While exposure to the real estate asset class is common in defined benefit ((DB)) plans, this has only become a more recent occurrence in defined contribution ((DC)) plans. Many target-date funds (TDFs) have now started to provide exposure to real estate through stock exchange-listed real estate investment trusts (REITs), though some also allocate to “direct” or “private” real estate. Considering that TDFs are commonplace in DC plans, and the majority of net cash flows are directed to them, the wider use of real estate allocations within them brings the need to better understand this asset