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 Group Moody's Investors Service
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 Investors Service
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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 an Analyst in Moody’s North American Banking team,
covering ratings of a portfolio of community and regional banks. She has
been with Moody’s since 2003.
Thuy joined Moody’s from Deloitte & Touche LLP where she was a
Manager in the Banking and Securities Group of their New York office.
She was responsible for managing audits of banks, broker-dealers and
conduits. Prior to joining Deloitte, Thuy was a Manager at Arthur
Andersen in their New York office’s Financial Service Group. In addition to
her responsibilities of managing financial audits, Thuy traveled abroad to
assist international clients on U.S. GAAP conversion projects concerning
the application of U.S. GAAP, SEC filings and U.S. regulatory reporting.
Thuy is a CPA and is a member of the AICPA and NYS Society of CPA.
She completed CFA level I. She holds a BBA in accounting from Baruch
College