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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.


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.

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.