Yesterday, we noted how REITs have been tapping the unsecured debt markets. After FRT announced their deal yesterday, Weingarten (WRI) tried to tap for $100MM but the investor interest wasn't there and it looks like they will carry their deal over to today's business (looking north of 8%).

Prologis (PLD) is tapping the unsecured market today for $350MM at around +450ish (think low 7% range). If you recall, PLD was thought to be on death's door last year (and earlier this year) where their bonds (18s) traded down to the 30s to yield over 25%. PLD has changed the covenant package back to the "old school" covenants by tightening up the unencumbered asset ratio (1.50:1 from the 2005 1.25:1) and the debt incurrence test (60% of total assets from the '05 65%).
In other REIT financing news, Westfield Group received commitments of more than $1.4 billion for a $1.25 billion loan after courting investors in Asia, three people familiar with the situation said. This looks to be a forward start commitment to refinance their 2011 revolver maturity.