The Allocations Monitor includes research collected on a blind basis from 228 institutional investors in 28 countries. The 2016 participants hold total assets under management (“AUM”) exceeding US$10.3 trillion and have portfolio investments in real estate totaling approximately US$920 billion. Our survey consisted of 27 questions concerning current and future investments in real estate, portfolio allocations to the asset class, 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.