REITs, REOCs – US/EMEA: Outlook changes to stable for 2022
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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SpeakersOliver Schmitt Vice President - Senior Credit Officer, Corporate Finance Moody's Ratings
Philip Kibel Associate Managing Director Corporate Finance Group, CRE-REITs and Gaming Moody’s Investors Service
Thuy Nguyen Vice President -Senior Analyst, Corporate Finance Group Moody´s Ratings
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Oliver joined Moody's in May 2005. He is a lead analyst covering various real estate Issuers across EMEA. He started his career at Moody's in the CMBS team, where he has been working on CMBS transactions across all EMEA jurisdictions and property types, and was instrumental in methodology developments as well as sector and individual transaction surveillance. Oliver is located in Moody's Frankfurt office. Prior to joining Moody's Oliver worked within the finance department of Roche Diagnostics and spent 2 years at a German savings bank.
Philip M. Kibel is an Associate Managing Director in the CRE-REIT team at Moody’s Investors Service, where he manages a team that focuses on the ratings of real estate investment trusts (REITs) and real estate operating companies (REOCs). The team rates issuers from Canada through Latin America.
Prior to joining Moody’s, he was a Vice President with W. P. Carey & Co. LLC (WPC), a publicly-traded real estate investment company that specializes in corporate real estate financing using the corporate net-lease, or sale-leaseback structure. Philip was previously associated with Goldman, Sachs & Co., where he researched and implemented estate tax planning for the general partners of Goldman, Sachs and created trusts to provide heirs with financial security. In addition, he published internal reports summarizing the estate and gift tax laws of Japan, Hong-Kong and Germany.
Philip, a New York Certified Public Accountant, is a member of the American Institute of Certified Public Accountants. He received a BS in Accounting from Lehigh University and also holds an MBA in Finance from Columbia Business School
Thuy Nguyen is a Vice President-Senior Analyst in Moody’s Ratings’ Corporate Finance Group with coverage which includes Gaming and REITs. In years prior to moving into her current role, Thuy was an analyst in Moody’s Ratings’ Financial Institutions Group covering primarily US regional banks, Federal Home Loan Banks and non-bank finance companies. Thuy’s career outside of Moody’s includes Manager in the Banking and Securities Group at Deloitte covering global banks, broker-dealers and conduits and Manager at Arthur Andersen in their Financial Service Group covering global consulting projects and financial audits of hedge funds, broker dealers and banks. She also assisted international clients on US GAAP conversion projects in Korea and Italy concerning the application of US GAAP, SEC filings and US regulatory reporting. Thuy graduated from Baruch College Zicklin School of Business with a BBA Honors in Accounting. She is a CPA.