On Wednesday, 11 March 2020, the World Health Organization declared the spread of coronavirus a global pandemic and on Friday, 13 March 2020, President Trump declared a national emergency in the United States. Guidance from U.S. and global health authorities describes best practices for mitigation of the developing pandemic, which include drastically reducing human-to-human contact, resulting in people working remotely, avoiding restaurants, and entertaining themselves from the isolation of their living rooms. The corresponding volatility in the financial markets has been severe and immediate. For the United States real estate sector, this response has, and will continue to have, far-reaching consequences for investors, operators, lenders, and tenants.