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

This report does not constitute a rating action.

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. We rank investment-grade companies (rated 'BBB-' or higher) with the same rating and outlook first by stand-alone credit profile, then by business risk profile, and lastly by financial risk profile. We rank speculative-grade companies (rated 'BB+' or lower) with the same rating and outlook first by stand-alone credit profile, then by financial risk profile, and lastly by business risk profile. We then list the companies 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 March 31, 2025.

Issuer Ranking: North And Latin American Real Estate Investment Trust (REITs)--Strongest To Weakest
Issuer 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

Prologis Inc.

A Stable a Excellent Intermediate Souers, Michael

Public Storage

A Stable a Strong Modest Koltunicki, Kristina

Simon Property Group Inc .

A- Positive a- Excellent Intermediate Koltunicki, Kristina

AvalonBay Communities Inc.

A- Stable a- Strong Modest Stevens, Samantha

Mid-America Apartment Communities Inc.

A- Stable a- Strong Modest Stevens, Samantha

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

A- Stable a- Strong Modest Stevens, Samantha

Welltower Inc.

A- Stable a- Strong Modest Souers, Michael

Equity Residential

A- Stable a- Strong Intermediate Stevens, Samantha

Realty Income Corp.

A- Stable a- Strong Intermediate Gray, Hannah

Regency Centers Corp.

A- Stable a- Strong Intermediate Gray, Hannah

Camden Property Trust

A- Stable a- Satisfactory Modest Stevens, Samantha

Kimco Realty Corp.

BBB+ Positive bbb+ Strong Intermediate Stevens, Samantha

Alexandria Real Estate Equities Inc.

BBB+ Stable bbb+ Strong Intermediate Souers, Michael

Extra Space Storage Inc.

BBB+ Stable bbb+ Strong Intermediate Stevens, Samantha

Federal Realty Investment Trust

BBB+ Stable bbb+ Strong Intermediate Stevens, Samantha

UDR Inc.

BBB+ Stable bbb+ Strong Intermediate Prutton, Diandra

Agree Realty Corp.

BBB+ Stable bbb+ Satisfactory Intermediate Zigman, Alan

Essex Property Trust Inc.

BBB+ Stable bbb+ Satisfactory Intermediate Stevens, Samantha

Fideicomiso 1721 Banco Actinver S.A. Institución de Banca Múltiple Grupo Financiero Actinver División Fiduciaria (FIBRA Prologis)

BBB+ Stable bbb+ Satisfactory Intermediate Santiago Cajal

Healthpeak Properties Inc.

BBB+ Stable bbb+ Satisfactory Intermediate Souers, Michael

NNN REIT Inc.

BBB+ Stable bbb+ Satisfactory Intermediate Prutton, Diandra

Rexford Industrial Realty Inc.

BBB+ Stable bbb+ Satisfactory Intermediate Stevens, Samantha

Ventas Inc.

BBB+ Stable bbb+ Satisfactory Intermediate Souers, Michael

W. P. Carey Inc.

BBB+ Stable bbb+ Satisfactory Intermediate Prutton, Diandra

CenterPoint Properties Trust

BBB+ Stable bbb Satisfactory Intermediate Prutton, Diandra

Choice Properties Real Estate Investment Trust

BBB+ Stable bbb Satisfactory Intermediate Saha-Yannopoulos, Aniki

Prime Property Fund LLC

BBB+ Negative bbb+ Strong Intermediate Gray, Hannah

CIBANCO S.A. Institución de Banca Múltiple Trust F/00939 (FIBRA Terrafina)

BBB Watch Dev bbb Satisfactory Intermediate Pablo Romero

Sun Communities Inc.

BBB Watch Pos bbb Satisfactory Intermediate Zigman, Alan

American Homes 4 Rent

BBB Stable bbb Satisfactory Intermediate Stevens, Samantha

Brixmor Property Group Inc.

BBB Stable bbb Satisfactory Intermediate Stevens, Samantha

Broadstone Net Lease Inc.

BBB Stable bbb Satisfactory Intermediate Gray, Hannah

Cousins Properties 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

First Industrial Realty Trust Inc.

BBB Stable bbb Satisfactory Intermediate Zigman, Alan

Healthcare Realty Trust Inc.

BBB Stable bbb Satisfactory Intermediate Zigman, Alan

Independence Realty Trust Inc.

BBB Stable bbb Satisfactory Intermediate Stevens, Samantha

Invitation Homes Inc.

BBB Stable bbb Satisfactory Intermediate Koltunicki, Kristina

Kite Realty Group Trust

BBB Stable bbb Satisfactory Intermediate Prutton, Diandra

Phillips Edison & Co. Inc.

BBB Stable bbb Satisfactory Intermediate Zigman, Alan

BXP Inc.

BBB Negative bbb Strong Significant Souers, Michael

Essential Properties Realty Trust Inc.

BBB- Positive bbb- Satisfactory Intermediate Zigman, Alan

STORE Capital LLC

BBB- Positive bbb- Satisfactory Intermediate Prutton, Diandra

Tanger Inc.

BBB- Positive bbb- Satisfactory Intermediate Prutton, Diandra

American Assets Trust Inc.

BBB- Stable bbb- Satisfactory Intermediate Prutton, Diandra

COPT Defense Properties

BBB- Stable bbb- Satisfactory Intermediate Prutton, Diandra

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

BBB- Stable bbb- Satisfactory Intermediate Romero, Juan Pablo

Highwoods Properties Inc.

BBB- Stable bbb- Satisfactory Intermediate Prutton, Diandra

Kilroy Realty Corp.

BBB- Stable bbb- Satisfactory Intermediate Gray, Hannah

LXP Industrial Trust

BBB- Stable bbb- Satisfactory Intermediate Prutton, Diandra

Omega Healthcare Investors Inc.

BBB- Stable bbb- Satisfactory Intermediate Zigman, Alan

National Health Investors Inc.

BBB- Stable bbb- Fair Intermediate Zigman, Alan

CareTrust REIT Inc.

BB+ Stable bb+ Weak Modest Zigman, Alan

Piedmont Office Realty Trust Inc.

BB+ Stable bb+ Satisfactory Intermediate Prutton, Diandra

EPR Properties

BB+ Stable bb+ Fair Intermediate Prutton, Diandra

InRetail Shopping Malls

BB+ Stable bb+ Fair Intermediate Romero, Juan Pablo

Sabra Health Care REIT Inc.

BB+ Stable bb+ Fair Intermediate Stevens, Samantha

Vornado Realty Trust

BB+ Negative bb+ Satisfactory Aggressive Gray, Hannah

Global Net Lease Inc.

BB Watch Pos bb Satisfactory Significant Gray, Hannah

Brandywine Realty Trust Inc.

BB Stable bb Fair Significant Prutton, Diandra

SL Green Realty Corp.

BB Negative bb Satisfactory Aggressive Gray, Hannah

Brookfield Property Partners L.P.

BB- Stable b+ Strong Highly Leveraged Stevens, Samantha

Hudson Pacific Properties Inc.

BB- Negative bb- Fair Aggressive Gray, Hannah

Kennedy-Wilson Holdings Inc.

B+ Stable b+ Satisfactory Highly Leveraged Zigman, Alan

Service Properties Trust

B Negative b Weak Aggressive Zigman, Alan

CBL & Associates Properties Inc.

B- Stable b- Weak Aggressive Stevens, Samantha

Forest City Realty Trust Inc.

CCC+ Negative N/A N/A N/A Prutton, Diandra

Diversified Healthcare Trust

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

Medical Properties Trust Inc.

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

Office Properties Income Trust

CC Negative N/A N/A N/A Zigman, Alan
FCLT--Foreign currency long term. SACP--Stand-along credit profile. Source: S&P Global Ratings.
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
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

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