We believe the nascent PropTech industry presents significant opportunities for emerging companies integrating technology within various facets of real estate, as PropTech will soon be embedded throughout all facets of the industry. REITs that partner with and invest in these platforms stand to benefit. The property industry has notoriously been slow to embrace technology - only 10% of global real estate CEOs are concerned about the impact of technology on their industry, vs. 38% in all industries, according to PwC – which provides PropTech with unique opportunities. With rising investments in global PropTech of $54 billion in 2019-20, and REITs increasingly embracing the sector, REITs will stand to benefit – financially and operationally. Investments so far have been relatively modest, but some investments have already been monetized, leading to likely further investments; leaders like Prologis and Simon have established their own in-house VC funds. More will follow.