We are changing our outlook for REITs,REOCs – US/EMEA to stable from negative. Healthcare and Office segments are stabilizing and should offset weak Retail performance for next 12-18 months. Multispeed, diverging economic recovery poses regional risks. Logistics and Tech Infrastructure enjoy favorable conditions. Housing in US will be an outperformer.
Drivers of a stable outlook:
- Aggregate rental income growth, between 1% and 3%
- Maintenance of healthy liquidity profiles with cash plus credit line availability exceeding debt maturing over the next two calendar years
- Continued access to debt and equity markets
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