Several nonlisted REITs, such as American Realty Capital, think now is a good time to make initial public offerings. American Realty Capital plans to offer up to 6.6 million shares in an IPO. Other recent offerings, or plans by nontraded REITs to tap the public markets, include Malkin Holdings' decision to convert the entity that owns the Empire State Building into a public REIT, Select Income REIT's 8 million-share offering and W.P. Carey's plans to convert to a REIT.

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