Difference in leverage, borrowings (short duration vs. long duration), asset holdings (adjustable mortgages vs. long-term mortgages), and hedging strategies are the main differences among the Agency Mortgage REITs, who number less than a dozen names.
Staples tacked on some debt to acquire Corporate Express in 2008, but the exposure to the corporate delivery market was worth the leverage, and management has been aggressive about paying down outstanding borrowings.