Real Estate Rules - by Harm Meijer (Hardcover)

About the Book

"It is the classic mistake: buying real estate solely because the yield - rent as a percentage of the property value - is high. Of course, one can get lucky, for instance with a distressed seller, but more often it is a sign of a 'dressed-up' asset with poor rental income prospects. As Michiel te Paske, former fund manager of Morgan Stanley, says: 'You can't polish a turd'. But it is remarkable how many investors fall into this trap time and again. Particularly, private investors and smaller pension funds have been victims of buying assets for the yield, only to end up with declining rental income and almost worthless vacant buildings. The property might offer a high yield, but it is about the total return (yield plus valuation growth). In my experience, the high yield is often not high enough to compensate for the risk. In fact, there is often an inverse relationship between yield and total return: lower-yielding."--

Book Synopsis

The incisive guide of how to effectively invest in real estate and REITs

In Real Estate Rules: The Investor's Guide to Picking Winners, Avoiding Losers in Listed Property, celebrated real estate investor Harm Meijer delivers a startlingly insightful and eye-opening roadmap to successful property investment. This book explains the golden rules of investing in European real estate companies, including Real Estate Investment Trusts (REITs). It's full of real-world examples and anecdotes drawn from the author's long and storied career in the industry.

Real Estate Rules contains:

• Robust tools for making informed investment decisions and staying clear of the "vicious downward spiral of doom"
• Understanding market cycles and mastering the art of acting contrarian during downturns to maximize your investment
• How macro drivers, central bank moves and government stimuli can be game changers for real estate markets
• Techniques for assessing the management's value creation and its alignment with shareholders
• Insights to ensure a solid capital structure and avoid leverage traps in downturns
• Advice on how to navigate the European stock markets with its unique challenges for Real Estate Investment Trusts
• Real-world case studies illustrating these principles in action, highlighting key lessons for investors

You'll also learn why acting on conviction, thorough research, strong relationships, and most importantly, trust are key to achieving lasting success.

Perfect for Real Estate Investment Trust investors, people interested in investing directly in individual properties, and other market participants, Real Estate Rules is also a must-read for anyone involved in the real estate industry looking for an insightful investor perspective on the sector.

From the Back Cover

PRAISE FOR REAL ESTATE RULES

"A must-read for investors seeking a comprehensive and insightful guide to investing in real estate and listed property companies. All the ingredients are gathered in this book: 20 key rules, real-life case studies, professional objectivity, all this in an engaging writing style from one of the best professionals in the field."
--DOMINIQUE MOERENHOUT, CEO, European Public Real Estate Association

"Harm sat in the first desk outside my office at JPMorgan's research floor back in the mid-2000s. A shrewd real estate investor, a money maker, a team leader, and more importantly a remarkable human being. His book is a must read for practitioners and non-practitioners that are looking for an edge in the colourful world of Real Estate investments."
--JOSE M. LINARES, CEO, Corporate & Investment Bank - Grupo Santander

"One of the best analysts in European listed property offers a front row seat in a spectacular world with big egos, unfathomable wealth and (near) death experiences. If there is one person who could write this account it is Harm."
--DIRK PHILIPPA, Former Head of Global Real Estate Equities at Fidelity International

AN INCISIVE GUIDE ON EFFECTIVE INVESTMENT IN EUROPEAN REAL ESTATE AND REITS

Real Estate Rules: The Investor's Guide to Picking Winners and Avoiding Losers in Listed Property is an insightful and hands-on roadmap to successful European property investing. Author and property investor Harm Meijer demonstrates how to successfully analyse, assess, and invest in European Real Estate Investment Trusts (REITs)--or in individual properties--for the long term.

You'll discover a comprehensive set of tools you can use immediately to make informed investment decisions and steer clear of major pitfalls and common mistakes. From understanding market cycles and mastering a contrarian mindset during downturns to taking advantage of macro drivers, central bank decisions, and government stimuli, this book explains the steps you'll need to implement to build a portfolio of high-performing real estate investments.

About the Author

HARM MEIJER is a Founding Partner of the real estate fund manager ICAMAP, with a strong track record in listed real estate. Before ICAMAP, he worked as a real estate analyst at -JP Morgan, during which time he was ranked number one six times by Institutional Investor and five times by Extel. He has also held board memberships, contributed to EPRA, and is a frequent industry speaker.