What a difference a year makes. REIT IPO activity year-to-date in 2014 is anemic compared to the frothy pace that occurred during the same period in 2013, when 19 separate IPOs were completed. So far this year, only two IPOs have closed. “Last year, especially in the first half of the year, was really the heyday for public REITs, given where rates were,” says Jonathan Pong, vice president of equity research, REITs, at Robert W. Baird & Co. in New York City. Before the 10-year ...

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