美國REIT信貸展望

1、AgendaPageAgendaPageREIT 2020 Credit OutlookDecember 2019HG/HY REITsMark Streeter AC212-834-5086 | HYPERLINK mailto:mark.streeter mark.streeterIan Snyder212-834-3798 | HYPERLINK mailto:ian.b.snyder ian.b.snyderJ.P. Morgan Securities LLCSee end pages for analyst certification and important disclosure

2、s, including investment banking relationships. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider th

3、is report as a single factor in making their investment decision.1PageREIT 2020 CreditREIT 2020 CreditOutlookSummary2Picks/Benchmark CreditOpinionsREITREITStock/EPS/FFOConsiderationsREIT CreditREIT CreditPerformanceAnalysisPropertyProperty SectorConsiderationsCommercial RealCommercial RealEstateFund

4、amentalsAppendixAppendixWerecently upgradedour REIT credit sector recommendationto Overweightfortheremainder of4Q19and2020Givenour relatively benignhousecall for a slow increase in rates throughYE20, an expected25%decline in sector bond issuance y/y, slightly lagging performance in 2019 YTD which le

5、aves REIT credit spreads situated smack in the middle of our A and BBB curves, and still favorable commercial real estate fundamentals, we think the set up for 2020 is improved over our expectations at this time lastyearAyear ago,we were expectingratesto surgeto nearly3.5%byYE19(a forecastofcourse t

6、hat was radically altered throughout the course of theyear)InitialJ.P.Morgan10yrrateforecastforYE19:3.50%Current J.P. Morgan 10yr rate forecast for YE19:1.70%Current J.P. Morgan 10yr rate forecast for YE20:2.05%Lookingaheadonthefundamentalsside, trends are moderatingbutremain fineat this late stageo

7、fthecycle. Some specifics takeaways from November 2019REITworld:Technology is driving opex savings in rentalhousingMedia tech tenants are driving demand for CAofficeIndustrial REITs can do nowrongThenon-mallretailersremainsurprisinglyresilientinthefaceoftheongoingmall troublesThehealthcareREITs cant

8、 seem to get enoughmedical officeandlife science exposureas senior housing continues to struggle fromoversupplyWildscards include tariffsandofcourse equity/ratesentimentTop 19 creditpicks:RentalHousing(UDR,ESS,AMH),TripleNet(STOR,EPR,SRC,VER,WPC),Office(HPP,KRC),Retail(KIM, SCGAU), Healthcare (DOC,

9、SBRA, OHI, VTR, WELL, PEAK), and Industrial(GMGAU)Source: J.P.Morgan310-Year Average: 128kSource: BLS and J.P. MorganRent growth should remain positive but modestSource: CoStar and J.P. Morgan as of 3Q19 Office10-Year Average: 128kSource: BLS and J.P. MorganRent growth should remain positive but mod

10、estSource: CoStar and J.P. Morgan as of 3Q19 Office Apts Retail IndustrialNetCompletionsas%ofStockJob growth has notched down2020 supply growth should be lower but not by muchJob growth has notched down2020 supply growth should be lower but not by much2.5%2.0%1.5%1.0%0.5%0.0%Source: CoStar and J.P.

11、Morgan as of 3Q19Vacancy rates are likely to be flat to up from hereVacancy rates are likely to be flat to up from here14.0%OfficeAptsOfficeAptsRetailIndustrial10.0%8.0%6.0%4.0%2.0%0.0%Source: CoStar and J.P. Morgan as of 3Q19Investor Rankings of Property Sectors1 is best, 10 is worst9876543210Indus

12、trialMultifamilyCBD OfficeA MallsLodgingLimited Service LodgingSuburban OfficeNon-Mall RetailB/C MallsSource: J.P. Morgan CMBS SurveyREIT/CRE Credit Rankings and Recommendations (by credit quality)71 REITs/CRE Issuers in our Coverage Universe71 REITs/CRE Issuers in our Coverage UniverseRetailRental

13、HousingIndus trialOfficeHealthcareNet LeaseStorageMortgageOtherServicesJPM ranking1SPG (N)EQR (UW)PLD (N)BXP (N)WELL (OW)O (N)PSA (N)STWD (N)DLR (N)JLL (N)2FRT (UW)AVB (UW)DRE (OW)DXSAU (N)PEAK (OW)NNN (N)CUBE (OW)LADR (N)WRE (OW)CBRE (N)3SCGAU (OW)CPT (N)LPT (OW)KRC (OW)VTR (OW)WPC (OW)LSI (OW)STAR

14、 (OW)SVC (N)4ULFP (N)1UDR (OW)GMGAU (OW)HIW (N)ARE (N)STOR (OW)5REG (OW)MAA (OW)PRIFII (OW)VNO (UW)HTA (N)VER (OW)6KIM (OW)ESS (OW)FR (OW)HPP (OW)HR (N)SRC (OW)7BRX (N)ACC (N)CXP (N)DOC (OW)EPR (OW)8WRI (N)AMH (OW)PDM (N)OHI (OW)LXP (N)9ROIC (N)BDN (N)SBRA (OW)10SKT (N)EQC (OW)MPW (N)11SITC (OW)OFC

15、(OW)SNH (UW)12KRG (OW)SLG (N)13WPG (N)CLI (UW)14CBL (N)Source: J.P. MorganNC = Not Covered; NR = Not RatedIncludes pari-pasu legacy Westfield bonds outstandingREIT Credit Performance ScorecardQuick reminder: outperformed in 2018, most notably when volatility spiked in 4QThe final tally for the showe

16、d REIT credit generating an excess return of -0.8% vs. the broader HG market (JULI) return of -2.6%The HG market spread widened by 60bp for the year while our REIT index widened 42bpIn the more liquid part of the curve, shined even more, with the overall market spread wider by 77bp vs. at only 45bp

17、widerYTD 2019, have lagged through2-Dec-19Return YTD: JULI 13.2%, JULI Excess Return YTD: JULI 5.0%, JULI 4.7%in the last 30 days, are in lineReturn 1 Month: JULI -0.1%, JULI -0.1%Excess Return 1 Month: JULI 0.5%, JULI 0.5%Stock tally: SPX +23%, RMZ +21.2% lagging after being ahead most of the year)

18、Rate tally: rate has fallen 91bp YTD (2.69% to Source: J.P. MorganREITs Look Rich to BBBs, Cheap to AsAs we move towards YE19, REIT spreads sit tight to the marketthe JULI index is currently at 140bp (YE19 target 140bp, YE20 target 125bp),with the JULI REIT subset at 127bpWe prefer to look at our “f

19、itted curve” indices where duration isneutralizedIn at 97bp are currently 13bp wider than the “market” spread of 84bpIn are 1bp tight to the market spread of 120bpIn are 30bp tight (130bp vs 160bp), a reflection of the limited REIT bond universe which is dominated by higher rated creditsWhilewe stil

20、lthinkshouldtradeclosertothesingleAuniverse overtime,theA-BBBgap has narrowed since YE18 12bp (58bp currently in the 10yr bucket for the overallmarket)Whenwecompare10yr to10yr BBBs,aretrading30bptight(but28bp cheapto As)Wetracktheserelationships closely andwe areleftfeelingthatREITperformanceissetto

21、 outperform the market in 2020 considering the bond supply technical (lower issuance fundamental trends (stable), and our benign interest rate forecastSource: J.P. MorganRetail/Office Sectors Lagging with Largest Discounts to Street NAV6 of the 15 REITs with the largest discount to NAV are retail fo

22、cused, 8 inofficeTriple Net,Healthcare,Industrial,and Residentialsectors strongestCompanyNameTickerPropertyType StockPriceStock PricePremium Senior Housing PropertiesSNHHealthcare$15.64$7.12-54.5%CBL & AssociatesCBLRetail$2.59$1.35-47.9%SL Green ReatlySLGOffice$117.51$84.31-28.3%Mack-CaliCLIOffice$2

23、9.29$21.08-28.0%Vornado RealtyVNOOffice$87.83$63.37-27.8%Hudson Pacific PropertiesHPPOffice$46.37$35.40-23.7%Brandywine Realty TrustBDNOffice$19.18$15.17-20.9%Piedmont Office Realty TrustPDMOffice$26.67$21.88-18.0%Tanger Factory OutletSKTRetail$19.05$15.67-17.7%Washington Prime GroupWPGRetail$4.88$4

24、.14-15.2%Simon PropertySPGRetail$175.46$148.86-15.2%Corporate Office Properties TrustOFCOffice$32.47$28.74-11.5%SITE CentersSITCRetail$15.95$14.24-10.7%Boston PropertiesBXPOffice$152.35$136.87-10.2%Regency CentersREGRetail$70.90$63.77-10.1%Prem/Div.2019E Payout Ratio(Disc)Property TypeYieldFFOAFFOTo

25、 NAVTriple Net Lease4.7%84.2%80.2%42.7%Health Care4.9%82.1%94.0%25.7%Industrial2.5%64.5%79.1%13.0%Residential2.6%50.6%68.1%6.7%Self Storage3.7%74.4%80.7%3.0%Strip Center4.3%68.0%92.2%(3.4%)Office3.1%54.4%81.5%(5.3%)Regional Mall6.3%68.9%83.0%(21.1%)REIT Industry Total/Wtd. Avg.3.5%65.0%75.5%7.7%Sour

26、ce: J.P. Morgan REIT Equity Research, SNL, Bloomberg, as of 6-Dec-19Transaction Cap Rates and 10 year US Treasury YieldsTransaction Cap Rates and 10 year US Treasury YieldsCapCap Rate Average10 year USTDifference10.00%9.00%8.00%7.00%6.00%5.00%4.00%3.00%2.00%1.00%0.00%Note: Cap rate represents the av

27、erage of RCAs National Retail, Office, Apartment, and Industrial indices Source: Real Capital Analytics, Bloomberg, as of 3-Dec-19YieldDec-01 Jun-02 Dec-02 YieldDec-01 Jun-02 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11

28、 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19Dec-19DifferenceREIT Dividend Yields vs. 10yr US TreasuryREIT Dividend Yields vs. 10yr US TreasuryREIT Dividend Yield10yr USTREIT Dividend Yield10yr USTAverage (2010-current)Spreadvs.10-Ye

29、ar Average(pre-2009)-2.00%0.00%-1.00%2.00%1.00%0.00%4.00%3.00%2.00%6.00%4.00%8.00%6.00%5.00%10.00%8.00%7.00%REITDividendYieldsvs.10yrUSTreasury12.00%Unsecured/Convertible Issuance ($mm)Equity Issuance ($bn)Unsecured/Convertible Issuance ($mm)Equity Issuance ($bn)$27,544$26,228$23,875$27,544$26,228$2

30、3,875$20,875$18,744$20,525$16,818$19,204 $25,400$21,000$16,400 $14,600$18,275$19,800201020112012201320142015201620172018201939,575775$40,$32,515UnsecuredConvertible/Preferred$16.7$13.5$15.4$14.82010201120122013201420152016201720182019$4.4$5.9$6.5$7.0$9.1$9.5Source: J.P. Morgan, SNL Financial, Bloomb

31、erg, and company reportsNote: Includes only those companies in the JPM HG credit universe (2019 and prior years)Source: J.P. Morgan, SNL Financial, Bloomberg, and company reports7.2x6.8x7.2x6.8x6.4x6.0 x5.6x1Q084Q083Q092Q101Q114Q113Q122Q131Q144Q143Q152Q161Q174Q173Q182Q191Q084Q083Q092Q101Q114Q113Q122

32、Q131Q144Q143Q152Q161Q174Q173Q182Q19Market Leverage (Debt/Total Market Cap) Median Debt / LTM EBITDAMarket Leverage (Debt/Total Market Cap)Median Debt / LTM EBITDA50%50%Market leverage45%40%35%30%25%20%Source: J.P. Morgan, SNL Financial, andcompany reportsSource: SNL Financial, J.P. Median Coverage (

33、Through 3Q19) Coverage Ratios StableMedian Coverage (Through 3Q19)Coverage Ratios StableEBITDA growth combined with refinancing opportunities in the low interest rate environmentEBITDA growth combined with refinancing opportunities in the low interest rate environmentdrove improvements in interest a

34、nd fixed charge coverage ratios, although the median is leveling off with debt costs off theMedian Leverage (Through 3Q19)Leverage Ratios StableBookleveragehasMedian Leverage (Through 3Q19)Leverage Ratios StableBookleveragehasstabilizedasequityissuancefordebt reduction has been replaced with balance

35、d funding for acquisition and development relatedWeexpectleverageratios to remain relativelyflatin 2020 as REITs selectively acquire/develop properties and borrowaccordinglyFixed Charge CoverageInterest Coverage5.004.504.003.503.002.502.001.501.002Q083Q084Q081Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113

36、Q114Q111Q122Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q174Q171Q182Q183Q184Q181Q192Q193Q19Secured Debt/Adj. Cap.Debt + Preferred / Adj. CapitalTotal Debt/Adj. CapitalTotal Debt/Market Capital70%Secured Debt/Adj. Cap.Debt + Preferred / Adj. CapitalTotal Debt/A

37、dj. CapitalTotal Debt/Market Capital70%60%50%40%30%20%10%0%2Q083Q084Q081Q092Q093Q094Q091Q102Q103Q104Q101Q112Q113Q114Q111Q122Q123Q124Q121Q132Q133Q134Q131Q142Q143Q144Q141Q152Q153Q154Q151Q162Q163Q164Q161Q172Q173Q174Q171Q182Q183Q184Q181Q192Q193Q19REIT Bonds Outstanding by SectorAmountSubtotals by Sector

38、Amount Issued ($millions)Outstanding ($millions)% of totalRetail$47,037.00$43,186.3623.6%Healthcare$40,344.50$40,074.8721.9%Rental Housing$28,863.88$28,555.9015.6%Office$21,600.00$21,250.0011.6%Net Lease$20,520.00$20,520.0011.2%Other$10,100.00$10,100.005.5%Industrial$10,218.55$9,146.315.0%Storage$4,

39、750.00$4,750.002.6%Mortgage$4,699.77$4,166.622.3%Services$1,300.00$1,300.000.7%Total$189,433.70$183,050.07100.0%Source: J.P. Morgan, Bloomberg, Company FilingsREIT USD Unsecured High Grade Bond Issuance (Includes Both US issuers and Yankee Issuers)REIT USD Unsecured High Grade Bond Issuance (Include

40、s Both US issuers and Yankee Issuers)$38,000$30,800$30,000$25,400$23,625$21,000$19,800$17,135$18,275$15,725$17,200$13,750$10,885$9,150$4,6002006200720082009201020112012201320142015201620172018201920192020YTDForecastForecast40,075Source: J.P. Morgan and Company FilingsUnsecured Bonds - High Grade (Co

41、re)Issue DateIssuerUnsecured Bonds - High Grade (Core)Issue DateIssuerRatings at Issuance (Moodys/S&P/Fitch)MaturityCoupon (%)Issue SpreadSize ($mm)9-Dec-19WELLTOW ER INCNR / BBB+ / NR15-Feb-272.700%95bp$50020-Nov-19CYRUSONE LP/CYRUSONE FINBa1 / BBB- / BBB-15-Nov-293.450%175bp$60020-Nov-19CYRUSONE L

42、P/CYRUSONE FINBa1 / BBB- / BBB-15-Nov-242.900%135bp$60019-Nov-19VEREIT OPERATING PARTNERBaa3 / BBB- / BBB15-Dec-293.100%145bp$60018-Nov-19MID-AMERICA APARTMENTSBaa1 / BBB+ / BBB+15-Mar-302.750%97bp$3006-Nov-19HEALTHPEAK PROPERTIESBaa1 / BBB+ / BBB+15-Jan-303.000%123bp$7505-Nov-19DUKE REALTY LPBaa1 /

43、 BBB+ / BBB+15-Nov-292.875%102bp$4008-Oct-19CUBESMART LPBaa2 / BBB / NR15-Feb-303.000%150bp$3507-Oct-19ESSEX PORTFOLIO LPBaa1 / BBB+ / BBB+15-Jan-303.000%Tap$1007-Oct-19WEA FINANCE LLCA2 / A / NR15-Jan-272.875%143bp$7503-Oct-19BRANDYWINE OPER PARTNERSBaa3 / BBB- / WD1-Oct-294.550%Tap$1003-Oct-19BRAN

44、DYWINE OPER PARTNERSBaa3 / BBB- / WD1-Oct-244.100%Tap$1002-Oct-19UDR INCBaa1 / BBB+ / NR1-Nov-343.100%155bp$3002-Oct-19UDR INCBaa1 / BBB+ / NR15-Jan-303.200%Tap$10026-Sep-19SABRA HEALTH/CAPTL CORPBa1 / BBB- / BBB-15-Oct-293.900%240bp$35024-Sep-19HUDSON PACIFIC PROPERTIEBaa2 / BBB- / BBB-15-Jan-303.2

45、50%170bp$40023-Sep-19CAMDEN PROPERTY TRUSTA3 / A- / A-1-Nov-493.350%122bp$30017-Sep-19OMEGA HLTHCARE INVESTORSBaa3 / BBB- / BBB-1-Oct-293.625%200bp$50012-Sep-19HOST HOTELS & RESORTS LPBaa2 / BBB- / BBB15-Dec-293.375%168bp$65010-Sep-19SERVICE PROPERTIES TRUSTBaa3 / BBB- / NR1-Oct-244.350%280bp$82510-

46、Sep-19SERVICE PROPERTIES TRUSTBaa3 / BBB- / NR1-Oct-264.750%313bp$45010-Sep-19SERVICE PROPERTIES TRUSTBaa3 / BBB- / NR1-Oct-294.950%338bp$4259-Sep-19SPIRIT REALTY LPBaa3 / BBB / BBB15-Jan-273.200%165bp$3009-Sep-19SPIRIT REALTY LPBaa3 / BBB / BBB15-Jan-303.400%180bp$5005-Sep-19HEALTHCARE TRUST OF AME

47、RBaa2 / BBB / NR15-Feb-303.100%158bp$6504-Sep-19SIMON PROPERTY GROUP LPA2 / A / NR13-Sep-493.250%130bp$1,2504-Sep-19SIMON PROPERTY GROUP LPA2 / A / NR13-Sep-292.450%110bp$1,2504-Sep-19SIMON PROPERTY GROUP LPA2 / A / NR13-Sep-242.000%70bp$1,0004-Sep-19HIGHWOODS REALTY LPBaa2 / BBB / NR15-Feb-303.050%

48、163bp$4003-Sep-19KILROY REALTY LPBaa2 / BBB / NR15-Feb-303.050%160bp$5003-Sep-19ALEXANDRIA REAL ESTATE EBaa1 / BBB+ / NR1-Feb-504.000%Tap$2003-Sep-19ALEXANDRIA REAL ESTATE EBaa1 / BBB+ / NR15-Dec-292.750%130bp$40020-Aug-19ERP OPERATING LPA3 / A- / A15-Feb-302.500%100bp$60019-Aug-19FEDERAL REALTY INV

49、ESTMENA3 / A- / A-u15-Jun-293.200%Tap$10019-Aug-19BOSTON PROPERTIES LPBaa1 / A- / BBB+15-Mar-302.900%130bp$70015-Aug-19GLP CAPITAL LP / FIN IIBa1 / BBB- / BBB-1-Sep-243.350%195bp$40015-Aug-19GLP CAPITAL LP / FIN IIBa1 / BBB- / BBB-15-Jan-304.000%250bp$70015-Aug-19KIMCO REALTY CORPBaa1 / BBB+ / BBB+1

50、-Oct-493.700%182bp$35013-Aug-19DUKE REALTY LPBaa1 / BBB+ / BBB+15-Dec-273.375%Tap$17513-Aug-19BRIXMOR OPERATING PARTBaa3 / BBB- / BBB-15-May-294.125%Tap$35013-Aug-19REGENCY CENTERS LPBaa1 / BBB+ / NR15-Sep-292.950%127bp$42512-Aug-19VENTAS REALTY LPBaa1 / BBB+ / BBB+15-Jan-303.000%140bp$6508-Aug-19WE

51、LLTOW ER INCBaa1 / BBB+ / BBB+15-Mar-243.625%Tap$4508-Aug-19WELLTOW ER INCBaa1 / BBB+ / BBB+15-Jan-303.100%140bp$7508-Aug-19EPR PROPERTIESBaa2 / BBB- / BBB-15-Aug-293.750%210bp$500Source: J.P. Morgan, BloombergEUR/USD: 1.1061 asof9-Dec-19206-Aug-19UDR INCBaa1 / BBB+ / NR15-Aug-313.000%130bp$4005-Aug

52、-19MID-AMERICA APARTMENTSBaa1 / BBB+ / BBB+15-Mar-293.950%Tap$25029-Jul-19ESSEX PORTFOLIO LPBaa1 / BBB+ / BBB+15-Jan-303.000%110bp$4508-Jul-19ALEXANDRIA REAL ESTATE EBaa1 / BBB+ / NR1-Feb-504.000%150bp$5008-Jul-19ALEXANDRIA REAL ESTATE EBaa1 / BBB+ / NR15-Aug-313.375%135bp$75025-Jun-19UDR INCBaa1 /

53、BBB+ / NR15-Jan-303.200%125bp$30024-Jun-19VENTAS REALTY LPBaa1 / BBB+ / BBB+15-Jan-252.650%100bp$45020-Jun-19SPIRIT REALTY LPBaa3 / BBB / BBB15-Jul-294.000%200bp$40020-Jun-19HEALTHPEAK PROPERTIESBaa1 / BBB+ / BBB+15-Jul-263.250%140bp$65020-Jun-19HEALTHPEAK PROPERTIESBaa1 / BBB+ / BBB+15-Jul-293.500%

54、155bp$65017-Jun-19ERP OPERATING LPA3 / A- / A1-Jul-293.000%97bp$60012-Jun-19HUDSON PACIFIC PROPERTIEBaa2 / BBB- / BBB-1-Apr-294.650%Tap$15012-Jun-19REALTY INCOME CORPA3 / A- / BBB+15-Jun-293.250%120bp$50012-Jun-19BOSTON PROPERTIES LPBaa1 / A- / BBB+21-Jun-293.400%130bp$85012-Jun-19AMERICAN CAMPUS CM

55、NTYSBaa2 / BBB / NR15-Jul-263.300%135bp$40010-Jun-19DIGITAL REALTY TRUST LPBaa2 / BBB / BBB1-Jul-293.600%148bp$90010-Jun-19WP CAREY INCBaa2 / BBB / NR15-Jul-293.850%185bp$3256-Jun-19CAMDEN PROPERTY TRUSTA3 / A- / A-1-Jul-293.150%107bp$6005-Jun-19WEA FINANCE LLCA2 / A / NR15-Jun-293.500%145bp$7504-Ju

56、n-19FEDERAL REALTY INVESTMENA3 / A- / A-u15-Jun-293.200%110bp$30022-May-19LIFE STORAGE LPBaa2 / BBB / NR15-Jun-294.000%167bp$35021-May-19SABRA HEALTH/CAPTL CORPBa1 / BBB- / BBB-1-Jun-244.800%260bp$3008-May-19AVALONBAY COMMUNITIESA3 / A- / NR1-Jun-293.300%82bp$4507-May-19BRIXMOR OPERATING PARTBaa3 /

57、BBB- / BBB-15-May-294.125%170bp$40010-Apr-19PUBLIC STORAGEA2 / A / NR1-May-293.385%92bp$50019-Mar-19ESSEX PORTFOLIO LPBaa1 / BBB+ / BBB+1-Mar-294.000%Tap$15012-Mar-19ALEXANDRIA REAL ESTATE EBaa1 / BBB+ / NR15-Apr-494.850%187bp$30012-Mar-19ALEXANDRIA REAL ESTATE EBaa1 / BBB+ / NR15-Jan-244.000%Tap$20

58、012-Mar-19ALEXANDRIA REAL ESTATE EBaa1 / BBB+ / NR15-Apr-263.800%132bp$35026-Feb-19HIGHWOODS REALTY LPBaa2 / BBB / NR15-Apr-294.200%160bp$35026-Feb-19MID-AMERICA APARTMENTSBaa1 / BBB+ / BBB+15-Mar-293.950%135bp$30025-Feb-19STORE CAPITAL CORPBaa2 / BBB / BBB15-Mar-294.625%205bp$35025-Feb-19REGENCY CE

59、NTERS LPBaa1 / BBB+ / NR15-Mar-494.650%165bp$30020-Feb-19HUDSON PACIFIC PROPERTIEBaa3 / BBB- / BBB-1-Apr-294.650%217bp$35019-Feb-19VENTAS REALTY LPBaa1 / BBB+ / BBB+15-Apr-494.875%190bp$30019-Feb-19VENTAS REALTY LPBaa1 / BBB+ / BBB+15-Apr-243.500%105bp$40013-Feb-19WELLTOWER INCBaa1 / BBB+ / BBB+15-M

60、ar-294.125%147bp$55013-Feb-19WELLTOWER INCBaa1 / BBB+ / BBB+15-Mar-243.625%117bp$5004-Feb-19ESSEX PORTFOLIO LPBaa1 / BBB+ / BBB+1-Mar-294.000%138bp$35024-Jan-19CUBESMART LPBaa2 / BBB / NR15-Feb-294.375%175bp$35022-Jan-19LIBERTY PROPERTY LPBaa1 / BBB / BBB1-Feb-294.375%168bp$35015-Jan-19AMERICAN HOME