The global REIT market continued to benefit from the re-opening, reflation and re-calibration themes in the second quarter. In the United States., REITs outperformed the broader equity markets by approximately 200 bps. In Europe, REITS outperformed general equity markets by over 300 bps in the quarter. Geographic regions that made the most progress in vaccination implementation outperformed those regions that were slower to roll them out. As a result, U.S. and European REITs outperformed Asian REITs in the quarter. The quarter, however, was not without volatility as investor concerns around the COVID-19 Delta variant, triggered by new states of emergency in parts of Asia Pacific and Europe, weighed on investor sentiment about the timing of the re-opening.