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 |
No content (including ratings, credit-related analyses and data, valuations, model, software, or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced, or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees, or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness, or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.
Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment, and experience of the user, its management, employees, advisors, and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.
To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.
S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process.
S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.spglobal.com/ratings (free of charge), and www.ratingsdirect.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.spglobal.com/usratingsfees.