S&P Global Ratings ranks its rated Asia-Pacific REIT companies and landlords by rating and outlook. We've provided the stand-alone credit profile (SACP), business risk profile, and financial risk profile of each company for informational purposes only. Companies are ranked by rating and outlook. Investment-grade companies are ranked first by business risk profile, and then financial risk profile. Speculative-grade companies are ordered by financial risk profile first, and then business risk profile. Companies are then listed in alphabetical order, if not distinguished by these factors. We have also listed the primary analyst for each company.
Asia-Pacific REITs--Strongest To Weakest | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Org name | Foreign currency long-term rating* | Outlook/CreditWatch | SACP | Business risk profile | Financial risk profile | Primary analyst | ||||||||
Defence Housing Australia |
AA+ | Stable | bbb+ | Strong | Modest | Wang, Puchen | ||||||||
Frontier Real Estate Investment Corp. |
A+ | Stable | a+ | Strong | Modest | Misumi, Yuta | ||||||||
Japan Real Estate Investment Corp. |
A+ | Stable | a+ | Strong | Modest | Misumi, Yuta | ||||||||
Mitsubishi Estate Co. Ltd. |
A+ | Stable | a+ | Strong | Modest | Misumi, Yuta | ||||||||
Nippon Accommodations Fund Inc. |
A+ | Stable | a+ | Strong | Modest | Misumi, Yuta | ||||||||
Nippon Building Fund Inc. |
A+ | Stable | a+ | Strong | Modest | Misumi, Yuta | ||||||||
Scentre Group |
A | Stable | a | Excellent | Intermediate | Parker, Craig W | ||||||||
DEXUS Wholesale Property Fund |
A | Positive | a | Strong | Minimal | Ang, Aldrin | ||||||||
AMP Capital Shopping Centre Fund |
A | Stable | a | Strong | Minimal | Ang, Aldrin | ||||||||
Hongkong Land Holdings Ltd. |
A | Stable | a | Strong | Modest | Chung, Oscar | ||||||||
IFC Development Ltd. |
A | Stable | a | Strong | Modest | Lau, Jay | ||||||||
Japan Metropolitan Fund Investment Corp. |
A | Stable | a | Strong | Modest | Yoshida, Ryohei | ||||||||
Link Real Estate Investment Trust |
A | Stable | a | Strong | Modest | Gao, Fan | ||||||||
Vicinity Centres |
A | Stable | a | Strong | Intermediate | Parker, Craig W | ||||||||
Mitsui Fudosan Co. Ltd. |
A | Negative | a | Strong | Modest | Misumi, Yuta | ||||||||
GPT Group |
A | Negative | a | Strong | Intermediate | Ang, Aldrin | ||||||||
CapitaLand Integrated Commercial Trust |
A- | Stable | a- | Excellent | Significant | Ong, Hwee Yee | ||||||||
BWP Trust |
A- | Stable | a- | Strong | Minimal | Ang, Aldrin | ||||||||
Australian Prime Property Fund Commercial |
A- | Stable | a- | Strong | Modest | Wang, Puchen | ||||||||
Dexus |
A- | Stable | a- | Strong | Modest | Playfair, Sam | ||||||||
GPT Wholesale Office Fund |
A- | Stable | a- | Strong | Modest | Lisov, Alexander | ||||||||
Investa Commercial Property Fund |
A- | Stable | a- | Strong | Modest | Lisov, Alexander | ||||||||
Stockland |
A- | Stable | a- | Strong | Modest | Parker, Craig W | ||||||||
Goodman Australia Industrial Partnership |
A- | Stable | a- | Strong | Intermediate | Lee, Shannon | ||||||||
Mirvac Wholesale Office Fund |
A- | Stable | a- | Strong | Intermediate | Ang, Aldrin | ||||||||
QIC Town Centre Fund |
A- | Stable | a- | Strong | Intermediate | Ang, Aldrin | ||||||||
Swire Pacific Ltd. |
A- | Stable | a- | Strong | Intermediate | Wang, Chloe | ||||||||
Goodman Group |
BBB+ | Stable | bbb+ | Strong | Modest | Parker, Craig W | ||||||||
Frasers Logistics & Commercial Trust |
BBB+ | Stable | bbb+ | Strong | Intermediate | Ong, Hwee Yee | ||||||||
QIC Property Fund |
BBB+ | Stable | bbb+ | Strong | Intermediate | Ang, Aldrin | ||||||||
Australian Prime Property Fund Retail |
BBB+ | Stable | bbb+ | Satisfactory | Intermediate | Wang, Puchen | ||||||||
Goodman Hong Kong Logistics Partnership |
BBB+ | Stable | bbb+ | Satisfactory | Intermediate | Ling, Wilson | ||||||||
GPT Wholesale Shopping Centre Fund |
BBB+ | Stable | bbb+ | Satisfactory | Intermediate | Lisov, Alexander | ||||||||
Charter Hall Prime Office Fund |
BBB | Stable | bbb | Strong | Significant | Lisov, Alexander | ||||||||
Frasers Centrepoint Trust |
BBB | Stable | bbb | Strong | Significant | Ong, Hwee Yee | ||||||||
Goodman Australia Partnership |
BBB | Stable | bbb | Satisfactory | Intermediate | Lee, Shannon | ||||||||
Goodman Property Trust |
BBB | Stable | bbb | Satisfactory | Intermediate | Lee, Shannon | ||||||||
Kiwi Property Group Ltd. |
BBB | Stable | bbb | Satisfactory | Intermediate | Wang, Puchen | ||||||||
AEON Mall Co. Ltd. |
BBB | Negative | a- | Strong | Modest | Yoshimura, Makiko | ||||||||
GLP Pte. Ltd. |
BBB- | Negative | bbb- | Satisfactory | Intermediate | Chen, Fiona | ||||||||
Yuexiu Real Estate Investment Trust |
BBB- | Negative | bbb- | Satisfactory | Significant | Gao, Fan | ||||||||
Dalian Wanda Commercial Management Group Co. Ltd. |
BB+ | Negative | bbb- | Satisfactory | Intermediate | Cheng, Iris | ||||||||
*Ratings as of Feb. 17, 2023. SACP--Stand-alone credit profile. Source: S&P Global Ratings. |
This report does not constitute a rating action.
Primary Credit Analyst: | Simon Wong, Singapore (65) 6239-6336; simon.wong@spglobal.com |
Secondary Contacts: | Aldrin Ang, CFA, Melbourne + 61 3 9631 2006; aldrin.ang@spglobal.com |
Esther Liu, Hong Kong + 852 2533 3556; esther.liu@spglobal.com | |
Edward Chan, CFA, FRM, Hong Kong + 852 2533 3539; edward.chan@spglobal.com | |
Hiroyuki Nishikawa, Tokyo (81) 3-4550-8751; hiroyuki.nishikawa@spglobal.com | |
Hwee Yee Ong, CFA, Singapore +65 6597-6193; hwee.yee.ong@spglobal.com | |
Craig W Parker, Melbourne + 61 3 9631 2073; craig.parker@spglobal.com | |
Puchen Wang, Melbourne (61) 3-9631-2099; puchen.wang@spglobal.com | |
Yuta Misumi, Tokyo +81 3 4550 8674; yuta.misumi@spglobal.com | |
Oscar Chung, CFA, Hong Kong +(852) 2533-3584; oscar.chung@spglobal.com | |
Jay Lau, Hong Kong +852 2533 3568; jay.lau@spglobal.com | |
Ryohei Yoshida, Tokyo + 81 3 4550 8660; ryohei.yoshida@spglobal.com | |
Fan Gao, Hong Kong + (852) 2533-3595; fan.gao@spglobal.com | |
Sam Playfair, Melbourne + 61 3 9631 2112; sam.playfair@spglobal.com | |
Alexander Lisov, Melbourne + 61 3 9631 2167; alexander.lisov@spglobal.com | |
Shannon Lee, Melbourne +61 3 9631 2175; shannon.lee@spglobal.com | |
Chloe Wang, Hong Kong + 852-25333548; chloe.wang@spglobal.com | |
Wilson Ling, Hong Kong +852 25333549; wilson.ling@spglobal.com | |
Makiko Yoshimura, Tokyo (81) 3-4550-8368; makiko.yoshimura@spglobal.com | |
Fiona Chen, Singapore + 65 6216 1085; fiona.chen@spglobal.com | |
Research Contributor: | Tanmay Gunjal, CRISIL Global Analytical Center, an S&P affiliate, Mumbai |
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