Here is a summary of the key points from the research report: Rental Housing: - The REIT industry has a high level of disclosure compared to other industries. - The report covers 10 major rental housing REITs, including Equity Residential, AvalonBay, and Camden Property Trust. - Key covenant metrics include total leverage, secured leverage, interest coverage, and unencumbered asset coverage. - Most REITs report covenant performance quarterly, with some exceptions. - Covenant performance has generally improved over the past few years as REITs have deleveraged. Industrial: - The report covers 5 major industrial REITs, including Prologis, Rexford, and Goodman Group. - Key covenant metrics include total leverage, secured leverage, and unencumbered asset coverage. - Prologis has the largest industrial REIT bond issuance at over $12 billion. - Covenant performance has been strong, with low leverage and high unencumbered asset coverage. Office: - The report covers 10 major office REITs, including Boston Properties, Kilroy Realty, and Vornado Realty Trust. - Key covenant metrics include total leverage, secured leverage, and unencumbered asset coverage. - Covenant performance has been mixed, with some REITs maintaining low leverage and others seeing increases in leverage. Retail: - The report covers 11 major retail REITs, including Simon Property Group, Kimco Realty, and Tanger Outlets. - Key covenant metrics include total leverage, secured leverage, and unencumbered asset coverage. - Retail REITs have seen more volatility in covenant performance compared to other sectors, reflecting the challenges in the retail industry. Net Lease: - The report covers 10 major net lease REITs, including Realty Income, NNN REIT, and STORE Capital. - Key covenant metrics include total leverage, secured leverage, and unencumbered asset coverage. - Net lease REITs have generally maintained strong covenant performance with low leverage. Healthcare: - The report covers 11 major healthcare REITs, including Welltower, Healthpeak, and Ventas. - Key covenant metrics include total leverage, secured leverage, and unencumbered asset coverage. - Healthcare REITs have seen some increases in leverage in recent years but remain relatively low levered. Storage, Mortgage, and Other REITs: - The report also covers REITs in the storage, mortgage, and other sectors. - Covenant performance for these REITs is generally strong, with low leverage and high unencumbered asset coverage. Overall, the report provides a comprehensive overview of the covenant performance of major US REITs across different property sectors. It highlights the generally strong credit profiles of the REIT industry, with most REITs maintaining conservative leverage and ample unencumbered asset coverage.