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.

PrinREI offers a number of real estate investment strategies relating to direct and indirect investment in real estate and real estate interests. The strategies fall into four different areas: private equity real estate, real estate equity securities issued by real estate investment trusts and other companies involved in the commercial real estate business, private real estate debt, and public real estate debt securities such as commercial mortgage backed securities (CMBS). They make their investment management decisions using a relative value approach. This team-based, time-tested process includes in-depth research and focuses on maximizing investment returns that match your risk tolerances and preferences. The foundation of PrinREI's investment decisions is a combination of top-down economic and sector analysis with bottom-up asset analysis, giving their investment professionals the insights they need to successfully execute strategies. Their macroeconomic and microeconomic research incorporates analysis of economic, demographic, political, technological, property and capital market trends. Data from their equity and debt transaction, leasing and asset management portfolio is combined with external and capital markets knowledge to develop forecasts for the metropolitan statistical areas that they cover.

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.