Industry Report Card: North American Office and Industrial REITs May 03
Standard & Poors, May 2003
Abstract
The market for office and industrial real estate in North America has been under pressure from the doldrums that continue to afflict the economy. After strong growth in the 1990s, contracting demand and falling rents now beset the industry. Not all is gloom, however. A low interest rate environment and stable transaction conditions have provided some haven for real estate owners and investors. The outlook for most rated real estate investment trusts (REITs) appears steady for now, though much depends on the questionable health of the U.S. economy. Standard & Poor's currently rates 20 real estate companies that are focused on the office and/or industrial property sector. Most of these companies are structured as publicly traded REITs. While the corporate...
Companies mentioned in this report are: CommonWealth REIT,Vornado Realty Trust,Duke Realty Corp.,ProLogis,Highwoods Properties Inc.,First Industrial Realty Trust Inc.,Liberty Property Trust,CenterPoint Properties Trust,Equity Office Properties Trust,ProLogis Inc,Crescent Real Estate Equities Co.,Reckson Associates Realty Corp.,Mack-Cali Realty Corp.,PS Business Parks Inc. ,Arden Realty Inc.,National Office Partners L.P.,Brookfield Office Properties Inc.,Boston Properties Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
CommonWealth REIT,Vornado Realty Trust,Duke Realty Corp.,ProLogis,Highwoods Properties Inc.,First Industrial Realty Trust Inc.,Liberty Property Trust,CenterPoint Properties Trust,Equity Office Properties Trust,ProLogis Inc,Crescent Real Estate Equities Co.,Reckson Associates Realty Corp.,Mack-Cali Realty Corp.,PS Business Parks Inc. ,Arden Realty Inc.,National Office Partners L.P.,Brookfield Office Properties Inc.,Boston Properties Inc.
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