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  "notes": "Two line charts showing historical trends in real estate sector cap rates and residential price/construction indices.",
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      "text": "Entry pricing is meaningfully lower, providing a margin of safety and an interesting access point to improving fundamentals.",
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      "text": "...and Asset Valuations Are Below Replacement Cost",
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      "text": "Real estate has been experiencing a repricing over the last few years in response to higher interest rates, cyclical oversupply and, in certain sectors, secular demand destruction. That said, the long-term operating outlook is markedly improving...",
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      "text": "Source: CoStar, Bloomberg, Bureau of Labor Statistics. As of Dec 31, 2024.",
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      "text": "Real Estate Fundamentals Continue to Improve",
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