Outlook On Spieker Properties Raised to Positive

MENLO PARK, CA-Spieker Properties, which has half its portfolio in the San Francisco Bay Area, had its outlook raised to positive on Monday by Fitch IBCA. The international credit-rating agency says the company’s conservative financial profile and an overall excellent performance triggered the rating revision.

Specifically, Fitch notes Spieker’s strong rent growth, which is largely supported by an average remaining lease term of 3.6 years. That average is substantially less than Spieker’s competitors, meaning the developer enjoys more potential tenant turnover and opportunity for increased rental revenue. Fitch also mentions Spieker’s “strong” management team, market expertise and “high-quality” properties in strategic markets.