SINGAPORE (May 8): The Covid-19 pandemic has already had a notable impact on public equity markets, with the MSCI ACWI Index declining by just over 20% for the first quarter of 2020. By contrast, the impact on private markets such as real estate has been harder to establish. As a private asset class with lease structures and investment-hold periods that typically extend over multiple years, as well as a reliance on relatively infrequent appraisals, it has historically taken longer for adjustments to play out. However, real estate has not historically been immune to growth shocks. Discounted-cash-flow (DCF) scenarios may help investors better understand the potential sensitivity of their portfolios to those shocks.

Defining and comparing discounted-cash-flow scenarios

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