Excerpted from REIT Liquidity: Cutting Credit Capacities

Real Estate Investment Trust liquidity profiles continue to improve as the selective terming out of debt maturities has taken a front seat to the deleveraging from the widespread issuance of common equity that took place during the second quarter. REIT credit spreads have continued to tighten as near and intermediate refinancing risk has subsided due largely to much improved access to capital in the form of a thawing unsecured market, higher equity values, and the potential for CMBS issuance via TALF.