Hazelview Investments is a global alternative investment manager focused on real estate and has been for over 20 years . We maximise returns for investors by employing a value-oriented investment philosophy combined with an active management style to identify assets that will generate predictable cash flow over the long term. We have earned a reputation for providing conservatively managed, risk-averse investment opportunities for institutions, trusts and endowment funds, discretionary investment advisers and qualified individuals. Our core competency is our ability to accurately value cash-flowing assets based on a comprehensive analysis of the quality and sustainability of their current and future revenue streams. This fundamental knowledge of bricks-and-mortar investing is critical to identifying high-quality real estate investment opportunities. Hazelview’s global real estate investment platform currently manages over C$11.6bn* in both private and public real estate equity and debt in North America, Europe and Asia- Pacific. Investment structures include core, value-add and opportunistic strategies that are offered through separate accounts and commingled private and public funds. Hazelview is headquartered in Toronto with offices in New York, Hamburg and Hong Kong.

* As of August 2022.

Sector forecasts

INDUSTRIAL: The industrial sector continues to benefit from positive secular trends and strong leasing demand. E-commerce expansion as well as supply chain transformation across industries continues to drive robust rent growth and leasing spreads despite commentary from Amazon on its intentions to slow industrial expansion. Logistics real estate is playing an increas- ingly integral part of supply chains (as in the past) and last mile continues to be a sought-after location. Supply chain disruptions have further demonstrated the importance of building a robust network, and retailers/e-commerce com- panies will increasingly look for more space closer to their customers.

RESIDENTIAL: Residential rent and occupancy trends continue to be strong as operators work through peak leasing season, which has translated into FFO guidance increases in 2022. That said, multifamily operators are expecting some form of moderation due to the return of seasonality, but a high single-digit to low double-digit loss-to-lease implies strong same store revenue and net operating income growth in 2023. However, as economic growth slows, pricing power should decline and the pace of market rent growth should moderate. Starts and permits remain elevated compared to historical levels but note that not all permits will result in starts and/or completions and supply chain issues may delay deliveries. Medium and longer term we expect supply to grow given a need for more housing nationally. Manufactured housing operations remain strong but elevated expense growth and moderation of transient RV demand is weighing on bottom-line earnings growth. The transaction market remains relatively active and management teams are seeing no change to cap rates as of yet. Single family rental demand is robust with families seeking housing in good school districts, allowing landlords the ability to increase rental rates on new leases in the 15%+ range and renewals in the ~10% range. Supply if new single family rentals is very low creating a favourable demand- supply dynamic in the single family rental sector.

RETAIL: Retail real estate operating trends continue to be positive, especially amongst open-air grocery anchored shopping centres that have experienced a resurgence in retailer demand for space. Occupancy has been recovering faster than most REITs expected – driven by stronger than expected leasing demand to backfill vacancies, as well as lighter than expected tenant fallout which is driving a faster recovery in net operating income. Mall landlords are successfully converting variable leases to fixed with anchor tenants performing better driven by a recovery in retail sales.

Investment principles & strategy

Hazelview focuses on identifying and valuing real estate investment opportunities on a risk-adjusted basis. We source investment opportunities across the capital stack and access stable, inflation-hedged cash flow by investing in real estate both privately and publicly that own investment-grade real estate. Over the past 20 years we have built a full-service, active management platform with capabilities that stretch across the entire spectrum of real estate, investing privately and publicly in equity and debt. Our experienced team of real estate professionals are strategically located in key global markets including Canada, the US, Europe and Asia, providing us with a deep understanding of local dynamics and enabling us to accurately and efficiently source, underwrite and monitor global real estate investments.

Private Real Estate Investments: Hazelview offers exposure to multi-residential and commercial real estate through direct investments under core, value-add and opportunistic strategies. With over 20 years of real estate investment experience, we have a proven track record for executing; and our success in doing so is supported through a fully integrated investment, devel- opment and property management platform.

Public Real Estate Investments: Hazelview offers global real estate exposure through investments in public equity and debt securities. Our global securi- ties platform allows us to create tailored solutions for investors seeking global real estate exposure and to provide investment strategies that can efficiently capitalise on mispricing in different global markets. We employ the same bot- tom-up approach we take to real estate investments when investing in public securities, which is to underwrite the assets directly, but primarily access the bricks-and-mortar through publicly listed real estate securities.

Four Quadrant Global Real Estate Partners (the Four Quadrant Fund): is specifically designed to combine Hazelview’s various investment strategies into one globally diversified, integrated real estate investment solution. The Four Quadrant Fund offers access to real estate private equity investments, while providing income and liquidity. By investing both publicly and privately in real estate debt and equity, the Four Quadrant Fund is designed to minimise volatility, while maximising the total return for investors.

Performance verification

Hazelview Securities Inc. (HSI), a subsidiary of Hazelview Investments, is the manager of Hazelview’s global real estate securities strategies. HSI claims compliance with the Global Investment Performance Standards (GIPS®). To receive a list of composite descriptions and/or presentation that complies with GIPS standards, contact HSI at info@hazelview.com.



This information is provided for use by quali- fied accredited investors for informational purposes only. It is not intended for, and should not be distributed to, or relied upon by, the public. Information described herein reflects the views of Hazelview Securities Inc. as of the date hereof. No representation or warranty is made concerning the accuracy of any information provided herein and there can be no guarantee that any forecast or opinion set out in these materials will be realized. This is not investment advice and may not be construed as investment, legal or tax advice, or as sales or marketing material for any financial product or service spon- sored or provided by Hazelview Investments Inc. or any of its affiliates or agents.