Fitch Ratings has published its REIT Report Quarterly for second-quarter 2015, which highlights research during the past quarter.

On June 24, 2015, Fitch published a special report stating that macroeconomic and property sector themes are expected to define REIT credit trends in the near to medium term.

On May 28, 2015, Fitch published its quarterly liquidity report stating that the median liquidity coverage ratio for select U.S. equity REITs was 1.7x for the April 1, 2015 to Dec. 31, 2016 period, down slightly from 1.9x from last year. REITs' cost of debt capital remains attractive by historical standards; however, unsecured bond spreads have remained in the 130 bp - 140 bp range since the beginning of 2015, above the 100 bp - 110 bp range last seen in August 2014.

On May 5, 2015, Fitch published a special report stating that the recently announced acquisitions of Excel Trust and Associated Estates may be harbingers of the next wave of U.S. REITs going private in a decade. The last meaningful period of REIT privatizations occurred between 2005 and 2007, when 30 REITs were acquired, representing $123 billion of enterprise value. Current market conditions are setting the stage for another round of acquisitions, potentially of a similar magnitude. If the last wave was any barometer, REIT public-to-private transactions could number 30-40 in the next few years. REITs may be more willing to entertain offers this time around given the sustained rally in fundamentals, share prices approaching all-time highs and above-average multiples.

Other items in this edition of Fitch's 'REIT Report Quarterly' include:

--An overview of recent rating actions;

--Summaries of recently published REIT reports and criteria;

--Links to recent Fitch research.

'REIT Report Quarterly' is available by clicking on the above link or at 'www.fitchratings.com' under the following headers:

Ratings and Research >> Corporate Finance >> REITs >> Research

Additional information is available at 'www.fitchratings.com'.

REIT Report Quarterly (2Q15)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867816

Related Research

1Q15 U.S. Equity REIT Liquidity: Solid Against Plentiful Capital Backdrop

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=866291

Macro and Sector Stories Driving REIT Credit Narrative

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=867775

U.S. Equity REITs: The Privatization Fuse Is Lit (Capital Availability and Relative Pricing Reminiscent of Last Wave)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=865364

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Fitch Ratings:Steven MarksManaging Director+1-212-908-9161Fitch Ratings, Inc.33 Whitehall StreetNew York, NY 10004orFrederic GitsManaging Director+33 14429 9184orKalai PillaySenior Director+61 8256-0388orJose VertizDirector+1-212-908-0641orMedia RelationsPeter Fitzpatrick+44 20 3530 1103Londonpeter.fitzpatrick@fitchratings.comorSandro Scenga+1-212-908-0278New Yorksandro.scenga@fitchratings.comorLeslie Tan+65 67 96 7234Singaporeleslie.tan@fitchratings.com