With the stock market undergoing bouts of volatility, some property companies that had planned to adopt a REIT structure are having second thoughts -- especially those that planned to transition to public status via an initial public offering. "For a REIT to do an IPO, it needs at least two weeks of steady market conditions," says Ron Sturzenegger, global head of real estate, gaming and lodging investment banking for Bank of America Merrill Lynch.

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