...Fitch's outlook for U.S. multifamily REITs for 2015 is unchanged at stable, and we expect many of 2014's themes will carry over, namely: supply concerns in specific markets, the future of the GSEs and shifting sands between home ownership and renting. As expected, operating fundamentals have decelerated, though less than expected, as the initial wave of supply has been offset in part by continued strength in tenant demand. Meanwhile, balance sheets remain strong with below- average leverage on a historical basis and continued depth in the pool of debt and equity capital sources....