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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.
U.S. REITs appear somewhat overvalued as a group, but we see some opportunities in the health-care, retail, and cell tower sectors.
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.
Recent weakness has increased buying opportunities in the Canadian stock market.