is probably somewhere in between.”

    Even if it is somewhere in between, that still means private values will probably go down, not up in those spaces. In good news, the public market indicated industrials are priced right, with a solid outlook. There’s no one answer for all REITs but the index was more down than up, Kirby said.

    Investors, beware with malls rated B or lower because even the public stocks are trading at massive discounts. “Really, it’s how long you’re going to be able to clip a coupon and I think the coupon’s going to run out on you before you capture your full return on investment with some of these malls. You’re going to see an awful lot of carnage in these spaces,” he said.

    However, there is differentiation amongst the classes of malls. To stay competitive, A malls have had to spend enormous amounts of capital.

    “You’ve seen malls reduce their apparel centers hugely and restaurants filled the void in the center mall. The mall occupancy rate at A, A++ malls is as tight as it has ever been,” said Kirby.

    Chandan asked with the constant talk of the need to reposition malls to emphasize the experiential—just how much food retail can take over the malls?

    Kirby pointed out with 1,300 malls in the country, if 800 shut down—it’s not a bad thing if you’re competing in a business and your bottom 800 competitors leave. He added that, of course, cities don’t need too many malls that are 100% restaurants. But if all the restaurants in the closed malls go away, the cities will need new restaurants in town.

    He noted in Europe, they have “really, really cheap debt” and pointed to Westfield’s opening the largest shopping center in Europe, in White City, west London. This was at a price that elevated NAVs in the US. He further commented that Westfield is able to borrow at rates that are absurdly low on longer term money. As a result of that, in London they today view these cap rates as something of a “free lunch.”

    Kirby pointed out that there are nearly 200 REITs in the US and added, “We don’t need this many.” He said there are far too many in several property sectors, including 15 strip center REITs—when there probably should be six.

    Curtir

  8. REIT Stock Performance and the Interest Rate Environment
    3/7/2018 | By John Worth
    REIT share prices, like the broader stock market, have been sensitive to changes in the outlook for interest rates, including both the short-term rates set by the Federal Reserve and the long-term rates that are governed more by market forces. Rising interest rates have been identified by some analysts as explaining the disappointing REIT stock performance during January and February. In fact, some analyses suggest that negative announcement effects on REITs associated with rising interest rates have become more pronounced since 2013. Recent performance, however, has been in contrast to earlier periods when REIT share prices generally performed quite well during periods of rising interest rates.
    The positive association that has historically been observed between periods of rising rates and REIT returns is consistent with an improvement in the underlying fundamentals. Market interest rates typically increase during periods when macroeconomic conditions are strengthening, the same strengthening that often drives positive REIT investment performance. Strengthening macroeconomic conditions typically lead to higher occupancy rates, stronger rent growth, increased funds from operations (FFO) and net operating income (NOI), rising property values and higher dividend payments to investors.
    The figure below illustrates the relationship between the four-quarter change in the 10-year Treasury yield and the four-quarter total return on the FTSE Nareit All Equity REIT Index. The illustration reveals that REITs posted positive total returns in 87 percent of episodes of rising Treasury yields over the period 1992Q1 to 2017Q4.

    REITs have also outperformed broad equity indexes during many of these periods of rising interest rates. The figure below illustrates the relationship between the four-quarter change in the 10-year Treasury yield and the difference between four-quarter total return on the FTSE Nareit All Equity REIT Index and the S&P 500. This illustration reveals that REITs outperformed the S&P 500 in more than half of the episodes of rising Treasury yields over the period 1992Q1 to 2017Q4.

    REITs appear to be well prepared for higher interest rates in the months ahead, according to the Nareit T-Tracker®, a summary of operating performance and financial position of the listed REIT sector. REITs’ have strengthened their balance sheets and reduced exposures to interest rates. As of 2017:Q4:
    ⦁ Equity issuance has been strong: REITs have raised significant amounts of equity capital over the past five years, both to strengthen their balance sheets and also to fund the acquisition of new properties.
    ⦁ Leverage has declined: The debt-to-book assets ratio of REITs has declined to 47.6 percent, down from a pre-crisis peak of 58.3 percent. Book leverage of the REIT industry is at its lowest point since at least 2000, the earliest date in the T-Tracker report.
    ⦁ Interest expense has declined: Interest expense as a share of net operating income (NOI) is at 22.3 percent, near its record low of 21.7 percent, and a far cry from the 37 percent in 2009.
    ⦁ Debt maturities have lengthened: REITs have locked in low interest rates for several years into the future. The weighted average maturity of outstanding debt has lengthened to 75 months (more than six years) from 60 months or shorter in 2009.
    ⦁ Interest coverage ratios are high: Strong earnings growth, low leverage and low interest rates have raised interest coverage ratios to 4.4 times interest charges. Aggregate coverage ratios remain near their highest levels in the past decade and a half.

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      • O processo para abrir conta em corretora americana é muito burocrático Deut ?
        E outra…. só pra eu ter uma ideia qual o DY líquido destes bons reits na cotação atual?

        Curtir

      • Acho que quem está mais descontado são aqueles que o mercado dos EUA enxerga com pessimismo na nova configuração do mercado de lá.

        Seja por estarem muito alavancados (WPC por exemplo), seja por focarem em setores sob pressão ( ex: O, de imóveis para varejo, face à concorrência do mercado on line).

        Já aqueles mais bem preparados para a nova situação ( ex: DLR, de aluguel de Data Centers) têm sofrido bem menos…aliás quase nada.

        Curtido por 1 pessoa

      • Deut, enchi o carrinho ontem também. Hoje um pouco mais.

        Os D/Y estão em patamares históricos devido as quedas recentes.
        Mesmo que caia mais o valor da cota, o D/Y de hoje já me atende. Se continuar caindo mais vou vender meus FIIs e comprar mais REITs.
        Olhe com carinho as ações também. Tem Dividend King bem barato.

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      • Comprei FRT também, comprei saúde top, retail top, shoppings, educação, lazer. Mas não compro nada arriscado, ruim das pernas , só AFFo/Share subindo e valor de cota descendo .Ações só estou comprando o super-filé-top e bem devagar. Acho que tranquilamente, pode ser corrigido uns 30-40% ainda o preço das stocks até 2019-2020 quando os juros americanos forem a 3-4% e o FED normalizar aquele balanço de trilhões. Sobre os REITS o DY agora já está ótimo, então estou cokprando de baciada, mas eu quero é que caia mais, pois agora quero é me lambuzar. Mas ainda estou comprando um FII muito bom que tem tudo para a cota dele estourar de novo, aí eu trado o excesso que eu comprei e ando comprando.

        Curtido por 1 pessoa

      • Só compro REIT top descontado no mínimo 25% do topo, Deus me livre comprar estes REITs modinhas que estão no máximo histórico. Os que forem filés ficarei acompanhando que alguma hora ele cai no valor que eu quero. Eu não compro topo! !!!! Tem que ter margem de segurança também, além de uma ótima qualidade .

        Curtido por 1 pessoa

      • Bacana deut…eu tb estou pensando em investir na terra do tio san, qual corretora voce usa? O que acha da DriveWealth? Voce sabe o que acontece com as ações se a corretora falir nos EUA?

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  9. Governo aumenta IOF para quem transferir dinheiro para conta própria no exterior

    O correntista que transferir dinheiro de uma conta bancária no Brasil para outra de mesma titularidade no exterior pagará mais Imposto sobre Operações Financeiras (IOF). A partir de sábado (3), a alíquota será reajustada de 0,38% para 1,1%.

    O aumento valerá tanto para pessoas físicas como jurídicas. O decreto com a mudança, assinado pelo presidente Michel Temer, será publicado amanhã (2) no Diário Oficial da União.

    Por meio de nota, o Ministério da Fazenda informou que o aumento tem como objetivo eliminar distorções tributárias ao igualar a alíquota com a das compras de moeda estrangeira em espécie. Em maio de 2016, o IOF para quem compra dólar ou outras moedas em papel tinha passado de 0,38% para 1,1%.

    De acordo com a Receita Federal, a medida deve gerar arrecadação extra de R$ 101 milhões em 2018.

    Socialismo fabiano rules KKKK

    A boa e velha tributação progressiva .

    Curtido por 2 pessoas

    • Entrelinhas …
      Governo prevendo saída maciça de capital do Brasil ?
      São abundantes os motivos para uma fuga maciça de capitais do nosso país, basta um número razoável desses fatores convergirem para isso.
      Agora fiquei com a pulga atrás da orelha mais do que nunca, mais alguém …

      Curtido por 1 pessoa

      • Minha leitura Trix e Sr dos FIIs: já tentaram com FGTS, com queda de 53% da taxa Selic, agora um acordão dos bancos pra devolver a vista Bilhões… emprego vai voltado, economia se animando, PIB positivou, agora vão travando a saída de capital. Tudo para manter o dinheiro girando e aqui, gerando empregos e consumo aqui. O que assusta é que mesmo assim… a inflação segue pianinha… já temos previsão de nova deflação e expectativas de mais cortes de juros.

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      • Estão prevendo fuga de capitais sim ! hahaha Tesouro americano já ta pagando bem.
        Se cair mais ainda taxa aqui o pessoal vai perceber esta assimetria e começar realizar por aqui para comprar praças desenvolvidas.

        Principalmente quando estourar as contas : Ainda temos a questão dos investidores estarem reavendo lucro no mercado e retirando dinheiro daqui como bem pontuou o tetzner.

        Brasil basta um espirro para coisa ir por água abaixo !

        Curtir

      • Tetzner analisa melhor o PIB porque foi uma bela porcaria o resultado.

        Pib per capita ( crescimento ridículo.)
        Renda domiciliar Per capita ( ruim)
        Taxa de investimento caiu 16,10% para 15,60%

        A formação bruta de capital fixo indicador muito importante que indica se vamos ter um voo de galinha adiante foi ruim, ou seja tudo indica mais voo de galinha.

        Como sempre agronegócio foi o que seguro as tabelas junto a uma modesta recuperação do setor industrial.

        Ou seja não esta se criando riqueza pelo contrario estamos piorando todos indicadores o que esta acontece é apenas velho hiato do PIB.

        Governo corre para atrair capital estrangeiro já que não existe procura pelos títulos nestas taxas KKK

        Curtido por 1 pessoa

      • A situação é grave porque estando com uma taxa de juros bem baixa não tem mais cortes significativo.
        Resumo : quando tesouro americano começar subir juros. Ai vai ser um salve-se quem puder no mercado brasileiro.

        Começar rezar para economia do EUA continuar na merda ! kKKK

        Curtido por 1 pessoa

      • É bem isso ai mesmo, nós estamos total e completamente expostos aos choques que podem ser causados pelo aumento dos juros nos EUA.

        Ninguém sabe quando será a próxima grande crise financeira, mas o fato é que ela uma hora vai vir, e do jeito que andam as coisas quando ela vir o Brasil vai de vez para o buraco.

        Curtir

    • Pessoal, esclarecendo melhor… Este IOF de 1,1% é quando manda dinheiro para sua conta. Quando manda para corretora você faz a Remessa para a conta da corretora e ela credita depois na sua conta.
      Resumindo o titular não é o mesmo, o IOF se mantém em 0,38%.

      Acabei de simular uma remessa e o IOF que a casa de câmbio ia me cobrar é 0,38%.

      Por enquanto não mudou nada par comprar REITs.

      Curtido por 1 pessoa

    • O Brasil é um pais que protege o capital do brasileiro quanto a globalização, e é afetado pelos estrangeiros que tem acesso a nosso mercado . O que eles não entendem é que não é segurando o capital dos brasileiros que é a solução, todo capital que desaparece do Brasil nos momentos de crise e que consequentemente afeta dolar, bolsa, inflação, etc é decorrente do péssimo trabalho que fazem nosso legislativo não cumprindo seu papel (deficit dos gastos públicos, falta de reformas, etc).
      Mas não resta duvida, que tal medida, visa proteger fuga de capitais e aumentar a arrecadação do Governo.
      No final é sempre nós que pagamos a conta!!!!!!!!!!!

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