This slide shows the duration and severity of the global downturn in listed real estate companies (including REITs), and the pace of the recovery to date. It starts at the end of January 2007, when listed equity REITs in the U.S. started to turn down; listed property companies in other parts of the world continued up for as many as nine more months before starting to decline. When the liquidity crisis started in the U.S. at the end of September 2008 it affected investments in all asset classes and all over the world; all segments of the global listed real estate asset class hit their low points near the end of February 2009, and all suffered very similar peak-to-trough severities of between -64% and -69%. The Americas region has seen the strongest recovery from its trough at +354% through July 2017. The Europe/Middle East/Africa region, the Asia/Pacific region, and the Emerging Markets segment have lagged considerably with recoveries of just +221%, +215%, nd +214% respectively since their troughs. The data are from the FTSE EPRA/NAREIT Global Real Estate Index Series, and represent gross total returns in USD. Questions? Contact me at bcase@nareit.com