REITs have reached a cruising altitude in terms of their capital structures, said Beth Campbell, director with credit ratings agency Standard & Poor's, at REITWorld 2012: NAREIT's Annual Convention for All Things REIT. From a ratings perspective, she said, "we have seen companies deleverage through issuing equity and through refinancing debt. What that's also done is lowered their cost debt, so we've seen fixed charge coverage, debt service coverage and dividend coverage improve."

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