In fact, of the 10 worst IPOs of 2009, as measured by stock-price returns, eight came to market in the second half of the year. Though there were several successful REIT IPOs earlier in the year from Cypress Sharpridge Investments ( CYS) and Starwood Property Trust ( STWD), "by the time September rolled around, the add-on REIT IPOs were harder to distinguish from each other, and ultimately experienced tepid demand," Buhr wrote. Last week, Chesapeake Lodging Trust and Ellington Financial failed to price. Pebblebrook Hotel Trust ( PEB), a hotel REIT, managed to raise $350 million. KAR ( KAR), a used-vehicle auctioneer, offered 25 million shares at $12 apiece, significantly below the expected range of $15 to $17 a share. Also on deck this week: National Beef, Team Health and Kraton Performance Polymers, none of which Buhr is overly excited about, he said. --Reported by Jeanine Poggi in New York.