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...Ventas is a real estate investment trust with a portfolio of seniors housing, research and innovation, and healthcare properties located throughout the United States, Canada and the United Kingdom. The company has three segments: triple-net leased properties, which invests in and owns seniors housing and healthcare properties and leases those properties to healthcare operating companies under triple-net or absolute-net leases; senior living operations, which invests in seniors housing communities and engages independent operators to manage those communities; and office operations, which acquires, owns, develops, leases and manages medical office buildings and research and innovation centers.
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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