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One year ago, we discussed the case for active management in the US real estate investment trust ((REIT)) space during the late-cycle market environment. Our team view was that relaxed monetary policy implemented by global central banks had created a setting where both high-quality and low-quality US REITs could deliver respectable results for a defined period of time. At this stage in the market cycle, however, we have witnessed a widening gap in the corporate performance of US REITs we cover, with the lower-quality segment of the asset