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REITs Sell Large Amounts of Shares to Fund Future Acquisitions

Alex Finkelstein Real Estate Channel
REITs Sell Large Amounts of Shares to Fund Future Acquisitions - REITs - United States

Real estate investment trusts in the U.S. are back in the black. Many are selling shares to fund property acquisitions after using record cash from equity offerings last year to reduce debt and cover dividends, Bloomberg reports.

Landlords including BioMed Realty Trust Inc. have sold $1.38 billion of stock since Sept. 17, making the week the biggest in five months for new secondary offerings by REITs, according to data compiled by Bloomberg.

They join property owners such as UDR Inc. and Duke Realty Corp., which have sold shares this year to fund acquisitions.

REITs completed $21.2 billion in secondary sales last year, the most in data going back to 1992, according to the National Association of Real Estate Investment Trusts.


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