A UNEP FI Investor Pilot on Task Force on Climate-related Financial Disclosures (TCFD) Adoption, a collaborative effort of 20 institutional investors to develop methodologies for forward-looking, scenario-based assessments of the climate-related risks and opportunities faced by their portfolios, was conducted throughout 2018 and 2019. Using the methodology and data of Carbon Delta, the pilot explored, enhanced, and applied the TCFD recommendations through the lens of Carbon Delta’s Climate Value at Risk’ (CVaR) and ‘Warming Potential’ metrics. This report details the results from this UNEP FI Investor Pilot for the investigation into Real Estate as an asset class. Through working with a sub-group of 12 investors within the total group of 20, this report details the experiences of those investors working with the tools of scenario analysis through a series of case studies. Also included is an aggregated analysis of those investor’s portfolios from a transition and physical risk perspective. Finally, the report includes a discussion of the benefits of scenario analysis brings to real estate investment decision making and where it should be developed further.