iREIT Daily

Reach for the Stars

Brad Thomas

467 postsJuly 21, 2021

We all have dreams, right? Especially as kids. We were constantly coming up with goals, attainable or not, and telling anyone who would listen about our life plans.

Maybe as a child you wanted to be an actor, firefighter, chef, or astronaut. We all had that one answer – or list of them – when someone asked us what we wanted to be when we grew up.

Jeff Bezos got to add the latter to his list yesterday morning…alongside being the wealthiest man in the world.

Though Bezos did not actually become an astronaut in its truest sense of being his profession, he did travel to space and back.

An article, published yesterday by Reuters, recounted some of the details of his trip:

“(He) soared about 66.5 miles (107 km) above the Texas desert aboard his company Blue Origin’s New Shepard launch vehicle on Tuesday and returned safely to Earth, a historic suborbital flight that helps to inaugurate a new era of private commercial space tourism.

“Best day ever,” Bezos, accompanied by the world’s oldest and youngest space travelers, said after the space capsule touched down, kicking up a cloud of dust on the desert floor.”

“Best day ever” is right!

What does your “best day ever” look like?

Most people will not become billionaires before 60 like Jeff Bezos, and most wouldn’t even dream of flying to space.

Many people simply dream of having a healthy retirement, and spending time with their family.

Though this dream is very different from launching up in a capsule into the unknown, it is not small, and definitely not unimportant.

It’s my goal that you can sleep well at night regarding your investments, so you can live peacefully during the day. That’s why I wrote The Intelligent REIT Investor Guide.

My dream is to assist you in making well informed decisions, and to see the potential REITs have in changing your future for the better.

To learn more, and to pre-order my book coming out August 3rd, click here!

The World According to REITs

Now that we’ve covered what’s going on out of this world, we can bring it back down to earth for some important REIT updates.

I’m a big fan of VICI Properties (VICI), a gaming REIT that we began covering after spinning off of Caesars Entertainment Operating Co. That’s a subsidiary of gaming giant Caesars Entertainment Corp. (CZR) that emerged from Chapter 11 bankruptcy protection in October 2017.

The company chose the name VICI “as a way of communicating [its] Caesarean heritage, given the fame around the saying – attributed to Julius Caesar – of Veni, Vidi, Vici.”

According to the Daily REITBeat, VICI said:

“[it] had entered into a strategic arrangement with Great Wolf Resorts, Inc. whereby VICI Properties may provide certain financing for the construction and development of Great Wolf Lodge resorts throughout the United States and agreed to provide a $79.5 million mezzanine loan investment related to the development of the more than $250 million Great Wolf Lodge Mid-Atlantic project in Perryville, MD…

VICI Properties will have the opportunity for a period of up to five years to provide up to a total of $300 million of mezzanine financing for the development and construction of Great Wolf’s extensive domestic and international indoor water park resort pipeline.”

As I explained in a recent article,

“we consider VICI a shining star in the net-lease sector. And we’re especially attracted to its low payout ratio. Its adjusted funds from operations (AFFO) payout ratio in Q1-21 was just 73%.”

I’m headed to Las Vegas in September (Money Show conference), November (Nareit conference), and December (ReCon conference), so I guess I’ll soon get my fair share of “boots on the ground” research. I look forward to it as I’m now a large investor in VICI.

In other REIT News (powered by The Daily REITBeat)

Crown Castle (CCI), First Industrial (FR) and SL Green (SLG) announce earnings after the close of trading today.

National Storage (NSA) upsized and priced an underwritten public offering of 8,800,000 common shares at $51.25/share, raising gross proceeds of $451 million, and intends to contribute the net proceeds of this offering to its operating partnership (to fund property acquisitions generally, including properties under contract and in negotiations, and for general corporate purposes pending the closing of these acquisitions).

Vornado (VNO) agreed to acquire Canada Pension Plan Investment Board’s 45% interest in One Park Avenue, increasing its ownership interest to 100% which values the property at $875 million and the consideration to CPP Investments is approximately $158 million in cash plus Vornado is assuming CPP Investments’ share of the existing debt.

And QTS Realty (QTS) announced the expiration of the 40 day “go-shop” period pursuant to the previously announced definitive merger agreement, under which Blackstone Infrastructure Partners, Blackstone Real Estate Income Trust, Inc. and other long-term perpetual capital vehicles managed by Blackstone will acquire all outstanding shares of QTS common stock for $78.00 per share in an all cash transaction.

Happy Investing

Brad Thomas

467 posts

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Brad Thomas is Senior Research Analyst at iREIT and CEO of Wide Moat Research LLC. With over 30 years of real estate experience, he is also long-time Editor of Forbes Real Estate Investor, a monthly subscription-based newsletter that dives deep into the vast world of profitable properties, and since 2021, he has served as an adjunct professor at New York University.

Thomas has also been featured on or in Forbes magazine, Kiplinger's, U.S. News and World Report, Money, NPR, Institutional Investor, GlobeStreet, CNN, Newsmax, and Fox. And he was the #1 contributing analyst on Seeking Alpha in 2014, 2015, 2016, 2017, 2018, 2019, 2020 and 2021 based on both page views and number of followers.

Thomas is the recently-published author of The Intelligent REIT Investor Guide (2021), co-author of The Intelligent REIT Investor (2016), and he wrote The Trump Factor: Unlocking The Secrets Behind The Trump Empire (2016) - all available on Amazon.

Thomas received a bachelor of science in business/economics from Presbyterian College and is married with five wonderful kids.

Professor Thomas–I Like The Sound of That!

REIT Mutual Fund	Symbol
Alpine Realty Income and Growth Fund	AIGYX, AIAGX
American Century Real Estate Fund	REAIX, REACX, AREEX, AREWX, ARYCX, AREDX
Real Estate Securities Fund	MRESX
AR Capital Real Estate Income Fund	ARIAX, ARICX, ARIPX
AssetMark Real Estate Securities Fund	AFREX
Aston/Harrison Street Real Estate Fund	AARIX, ARFCX
Baron Real Estate Fund	BREIX, BREFX
BlackRock Real Estate Securities	BIREX, BAREX, BCREX
Brookfield U.S. Listed Real Estate Fund	BRUAX, BRUCX, BRUIX, BRUYX
CGM Realty Fund	CGMRX
West Loop Realty Fund	REIIX, REIAX, REICX
Cohen & Steers Institutional Realty Shares	CSRIX
Cohen & Steers Realty Income Fund	CSEIX, CSDIX, CSBIX, CSCIX
Cohen & Steers Realty Shares	CSRSX
Columbia Real Estate Equity Fund	CREAX, CREIX, CRRVX, CRERX, CREEX, CRRFX, CREWX, CRECX, CREBX
Compass EMP REC Enhanced Volatility Weighted Fund	CWRAX, CWRIX, CWRTX, CWRCX
Davis Real Estate Fund	RPFRX, DREYX, DRECX, DREBX
Delaware Real Estate Investment Trust Portfolio II	DPRTX, DPRBX
Delaware Real Estate Investment Trust Portfolio	DPREX, DPRSX, DPRRX, DPRCX
DFA Real Estate Securities Portfolio	DFREX
Dunham Real Estate Stock Fund	DAREX, DNREX, DCREX
DWS RREEF Real Estate Securities Fund	RRRRX, RRREX, RRRAX, RRRSX, RRRBX, RRRCX
DWS RREEF Real Estate Securities Income Fund	REFAX, REFCX, REFIX, REFSX
Eaton Vance Real Estate Fund	EAREX, EIREX
EII Realty Securities Fund	EIIRX
Fidelity Advisor Real Estate Fund	FHEIX, FHEAX, FHETX, FHECX, FHEBX
Fidelity Advisor Real Estate Income Fund	FRIRX, FRIQX, FRINX, FRIOX
Fidelity Real Estate Income Fund	FRIFX
Fidelity Real Estate Investment Portfolio	FRESX
Fidelity Spartan Real Estate Index Fund	FSRNX, FRXIX, FSRVX
Fidelity Series Real Estate Equity Fund	FREDX, FREFX
Fidelity Series Real Estate Income Fund	FSREX, FSRWX
Forward Real Estate Long/Short Fund	KSRYX, FRLSX, FFSRX, KSRAX, KSRCX, KSRBX
Forward Real Estate Fund	FPREX, FFREX, KREAX, KRECX
Forward Select Income Fund	KIFYX, FSIMX, FFSLX, KIFAX, KIFBX, KIFCX
Franklin Real Estate Securities Fund	FREEX, FRLAX, FRRSX, FSERX
GMO Real Estate Fund	GMORX
Goldman Sachs Real Estate Securities Fund	GREIX, GRETX, GREAX, GRESX, GRERX, GREBX, GRECX
Great-West Real Estate Fund	MXREX
Heitman REIT Fund	OARTX, OBRTX
ING Real Estate Fund	CRARX, IREWX, IDROX, CLARX, CRWRX, CRCRX, CRBCX
INVESCO Real Estate Fund	REINX, IARFX, IARIX, IARYX, IARAX, IARRX, IARCX, AARBX
Ivy Real Estate Securities Fund	IRSAX, IREIX, IRSYX, IRSRX, IREEX, IRSCX, IRSBX
John Hancock Real Estate Securities Fund	JIREX
Johnson Realty Fund	JRLTX
J.P.Morgan Realty Income Fund	URTLX, JRIRX, URTAX, URTBX, URTCX
J.P. Morgan Security Capital U.S. Core Real Estate Securities Fund	CEEAX, CEERX, CEEFX, CEESX, CEECX
J.P. Morgan U.S. Real Estate Fund	SUSIX
Lazard U.S. Realty Equity Portfolio	LREIX, LREOX
Lazard U.S. Realty Income Portfolio	LRIIX, LRIOX
Manning & Napier Real Estate Series	MNRIX, MNREX
Morgan Stanley Institutional U.S. Real Estate Portfolio	MSUSX, MUSDX, MSULX, MURSX
Natixis AEW Real Estate Fund	NRFAX, NRFYX, NRFBX, NRFCX, NRFNX
Neuberger Berman Real Estate Fund	NBRIX, NBRFX, NREAX, NRERX, NRECX, NRREX
Nuveen Real Estate Securities Fund	FREAX, FARCX, FRSSX, FREBX, FRLCX, FREGX
Oppenheimer Real Estate Fund	OREAX, OREIX, OREYX, ORENX, OREBX, ORECX
PHOCAS Real Estate Fund	PHREX
PIMCO RealEstateRealReturn Strategy Fund	PRRSX, PETPX, PETAX, PETDX, PETCX, PETBX
Pioneer Real Estate Shares	PWREX, PYREX, PCREX, PBREX
Principal Real Estate Securities Fund	PIREX, PIRPX, PREPX, PRETX, PREJX, PRRAX, PRERX, PRENX, PRAEX, PRCEX, PRLEX
ProFunds Real Estate UltraSector ProFund	REPIX
Prudential Select Real Estate Fund	SREAX
Prudential U.S. Real Estate Fund	PJEAX, PJEZX, PJECX, PJEBX
REMS Real Estate Income 50/50 Portfolio	RREIX
REMS Real Estate Value-Opportunity Fund	HLRRX, HLPPX
Rydex Real Estate Fund	RYREX, RYHRX, RYCRX
SA Real Estate Securities Fund	SAREX
SEI Institutional Mgd Real Estate Fund	SETAX, SEIRX
Spirit of America Real Estate Income & Growth Fund	SOAAX
SSgA Clarion Real Estate Fund	SSREX
Stratton Real Estate Fund	STMDX
T.Rowe Price Real Estate Fund	TRREX, PAREX
TIAA-CREF Real Estate Securities Fund	TIREX, TRRPX, TRRSX, TCREX
Vanguard REIT Index Fund	VGSNX, VGRSX, VGSLX, VGSIX
Virtus Real Estate Securities Fund	PHRAX, PHRIX, PHRCX, PHRBX

REIT ETF	Symbol
Flex Shares	ASET
Wisdom Tree Global Ex-US	DRW
S&P 500 Equal Weight	EWRE
iShares FTSE Industrial/Office	FNIO
MSCI Real Estate Index	FREL
S&P REIT Index	FRI
First Trust S&P REIT	FRI
iShares Real Estate 50	FTY
Flexshares Global	GQRE
iShares Cohen & Streers	ICF
iShares International Developed RE	IFGL
iShares US RE	IYR
Premium Yield Equity REIT	KBWY
ETRACS Monthly Pay 2x Leverage	MORL
Market Vector Mortgage	MORT
iShares Global REIT	REET
iShares FTSE Mortgage	REM
iShares Residential	REZ
IQ US Real Estate Small Cap	ROOF
iShares FTSE NAREIT Retail	RTL
DOW Jones Global RE	RWO
SPDR Dow Jones	RWR
Schwab US REIT	SCHH
Super Dividend REIT	SRET
ProShares Ultra RE	URE
Vanguard REIT	VNQ
Vanguard Global ex-US	VNQI
iShares International Developed	WPS
Wilshire US REIT	WREI
Pacer Benchmark Data & Infrastructure RE	SRVR
Pacer Benchmark Industrial RE	INDS
Pacer Benchmark Retail RE	RTL
Hoya Capital Housing	HOMZ
NetLease Corporate RE	NETL

REIT Name	Ticker	Annual Increases/yr
Federal Realty	FRT	51
Universal Health Realty	UHT	33
National Retail Properties	NNN	29
Realty Income	O	27
Tanger Outlets	SKT	26
Urstadt Biddle	UBA	25
Essex Property Trust	ESS	25
W.P.Carey	WPC	22
National Health Investors	NHI	17
Equity Lifestyle	ELS	15
Digital Realty	DLR	15

Reach for the Stars

Brad Thomas

467 postsJuly 21, 2021

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Reach for the Stars

467 postsJuly 21, 2021

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