4. Order room service: Hotel supply and demand is favorable
Magee also likes lodging REITs, where room rates are expected to keep rising as the recovery rolls on. One favorite is Host Hotels & Resorts, which operates upscale hotel properties in the United States and elsewhere. They have a variety of brands, such as Starwood, Sheraton and Westin. A smaller lodging REIT, called Pebblebrook Hotel Trust, was founded in 2009 and invests in hotels. "This is a growth story within lodging," Magee said, adding, "Pebblebrook is building up its portfolio."
Hersha Hospitality Trust, which yields 4.1 percent, caught Garrison's eye. Hersha owns and operates upscale and limited-services hotels, such as Doubletree. "Hotel supply is still very limited, which sets the stage for improved earnings and better profits," he said.
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5. Health care isn't overpriced in REIT context—it's actually undervalued
Morningstar believes that there is a value stock play within health-care REITs, including two that are in the S&P 500—HCP, which yields 5.4 percent, and Ventas, which yields 5.4 percent.
"Health-care stocks have been hard-hit by fears of rising interest rates," said Todd Lukasik, Morningstar REIT analyst, but he added, "These fears are misplaced." The reason: health-care REITs have long-term leases that include rent escalators, which will keep up with inflation.
"So REIT cash flow should continue to grow," Lukasik said. "Also, tens of millions more people who are joining the ranks of the insured should drive demand."