...As commercial real estate fundamentals remain under pressure during the current recession and severe dislocations in the capital markets persist, U.S. equity real estate investment trusts (REITs) continue to face headwinds maintaining adequate liquidity to meet ongoing funding obligations. In light of these conditions, this report updates Fitch Ratings' quarterly review of the liquidity profiles of all U.S. equity REITs rated by Fitch and selected nonrated U.S. equity REITs. The analysis focuses on the period from Dec. 31, 2008 to Dec. 31, 2010, as Fitch's rating outlooks typically capture a 12- to 24-month time frame of movements in credit ratings. (For further detail on Fitch's broader outlook on U.S. equity REIT credit ratings for 2009, see Fitch Research on "2009 REIT Outlook: Survive and Advance," dated Dec. 10, 2008, available on Fitch's web site at www.fitchratings.com.) In essence, the clock is ticking for REITs to maintain adequate liquidity, and because the unsecured bond market...
