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TEXT-Fitch issues REIT report quarterly for Q1
April 5, 2012 / 3:52 PM / 6 years ago

TEXT-Fitch issues REIT report quarterly for Q1

April 5 - Fitch Ratings has published its first-quarter 2012 REIT Report
Quarterly. During this past quarter, Fitch assigned 22 security-specific
ratings, upgraded two issuers, and affirmed 17 Issuer Default Ratings among its
rated equity real estate investment trusts (REITs) and real estate operating
companies (REOCs).	
	
On March 19, 2012, Fitch published a report projecting the median 	
liquidity-coverage ratios for selected U.S. equity REITs for the period from 	
Jan. 1, 2012, to Dec. 31, 2013. Median liquidity coverage improved slightly to 	
1.5 times (x) from 1.3x for the period Oct. 1, 2011, to Dec. 31, 2013. Issuers 	
have actively addressed near-term maturities via unsecured bank term loans over 	
the last nine months which has put a damper on unsecured bond issuance, however,	
issuers have been able to obtain unsecured financing costs on attractive terms. 	
	
On March 23, 2012, Fitch noted that due to active treasury management in the 	
past two years, investment-grade European REITs have ample undrawn committed 	
facilities and enough cash to cover their liquidity uses in 2012. Since 2007, 	
European REITs have become much more focused on liquidity management. Most have 	
become more proactive in organizing and arranging their debt profiles, using 	
longer term debt instruments and alternative funding. 	
	
Other items in this edition of Fitch's 'REIT Report Quarterly' include:	
	
--An overview of recent rating actions;	
	
--Summaries of recently released REIT reports and criteria;	
	
--Links to recent Fitch research.	
	
'REIT Report Quarterly' is available by clicking on the link or at 	
'www.fitchratings.com' under the following headers:	
	
Sectors >> Financial Institutions >> REITs >> Newsletters	
	
Additional information is available at 'www.fitchratings.com'.	
	
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