After falling 75% from their peak in February 2007, REIT share prices have surged 55% in the past two months. Benefiting from the surge, and helping to fuel it, were 21 REIT secondary equity offerings in the first four months of the year. "REIT investors, as all public market investors, once again are looking ahead, and what they're seeing is that in recent weeks, REITs, as transparent publicly traded enterprises, have been able to crack capital markets," notes NAREIT's Michael Grupe.

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