I heard a lot about the upcoming LendLease Global REIT IPO so I got a little interested and took a closer look. I approach all IPOs with a high degree of skepticism bordering on paranoia. This IPO is no different, so I approach it with a “if-it-is-so-good-why-are-they-offering-to-sell-it-to-me” mindset. Before I start, I would like to point out that FinancialHorse, one of the blogs I follow, covered this IPO quite well. He presents opinion about why he thinks the REIT is a good deal and brings up good points. I would like to take the other side of the argument. With this in mind, let’s start off with my usual checklist. Is the company profitable? Are the earnings real? Are the earnings sustainable? Is the stock cheap? Is the management interest aligned? Since this is a REIT article, the proper terms to use are unit-holders, distributions and units instead of shareholders,...