What to do with those assets from the heady (lax) underwriting days of '02-'07? As closed-end funds sell off their portfolios, REITs with deep public pockets will be the likely beneficiary. That's what NAREIT SVP Brad Case expects over the next few years from these investors that now control 15% of US real estate. Although most people think growth comes from IPOs, he says most expansion will be through acquisitions by existing firms. A huge opportunity: As 10-year funds shut down and sell off their portfolios, REITs will be well-positioned to buy them. And since most other groups don't have access to capital, limited competition means they'll get good prices. What's limiting IPOs? Although everyone would love to be a REIT, most private funds don't have the capital structure to pull one off.

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