tions will likely constrain total returns in the near term. Deutsche Assaf Managemern. Data so of Jun., 2016. '=• NCREW Dm as of Apol 2016. Douliv,f r Asset Management Dab an of June 2016. 20 U.S. Real Estate Strategic Outlook I September 2016 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092306 CONF