Looking ahead to opportunities in 2021, COVID-19 has left room for investors looking to own high-quality real estate at prices that are unattainable in the private market. Hospitality, office, senior housing, multifamily and retail are just some of the property types trading at large discounts to intrinsic value. Over the next 12-24 months, as markets and economies recover, we believe there will be a subset of companies from these sectors that will generate significant outsized returns.