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When the state of the capital markets is in flux, and private markets are slow to adjust, we look to the public markets to directionally indicate the path for pricing. Public markets are pointing to cap rate expansion in the private markets, and the impact will be most acute for deals that were underwritten assuming low debt costs and a persistent growth environment. Against that backdrop, investments based on structural thematics and strong value-add business plans are still poised to generate attractive investment opportunities within real estate today.