REITs: Think Local, Invest Global

Since real estate is inherently local, what happens in New York generally has little impact on London, Berlin or Tokyo. By taking a global approach toreal estate allocations, investors gain access to different property cycles,economic trends and interest-rate environments. We believe the flexibilityto position portfolios globally is more important than ever amid a growing divergence in country and sector fundamentals.

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(Source: Cohen & Steers)