The TD Greystone Global Real Estate Strategy (the "Strategy") reached its four-year track record on July 31, 2023 and has delivered a since inception annualized total return of 5.08% (USD)¹. Comparatively, the Global Real Estate Fund Index (Global Funds) returned a four-year annualized total return of 1.96% (USD)².

The investment team managing the Strategy has over 30 years of experience in building real estate portfolios on behalf of clients. The Strategy launched in 2019 and seeks to provide attractive risk-adjusted returns and diversification within multi-asset class portfolios. The Strategy has C$401 million in assets under management³ and provides clients with exposure to over 1,000 properties across more than 150 cities globally. This includes investments in diversified strategies across the U.S., Europe and Asia Pacific; sector-focused strategies (i.e. value-add European multi-unit residential and Australian industrial); and specialized alternative real estate sectors (i.e. lab office/life sciences). In addition, the Strategy recently closed on a direct investment in 30 multi-unit residential assets located in Europe. The inclusion of this investment complements our mix of direct/indirect real estate holdings, provides a diversified source of income, and serves as a catalyst for our growing direct real estate program. We believe that our continued focus on global diversification and the generation of stable and growing income streams can allow for portfolio resiliency over the long term.

High-quality assets managed by deep real estate expertise

The Alternative Investments Team (the "Team") at TD Asset Management Inc. ("TDAM") has been managing real estate portfolios since 1988. Members of the Team are located in Toronto, Regina, Vancouver, Montreal, and London (United Kingdom) and the large scale of the Team has allowed for valuable access to deal flow. In addition to the new relationships the Strategy has built thus far, the Strategy has also been able to leverage long-standing relationships developed through our Canadian real estate strategies, many of which operate on a global basis. The Strategy's strong emphasis on relationships paired with its established tracked record in acquiring, developing, and managing real estate portfolios can generate accretive opportunities.

Portfolio focused on broad global diversification

The Strategy offers an open-ended, turn-key global real estate solution with a strategic mix of direct and indirect investments. With investments in more than 150 cities, the Strategy provides broad diversification by region, property types and risk strategy (see table below). Given Asia Pacific's low GDP correlation relative to other regions and long-term growth drivers, the Strategy has an overweight to the region through sector focused strategies such as Australian industrial. Across most of Europe, real estate values have experienced quicker adjustments due to the higher interest rate environment, presenting the opportunity to pursue direct investments at attractive pricing. The Strategy remains focused on defensive property types such as multi-unit residential and holds investments in over 51,000 units, including value-add strategies in the U.S. and Europe. Finally, the Strategy has provided clients with the opportunity to invest in unique sectors such as life science/lab office and student housing. So far, the Strategy has made sizeable and growing investments to life science/lab office assets located in prime markets in the U.S. and Europe, such as Boston, San Diego, and Oxford, which have delivered attractive yields.

Portfolio Positioning (as of Jun 30, 2023)

Note: Other includes all alternative real estate investments not included within the office, retail, industrial or multi-unit residential categories. Based on Net Asset Value.

Conclusion

Launching the TD Greystone Global Real Estate Strategy four years ago has provided an additional solution to clients through the C$38.5 billion suite of alternative investment offerings at TDAM. We are excited to continue to provide investors the ability to provide resilient income streams while enhancing the diversification profile of their real asset allocations through the TD Greystone Global Real Estate Strategy.

_{1 As of July 31, 2023.}

_{2 Source: Global Real Estate Fund Index (Global Funds). As of Jun 30, 2023.}

_{3 Includes committed and awarded capital. Based on Net Asset Value. As of Jun 30, 2023.} 

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_{The information contained herein is for information purposes only. The information has been drawn from sources believed to be reliable. Graphs and charts are used for illustrative purposes only and do not reflect future values or future performance of any investment. The information does not provide financial, legal, tax or investment advice. Particular investment, tax or trading strategies should be evaluated relative to each individual's objectives and risk tolerance.}

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_{This document may contain forward-looking statements (“FLS”). FLS reflect current expectations and projections about future events and/or outcomes based on data currently available. Such expectations and projections may be incorrect in the future as events which were not anticipated or considered in their formulation may occur and lead to results that differ materially from those expressed or implied. FLS are not guarantees of future performance and reliance on FLS should be avoided.}

_{For clients who hold real estate: MSCI/REALpac returns are not immediately available at quarter-end; therefore, the prior quarter’s index return is used in this report for benchmark calculation purposes.  When the actual index is available, the benchmark return is then re-calculated.}

_{Any indices cited are widely accepted benchmarks for investment and represent non-managed investment portfolios.  It is not possible to invest directly in an index. Information about the indices allows for the comparisons of an investment strategy's results to that of a widely recognized market index. Results for an index do not reflect trading commissions and costs. Index volatility may be materially different from a strategy's volatility and portfolio holdings may differ significantly from the securities comprising the index.}

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