SNL Financial tracked the leading underwriters for REIT and REOC offerings in 2005, and Citigroup Global Markets topped the common stock and senior debentures lists based on total offering amounts. Merrill Lynch & Co. was the top preferred equity underwriter based on offering amount. In terms of the number of offerings, Wachovia Securities was tops in 2005, serving as book, lead or co-manager on 72 common stock, preferred equity and debt offerings.

SNL’s Top 2005 Underwriters* REIT/REOC Offered Securities

Rank	Adviser	Number of Offerings	Offering Amount ($M)
	Common Stock
1	Citigroup Global Markets, Inc.	18	1,802.2
2	Wachovia Securities, LLC	27	936.7
3	Merrill Lynch & Co., Inc.	18	698.8
4	Morgan Stanley	5	615.4
5	Banc of America Securities, LLC	14	565.8
	Preferred Equity
1	Merrill Lynch & Co., Inc.	12	304.0
2	Wachovia Securities, LLC	14	271.6
3	A.G. Edwards & Sons, Inc.	12	232.9
4	Stifel, Nicolaus & Company, Inc.	13	214.5
5	Morgan Stanley	10	200.2
	Senior Debentures
1	Citigroup Global Markets, Inc.	24	2,020.8
2	Banc of America Securities, LLC	41	1,696.4
3	J.P. Morgan Securities, Inc.	32	1,459.2
4	Wachovia Securities, LLC	31	1,146.0
5	Bear, Stearns & Company, Inc.	9	761.0

*Firm participated as a Book, Lead or Co-Manager.

Source: SNL Financial