[Excerpt] Cornell University’s Baker Program in Real Estate and Hodes Weill & Associates are pleased to present the findings of the seventh annual Institutional Real Estate Allocations Monitor (the “2019 Allocations Monitor”). The 2019 Allocations Monitor focuses on the role of real estate in institutional portfolios, and the impact of institutional allocation trends on the investment management industry. Launched in 2013, the Allocations Monitor is a comprehensive annual assessment of institutions’ allocations to, and objectives in, real estate investments. This report analyzes trends in institutional portfolios and allocations by region, type and size of institution. The 2019 Allocations Monitor includes research collected on a blind basis from 212 institutional investors in 24 countries. The 2019 participants hold total assets under management (“AUM”) exceeding US$12.3 trillion and have portfolio investments in real estate totaling approximately US$1.1 trillion. Our survey consisted of 24 questions concerning portfolio allocations to the asset class, current and future investments in real estate, investor conviction, investment management trends and the role of various investment strategies and vehicles within the context of the real estate allocation (e.g., direct investments, joint ventures, private funds). We also included questions regarding historical and target returns as well as environmental, social and governance (“ESG”) policies.