Response speeds of direct and securitized real estate to shocks in the fundamentals

Figure 4

quarters from the shock

quarters from the shock

0.06

Response of dTBI to dREIT

•0.02

0.05 -

0.04 -

0.03 -

0.02 -

0.01 -

0.00

-0.01 -

01 23456789 10 11 12
quarters from the shock

quarters from the shock

quarters from the shock

0123456789 10 11 12

quarters from the shock

quarters from the shock

23