MAC - JPMorgan analysts rejigger real estate REIT ratings for 2021 outlook

As part of its 2021 REIT and real estate service outlook JPMorgan REIT and real estate analysts reduce some ratings in residential and office REITs, become more positive on self-storage, and see residential real estate services benefitting from enduring housing market strength.Here are the upgrades/downgrades by industry:Residential: Reduces rating on AvalonBay ([[AVB]] -0.9%) to Neutral from Overweight due to a more muted view of the recovery timeline in multifamily as well as the REIT's management transition. Cuts American Campus Communities ([[ACC]] -0.7%) to Underweight from Neutral as stock valuation "is pretty full."Office: Taking a bearish view on the market going into 2021, with particular concern over the New York City and San Francisco markets. Downgrades Kilroy Realty ([[KRC]] -0.4%) to Neutral from Overweight and Boston Properties ([[BXP]] -2.5%) to Underweight from Neutral.Self storage: Upgrades Extra Space Storage ([[EXR]] +1.3%) to Overweight from Neutral as the JPMorgan analysts become more positive

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JPMorgan analysts rejigger real estate, REIT ratings for 2021 outlook