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Todd Lukasik

Todd Lukasik, CFA, is a senior equity analyst for Morningstar.

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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.