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North And Latin American REITs And Real Estate Operating Companies Ranking--Strongest To Weakest

The following list ranks North and Latin American real estate investment trust companies that S&P Global Ratings rates based on rating and outlook. We've provided the stand-alone credit profile, business risk profile, and financial risk profile of each company for informational purposes only. Investment-grade companies are ranked by (i) stand-alone credit profile, (ii) business risk profile, and (iii) financial risk profile. Speculative-grade companies are ordered by (i) stand-alone credit profile, (ii) financial risk profile, and (iii) 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. All ratings and outlooks are as of Jan. 31, 2024.

Issuer Ranking: North And Latin American Real Estate Investment Trust (REITs)--Strongest To Weakest
Org Name Current FCLT Outlook/CreditWatch SACP Business risk profile Financial risk profile Primary analyst

Ontario Teachers' Cadillac Fairview Properties Trust

A+ Stable a Strong Intermediate Stevens, Samantha L

Prologis Inc.

A Stable a Excellent Intermediate Souers, Michael H

Public Storage

A Stable a Strong Modest Koltunicki, Kristina

Simon Property Group Inc.

A- Stable a- Excellent Intermediate Koltunicki, Kristina

AvalonBay Communities Inc.

A- Stable a- Strong Modest Stevens, Samantha L

Mid-America Apartment Communities Inc.

A- Stable a- Strong Modest Stevens, Samantha L

Prologis Targeted U.S. Logistics Holdings L.P.

A- Stable a- Strong Modest Koltunicki, Kristina

Equity Residential

A- Stable a- Strong Intermediate Stevens, Samantha L

Realty Income Corp.

A- Stable a- Strong Intermediate Gray, Hannah

Camden Property Trust

A- Stable a- Satisfactory Modest Stevens, Samantha L

Prime Property Fund LLC

A- WatchNeg a- Strong Intermediate Gray, Hannah

Alexandria Real Estate Equities Inc.

BBB+ Stable bbb+ Strong Intermediate Souers, Michael H

Extra Space Storage Inc.

BBB+ Stable bbb+ Strong Intermediate Stevens, Samantha L

Federal Realty Investment Trust

BBB+ Stable bbb+ Strong Intermediate Stevens, Samantha L

Kimco Realty Corp.

BBB+ Stable bbb+ Strong Intermediate Stevens, Samantha L

Regency Centers Corp.

BBB+ Stable bbb+ Strong Intermediate Gray, Hannah

UDR Inc.

BBB+ Stable bbb+ Strong Intermediate Prutton, Diandra J

Essex Property Trust Inc.

BBB+ Stable bbb+ Satisfactory Intermediate Stevens, Samantha L

Fibra Prologis

BBB+ Stable bbb+ Satisfactory Intermediate Cajal, Santiago

Healthpeak Properties Inc.

BBB+ Stable bbb+ Satisfactory Intermediate Souers, Michael H

NNN REIT Inc.

BBB+ Stable bbb+ Satisfactory Intermediate Prutton, Diandra J

Rexford Industrial Realty Inc.

BBB+ Stable bbb+ Satisfactory Intermediate Stevens, Samantha L

Ventas Inc.

BBB+ Stable bbb+ Satisfactory Intermediate Souers, Michael H

Welltower Inc.

BBB+ Stable bbb+ Satisfactory Intermediate Souers, Michael H

W. P. Carey Inc.

BBB+ Stable bbb+ Satisfactory Intermediate Prutton, Diandra J

CenterPoint Properties Trust

BBB+ Stable bbb Satisfactory Intermediate Prutton, Diandra J

Physicians Realty Trust

BBB WatchPos bbb Satisfactory Intermediate Zigman, Alan

Agree Realty Corp.

BBB Stable bbb Satisfactory Intermediate Stevens, Samantha L

American Homes 4 Rent

BBB Stable bbb Satisfactory Intermediate Stevens, Samantha L

Apartment Income REIT Corp.

BBB Stable bbb Satisfactory Intermediate Prutton, Diandra J

Brixmor Property Group Inc.

BBB Stable bbb Satisfactory Intermediate Stevens, Samantha L

Broadstone Net Lease Inc.

BBB Stable bbb Satisfactory Intermediate Gray, Hannah

CubeSmart

BBB Stable bbb Satisfactory Intermediate Gray, Hannah

Digital Realty Trust Inc.

BBB Stable bbb Satisfactory Intermediate Koltunicki, Kristina

Elme Communities

BBB Stable bbb Satisfactory Intermediate Stevens, Samantha L

Fibra Terrafina

BBB Stable bbb Satisfactory Intermediate Romero, Pablo

First Industrial Realty Trust Inc.

BBB Stable bbb Satisfactory Intermediate Zigman, Alan

Healthcare Realty Trust Inc.

BBB Stable bbb Satisfactory Intermediate Zigman, Alan

Invitation Homes Inc.

BBB Stable bbb Satisfactory Intermediate Koltunicki, Kristina

Sun Communities Inc.

BBB Stable bbb Satisfactory Intermediate Zigman, Alan

RioCan Real Estate Investment Trust

BBB Stable bbb Satisfactory Significant Zigman, Alan

Boston Properties Inc.

BBB Negative bbb Strong Intermediate Gray, Hannah

Highwoods Properties Inc.

BBB Negative bbb Satisfactory Intermediate Prutton, Diandra J

Kilroy Realty Corp.

BBB Negative bbb Satisfactory Intermediate Gray, Hannah

Kite Realty Group Trust

BBB- Positive bbb- Satisfactory Intermediate Prutton, Diandra J

Phillips Edison & Co. Inc.

BBB- Positive bbb- Satisfactory Intermediate Zigman, Alan

American Assets Trust Inc.

BBB- Stable bbb- Satisfactory Intermediate Prutton, Diandra J

COPT Defense Properties

BBB- Stable bbb- Satisfactory Intermediate Prutton, Diandra J

Corporacion Inmobiliaria Vesta S.A.B. de C.V.

BBB- Stable bbb- Satisfactory Intermediate Romero, Pablo

Essential Properties Realty Trust Inc.

BBB- Stable bbb- Satisfactory Intermediate Zigman, Alan

LXP Industrial Trust

BBB- Stable bbb- Satisfactory Intermediate Prutton, Diandra J

Omega Healthcare Investors Inc.

BBB- Stable bbb- Satisfactory Intermediate Zigman, Alan

Retail Opportunity Investments Corp.

BBB- Stable bbb- Satisfactory Intermediate Gray, Hannah

STORE Capital LLC

BBB- Stable bbb- Satisfactory Significant Prutton, Diandra J

Tanger Factory Outlet Centers Inc.

BBB- Stable bbb- Satisfactory Intermediate Prutton, Diandra J

National Health Investors Inc.

BBB- Stable bbb- Fair Intermediate Zigman, Alan

Piedmont Office Realty Trust Inc.

BBB- Negative bbb- Satisfactory Intermediate Prutton, Diandra J

SITE Centers Corp.

BBB- Negative bbb- Satisfactory Intermediate Stevens, Samantha L

EPR Properties

BB+ Stable bb+ Fair Intermediate Prutton, Diandra J

InRetail Shopping Malls

BB+ Stable bb+ Fair Intermediate Romero, Pablo

Sabra Health Care REIT Inc.

BB+ Stable bb+ Fair Intermediate Zigman, Alan

Global Net Lease Inc.

BB+ Negative bb+ Satisfactory Significant Gray, Hannah

SL Green Realty Corp.

BB+ Negative bb+ Satisfactory Significant Gray, Hannah

Vornado Realty Trust

BB+ Negative bb+ Satisfactory Significant Gray, Hannah

CareTrust REIT Inc.

BB Stable bb Weak Intermediate Zigman, Alan

Brandywine Realty Trust

BB Negative bb Fair Intermediate Prutton, Diandra J

Hudson Pacific Properties Inc.

BB Negative bb Fair Significant Gray, Hannah

Brookfield Property Partners L.P.

BB Negative bb- Strong Highly Leveraged Souers, Michael H

Kennedy-Wilson Holdings Inc.

BB- Negative bb- Satisfactory Aggressive Zigman, Alan

Service Properties Trust

B+ Stable b+ Weak Significant Zigman, Alan

Medical Properties Trust Inc.

B+ Negative b+ Fair Significant Zigman, Alan

CBL & Associates Properties Inc.

B Negative b Weak Aggressive Stevens, Samantha L

Forest City Realty Trust Inc.

B- Negative b- Fair Highly Leveraged Prutton, Diandra J

Grupo GICSA S.A.B. de C.V

CCC+ Stable ccc+ N/A N/A Romero, Pablo

Diversified Healthcare Trust

CCC+ Negative ccc+ N/A N/A Zigman, Alan

Office Properties Income Trust

CCC+ WatchNeg ccc+ N/A N/A Zigman, Alan
FCLT--Foreign currency long-term rating. SACP--Stand-alone credit Profile. Source: S&P Global Ratings.

This report does not constitute a rating action.

Primary Credit Analyst:Kristina Koltunicki, Princeton + 1 (212) 438 7242;
kristina.koltunicki@spglobal.com
Secondary Contacts:Ana Lai, CFA, New York + 1 (212) 438 6895;
ana.lai@spglobal.com
Alexandre P Michel, Mexico City + 52 55 5081 4520;
alexandre.michel@spglobal.com
Michael H Souers, Princeton + 1 (212) 438 2508;
michael.souers@spglobal.com
Samantha L Stevens, New York + 1 (212) 438 1888;
samantha.stevens@spglobal.com
Alan Zigman, Toronto 1 (416) 507 2556;
alan.zigman@spglobal.com
Diandra J Prutton, San Francisco 917.231.4054;
diandra.prutton@spglobal.com
Hannah Gray, San Francisco + 212-438-0244;
hannah.gray@spglobal.com
Santiago Cajal, Mexico City + 52 55 5081 4521;
santiago.cajal@spglobal.com
Amalia E Bulacios, Buenos Aires + 54 11 4891 2141;
amalia.bulacios@spglobal.com
Francisco Gomez Comelli, Buenos Aires + 54 11 4891 2112;
Francisco.Comelli@spglobal.com
Pablo Romero, Mexico City + 52 (55) 50814505;
jpablo.romero@spglobal.com
Research Assistant:Sumedha D Chavan, Mumbai

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