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Another non-listed REIT with a high dividend-to-FFO ratio is CNL Hotels & Resorts. During 2004 this REIT declared dividends totaling $1.49 per share which more than doubled its corresponding FFO of $0.60 per share. According to the REIT's annual report for 2004, the company used proceeds from "credit enhancements" and borrowings to cover the ... ................
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