REIT Team Publishes 'The REIT Desk Reference'; Initiates Coverage of Nine
Office and Industrial Companies
MINNEAPOLIS, April 1 /PRNewswire-FirstCall/ -- The U.S. Bancorp Piper
Jaffray Fixed Income Real Estate Investment Trust (REIT) Team today initiated
coverage of nine office and industrial REITs and published the first edition
of "The REIT Desk Reference." The report contains in-depth analysis for all
nine office and industrial REITs, including a proprietary forecast of credit
trends and comparisons of various risk metrics.
The foundation for the desk reference is the proprietary financial models,
which forecast each REIT's financial statements for the next two years and
include three years of historical data. Each model contains estimates for key
assumptions, such as real estate market conditions, capital raising/buyback
activity and portfolio changes.
"Our models show the credit profile of office and industrial REITs should
remain relatively stable over the next two years," said Steve Manaker, senior
analyst in U.S. Bancorp Piper Jaffray's Fixed Income Research Group. "We
expect a modest decline in credit metrics in 2003 followed by a slight
recovery in 2004. The basis of our estimates is the commercial real estate
market's bottoming in the latter half of 2003 and recovering slightly the next
The REIT team initiated coverage of nine REITs: AMB Property Corporation
(AMB, $28.25, #>), Boston Properties (BXP, $37.90, #>), CarrAmerica Realty
Corporation (CRE, $25.35, #@>), Duke Realty Corporation (DRE, $26.98, @>),
Equity Office Properties Trust (EOP, $25.45, #>), First Industrial Realty
Trust (FR, $28.32, #>), Highwood Properties (HIW, $20.44, #>), Liberty
Property Trust (LRY, $31.30, #>) and ProLogisTrust (PLD, $25.32, #>).
"Our preference for commercial REITs is based on high quality and stable
revenue sources, diverse portfolios, conservative leverage and proactive
management teams with track records of effectively managing through the
different phases of the real estate cycle," said Manaker.
For more information regarding this report please contact Hanni Wenker in
the U.S. Bancorp Piper Jaffray Fixed Income Research Group at
firstname.lastname@example.org . Members of the media should contact Susan Beatty at
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