The issuance of real estate investment trust and commercial mortgage-backed securities has surpassed the $1 trillion mark, according to data compiled by the National Association of Real Estate Investment Trusts and the Commercial Mortgage Securities Association.In credit markets, the outstanding volume of CMBS reached $682.7 billion at the end of 2005, including securities collateralized by loans on multifamily properties and other nonresidential properties. In addition, equity REITs had issued another $82.9 billion of unsecured debt in the form of notes and bonds. In equity markets, the market value of equity REITs at the end of 2005 stood at $318.2 billion, including $301.5 billion of common shares and another $16.7 billion of preferred stock, according to NAREIT. The associations can be found online at http://www.nareit.com and http://www.cmbs.org.

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