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【出版时间及名称】：2010年3月Reits研究报告
【作者】：摩根大通
【文件格式】：pdf
【页数】：120
【目录或简介】：
We are rolling out our eighth annual J.P. Morgan REIT Tenancy
handbook. This report is a reference tool for investors to identify quickly
key tenant exposures for REITs. The handbook covers 70 REITs in six
property types and includes: (1) a master tenant list that denotes
corresponding REIT exposures, (2) detailed major tenant rosters for each
REIT, and (3) a guide to retail stores and divisions. While this report is
geared toward being a reference tool with shelf life, we make the
following big picture observations:
• Concentrations up 80-90 bps. According to our study, REIT
exposure to top five tenants stood at 25.0% at year-end, up 80 bps
year-over-year. On a “same store” basis, we estimate average exposure
increased about 90 bps.
• Most overlap still present in the mall and strip center REITs. The
implication of this is that a major tenant bankruptcy/closure in the
retail sector can cause a ripple effect impacting several REITs. Recent
examples include the bankruptcies of Circuit City, Linens 'N Things,
Mervyn's, and Steve & Barry's that took a toll on a number of retail
REITs’ occupancies.
• Office and industrial REITs still have little tenant overlap. We
found over 400 different tenants that make up the major tenant lists of
the office and industrial REITs compared with only about 170 for retail
REITs. That said, the US government remains a key tenant for many
office and industrial REITs, which is a positive, in our view.
• Triple-net lease/healthcare REITs have most concentrated rosters.
On average, we estimate that the five largest tenants/operators in the
triple-net lease and healthcare sectors account for about 50% and 44%
of rental income/square feet, respectively, which is well above the next
highest sector (office REITs at 20%). Eight of the 19 triple-net lease
and health care REITs have more than 50% of their business coming
from five or fewer tenants.
Table of Contents
J.P. Morgan REIT Tenancy Handbook ....................................3
Bigger Picture Takeaways ...........................................................................................3
Strip Center and Mall REIT Observations ...................................................................5
Office and Industrial REIT Observations ....................................................................8
Triple Net Lease and Healthcare REIT Observations................................................11
Major Tenants Among All REITs ...........................................13
Guide to Stores and Divisions ..............................................37
Major Tenants for Industrial REITs (by company) ...............53
Major Tenants for Office REITs (by company) .....................61
Major Tenants for Mall REITs (by company) ........................85
Major Tenants for Strip Center REITs (by company)...........95
Major Tenants for Triple Net Lease REITs (by company) .109
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