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U.S. REITs Use Stock Sales to Grow After Paying Debt

U.S. real estate investment trusts are selling shares to fund property acquisitions after using record cash from equity offerings last year to reduce debt and cover dividends.

Landlords including BioMed Realty Trust Inc. have sold $1.38 billion of stock since Sept. 17, making this week the biggest in five months for new secondary offerings by REITs, according to data compiled by Bloomberg. They join property owners such as UDR Inc. and Duke Realty Corp., which have sold shares this year to fund acquisitions.