Property companies posted positive total returns in each of the first three months of 2012, providing a solid start to the year. During the quarter, the prospects for a sustained economic recovery have improved with encouraging economic data releases particularly in the U.S. It also appears that the “tail risk” of a sovereign debt crisis in Europe has been reduced considerably. The Asia-Pacific region was the strongest performer for the quarter, despite some weakness in March. European companies performed generally in-line with the global average, helped by improved investor sentiment towards the resolution of sovereign debt issues. North American property companies lagged for the quarter, despite posting double-digit total returns. Aggressive monetary and fiscal policy globally has contributed to improved investor confidence as it remains clear that many of the world’s policy makers remain focused on providing for economic stability and growth. The improving global economic landscape is a positive catalyst for the sector. From a fundamental standpoint, a significant number of property companies reported 2011 earnings, posting solid earnings numbers across a number of major property types. These solid earnings results and an improving outlook lead us to believe that our earnings estimates may be increased as the year progresses.