US institutional investors include asset classes in their portfolio for a number of reasons, including wanting to conform with industry norms, participate in a significant component of the investable universe, earn favorable returns, diversify the portfolio and provide a natural hedge against future liabilities. Non-US real estate as an asset class meets these criteria and is therefore expected to grow in prominence in the portfolio as more investors gain understanding of the opportunity and risks. Implementation alternatives are numerous. We propose a framework for discussing risk and expected return that considers the propertyís lifecycle (Core, Value-add, or Opportunistic) and the countryís development stage (Emerging, Growth or Established). The combination of these risk and return factors motivates a discussion of investor preferences and allows informed investors to exploit apparent market inefficiencies.