REITs have all the cash, so says WSJ

"Overleveraged private real-estate funds are gasping for money, but public property companies have been chugging down cash from the capital markets" - so says a new article (subscription required) in the WSJ. Pointing out that public REITs were net sellers in 2007 to the tune of $94 billion, the article argues REITs are better positioned to raise capital with new public equity of $15 billion having been raised in 2009 so far. Maybe, but as the author actual points out himself, private equity real estate funds still have some significant commitments on which they may call. It seems either way buying opportunities will continue to exist for some time, but no significant activity will happen until more traditional non-recourse lending loosens.