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Should Dividend Investors Buy No-Moat REITs?

None of the real estate investment trusts that Morningstar covers has carved out an economic moat. Here's why.

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The following is an excerpt from the video series Dividend-Stock Deep Dive, hosted by Morningstar DividendInvestor editor David Harrell. He spoke with Morningstar analyst Kevin Brown, who focuses on real estate investment trusts. Watch the full interview.

David Harrell: In your report, you're highlighting those 27 REITs under coverage, but none of them currently earn a narrow or wide economic moat rating. Why is that? Why do none of the REITs have these, sort of, sustainable competitive advantages right now?

David Harrell does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.