Outlet Sale at Tanger
Given its solid growth prospects, we think the firm remains among the best-positioned REITs we cover.
Todd Lukasik
Todd Lukasik, CFA, is a senior equity analyst for Morningstar, covering real estate investment trusts (REITs) and commercial real estate services firms. Lukasik has been with Morningstar for nearly 11 years. He was previously a corporate finance consultant for five years and worked in business development for a technology firm for two years.
Lukasik holds a bachelor’s degree in economics and political science from Duke University, where he graduated magna cum laude. He is a member of Phi Beta Kappa and holds the Chartered Financial Analyst® designation.
Latest
Real Estate: For the Strong Stomached, Commercial Real Estate Looking More Attractive
After the recent market sell-off, the real estate sector looks more reasonably valued.
Real Estate: Rising Interest Rates Wreak Havoc on REITs
We prefer REITs with reasonable leverage, moaty assets, demonstrated historical success across economic cycles, identifiable growth drivers, and reasonable margins of safety.
Merger of Smaller Rivals Shouldn't Damage This Commercial Real Estate Powerhouse
Jones Lang LaSalle should be able to weather upcoming merger of smaller peers.
Ventas Adds Value
Ventas’ spin-off of skilled nursing facilities and Ardent acquisition add value for shareholders.
Real Estate: REITs That Can Weather a Rising Rate Environment
Rising interest rates could be a major valuation headwind for REITs, so investors should focus on moaty landlords with good growth prospects and attractive relative valuations.
Lowering the Rent Shouldn't Hurt This Health-Care Landlord
HCP remains one of the most attractive REITs we cover.
REITs: Tread Carefully in This Low Interest Rate Environment
Rising interest rates could be a major valuation headwind for REITs, so investors should focus on moaty landlords with good growth prospects and attractive relative valuations.
Reasonable Leverage, Growth Prospects, Moats, and Valuation Guide Our REIT Picks
Our favorites can do well even with potentially higher interest rates.
Still Some Opportunities in REITs
U.S. REITs appear somewhat overvalued as a group, but we see some opportunities in the health-care, retail, and cell tower sectors.
4 REITs That Can Weather Through Rising Rates
Rising interest rates can be a valuation headwind for the REIT sector, but some REITs are better positioned than others, says Morningstar's Todd Lukasik.
2 Structures, 2 Picks in Health-Care REITs
Some health-care REITs are using a new ownership structure that could bring higher growth potential but also higher operational risks.
A Matter of Time for Health-Care REITs
We prefer the yield, stability, and growth prospects of the triple-net structure over RIDEA.
2 Wide-Moat Stocks to Build Space For
These large real estate firms aren't trading at discounts, but their favorable growth dynamics and strong competitive positions make them ideal for investors' watchlists.
REITs for a Rising Rate Environment
In a rising interest rate environment, which is generally tough on REITs, we'd prefer exposure to reasonably priced, narrow-moat firms with attractive internal and external growth prospects, conservative capital structures, and well-laddered debt maturity schedules.
Healthy Outlook for Undervalued Landlord
Although we think Ventas overpaid for its most recent acquisitions, this doesn't affect our valuation.
Slow and Steady Wins for REITs
Though many long for faster economic growth, the current environment has actually been very good for landlords--but higher rates could still sting.
Realty Income Positions Its Portfolio for Challenges Ahead
Latest deal may portend another dividend increase for 2014.
CoStar Pairs a Wide Moat With Great Management
The real estate information provider is one of our favorites, but its stock looks pricey.
Real Estate Sector Outlook
REIT prices reset with rising interest rates.
Sector Outlook -- Real Estate
The macro environment remains favorable toward REITs, but valuations generally appear stretched.
Industry Dynamics Support Strong Growth Tailwind at Tanger Factory Outlet Centers
Balanced internal and external growth opportunities promise inflation-beating dividend growth.
Realty Income's Latest Acquisition a Departure From Norm
ARCT would improve cash flow and reposition the portfolio, but longer-term risks emerge.
This REIT Is Not Worth Its Skyscraper Price
We like Douglas Emmett's near- and medium-term prospects, but the market likes them even more.
Building a Moat Around Monthly Income
Realty Income focuses on prudent underwriting, portfolio diversification, a low dividend payout ratio, and low leverage to maintain a consistent and growing dividend, says CFO Paul Meurer.
Stage Set for Dividend Growth at Realty Income
Third-quarter dividend coverage portends faster 2012 dividend growth.
Real Estate Merger Makes Sense, Not a Moat
Numbers don't lie: Industrial behemoth ProLogis not better off with AMB in fold.
A Monthly Dividend Machine Shifts into Higher Gear
We expect a meaningful dividend increase from Realty Income in 2011.
Is Realty Income's Dividend Safe?
In light of increasingly tight cash-flow coverage, we re-examine Realty Income.
An Upcoming Buying Spree for Commercial Real Estate?
We think conditions could favor a flurry of deals in this once-troubled sector.
Putting a Value on Commercial Real Estate
CEO Andy Florance discusses unlocking the potential in CoStar's commercial property value database.
Charting a Bottom in Commercial Real Estate
CoStar Group CEO Andrew Florance says the Fed will manage a soft delevering of commercial real estate, and while it bottoms, investors may have a rare opportunity.