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.