Larger, more well-known REITs may be the only ones to go public after other initial public offerings have underperformed, according to Keven Lindemann, director of SNL Financial's Real Estate Group. He expects private REITs such as Archstone, Hilton and Equity Office Properties to have successful IPOs if they choose to go public. "They have intact, very well-known management teams, good quality assets and well-defined strategies," Lindemann said. "But I wouldn't be surprised to see some of the smaller, lesser-known companies take the private route."

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