REITs for Everybody
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THIS IS NOT INVESTMENT ADVICE. IT IS SIMPLY MY OPINION. LISTENING TO MY OPINION MIGHT LOSE LOTS OF MONEY.
I contend that REITs now have two buyers: dividend pickers and beta chasers. The beta chasers’ demand has driven prices to significantly overvalued levels considering relative and absolute yields.
As a quick break from my quantstrat fun A Quantstrat to Build on Part 5, I thought I would try to replicate in R some of the fine work done by The Aleph Blog on REITs How to Make More Returns on REITs. Unfortunately, I will not be able to finish before I head home for the weekend, so I will just show the start of the project in this post and hope to finish this weekend or Monday.
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| From TimelyPortfolio |
require(quantmod)
require(PerformanceAnalytics)
require(stringr) #get NAREIT data
require(gdata)
URL <- "http://returns.reit.com/returns/MonthlyHistoricalReturns.xls"
reitData <- read.xls(URL,sheet="Data",pattern="All REITs",stringsAsFactors=FALSE) #shift colnames over 1
colnames(reitData) <- colnames(reitData)[c(1,1:(NCOL(reitData)-1))] #get dates and return columns
reitData <- reitData[,c(1,3,24,38)]
#name columns
colnames(reitData) <- c("Date",paste(colnames(reitData)[2:4],".Total.Return",sep=""))
reitData <- reitData[3:NROW(reitData),]
#get in format we can use with xts
datetoformat <- reitData[,1]
datetoformat <- paste(substr(datetoformat,1,3),"-01-",substr(datetoformat,5,6),sep="")
datetoformat <- as.Date(datetoformat,format="%b-%d-%y")
rownames(reitData) <- datetoformat
#eliminate column 2
reitData<-reitData[,2:NCOL(reitData)]
#erase commas
col2cvt <- 1:NCOL(reitData)
reitData[,col2cvt] <- lapply(reitData[,col2cvt],function(x){as.numeric(gsub(",", "", x))})
#create xts
reitData <- as.xts(reitData,order.by=datetoformat) chart.TimeSeries(reitData,ylog=TRUE,legend.loc="topleft",main="NAREIT REIT Monthly Performance")
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