REITs raised more than $15 billion from a wave of secondary equity offerings this spring to pay down debt and prepare to acquire distressed assets. But distressed property acquisitions on any scale may have to wait for the frozen debt markets to thaw. "You pay for part of it with equity and you pay for part of it with debt," RBC Capital Markets REIT analyst Rich Moore told Real Estate Law and Industry Report. "So none of these acquisitions is going to occur until the debt markets open up again."
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