Boston Properties, Inc.

APG US' strategies include Core Bond Plus, High Yield and Agency Mortgage Alpha. Both strategies may utilize derivative transactions, including credit default swaps, for hedging purposes or efficient portfolio management. For Core Bond Plus, they use macroeconomic analysis, credit analysis and valuation analysis to make investment decisions. APG US invests in an array of fixed-income sectors that convey different risks, thus, diversification of return and alpha sources is an essential element of their investment process. For High Yield, they employ intensive credit analysis, valuation analysis, industry analysis and macroeconomic analysis to make investment decisions. For Agency Mortgage Alpha, they attempt to generate excess returns by employing both a top-down approach, where a general theme in terms of prepayments and volatility is developed to determine the appropriate mix of MBS and a bottom-up approach, where security selection revolves around the prepayment behavior conveyed by different specified MBS pool characteristics.

RCL is an active, fundamental research-based manager which believes listed REITs provide investors with an efficient means of accessing the underlying returns of real estate. They follow a bottom-up investment approach with a top-down overlay, performing fundamental research aiming to identify securities with long-term sustainable earnings growth which are attractively priced relative to their assessed net present value and expected to provide superior risk-adjusted total returns.The firm seeks to provide portfolio diversification through a weighted mix of real estate-based income streams generated by a large number of properties in those categories and geographic locations where economic and sectoral fundamentals are expected to be most favorable.Their investment process focuses on proprietary research. The firm creates models on all stocks and identifies key value drivers including the lease expiry profile, tenant quality, capital expenditure requirements, vacancy levels, rental levels and development potential.The investment process also includes inspections and regular contact with industry participants such as trust managers, property developers, tenants, agents and auditors.The results of RCL's research program comprise the input for in-house financial models designed to identify relative value with respect to the nature and sustainability of underlying cash flows.

CenterSquare invests client assets in investments in value-added real estate. The firm and their respective operating partners seek to add value to properties by stabilizing, enhancing and/or creating a property's income stream while improving its appearance, overall physical condition and position in the marketplace. They typically invest in office, industrial, retail, multi-family, and hospitality property assets. CenterSquare's strategy is designed to anticipate market turning points in order to overweight or underweight property types and geographic regions. The selection of property types and geographic regions is supported by the firm's top-down economic and capital markets forecasts. They incorporate research on private and public capital markets, national and regional economic trends and regional real estate submarkets into analysis and decision making throughout all stages of the property investment lifecycle, including acquisition, financing, leasing and disposition.