Fitch Ratings has reduced its 2023 U.S. REIT sector outlook to Deteriorating from Neutral, reflecting further tightening of commercial real estate (CRE) lending conditions stemming from the U.S. banking sector stress, as well as ongoing pressure on valuations and fundamentals from higher interest rates and macroeconomic headwinds, respectively. Most Fitch-rated REITs have the capacity to withstand such a slowdown within rating sensitivities. Those with ample dry powder could capitalize on distressed property sales by weaker capitalized players. Bank lending, which represents roughly half of the $5.5 trillion ... (full story)