Why Warren Buffett Buys REITs Instead Of Rental Properties_老虎社区_美港股上老虎

Why Warren Buffett Buys REITs Instead Of Rental Properties

seeking alpha2021-07-05

Summary Warren Buffett has a history of favoring REITs over rental properties. In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons. Most...

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Tendollar
·2021-07-06
Higher yield than Singapore REITs?
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1
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Yinasim
·2021-07-05
Totally agree
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JessHang
·2021-07-05
👍
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2
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JessHang
·2021-07-05
[Strong]
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SXSX
·2021-07-05
Yes
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- CS52:
  👍🏻
  2021-07-06
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SP1980
·2021-07-05
Buy keppel DC REIT. SGX: AJBU.SI
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6
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- Mtan23:
  Yes
  2021-07-05
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Ahmay
·2021-07-05
Wow. So this is a good strategy
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3
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BeBob
·2021-07-05
Like and comment
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2
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- XKT1234:
  comment
  2021-07-05
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edseah24
·2021-07-05
Let someone else collect the rents, I collect dividends.
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1
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TruthfulPep
·2021-07-05
Another method of Rental income
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6
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Veon6620
·2021-07-05
Buffett copy my strategy!!
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4
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weiliat
·2021-07-05
Covid wo
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3
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kjy
·2021-07-05
Support REITs!
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4
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- Veon6620:
  Yes
  2021-07-05
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- ngph:
  REITs are good source of stable income
  2021-07-05
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bobo89
·2021-07-05
Hhj
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2
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jfjf
·2021-07-05
Like
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3
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szueyann
·2021-07-05
Please like and comment. Thanks
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6
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- Jlast:
  done
  2021-07-05
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- KhooB:
  Like
  2021-07-05
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- puffymellows:
  Done too... Pls do the same
  2021-07-05
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Kelvin17
·2021-07-05
Like and comment
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5
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- szueyann:
  done
  2021-07-05
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- SaveHK:
  Ask him to buy Singapore REITS lah..help to move Singapore boring market...hehe
  2021-07-05
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yingyingzoe
·2021-07-05
Good info
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Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":154845193,"gmtCreate":1625503379612,"gmtModify":1633940153782,"author":{"id":"3574249039232152","authorId":"3574249039232152","name":"Tendollar","avatar":"https://static.tigerbbs.com/f605c975630017596221e6b84fd5350f","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3574249039232152","idStr":"3574249039232152"},"htmlText":"Higher yield than Singapore REITs?","listText":"Higher yield than Singapore REITs?","text":"Higher yield than Singapore REITs?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154845193","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":154387805,"gmtCreate":1625480453107,"gmtModify":1631889063841,"author":{"id":"3585236324784959","authorId":"3585236324784959","name":"Yinasim","avatar":"https://static.tigerbbs.com/a81c38e65a04ec296e58c10dc4076dc1","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3585236324784959","idStr":"3585236324784959"},"htmlText":"Totally agree","listText":"Totally agree","text":"Totally agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154387805","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":154029152,"gmtCreate":1625461747276,"gmtModify":1633940442508,"author":{"id":"4088394474156640","authorId":"4088394474156640","name":"JessHang","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"4088394474156640","idStr":"4088394474156640"},"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154029152","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":154067508,"gmtCreate":1625461631904,"gmtModify":1633940443712,"author":{"id":"4088394474156640","authorId":"4088394474156640","name":"JessHang","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"4088394474156640","idStr":"4088394474156640"},"htmlText":"[Strong]&nbsp;","listText":"[Strong]&nbsp;","text":"[Strong]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154067508","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":154065974,"gmtCreate":1625461461798,"gmtModify":1631886907682,"author":{"id":"3584139497167025","authorId":"3584139497167025","name":"SXSX","avatar":"https://static.tigerbbs.com/9a2dc10d9e1988ecb7e24480df14181f","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3584139497167025","idStr":"3584139497167025"},"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/154065974","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5139835,"gmtCreate":1625582240301,"gmtModify":1631886907687,"authorId":3583594954663082,"author":{"id":3583594954663082,"idStr":"3583594954663082","authorId":3583594954663082,"name":"CS52","avatar":"https://static.tigerbbs.com/c6b239fe4af28aa7064b2a79d8f9e431","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":154065974,"type":1,"supId":0,"prevId":0,"content":"👍🏻","text":"👍🏻","html":"👍🏻"}],"langContent":"EN"},{"id":154035179,"gmtCreate":1625459306791,"gmtModify":1631888415138,"author":{"id":"3573379860144244","authorId":"3573379860144244","name":"SP1980","avatar":"https://static.tigerbbs.com/101a00da82e124351de89d6d885f76b9","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3573379860144244","idStr":"3573379860144244"},"htmlText":"Buy keppel DC REIT. SGX: AJBU.SI","listText":"Buy keppel DC REIT. SGX: AJBU.SI","text":"Buy keppel DC REIT. SGX: AJBU.SI","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/154035179","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5126337,"gmtCreate":1625466519814,"gmtModify":1635236868521,"authorId":3579572647008782,"author":{"id":3579572647008782,"idStr":"3579572647008782","authorId":3579572647008782,"name":"Mtan23","avatar":"https://static.tigerbbs.com/21a2ddfc414d0d3eab50e895e776bf23","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":154035179,"type":1,"supId":0,"prevId":0,"content":"Yes","text":"Yes","html":"Yes"}],"langContent":"EN"},{"id":154036441,"gmtCreate":1625459218883,"gmtModify":1633940472041,"author":{"id":"3582027522385523","authorId":"3582027522385523","name":"Ahmay","avatar":"https://static.tigerbbs.com/1038369a4dfd68fd7bfe651bb0a9622f","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3582027522385523","idStr":"3582027522385523"},"htmlText":"Wow. So this is a good strategy&nbsp;","listText":"Wow. So this is a good strategy&nbsp;","text":"Wow. So this is a good strategy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/154036441","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":155772309,"gmtCreate":1625457524401,"gmtModify":1633940495847,"author":{"id":"3585307651801295","authorId":"3585307651801295","name":"BeBob","avatar":"https://static.tigerbbs.com/4c7fb1588c34a61b54c3059c16e50b4e","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3585307651801295","idStr":"3585307651801295"},"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/155772309","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5125808,"gmtCreate":1625461128940,"gmtModify":1635236913780,"authorId":3575615055081158,"author":{"id":3575615055081158,"idStr":"3575615055081158","authorId":3575615055081158,"name":"XKT1234","avatar":"https://static.tigerbbs.com/63b5c62b49f5990da13bc2a032d7f702","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":155772309,"type":1,"supId":0,"prevId":0,"content":"comment","text":"comment","html":"comment"}],"langContent":"EN"},{"id":155778792,"gmtCreate":1625457421716,"gmtModify":1633940496929,"author":{"id":"4087699699557470","authorId":"4087699699557470","name":"edseah24","avatar":"https://static.tigerbbs.com/0c933498694ad43a8bea7ff670eda2b6","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"4087699699557470","idStr":"4087699699557470"},"htmlText":"Let someone else collect the rents, I collect&nbsp; dividends.","listText":"Let someone else collect the rents, I collect&nbsp; dividends.","text":"Let someone else collect the rents, I collect dividends.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/155778792","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":155770076,"gmtCreate":1625457006795,"gmtModify":1633940500115,"author":{"id":"3569469016287731","authorId":"3569469016287731","name":"TruthfulPep","avatar":"https://static.tigerbbs.com/3046e394899cd454b96359b74a0a90ad","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3569469016287731","idStr":"3569469016287731"},"htmlText":"Another method of&nbsp;Rental income&nbsp;","listText":"Another method of&nbsp;Rental income&nbsp;","text":"Another method of Rental income","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/155770076","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":155749420,"gmtCreate":1625456380860,"gmtModify":1633940506278,"author":{"id":"3581547615722192","authorId":"3581547615722192","name":"Veon6620","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3581547615722192","idStr":"3581547615722192"},"htmlText":"Buffett copy my strategy!!&nbsp;","listText":"Buffett copy my strategy!!&nbsp;","text":"Buffett copy my strategy!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/155749420","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":155729668,"gmtCreate":1625455144554,"gmtModify":1631891022779,"author":{"id":"3576119800068743","authorId":"3576119800068743","name":"weiliat","avatar":"https://static.tigerbbs.com/1ac8cb0d9a81d56d9e0f2ee477362395","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3576119800068743","idStr":"3576119800068743"},"htmlText":"Covid wo&nbsp;","listText":"Covid wo&nbsp;","text":"Covid wo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/155729668","repostId":1154888582,"repostType":2,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":155762951,"gmtCreate":1625454590973,"gmtModify":1633940526347,"author":{"id":"4087123982332770","authorId":"4087123982332770","name":"kjy","avatar":"https://static.tigerbbs.com/c04755acf8b485aecc68155497a9b721","vip":1,"crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"4087123982332770","idStr":"4087123982332770"},"htmlText":"Support REITs!&nbsp;","listText":"Support REITs!&nbsp;","text":"Support REITs!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/155762951","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5125137,"gmtCreate":1625456393089,"gmtModify":1635236972347,"authorId":3581547615722192,"author":{"id":3581547615722192,"idStr":"3581547615722192","authorId":3581547615722192,"name":"Veon6620","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":155762951,"type":1,"supId":5125060,"prevId":0,"content":"Yes","text":"Yes","html":"Yes"},{"id":5125393,"gmtCreate":1625458279424,"gmtModify":1635236951905,"authorId":3581841475262844,"author":{"id":3581841475262844,"idStr":"3581841475262844","authorId":3581841475262844,"name":"ngph","avatar":"https://static.tigerbbs.com/184d156a6098c9891cc55260418562f6","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":155762951,"type":1,"supId":0,"prevId":0,"content":"REITs are good source of stable income","text":"REITs are good source of stable income","html":"REITs are good source of stable income"}],"langContent":"EN"},{"id":155763592,"gmtCreate":1625454271516,"gmtModify":1631893880107,"author":{"id":"3570971954373756","authorId":"3570971954373756","name":"bobo89","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3570971954373756","idStr":"3570971954373756"},"htmlText":"Hhj","listText":"Hhj","text":"Hhj","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/155763592","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":155769679,"gmtCreate":1625454207791,"gmtModify":1631892458584,"author":{"id":"4087170019218060","authorId":"4087170019218060","name":"jfjf","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"4087170019218060","idStr":"4087170019218060"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/155769679","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":155787877,"gmtCreate":1625454101399,"gmtModify":1633940530917,"author":{"id":"3573721781255613","authorId":"3573721781255613","name":"szueyann","avatar":"https://static.tigerbbs.com/cba9c6b1e785a9cf7301a7e6a2ff2354","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3573721781255613","idStr":"3573721781255613"},"htmlText":"Please like and comment. Thanks","listText":"Please like and comment. Thanks","text":"Please like and comment. Thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/155787877","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5124820,"gmtCreate":1625454376630,"gmtModify":1635236999333,"authorId":3582014931431017,"author":{"id":3582014931431017,"idStr":"3582014931431017","authorId":3582014931431017,"name":"Jlast","avatar":"https://static.tigerbbs.com/84d2ee834b911271a90f7c6f76eb1190","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":155787877,"type":1,"supId":0,"prevId":0,"content":"done","text":"done","html":"done"},{"id":5124879,"gmtCreate":1625454675010,"gmtModify":1635236994126,"authorId":4088358142133350,"author":{"id":4088358142133350,"idStr":"4088358142133350","authorId":4088358142133350,"name":"KhooB","avatar":"https://static.tigerbbs.com/2de18ce048f5942de9fa67a985e86014","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":155787877,"type":1,"supId":5124820,"prevId":0,"content":"Like","text":"Like","html":"Like"},{"id":5124922,"gmtCreate":1625454905227,"gmtModify":1635236990892,"authorId":3561340951227964,"author":{"id":3561340951227964,"idStr":"3561340951227964","authorId":3561340951227964,"name":"puffymellows","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":155787877,"type":1,"supId":0,"prevId":0,"content":"Done too... Pls do the same","text":"Done too... Pls do the same","html":"Done too... Pls do the same"},{"id":5125277,"gmtCreate":1625457507734,"gmtModify":1635236961933,"authorId":3585307651801295,"author":{"id":3585307651801295,"idStr":"3585307651801295","authorId":3585307651801295,"name":"BeBob","avatar":"https://static.tigerbbs.com/4c7fb1588c34a61b54c3059c16e50b4e","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":155787877,"type":1,"supId":0,"prevId":0,"content":"Like and comment ","text":"Like and comment ","html":"Like and comment "},{"id":5140638,"gmtCreate":1625585632081,"gmtModify":1635235761476,"authorId":3573721781255613,"author":{"id":3573721781255613,"idStr":"3573721781255613","authorId":3573721781255613,"name":"szueyann","avatar":"https://static.tigerbbs.com/cba9c6b1e785a9cf7301a7e6a2ff2354","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":155787877,"type":1,"supId":5125277,"prevId":0,"content":"thanks","text":"thanks","html":"thanks"}],"langContent":"EN"},{"id":155784866,"gmtCreate":1625454036055,"gmtModify":1633940531405,"author":{"id":"3581651271010576","authorId":"3581651271010576","name":"Kelvin17","avatar":"https://static.tigerbbs.com/5ad690dc5b75f93cb92a855c9ee59cee","vip":1,"crmLevel":11,"crmLevelSwitch":0,"authorIdStr":"3581651271010576","idStr":"3581651271010576"},"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/155784866","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.","news_type":1,"symbols_score_info":{"BRK.A":0.9,"BRK.B":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5124772,"gmtCreate":1625454093353,"gmtModify":1635237003935,"authorId":3573721781255613,"author":{"id":3573721781255613,"idStr":"3573721781255613","authorId":3573721781255613,"name":"szueyann","avatar":"https://static.tigerbbs.com/cba9c6b1e785a9cf7301a7e6a2ff2354","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":155784866,"type":1,"supId":0,"prevId":0,"content":"done","text":"done","html":"done"},{"id":5124776,"gmtCreate":1625454121893,"gmtModify":1635237003688,"authorId":3570678493691973,"author":{"id":3570678493691973,"idStr":"3570678493691973","authorId":3570678493691973,"name":"SaveHK","avatar":"https://static.tigerbbs.com/89b74f5799a23844400ed6de94296d38","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":155784866,"type":1,"supId":0,"prevId":0,"content":"Ask him to buy Singapore REITS lah..help to move Singapore boring market...hehe","text":"Ask him to buy Singapore REITS lah..help to move Singapore boring market...hehe","html":"Ask him to buy Singapore REITS lah..help to move Singapore boring market...hehe"}],"langContent":"EN"},{"id":155717181,"gmtCreate":1625453547243,"gmtModify":1633940537776,"author":{"id":"3586987359612845","authorId":"3586987359612845","name":"yingyingzoe","avatar":"https://static.tigerbbs.com/0334d7b658efcee4f8a876775ab43fd8","vip":1,"crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3586987359612845","idStr":"3586987359612845"},"htmlText":"Good info&nbsp;","listText":"Good info&nbsp;","text":"Good info","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/155717181","repostId":1154888582,"repostType":4,"repost":{"id":"1154888582","kind":"news","pubTimestamp":1625453334,"share":"https://www.laohu8.com/m/news/1154888582?lang=zh_CN&edition=full","pubTime":"2021-07-05 10:48","market":"us","language":"en","title":"Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1154888582","media":"seeking alpha","summary":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder ","content":"Summary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Warren Buffett Buys REITs Instead Of Rental Properties<blockquote>为什么沃伦·巴菲特购买房地产投资信托基金而不是租赁房产</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseeking alpha2021-07-05 10:48\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Warren Buffett has a history of favoring REITs over rental properties.</li> <li>In past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.</li> <li>Most importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.</li> <li>That's why he favors REITs, which he bought as recently as last year.</li> <li>Looking for a portfolio of ideas like this <a href=\"https://laohu8.com/S/AONE\">one</a>? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »</li> </ul> Feverpitched/iStock via <a href=\"https://laohu8.com/S/GTY\">Getty</a> Images<blockquote><ul><li>沃伦·巴菲特历来青睐房地产投资信托基金而不是租赁物业。</li><li>在过去的股东大会上，他解释说，出于多种原因，他不喜欢私人房地产投资。</li><li>最重要的是，他在房地产方面没有优势，不想和管理层打交道，很难找到机会。</li><li>这就是他青睐房地产投资信托基金的原因，他去年才购买了房地产投资信托基金。</li><li>寻找这样的想法组合<a href=\"https://laohu8.com/S/AONE\">一</a>？高收益房东的成员可以独家访问我们的模型投资组合。了解更多»</li></ul>Feverpitched/iStock来自<a href=\"https://laohu8.com/S/GTY\">盖蒂</a>图像</blockquote> In previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.<blockquote>在之前的文章中，我解释过，尽管我有私募股权房地产投资背景，但我选择将资本投资于房地产投资信托基金，因为它们在大多数情况下更安全、回报更高。</blockquote> REITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.<blockquote>房地产投资信托基金更安全，因为它们多元化、专业管理、流动性强，并且可以更好地获得资本。</blockquote> They're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:<blockquote>它们的回报也更高，因为它们享有巨大的规模经济、更快的增长，而且投资者支付的交易成本也低得多：</blockquote> Study shows that REITs outperform private real estate by ~4% per year:<blockquote>研究表明，房地产投资信托基金的表现每年优于私人房地产约4%：</blockquote> <img src=\"https://static.tigerbbs.com/08211e86e46b7ccd368944f838ce3c87\" tg-width=\"640\" tg-height=\"357\" referrerpolicy=\"no-referrer\"><blockquote></blockquote> Source<blockquote>来源</blockquote> In short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into <a href=\"https://laohu8.com/S/AONE.U\">one</a> beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.<blockquote>简而言之，REITs将房地产的好处（高收益、防通胀、升值）与股票的好处（流动性、低交易成本、专业化管理、多元化）结合成<a href=\"https://laohu8.com/S/AONE.U\">一</a>漂亮的车辆，提供比租赁物业更好的风险和麻烦调整回报。</blockquote> But don't take it just from me.<blockquote>但不要只从我这里拿走。</blockquote> Warren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of <a href=\"https://laohu8.com/S/BRK.A\">Berkshire Hathaway</a> (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), <a href=\"https://laohu8.com/S/GGP\">General Growth Properties</a> ((now Brookfield (BPY)), <a href=\"https://laohu8.com/S/VNO\">Vornado</a> (VNO.PK), <a href=\"https://laohu8.com/S/SRG\">Seritage Growth Properties</a> (SRG), and <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR) among others. As recently as last year, he doubled down on <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> when it dropped following the covid market crash.<blockquote>沃伦·巴菲特可以建立租赁物业投资组合，但他选择投资房地产投资信托基金。审阅本公司过往年报<a href=\"https://laohu8.com/S/BRK.A\">伯克希尔哈撒韦</a>（BRK.A）（BRK.B），我们发现他之前投资了Tanger Outlets（SKT），<a href=\"https://laohu8.com/S/GGP\">一般生长特性</a>（（现在布鲁克菲尔德（BPY）），<a href=\"https://laohu8.com/S/VNO\">沃尔纳多</a>(VNO.PK),<a href=\"https://laohu8.com/S/SRG\">Seritage生长特性</a>(SRG)，以及<a href=\"https://laohu8.com/S/STOR\">商店资本</a>（STOR）除其他外。就在去年，他加倍下注<a href=\"https://laohu8.com/S/STOR\">商店资本</a>当它在covid市场崩盘后下跌时。</blockquote> Why doesn't he buy rentals instead?<blockquote>他为什么不买出租呢？</blockquote> That's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:<blockquote>这就是我们今天文章要探讨的。沃伦·巴菲特在过去的采访中经常讨论这个话题，在接下来的内容中，我们将讨论他更喜欢房地产投资信托基金而不是租赁物业的五个原因：</blockquote> Reason #1: Stick to Your Circle of Competence<blockquote>理由1：坚持你的能力圈</blockquote> Warren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"<blockquote>沃伦·巴菲特推广了这句格言：“了解你的能力圈，并坚持在其中。”</blockquote> He explains that the size of that circle is much less important than knowing its boundaries.<blockquote>他解释说，这个圆的大小远没有知道它的边界重要。</blockquote> Put differently, you cannot be a jack of all trades and need to specialize in something to truly master it.<blockquote>换句话说，你不可能成为万事通，需要专攻某件事才能真正掌握它。</blockquote> For Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.<blockquote>对巴菲特来说，这主要是消费品和保险业务。毫不奇怪，他很少投资房地产（甚至房地产投资信托基金），因为这超出了他的能力范围。</blockquote> At a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.<blockquote>在一次股东大会上，当被问及投资房地产时，巴菲特和查理·芒格补充说，这是一个他们没有竞争优势的行业。他们解释说，房地产投资信托基金和大型私募股权公司将比他们拥有更好的资源、专业知识、规模和关系，如果他们试图投资房地产，伯克希尔将处于不利地位。</blockquote> This is <a href=\"https://laohu8.com/S/AONE\">one</a> of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.<blockquote>这是<a href=\"https://laohu8.com/S/AONE\">一</a>他们宁愿投资房地产投资信托基金股票的主要原因。它将他们与比他们拥有更好资源和专业知识的专业人士联系起来。</blockquote> As an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.<blockquote>例如，STORE Capitalis是中间市场售后回租交易的领导者。这是他们自己无法遵循的策略。</blockquote> Reason #2: Tenants, Toilets, and Trash<blockquote>原因2：租户、厕所和垃圾</blockquote> In the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.<blockquote>在金融危机之后，巴菲特有一句名言，如果他有一种简单的方法来管理出租房产，他就会大量购买。</blockquote> Back then, property prices had recently crashed and there was a great opportunity to buy single-family houses.<blockquote>当时，房地产价格最近暴跌，有一个购买独栋房屋的大好机会。</blockquote> Even then, he didn't.<blockquote>即便如此，他也没有。</blockquote> Why you might ask?<blockquote>你可能会问为什么？</blockquote> He explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.<blockquote>他解释说，出租物业的管理是一场噩梦。这是一项利润率相对较低的业务，规模不太大。</blockquote> Imagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is <a href=\"https://laohu8.com/S/AONE.U\">one</a> unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...<blockquote>想象一下，你拥有一套每月1000美元的出租屋。扣除所有费用后，您的NOI为（比方说）每月700美元，每年现金流为8,400美元。只需要<a href=\"https://laohu8.com/S/AONE.U\">一</a>不可预见的失望和你一整年的现金流可能会消失：一个拒绝付款也不愿搬家的房客...导致水毁的漏水屋顶...因寒冷气候而破裂的管道...</blockquote> Unless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.<blockquote>除非你喜欢大规模，降低你的物业管理成本，否则很难持续获得良好的回报，最重要的是，这是一个大多数人宁愿避免的大麻烦。</blockquote> With REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.<blockquote>有了房地产投资信托基金，您可以享受规模效益，并让专业经理以经济高效的方式为您处理一切。</blockquote> Reason #3: No Corporate Income Tax<blockquote>原因3：没有企业所得税</blockquote> <a href=\"https://laohu8.com/S/ISBC\">Investors</a> commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.<blockquote><a href=\"https://laohu8.com/S/ISBC\">投资者</a>人们普遍认为出租房产比房地产投资信托基金投资更节税，但情况并非总是如此。</blockquote> REITs are very tax efficient when you really think about it:<blockquote>仔细想想，房地产投资信托基金的税收效率非常高：</blockquote> <ol> <li>They pay no corporate income tax.</li> <li>They distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.</li> <li>A portion of the distribution is \"return of capital,\" which isn't taxed.</li> <li>The portion that's taxed enjoys a 20% deduction.</li> <li>Generally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.</li> </ol> Berkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.<blockquote><ol><li>他们不缴纳企业所得税。</li><li>他们分配60%-70%的现金，这意味着30%-40%不征税。</li><li>分配的一部分是“资本回报”，不征税。</li><li>征税的部分享受20%的扣除。</li><li>一般来说，房地产投资信托基金是更注重增长的房地产投资，因此，总回报的一半以上是递延税增值。</li></ol>伯克希尔的结构是C-corp，因此，它必须为其所有利润缴纳公司税。因此，房地产投资信托基金对伯克希尔来说更具税收效率。</blockquote> Private rental properties enjoy higher yields, but slower growth.<blockquote>私人出租物业收益率较高，但增长较慢。</blockquote> REITs enjoy faster growth, but lower yields.<blockquote>房地产投资信托基金增长更快，但收益率较低。</blockquote> Berkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.<blockquote>伯克希尔宁愿通过递延税增值来复利其资本，并避免为投资产生的收入缴纳公司税。</blockquote> Reason #4: Volatility Brings Opportunities<blockquote>原因4：波动性带来机遇</blockquote> Unsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.<blockquote>不成熟的个人投资者害怕波动性。他们过于短视，专注于每日报价，很快就会恐慌。</blockquote> For these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.<blockquote>由于这些原因，他们往往喜欢出租物业，这给他们一种虚假的稳定感，由于缺乏报价。</blockquote> But professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.<blockquote>但像沃伦·巴菲特这样的专业投资者欢迎波动性，并将其视为一份礼物。这让他们有机会以折扣价进行投资，从长远来看，这最终会带来更高的回报。</blockquote> In a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.<blockquote>在之前的一次采访中，巴菲特解释说，房地产市场走势缓慢，因此很少发生大规模的错误定价。大多数业主都有长远的想法，在对各种房产的风险和回报潜力进行定价方面做得相当好。这使得像他这样的投资者更难获得异常强劲的回报。</blockquote> With REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.<blockquote>有了REITs，机会就更频繁了。举个例子，早在2017年，STORE Capital就创造了新的创纪录业绩，但由于零售市场失宠，从30美元跌至20美元。市场没有意识到的是，STOR的收入主要来自服务型零售商，这些零售商对亚马逊(AMZN)具有弹性，而且其租约长达10多年。</blockquote> That was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:<blockquote>这是一个很好的机会，伯克希尔抓住了它。STORE Capital前首席执行官Chris Volk在下面的视频中解释了这项投资的背景。跳到8:55部分：</blockquote> Buffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.<blockquote>巴菲特是这个想法的幕后黑手，他们在STOR下跌后利用市场波动建立了自己的头寸。</blockquote> Shortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.<blockquote>不久之后，STOR康复了，为他们赢得的回报轻松超过了他们从普通租赁房产中获得的回报。</blockquote> When you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.<blockquote>当你像巴菲特一样有长远眼光时，波动性是一大优势，这解释了他为什么喜欢房地产投资信托基金。</blockquote> Reason #5: Disconnect Between <a href=\"https://laohu8.com/S/00626\">Public</a> and Private Market<blockquote>原因5：之间断开连接<a href=\"https://laohu8.com/S/00626\">公共的</a>和私人市场</blockquote> Finally, it all comes down to the price you pay.<blockquote>最后，这一切都取决于你付出的代价。</blockquote> Today, the housing market is booming with the average home appreciating by16%over the past year.<blockquote>如今，房地产市场正在蓬勃发展，过去一年平均房价上涨了16%。</blockquote> On the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.<blockquote>另一方面，房地产投资信托基金（VNQ）几乎没有从2020年经历的崩盘中恢复过来，许多单个房地产投资信托基金的定价仍比危机前水平低20、30甚至40%。</blockquote> Put simply, REITs offer better value than private real estate, and that explains why he favors REITs.<blockquote>简而言之，房地产投资信托基金比私人房地产提供更好的价值，这解释了他为什么青睐房地产投资信托基金。</blockquote> Last year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.<blockquote>去年，伯克希尔加倍投资STORE Capital，此后该公司已恢复良好。他们拥有价值8.5亿美元的股权，占公司9%的股份。</blockquote> I bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.<blockquote>我敢打赌，如果可以的话，伯克希尔过去会进行更多的房地产投资信托基金投资。但鉴于其庞大的规模和房地产投资信托基金严格的所有权限制，大多数房地产投资信托基金对伯克希尔来说都太小了。</blockquote> That's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.<blockquote>这是个人投资者相对于巴菲特少有的优势之一。您可以自由投资任何房地产投资信托基金，无论其规模如何，并获得折扣和专业管理的房地产投资。</blockquote> Closing Note<blockquote>结束语</blockquote> <a href=\"https://laohu8.com/S/JE\">Just</a> like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.<blockquote><a href=\"https://laohu8.com/S/JE\">刚刚</a>和巴菲特一样，我喜欢房地产投资信托基金投资，因为在大多数情况下，它们可以提供更好的风险和麻烦调整后回报。</blockquote> During the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:<blockquote>过去20年，平均年回报率在15%以上，一些个别REITs的表现甚至更好：</blockquote> Could I do better by buying private properties? I seriously doubt it.<blockquote>我能通过购买私人房产做得更好吗？我严重怀疑。</blockquote> And even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? Probably not.<blockquote>即使我可以，为了赚取一些额外的回报点而接受更大的风险和麻烦值得吗？应该不会吧。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties\">seeking alpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://seekingalpha.com/article/4437280-why-warren-buffett-buys-reits-instead-of-rental-properties","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154888582","content_text":"Summary\n\nWarren Buffett has a history of favoring REITs over rental properties.\nIn past shareholder meetings, he explains that he dislikes private real estate investments for a number of reasons.\nMost importantly, he has no edge in real estate, does not want to deal with the management, and finds it difficult to find opportunities.\nThat's why he favors REITs, which he bought as recently as last year.\nLooking for a portfolio of ideas like this one? Members of High Yield Landlord get exclusive access to our model portfolio.Learn More »\n\nFeverpitched/iStock via Getty Images\nIn previousarticles, I have explained that despite having a background in private equity real estate investing, I chose to invest my capital into REITs because they're safer and more rewarding in most cases.\nREITs are safer because they're well diversified, professionally managed, liquid, and have better access to capital.\nThey're also more rewarding because they enjoy large economies of scale, faster growth, and investors pay much lower transaction costs:\nStudy shows that REITs outperform private real estate by ~4% per year:\n\nSource\nIn short, REITs combine the benefits of real estate (high income, inflation protection, appreciation) with the benefits of stocks (liquidity, low transaction cost, professional management, diversification) into one beautiful vehicle that provides better risk-and-hassle adjusted returns than rental properties.\nBut don't take it just from me.\nWarren Buffett could build a portfolio of rental properties, and yet, he chooses to invest in REITs instead. By reviewing past annual reports of Berkshire Hathaway (BRK.A) (BRK.B), we find that he has previously invested in Tanger Outlets (SKT), General Growth Properties ((now Brookfield (BPY)), Vornado (VNO.PK), Seritage Growth Properties (SRG), and STORE Capital (STOR) among others. As recently as last year, he doubled down on STORE Capital when it dropped following the covid market crash.\nWhy doesn't he buy rentals instead?\nThat's what we will explore in today's article. Warren Buffett has often discussed this topic in past interviews, and in what follows, we will discuss the five reasons why he favors REITs over rental properties:\nReason #1: Stick to Your Circle of Competence\nWarren Buffett popularized the motto: \"Know your circle of competence, and stick within it.\"\nHe explains that the size of that circle is much less important than knowing its boundaries.\nPut differently, you cannot be a jack of all trades and need to specialize in something to truly master it.\nFor Buffett, this was mainly consumer goods and the insurance business. Not surprisingly, he rarely invests in real estate (or even REITs) because that's out of his circle of competence.\nAt a shareholdermeeting, when questioned about investing in real estate, Buffett and Charlie Munger added that it's a sector in which they have no competitive advantage. They explain that REITs and large private equity firms would have better resources, expertise, scale, and relationships than them, putting Berkshire at a disadvantage if they tried to invest in real estate.\nThis is one of the main reasons why they rather invest in the shares of REITs. It aligns them with professionals who have better resources and expertise than them.\nAs an example, STORE Capitalis the leader in sale-and-leaseback transactions in middle markets. It's a strategy that they couldn't follow on their own.\nReason #2: Tenants, Toilets, and Trash\nIn the aftermath of the great financial crisis, Buffett famouslysaidthat if he had an easy way of managing rental properties, he would load up on them.\nBack then, property prices had recently crashed and there was a great opportunity to buy single-family houses.\nEven then, he didn't.\nWhy you might ask?\nHe explains that the management of rental properties is a nightmare. It's a relatively low margin business that does not scale nicely.\nImagine you own a rental that you rent for $1,000 per month. After you have removed all expenses, your NOI is (let's say) $700 per month, resulting in an annual cash flow of $8,400. All it takes is one unforeseen disappointment and your entire year's cash flow could be gone: A tenant who refuses to pay and won't move... a leaking roof that causes water damage... pipes that bust due to cold climate...\nUnless you enjoy large-scale, lowering your property management cost, it's difficult to consistently earn good returns, and on top of that, it's a big hassle that most people would rather avoid.\nWith REITs, you enjoy the benefits of scale and have professional managers handle everything for you in a cost-effective way.\nReason #3: No Corporate Income Tax\nInvestors commonly think that rental properties are more tax-efficient than REIT investments, but that's not always the case.\nREITs are very tax efficient when you really think about it:\n\nThey pay no corporate income tax.\nThey distribute 60%-70% of their cash, meaning that 30%-40% isn't taxed.\nA portion of the distribution is \"return of capital,\" which isn't taxed.\nThe portion that's taxed enjoys a 20% deduction.\nGenerally, REITs are more growth-oriented real estate investments, and therefore, more than half of the total return is tax-deferred appreciation.\n\nBerkshire is structured as a C-corp, and therefore, it must pay corporate tax on all its profits. For this reason, REITs are more tax efficient for Berkshire.\nPrivate rental properties enjoy higher yields, but slower growth.\nREITs enjoy faster growth, but lower yields.\nBerkshire would rather compound its capital via tax-deferred appreciation and avoid having to pay corporate taxes on the income generated by the investment.\nReason #4: Volatility Brings Opportunities\nUnsophisticated individual investors fear volatility. They're excessively short-term minded, fixate on daily quotes, and are quick to panic.\nFor these reasons, they often favor rental properties which give them a false sense of stability due to the lack of quotation.\nBut professional investors like Warren Buffett welcome the volatility and see it as a gift. It gives them the opportunity to make investments at a discounted price, which will ultimately result in higher returns in the long run.\nIn a previousinterview, Buffett explains that the real estate market moves slowly, and therefore, it's rare for large mispricing to occur. Most property owners are long-term minded and do a reasonably good job at pricing the risk and reward potential of various properties. It makes it harder for investors like him to earn abnormally strong returns.\nWith REITs, there are more frequent opportunities. As an example, back in 2017, STORE Capital produced new record results, but it dropped from $30 to $20 because the retail market was out-of-favor. What the market failed to realize is that STOR earns revenue from mainly service-oriented retailers that are resilient to Amazon (AMZN) and its leases were 10+ years long.\nThat was a great opportunity and Berkshire seized it. Chris Volk, former CEO of STORE Capital explains the background to this investment in the below video. Skip to the 8:55 section:\nBuffett was behind the idea and they build their position in STOR after it had dropped, taking advantage of the market volatility.\nShortly after, STOR recovered, earning them a return that easily beat what they would have gotten from a regular rental property.\nWhen you are long-term minded like Buffett, volatility is a big plus and it explains why he likes REITs.\nReason #5: Disconnect Between Public and Private Market\nFinally, it all comes down to the price you pay.\nToday, the housing market is booming with the average home appreciating by16%over the past year.\nOn the other hand, REITs (VNQ) are barely recovering from the crash they endured in 2020, and many individual REITs are still priced at a 20, 30, or even 40% discount to pre-crisis levels.\nPut simply, REITs offer better value than private real estate, and that explains why he favors REITs.\nLast year, Berkshire doubled down on STORE Capital, which has since then nicely recovered. They own $850 million worth of equity, representing 9% of the company.\nI bet that Berkshire would have made many more REIT investments over the past if it could. But given its large size and the strict ownership limits on REITs, most of them are too small for Berkshire.\nThat's one of the rare advantages that individual investors have over Buffett. You can freely invest in just any REIT, regardless of its size, and gain exposure to discounted and professionally managed real estate.\nClosing Note\nJust like Buffett, I favor REIT investments because they provide better risk-and-hassle adjusted returns in most cases.\nDuring the past 20 years, the average annual returns have been upward of 15%, with some individual REITs doing even better than that:\nCould I do better by buying private properties? I seriously doubt it.\nAnd even if I could, would it be worth it to accept much greater risk and hassle to earn a few extra points of return? 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