...Sector and Subsectors: This report presents the key peer comparator elements observed or expected for U.S.-based equity real estate investment trusts (REITs) and real estate operating companies (REOCs). The sector covers U.S. equity REITs that own commercial real estate, including, but not limited to, healthcare, industrial, office, multifamily and retail. This sector also includes REOCs that have not elected REIT status under the U.S. tax code but whose asset compositions and financial and operational strategies are similar to those of REITs. Key Factors: The sector risk profile defines and groups companies operating in the sector into a "natural rating territory" based on Fitch Ratings' view of the inherent risk profile of the industry. Each company's overall risk profile generally does not stray too far from this rating range. After assessing the operating environment, management and corporate governance, the Navigator examines four sector-specific factors for given rating levels. Finally,...
