Word: reit
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...Instead, their company, Premier Pacific Vineyards, has been snapping up land in prime wine-growing areas of California, Oregon and Washington since 2002. Hill and Wollack are developing vineyards that produce high-end grapes used in premium wines. The play? Bundle their vineyards into a real estate investment trust (REIT), and take it public...
Even Entertainment Properties Trust, a publicly traded REIT that owns movie theaters, recently ventured into the vineyard business, purchasing at least three vineyards, all focusing on upscale grapes. Chief executive David Brain believes demographics will drive that sector for the next 10 to 15 years, and he expects average annual returns of about 10%. The demand has pushed the price per acre in Napa Valley's premium vineyards to between $200,000 and $300,000, up from between $125,000 and $180,000 in 2002, according to Tony Correia, president of Correia-Xavier Inc., a property appraiser in Fresno, Calif...
...trusts--stocks that invest in properties like apartments and office buildings--were up more than 30% last year, the second year in a row for such stellar returns. That was thanks in part to low interest rates and strong demand for office space. Investors attracted to the healthy dividends REITs pay also have been piling in, and more and more retirement plans, such as 401(k)s, have begun offering REIT mutual funds. But after the big run-up, this may be the year the go-go party ends. "In the long term, returns from REITs have been comparable...
Another reason REITs have hit the skids is that after doubling in value since 1999 (while the S&P 500 fell 18%), REIT prices got about 20% ahead of the estimated value of the properties that underlie them. The April decline, however, wiped away almost all that premium. REITs may not be cheap, but they're no longer expensive...
...this year and then ease over the next four years to 6.1%. That shift, along with higher rents anticipated next year, is expected to boost landlord cash flows as much as 7% and lead to healthy dividend growth, offering a compelling reason to own the stocks of apartment REITs such as Avalon Bay, BRE Properties, United Dominion Realty Trust and Home Properties. For a more diversified approach, consider stellar REIT funds like Alpine Realty Income and Growth and T. Rowe Price Real Estate...