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Industry Top Trends Mid-Year 2020 Update: North American Real Estate

We have taken 20 negative rating actions since March, most of which were outlook revisions to negative. Of the entire rated portfolio, 20% have negative outlooks; the negative rating bias is higher for retail REITs at 27%, and 36% for office REITs. Still, real estate remains an 80% investment-grade sector. In addition, REITs entered this downturn in better shape with materially lower debt leverage, increasingly unencumbered asset bases, more staggered debt maturities, and better liquidity compared to the last recession.

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