REIT Structure Draws a Crowd

Abrams, Sandra Lea
February 2005
Investment Dealers' Digest;2/21/2005, Vol. 71 Issue 7, p12
Trade Publication
The article reports that the real estate investment trust (REIT) structure is drawing a crowd. An increasing number of mortgage companies are changing their stripes to become REITs, and others in the mortgage origination business may be drawn to the vehicle as well. Emanuel Friedman, co-chairman and co-chief executive of Friedman Billings, Ramsey Group Inc. said that it is a revolution that is changing how business is done, because it is a cheaper way to fund their balance sheet. Friedman expects more companies in all areas of mortgage origination--prime, subprime, commercial and mezzanine--to go public under the REIT structure, and those that have already gone public in recent months to return to the capital markets for follow-on offerings despite the boost in rates--a boost that Friedman doesn't see ratcheting up dramatically.


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