Investing in the Real Estate Investment Trust Industry

REIT investors have been spoke by the prospect of higher interest rates, more favorable tax treatment of dividends paid by companies other than REITs and the offshoring of American jobs. According to Investors' Business Daily, the REIT industry is one of the poorest performing sectors, having lost 5.5% in value from January 1 - April 30, 2004. 

Nevertheless, there are many reasons to believe that the pullback in REIT stocks spells an attractive buying opportunity. For instance:

 ▪ Interest rates will still stand at historically low levels even if rates rise somewhat. 

 ▪ REITs will be little affected by higher interest rates since most REITs have very high percentages of long-term fixed-rate debt. 

 ▪ Apartment REITs may actually benefit from higher interest rates since home ownership would become more difficult.

 ▪ While REIT fundamentals are improving their stocks are trading at a modest 4.7% premium to assets, far below the 22.3% premium recorded as recently as March 31.

 ▪ Regional mall operators have benefited from limited new development and strong retailer demand, especially from retailers wishing to expeditiously introduce new concepts.

 ▪ Hotel REITs are very leveraged to a rebounding economy and are positioned to benefit from business travels accepting travel risk.

This conference will inform the attendees about the investment merits of many sectors of the real estate industry. Don't miss this rare opportunity to listen to leading industry authorities and corporate executives discuss how their business sectors and companies are positioned to navigate the road ahead.

What are the most promising and profitable niches in the multi-trillion dollar Real Estate industry? Offices? Shopping Malls? Strip-Centers? Apartments? Hotels?

Leading industry authorities from Legg Mason and NAREIT will discuss the dynamics impacting major segments of the real estate industry - namely capacity, trends in rents, vacancies and delinquencies, geographic variances, and new construction - at The Wall Street Transcript's 2004 Investing in the REIT Industry Conference on August 17 at The Harvard Club in mid-town New York City.

These seasoned research experts will discuss the impact of more stringent disclosure requirements, financing options, and access to capital on their sectors of expertise. In addition, this conference will feature roadshow-like presentations delivered by senior executives from leading real estate companies. They will discuss their companies' recent performance, business models, competitive advantages and plans for growth. 

Save $70 from the registration fee of $195 by registering before July 12, 2004. For more information call Naomi Barazani at 212-952-7400 ext. 126 or Naomi@twst.com.

Attendees will primarily include portfolio managers from pension funds, mutual funds, hedge funds, trusts, endowments and insurance companies. With networking breaks and receptions built into the conference agenda, you will have plenty of opportunities to forge new professional relationships.

Don't miss this unique opportunity to discover the dynamism and profit potential of real estate leaders.

We look forward to seeing you on August 17.

David Wanetick
Conference Chairman
The Wall Street Transcript

Primary Reasons to Attend

 ▪ Discover the investment merits of triple net lease and healthcare real estate plays

 ▪ Determine how serious hotel REITs are being impacted by Internet room bookings

 ▪ Get an update on the level of concessions being granted to tenants

 ▪ Understand how legislation may enable real estate owners to reduce their insurance costs

 ▪ Listen to industry authorities discuss how they are cultivating new revenue streams

 ▪ Get a review of the changes in corporate governance taking place in the real estate industry

 ▪ Listen to experts discuss how technology is being deployed to manage real estate costs

 ▪ Gain clarity about the reduced level of mergers and acquisitions activity in the industry

 ▪ Learn about legal rulings regarding designation rights

 ▪ Get insight into the most promising geographic areas for REIT operators

 ▪ Listen to strategies for obtaining financing

 ▪ Learn how bankrupt retailers are impacting real estate owners

 ▪ Discover how consumers spending less time in shopping malls will affect shopping mall owners

 ▪ Discern trends in construction costs

 ▪ Understand how Wal-Mart's selling food may damage strip center operators that have become dependent on supermarkets anchoring their centers