Healthcare REITs Lack Moats and Face Near-Term Headwinds, but Valuations Are Compelling
We are lowering our moat rating for the healthcare REITs we cover (HCP, Ventas, and Welltower) to none from narrow. However, we believe there is significant value to be found in these companies’ high-quality, well-diversified portfolios. All three have sold off in the past few months because of factors that are either short term or already baked into our long-term views, and we believe the market is ignoring long-term industry tailwinds. We see Welltower and Ventas as the most attractive names g...HCP is a real estate investment trust which invests in real estate serving the healthcare industry. The company acquires, develops, leases, and manages and disposes of healthcare real estate. The company's segments are: senior housing triple-net and senior housing operating portfolio, which include independent living facilities, assisted living facilities, memory care facilities, and continuing care retirement communities; life science, which contains laboratory and office space for biotechnology, medical device and pharmaceutical companies, scientific research institutions, government agencies and other organizations; and medical office, which contains physicians' offices and examination rooms.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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