This slide summarizes the duration and performance of bull- and bear-market cycles for listed U.S. equity REITs since the early 1970s. The real estate market cycle seems to last about 18 years on average--an observation made in 1930, if not earlier. The last three bear markets have each lasted about 1-2 years; the last two bull markets have been 14 2/3 years (12/74-8/89) and 16 1/4 years (10/90-1/07), with listed U.S. equity REIT returns averaging close to 20% per year. The current REIT bull market started 4 3/4 years ago. Note that not every month during a real estate bull market is positive: in fact, about one-third of months have been negative during previous bull markets. In fact, during the long bull market of 10/90-1/07, listed U.S. equity REITs suffered a severe mid-cycle downturn in 12/97 – 11/99 as investors pulled out so they could participate in the dot-com bubble.