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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: reaper who wrote (168533)5/28/2002 3:38:32 PM
From: Mark Adams   of 436258
 
Excellent observation. My thanks for sharing your work.

The way I'd interpret it, is that there is increasing risk in REIT debt. Or the perception thereof. This could be due to a combination of overbuilding, increased insurance costs due to terrorism, lower revpar and so on.

Another take would be that traditional REIT debt holders have found better opportunity elsewhere. Or that repackaged CMBS has a wider audience, therefore better pricing.

As to REIT shares moving higher in light of wider spreads, that sounds like a market inefficiency. BWDIK?
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