It’s a leading question to ask debt strategists to rate the importance of debt as a real estate investment strategy. However, it’s safe to say they all feel it’s underrated.“Real estate debt should be a critical component of an investor’s portfolio,” enthuses Richard Flohr, a partner at CrossHarbor Capital Partners, and the portfolio manager for debt strategies. He cites appealing returns, downside protection and low correlation with other types of investments as the chief attractions.