REITs and real estate operating companies (REOCs) have consistently received more rating upgrades than downgrades from Moody's Investors Service. Each year, Moody's covers on average between 80 and 90 REITs and REOCs from the U.S. and approximately 40 global REITs and REOCs. In 2003, approximately 14 of those companies were upgraded with 13 downgraded. In the years following, a greater demarcation took place, with 16 companies upgraded in 2004 and 2005, but only 10 downgraded in 2004 and 8 downgraded in 2005. By the middle of May 2006, 8 real estate investment companies have been upgraded.

Source: Moody's Investor Service