October 2011
Beginner
448 pages
11h 7m
English
Content preview from Investing in REITs: Real Estate Investment Trusts, 4th EditionBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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CHAPTER 7
REITs: Growth and Value Creation
“A public company should invest the money that shareholders trust them with at a spread to its cost of capital … you really have to look at what your present cash flows are on a property and where you think they'll be over the next 10 years.”
—Milton Cooper, Executive Chairman, Kimco Realty
Warren Buffett has famously said, “In the short run, the market is a voting machine, but in the long run it is a weighing machine.” I think what he meant by this is that share prices are moved, in the short term, by transient investor psychology and insubstantial news, but over the long term a stock's price is determined by its intrinsic value. Thus, if a stock is to rise in price over time, the company's fundamental ...
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