Fitch Publishes REIT Report Quarterly for 1Q'15

Fitch Ratings has published its REIT Report Quarterly for first-quarter 2015 (1Q'15), which highlights research during the past quarter.

On March 25, 2015, Fitch published a special report stating that size and seasoning are more likely to support than restrain U.S. equity REIT ratings, though there are certain instances where a company's size can actually be a hindrance.

On March 25, 2015, Fitch published a special report stating that CEO turnover has been low relative to corporates generally, but when it has occurred, the results have been mixed.

On March 20, 2015, Fitch published its quarterly liquidity report stating that the median liquidity coverage ratio for select U.S. equity REITs was 1.6x for the Jan. 1, 2015-Dec. 31, 2016 period, down slightly from 1.7x from last year. Over 75% of the 66 issuers analyzed are well poised to address upcoming maturities and capital expenditures as a result of being active thus far in 2015 in both the credit and equity markets, enabling liquidity management despite stock price premiums to net asset value declining in recent weeks and remaining well below the nearly 20% premiums achieved in mid-2014.

On March 19, 2015, Fitch published a special report that addresses new investment alternative known as Fideicomiso de Inversion en Bienes Raices (FIBRA). Over the past four years, several FIBRAs have issued debt or equity in capital markets in Mexico. To add more insight to the credit quality and operating characteristics of this sector of the Mexican REIT industry, Fitch is publishing some of investors most frequently asked questions in 'What Investors Want to Know: Mexican REITs (FIBRAs)'.

Other items in this edition of Fitch's 'REIT Report Quarterly' include:

--An overview of recent rating actions;

--Summaries of recently published REIT reports and criteria;

--Links to recent Fitch research.

'REIT Report Quarterly' is available by clicking on the above link or at 'www.fitchratings.com' under the following headers:

Ratings and Research >> Corporate Finance >> REITs >> Research

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research

--'The Role of Size and Seasoning in U.S. REIT Ratings', March 25, 2015;

--'U.S. REITs: Mixed CEO Succession Planning', March 25, 2015;

--'4Q14 U.S. Equity REIT Liquidity Update: Match Funding and Liquidity Management Continues', March 20, 2015;

--'What Investors Want to Know: Mexican REITs (FIBRAs)', March 19, 2015.

Applicable Criteria and Related Research: REIT Report Quarterly (1Q15)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863931

The Role of Size and Seasoning in U.S. REIT Ratings (More Likely to Support than Restrain Ratings)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863624

U.S. REITs: Mixed CEO Succession Planning

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863784

4Q14 U.S. Equity REIT Liquidity Update: Match Funding and Liquidity Management Continues

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863627

What Investors Want to Know: Mexican REITs (FIBRAs)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863440

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