CFA Québec Real Assets Forum 2015 Real Estate Panel Discussion
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1 CFA Québec Real Assets Forum 2015 Real Estate Panel Discussion 11 March 2015 Frank Belvedere CFA, F.C.I.A. Partner
2 Introduction It is a pleasure to be here today to moderate this panel discussion on real estate. Our panelists are: Peter Cuthbert, Senior Vice President and Partner, Fiera Properties Peter McDonald, Vice President, Managing Director, Manulife Real Estate Simon Treacy, Global Chief Investment Officer & Head of U.S. Equity for BlackRock Real Estate After my introduction, each panelist will make a brief presentation and we will then turn to questions and discussion. MERCER March
3 Introduction One of the key areas consultants work with clients in is setting investment policy asset allocation to meet objectives: Pension funds need to earn a return of 6%-6.5% to meet going-concern liabilities and costs Endowments need to meet their spending obligations and administrative expenses and adjust endowed capital for inflation. They generally need to earn 6.5% to achieve this. With bond yields near historic lows and equity markets at all-time highs, achieving objectives may be difficult. Real estate can help. MERCER March
4 Real Estate Investment in buildings and land for both income and potential capital gains Key strategies include core, value-add and opportunistic Key sectors include office, retail, industrial and residential Risk and reward varies by strategy, sector and geography throughout the economic cycle Investors should diversify across sectors, regions and geographies MERCER 3
5 Key Benefits of Real Estate Institutional Investor Objectives Inflation Diversification Income Growth Sensitivity Sustainability MERCER 12 March
6 POTENTIAL RETURN Real Estate Risk and return varies by strategy SECURITY OF INCOME GROWTH OF INCOME & VALUE Opportunistic Core Substantially leased, stable, single or multitenant property Primary property sectors Long-term holding period Core plus Property redevelopment or repositioning strategies Moderate leverage Intermediate-term holding period Distressed properties and loans, corporate & government dispositions Growth capital Emerging property sectors Seek to capitalize on economic, financial & property market dislocation RISK MERCER 5
7 Real Estate Canadian real estate returns vs. other asset classes Real Estate index returns and volatility vs. equities and bonds as at December 31, year return 3-year return 5-year return 10-year return 10-year volatility REALPac / IPD Canada - (Direct) 7.3% 10.8% 11.8% 11.4% 4.4% NAREIT Canada - (Listed) 10.3% 7.8% 12.9% 9.1% 19.3% NAREIT Developed (C$) (Listed) 26.3% 21.0% 14.3% 6.5% 19.7% DEX Universe Bonds 8.8% 3.7% 5.4% 5.3% 3.5% DEX Long Bonds 17.5% 5.1% 9.0% 7.4% 6.7% S&P/TSX Composite 10.6% 10.2% 7.5% 7.6% 15.9% S&P 500 (C$) 23.9% 25.7% 17.8% 7.3% 12.3% MSCI EAFE (C$) 4.1% 16.5% 7.9% 4.6% 14.7% MERCER March
8 Real Estate Implementation - factors to consider Strategy Geography Sector Implementation Core Canada Office Open-end Fund Core plus US Retail Closed-end Fund Opportunistic Europe Industrial Listed Securities Global Residential Direct Investment Country specific Hotel MERCER 7
9 Important Notices References to Mercer shall be construed to include Mercer LLC and/or its associated companies Mercer LLC. All rights reserved. This contains confidential and proprietary information of Mercer and is intended for the exclusive use of the parties to whom it was provided by Mercer. Its content may not be modified, sold or otherwise provided, in whole or in part, to any other person or entity, without Mercer s prior written permission. The findings, ratings and/or opinions expressed herein are the intellectual property of Mercer and are subject to change without notice. They are not intended to convey any guarantees as to the future performance of the investment products, asset classes or capital markets discussed. Past performance does not guarantee future results. Mercer s ratings do not constitute individualized investment advice. Information contained herein has been obtained from a range of third party sources. While the information is believed to be reliable, Mercer has not sought to verify it independently. As such, Mercer makes no representations or warranties as to the accuracy of the information presented and takes no responsibility or liability (including for indirect, consequential or incidental damages), for any error, omission or inaccuracy in the data supplied by any third party. This does not constitute an offer or a solicitation of an offer to buy or sell securities, commodities and/or any other financial instruments or products or constitute a solicitation on behalf of any of the investment managers, their affiliates, products or strategies that Mercer may evaluate or recommend. For the most recent approved ratings of an investment strategy, and a fuller explanation of their meanings, contact your Mercer representative. For Mercer s conflict of interest disclosures, contact your Mercer representative or see Mercer universes: Mercer s universes are intended to provide collective samples of strategies that best allow for robust peer group comparisons over a chosen timeframe. Mercer does not assert that the peer groups are wholly representative of and applicable to all strategies available to investors. The value of your investments can go down as well as up, and you may not get back the amount you have invested. Investments denominated in a foreign currency will fluctuate with the value of the currency. Certain investments carry additional risks that should be considered before choosing an investment manager or making an investment decision. MERCER 8
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