You mention that you hedge your exposure to market downturns through deep OOTM options -- would it be safe to interpret this as your company taking out OOTM puts on various REITs/ETFs? If so, I'm wondering about a couple things:

1. Do you hedge on REITs/ETFs with a local presence in the areas your properties are located in? If so, is there any liquidation risk of the REIT/ETF in the event of a major downturn that could force an early exit from your hedge position and leave you exposed to further decline? Also, how would you handle rebalancing/constructing new hedges when you add investment properties in a new area?

2. If you hedge on broader diversified REITs/ETFs, is it a plausible concern that your investment properties can be hit by a localized recession that leaves other parts of the broader real estate market unaffected, thus leaving your hedge unable to recoup the losses?