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The economic environment existing prior to 1992 (low rates, recession recovery) was ideal for the sale of commercial real estate to the public through the

The economic environment existing prior to 1992 (low rates, recession recovery) was ideal for the sale of commercial real estate to the public through the vehicle of real estate investment trusts, yet there were virtually no IPOs (Kimco excepted). What was a major obstacle to accessing public equity that was faced by property owners at that time that was resolved by the UPREIT structure?

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