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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