UPDATE 1-Credit Suisse downgrades 3 US commercial REITs
April 6 (Reuters) - Credit Suisse downgraded at least three commercial real estate investment trusts, including SL Green Realty, on relatively weak liquidity outlook and revised its price targets on several others citing continued macro challenges and difficulty in accessing credit markets.
Analyst Steve Benyik downgraded SL Green Realty Corp (SLG.N) to "underperform" from "neutral" and said the company's focus on the New York City office market was at risk of higher vacancy from the consolidation in the financial services industry. Benyik also lowered his ratings on Alexandria Real Estate Equities (ARE.N) and Kilroy Realty Corp (KRC.N) to "neutral" from "outperform."
Alexandria Real Estate's significant exposure to well-capitalized multinational pharmaceutical tenants is offset by its relatively weak liquidity outlook and bankruptcy risk related to smaller biotech tenants, the analyst said.
On Kilroy, Benyik said the company had significant exposure to weak markets in Southern California and high level of scheduled lease expirations.
For the alerts on the rating and price target changes, double-click [ID:nWNAB0891] (Reporting by Vidya L Nathan in Bangalore; Editing by Himani Sarkar)
