In the wake of losses suffered during the economic decline, many U.S. pension funds are predictably looking to reduce risks in their real estate investment programs by reducing leverage across the risk-profile spectrum and increasing commitments to core-style investment vehicles at the expense of more tactical investments. However, as plan sponsors don’t want to miss out on potentially lucrative down-cycle investment opportunities, many also are increasing allocations to the real estate asset class.

Are pension plans dramatically re-jiggering real estate investment strategies and portfolios in response to the Great Recession and its severe impact on real estate investment performance?

Well, yes and no.

There’s no doubt a lot of institutional investors are generally deleveraging, re-emphasizing core programs and otherwise looking to reduce risks within their real estate investments — and other asset classes as well. Among numerous public plans maki