Harrison Street Asset Management (HSAM) is a $100+ billion global leader in real assets, investing across real estate, infrastructure, and credit strategies. The firm combines mid-market specialization with institutional scale, offering investors differentiated access and long-term value across essential real asset strategies.

Built on a foundation of expertise, integrity, and innovation, HSAM applies deep market knowledge, proprietary data insights, and disciplined execution to help investors achieve their long-term objectives. With a cycle-tested track record and unwavering commitment to alignment, transparency, and partnership, the firm has earned the trust of more than 900 institutional investors globally, the majority of whom are multi-fund partners.

Headquartered in Chicago, Toronto, and London, HSAM’s 520 professionals across 17 offices unite global perspective with local insight. The firm’s leadership team - experienced across multiple market cycles - has built a culture rooted in collaboration, accountability, and long-term partnership, continuing to advance HSAM’s mission of creating enduring value alongside its investors.

Investment principles & strategy

HSAM applies a disciplined, data-driven investment approach that integrates market insight, capital markets expertise, and active asset management to identify opportunities supported by durable, long- term trends.

The firm’s information advantage - built through proprietary data, early-mover experience, and deep operating partnerships - enables conviction and precision in capital deployment. Across the risk- return spectrum, HSAM focuses exclusively on real assets investments with strong fundamentals, essential demand, and clear paths to value creation.

HSAM’s investment philosophy emphasizes domain expertise, scale efficiencies, and disciplined execution to drive income growth, optimize performance, and enhance portfolio resilience. By combining data-driven decision-making with operational expertise and long- standing relationships, the firm seeks to deliver durable outcomes, aligned interests, and attractive performance across market cycles.

Sector forecasts

OTHER: Student housing – We believe that the importance of earning a college degree in the US will continue to drive enrollment in the higher educa- tion sector. As the economy continues to reward workers with higher skills, we expect that the amount of education people need will rise, and there are limited viable alternatives to attaining a college degree. Enrollment growth at selective 4-year public and private universities continues to increase despite softness in other higher education segments. The cost differential between attending a public in state university versus attending a private university often drives students to select the public university. Public universities facing reduced levels of state support can on average only house 30% of students on- campus, thus providing continued growth opportunities for the purpose-built student housing market. Student housing has been resilient, fundamentals have achieved new records in top markets, online-only learning proved an unacceptable substitute during the pandemic, less-selective schools continue to lose enrollment share while top schools grow enrollment, and abundant new capital continues to enter the space seeking opportunities.

Senior housing – The senior housing sector uniquely benefits from positive underlying demographic trends and needs-based demand. Seniors want to age in place and remain in a community that can address their changing health needs. Fundamentals are benefiting from an aging population that is at the very beginning stages of accessing needs-based communities. The 80 year+ population is forecast to grow nearly 50% (+7M) people by 2035. This demo- graphic segment will continue to drive significant demand over the coming decade and beyond. Increasing penetration rates suggest an often wealthier and better-informed senior resident has begun to anticipate and plan for the eventuality of needing specialized care at some point in their lives. 

Digital –  Explosive growth in demand across a variety of categories underpins the investment interest into the sector. No other asset class is supported by the positive demand fundamentals we see in data centers and digital infra- structure. At a very high level, the growth is driven by rapid expansion in cloud computing and artificial intelligence, and an emerging capacity arms race among the major hyperscale cloud providers. Related to the impending growth of cloud computing and artificial intelligence is the massive proliferation in data which has been growing tremendously and could arguably be accelerat- ing. This phenomenon overlaps many underlying demand drivers such as distributed computing, content distribution, social media, internet of things, wearable devices and others.

Healthcare Delivery – The healthcare delivery sector is evolving and expanding as the healthcare landscape shifts from traditional doctor’s offices and hospitals to include a variety of other retail-like settings that are consumer preferred and provide a lower cost alternative than a hospital. The range of healthcare services delivered in outpatient settings now encompasses imaging facilities, diagnostic centers, cancer care, disease treatment, inpatient rehabilitation, emergency care, and outpatient surgery. Medical office buildings benefit from a stable tenant base, needs-based demand drivers, positive demographics, and a long-termrentalmodel. Additionally,secular and structural trends,including longer life expectancy, healthcare system consolidation, an aging population, and the popularity of outpatient procedures are all contributing to continued growth in this sector.

Life Sciences – The life sciences real estate sector is a segment created by the ongoing demand for specialized buildings for the life sciences industry including office, laboratory, research and computing needs. The life sciences sector has evolved rapidly as the demand for specialized life sciences facilities has grown. The life sciences sector benefits from positive underlying and aging US and worldwide population demographics and the recurring demand for the latest drug therapies, procedures and discoveries emerging from life sciences industry participants. We believe that the impending growth of the worldwide aged population combined with enhanced life expectancies, the growth of chronic diseases and greater affluence will continue to create demand for new discoveries across the spectrum of life sciences companies.

Self Storage – The self storage sector offers attractive operating characteristics as limited labor is required and rental rates can be reset daily in an inflationary environment. The underlying demand for self storage is created by recurring life events supported by population transitions, household mobility, renewed commercial activity and a shift away from home ownership and work from home. Self storage facilities have historically benefited from steady NOI and consistently low capex, which is among the lowest of all commercial sectors. The low capex profile of the sector helped the sector recover more quickly compared to the traditional asset classes after the most recent recession.

Infrastructure – HSAM’s focus includes investments in social, utility and digital infrastructure predominately with Education, Healthcare and Government users. Our strategy capitalizes on the increasing demand from these institutions as they look for a single source of capital to address significant deferred maintenance on campus and begin to tackle the growing priority of improving their carbon footprint and self-sustaining resources. We believe these key investment characteristics, combined with the passage of the Inflation Reduction Act – the largest climate package representing the US’ commitment to a clean energy economy – increase the likelihood of producing stable financial performance across economic cycles and we have seen this resiliency throughout the pandemic.

Strategic corporate development

Harrison Street Asset Management is a global platform built to deliver scale, innovation, and performance across real assets. With extensive capabilities in real estate, infrastructure, and credit, HSAM provides investors differen- tiated access to strategies supported by distinct demand drivers and sectors less correlated to the broader economic cycle.

The firm’s leadership team, with decades of experience building and man- aging investment platforms through multiple market cycles, maintains a collective focus on discipline, alignment, and collaboration, ensuring HSAM remains nimble and forward-looking.

Leveraging its global reach, local expertise, and culture of partnership, HSAM continues to innovate and deliver differentiated mid-market real asset strategies across the risk-return spectrum.

Pioneering Real Assets. Powering What’s Next.

Performance verification

Performance return cashflows for Harrison Street’s funds have been verified by the accounting firm Ernst & Young through December 31, 2024. Returns are calculated in accordance with INREV guidelines. The calculated performance is thoroughly checked in-house by Harrison Street as part of a multi-stage process.

COMPLIANCE STATEMENT

The information contained herein is for the sole purpose of providing general informa- tion to institutional investors about Harrison Street Asset Management and its affiliates. Certain subsidiaries are registered with appropriate regulatory authorities. No repre- sentation is made concerning the accuracy of the information compiles herein, and no guarantee or assurance is given that any forecast or opinion in these materials will be realized. The information contained herein is not investment advice and may not be construed as the promotion or marketing of any services or financial product sponsored or provided by HSAM and its affiliates. The figures and data herein are generally comprised of the aggregated data of invest- ment advisors owned in whole or in part by HSAM. All information herein is as of June 30, 2025, unless otherwise stated, and HSAM undertakes no obligation to update any such information.