• "Recover and Rebuild." Despite entering the decade scarred and wounded from the financial crisis, REITs and Homebuilders delivered strong and steady performance throughout the 2010s.
• Limited supply and swelling demand defined the decade for most major property sectors, while other sectors saw significant upheaval - some positively and others negatively - by technological disruption.
• Since the start of 2010, REITs produced a compound annual return of 12.6%, slightly shy of the 13.5% compound annual return on the S&P 500. Homebuilders gained 18.5% per year.
• At the real estate sector-level, three themes dominated the 2010s: 1) The Housing Shortage, 2) The Retail Apocalypse, and 3) The Internet Revolution.
• Access to capital became a critical competitive advantage for REITs during the decade, which saw the sector evolve from passive "buy-and-hold" portfolios into dynamic, growth-oriented real estate operators.

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