Informationless investing in reits

History can provide some context for this. It recovered fully by early The exact drop is problematic because at the time impairments were included as losses in calculating FFO, which did not make sense and is no longer true. Figure 2. Just like is doing, the years and flushed out the weak sisters among REIT tenants. This set the stage for strong growth across the s. We can expect the same thing going forward for the s. Figure 3. Source: Author calculations using data from SEC filings.

Considering the economic turmoil and bankruptcies of that period, this is impressive indeed. This performance corresponded to very little loss of value. The loss was smaller than the spread between the upper red curves in Figure 2. It grew more slowly later the decade as headwinds developed for all of retail. Both were substantially underpriced for any reasonable recovery. Figure 4. FRT had strong performance across FRT proved to be an excellent investment in WRI did not return to the depths of March , but also did not recover their previous highs.

They took significant actions to build liquidity and reduce debt maturities to manageable levels. WRI used the proceeds to pay down debt. As it happened, they did. The market did not give them this much credit. Figure 5. This increase in price for O likely reflected the acceptance by the market that their business model would enable continuing explosive growth in response to high valuations.

That 7. It's not hard to see why but to do so one had to look beyond the raw numbers. By Borders was well known to be struggling. Kmart was between its bankruptcy and the later end of Sears. But the liquidation of Borders, if it occurred, would have a very substantial and enduring impact on earnings.

And then it did occur. Both REITs today have far more diversified groups of tenants and much less concentration. In the event, ADC did really well to grow its way out of its problems after It had doubled its maximum price by early What This History Tells Us Today A challenge to investors at the end of was to assess the likely future of these four firms.

We will all face similar challenges when full-year results come in at the end of For example, EOP merged with another real estate investment trust in July of in a transaction where the consideration included a combination of cash, assumption of debt and issuance of shares. A substantial portion of the increase, however, was the result of this merger. The FFO increase on a fully diluted per share basis for that same period was only 2.

Allowing disclosure of non-GAAP measures in total dollar terms, while not allowing for these measures on a per share basis, will make the information less meaningful and more confusing, especially to a less sophisticated investor. Additionally, investors have advised us that they view these non-GAAP per-share measures, including Funds From Operations, as important supplemental indicators of a real estate company's operating profitability.

We recommend that the final rule allow per share reporting of non-GAAP measures and require that both the numerator the non-GAAP measure and the denominator the applicable diluted number of shares be reconciled to GAAP net income and the number of diluted shares used to calculate GAAP net income per share, respectively. Equity Office Properties Trust thanks the Commission for the opportunity to comment on this proposal.

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