Real estate investment trusts are finding the debt market more efficient for raising capital than the equity market, according to WMF Group Ltd., a commercial mortgage financial services company here.

WMF Washington Mortgage Corp. has developed with Fannie Mae a program to offer flexible nonrecourse financing for publicly traded REITs at a lower cost than traditional banks' lines of credit. The program financed four REITs in its first three years, according to WMF.

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