Property Fundamentals Remain Weak; Debt Protection Measures Stable for U.S. REITs in 2004

Topics:
Regulatory Compliance
Tags:
Business Operations,
Finance,
Fitch,
Investment,
Real Estate,
REIT
Source:
Fitch

Vendor Registration: required

Overview: REIT sector ratings have been constrained by two major factors since the emergence of the REIT unsecured bond market in 1994. While the vulnerability of REITs to the changes in the availability of capital has not changed, questions about the volatility of the underlying property portfolios and management's credit discipline have been allayed by company conduct during the recent economic downturn. The report views current debt protection levels such as; debt to un-depreciated book capitalization, earnings before interest, taxes, depreciation, and unencumbered EBITDA to unsecured debt service, as indicative of a cyclical trough.

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Format: PDF | Size: 42KB | Date: Dec 2003 | Pages: 3

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