2021

Global REIT
Outlook
“Help is on its way and while
we appreciate that we are not
yet out of the woods, we are
embracing the global recovery
that has already begun to
gain traction.”

- Corrado Russo
Contents
Letter from Corrado Russo 03
2020 Year in Review 05
CORRADO RUSSO
Senior Managing Director, Investments & Head of Public 2021 Outlook 07
Real Estate Investments
2021 Return Expectations 10
Global Sector Outlook 13
Cell Towers 14
Industrial 15
Residential 16
CLAUDIA REICH FLOYD
MBA Self-Storage 17
Managing Director, Portfolio Management, Public Real
Estate Investments Hotels 18
Retail 19
Office 20
Healthcare 21
Data Centers 22
SAMUEL SAHN Specialty 23
MBA
Managing Director, Portfolio Management, Public Real Meet the Team 25
Estate Investments
Letter from Corrado Russo
2020 was a year unlike any other, bringing unparalleled global We are positive that a vaccine will serve as the catalyst to restore
challenges and hardships. From peak to trough, global equity markets normalcy and we believe 2021 will mark the beginning of the great
lost a combined ~$27 trillion USD in market capitalization in the first “REIT-opening”, where we start to see a convergence of fundamentals
quarter - nearly the combined GDP of the European Union and China. and performance within the real estate industry.
It took just 16 days for the U.S. to enter a bear market, quicker than
1929 and second only to the Black Monday crash of 1987. Global REIT We speak to hundreds of people every quarter (clients, investors,
share prices were not exempt from the selloff, declining 42%. management teams, consultants, colleagues, friends and family) and
As the year played out, monetary stimulus and fiscal support acted as the resounding and unequivocal desire is that they all want to return to
an economic defibrillator to help resuscitate activity. In the fourth their lives, pre-pandemic. They want to travel again, gather socially,
quarter, news of multiple, highly effective vaccines lifted the spirits and see family, and return to a safe business environment without mobility
hopes of the market (and society) for a return to normalcy. The Biden restrictions.
win removed uncertainty around leadership in the U.S., spurring
renewed optimism towards the de-escalation of trade war tensions with It will take patience, strength and perseverance, but the next year’s
China. forecast is optimistic, with plenty of chances for opportunities. If we
stick to our course and adhere to sound advice, we can see ourselves
As an overview of 2020, global real estate securities ended the year through and come out stronger on the other end.
down 10.5%, lagging most other sectors. Within commercial real
estate, the pandemic created headwinds for some property types but - Corrado Russo
tailwinds for others, thus making its recovery look more K-shaped than
V-shaped.
Looking ahead to opportunities in 2021, COVID-19 has left room for
investors looking to own high-quality real estate at prices that are
unattainable in the private market. Hospitality, office, senior housing,
multifamily and retail are just some of the property types trading at
large discounts to intrinsic value. Over the next 12-24 months, as
markets and economies recover, we believe there will be a subset of
companies from these sectors that will generate significant outsized
returns.
Help is on its way and while we appreciate that we are not yet out of
the woods, we are embracing the global recovery that has already
begun to gain traction. Having members of our team located in major
markets (North America, Europe and Asia) allows us global perspective
and the ability to stay on the pulse of new developments.

3
“Our valuation models suggest that
global REITs are priced at a 25%
discount to intrinsic value which
implies over 30% upside in price.”

4
2020 in Review:
An Unparalleled Year
The first half of 2020 saw the emergence of COVID-19. It created a revolve around social interaction suffered. The dispersion of return was
macroeconomic downturn that was a shock of significant magnitude and the highest in 10 years, reflecting the disparity of how COVID-19
breadth: global GDP declined by more than double the amount recorded impacted different property types.
during the Global Financial Crisis (“GFC”); consumer saving rates surged
2020 Performance by Property Type
as households hunkered down; while employment, retail sales,
manufacturing activity and stock prices all plunged in spectacular fashion. -40.0% -20.0% 0.0% 20.0% 40.0%
From peak to trough, global equity markets lost a combined ~$27 trillion Data Centre
USD in market capitalization in the first quarter, nearly the combined GDP Industrial
of the European Union and China. It took just 16 days for the U.S. to
Self Storage
enter a bear market, quicker than 1929 and second only to the Black
Cell Towers
Monday crash of 1987. Global REIT share prices were not exempt from
the selloff, declining 42%. Multifamily
Triple Net Lease
As quickly as markets collapsed, central banks and policy makers moved
Healthcare
to fill the economic void created by the pandemic. In 2020, there were
Diversified
190 central bank rate cuts. Since March, central banks bought $1.3
billion USD of assets every 60 minutes, which is an unprecedented Office
amount of fiscal and monetary stimulus, measuring five times more than Shopping Centre
what followed the GFC a decade ago. Hotel
Regional Mall
The stimulus and fiscal support led to employees on furlough being re-
hired and mobility improved, despite a continued rise in COVID-19 cases. *Total Returns presented in local currency
In Europe, consumer and business confidence experienced a strong V-
shaped rebound. In China, leisure and business travel is rapidly closing
the gap to pre-COVID levels and globally, manufacturing activity has Return Dispersion by Year
surpassed prior peak levels with global trade rebounding more quickly in 43.0%
2020 than it did after the GFC.
In the fourth quarter, news of multiple vaccines with high efficacy rates 35.6%

lifted the spirits and hopes of the market (and society) for a return to 32.0% 31.6%

normalcy. Additionally, a Biden win removed uncertainty around 27.4%

25.9%
leadership in the U.S. spurring hope towards reducing trade war tension 24.9%

with China. Combined, these catalysts sent share prices soaring around
19.3% 19.4%
the world. Since the vaccine announcement, global real estate securities 18.3%

experienced strong gains of 10.3% local currency, outpacing global

equities by 120 basis points1.
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Global real estate securities ended 2020 down 10.5% in local currency,
lagging most other sectors, with the exception of energy and financials. Source: Bloomberg, Hazelview Investments. As of December 31, 2020

Within commercial real estate, COVID-19 created headwinds for some

property types and tailwinds for others, thus making its recovery look
more K-shaped than V-shaped.
Technology-focused real estate or property types positioned for success in
“It took just 16 days for the U.S. to enter a bear
a more digital world, like industrial, delivered positive total returns on the market, quicker than 1929 and second only to
back of rising e-commerce demand. On the other hand, asset classes that the Black Monday crash of 1987.”
1 Represents MSCI World Index
5
2021 Outlook
2021 Outlook:
Forging Ahead
As we turn the page on 2020 and look ahead to 2021; there is hope. us back to 1998 when technology companies were dominating investor
attention. The technology sector was a major beneficiary of the pandemic,
Science, technology, and human ingenuity have banded together with as daily life shifted to a virtual world, driving share prices and market
world governments and private enterprises to find a solution to COVID- capitalizations to new highs. Simultaneously, REIT share prices suffered,
19. Multiple vaccine candidates are trialing at greater than 90% ending the year 12% below their mid-February peak. We believe the
effectiveness and at the time of this writing, vaccinations have begun in valuation rubber band has become exceedingly stretched, leaving
the most developed countries, promising an eventual end to a global global REIT valuations at their cheapest and most attractive level
pandemic that has disrupted the lives of everyone. relative to global equities in over 15 years.
Just like the pandemic led to a synchronized global economic shutdown,
we believe the delivery of highly effective vaccines and therapeutics will
lead to a synchronized global economic rebound starting in 2021. This, in Relative Price-Cash-Flow Multiple of
turn, has a positive influence on residential and commercial real estate 2.4
Global REITs vs. Global Equities
fundamentals, leading to a “REIT-opening” of property sectors that
suffered the brunt of the pandemic financial impact. 2.2

2.0
While the worldwide economic recovery will not be uniform,
consensus estimates call for global GDP growth of 4.9% in 2021. 1.8

This represents the highest rate of growth since 2010, a year 1.6
when global REITs outperformed global equities by approximately
800 basis points.
1.4

1.2
Demand from pent-up and deferred travel plans, household spending,
social gatherings and a return to a more normal business environment are 1.0

Nov-05

Nov-06

Nov-07

Nov-08

Nov-09

Nov-10

Nov-11

Nov-12

Nov-13

Nov-14

Nov-15

Nov-16

Nov-17

Nov-18

Nov-19

Nov-20
likely to drive economic recovery in 2021. 2022 is also forecasting to have
above trend GDP growth, at 3.5%.
Robust economic growth will result in lower unemployment, which is Rel. Value Hist Avg 10yr avg.
projected to decline globally to 6.3% in 2021 and 5.8% in 2022, down Source: UBS
from mid-to-high teens at the peak of the crisis and approaching 2019
levels at 4.9%. Lower unemployment will lead to stronger demand for
commercial real estate, particularly in those traditional core property A similar trend unfolded after the GFC when REITs underperformed in
types that suffered the most in 2020 like lodging, office, senior housing 2007 and 2008. However, by 2009, as fiscal and monetary stimulus drove
and select retail and multifamily. an economic recovery (very similar to today), global REITs embarked on a
sustained period of outperformance. From 2009 to 2013, REITs outpaced
Since REITs are the landlords of the global economy, an improvement in global equities by over 2,600 basis points as investors repositioned their
GDP should bode well for REIT cash flow growth over the next 12 months. portfolios from growth to value, allocating capital to industries with more
According to UBS, consensus forecasts a call for a strong recovery in attractive valuations that would benefit from a recovery in economic
global REIT earnings in 2021, rising 11%, after a 5.8% decline in 2020. conditions.
We believe there is strong empirical evidence linking earnings growth and
share price performance: i.e., as top-line growth recovers, so will
earnings, and so will REIT share prices in 2021. Given the significantly
larger decline in REIT share prices in 2020 relative to the decline
in earnings of 5.8%, we believe this reversal could foreshadow a
disproportionate increase in REIT share prices in 2021.
“We believe 2021 will mark the beginning of the
great REIT-opening, where REITs begin to
In 2020, Global REITs underperformed global equities by nearly 25%
USD, the largest margin of underperformance in 25 years bringing
outperform other industries.”

7
As illustrated in the graph below, we are starting to see indications of a ▪ Good fundamentals where valuations are less attractive on a relative
positive shift in investor sentiment towards real estate and believe this basis; and
trend will accelerate over the next 12 months as a highly effective suite of
vaccines and therapeutics serve as catalysts for a return to normalcy, ▪ Cheap valuation, but cheap for a reason which are expected to
economic recovery and an improvement in real estate fundamentals. continue to face challenges and lingering effects from the pandemic
in the long-term.
Changes in Investor Sentiment1 COVID-19 has created a unique opportunity, through the public markets,
to own high-quality, core, institutional quality real estate at prices that
are unattainable in the private market. These sectors are suffering (or
perceived to be suffering) in a COVID-19-ravaged economy characterized
by weaker demand, lower occupancy rates and, in some cases, lower
market rents, resulting in poor share price performance. Lodging, office,
senior housing, multifamily and retail are just some of the property types
trading at discounts to intrinsic value.
At the height of the crisis, tenants temporarily deferred rent payments,
creating a headwind and overhang for the industry. We believe that this
headwind could become a tailwind in 2021. In the U.S., rent collection
rates declined to 82% in April and in Canada, rent collections dipped to
84% at the end of Q2 2020 with Europe, Asia and Australia having
followed a similar trend. Presently, rent collection rates are closing in on
pre-COVID levels. In October, rent collection rates have recovered to 95%
in the U.S. and Canada with similar rates elsewhere in the world. Property
Source: BofA Global Research
types like multifamily, office, industrial and healthcare are trending at
greater than 97%, while retail is approaching or exceeding 90% based on
We believe 2021 will mark the beginning of the great “REIT- region.
opening”, where REITs begin to outperform other industries and
within REITS, we start to see a convergence of fundamentals and As markets and economies recover, we believe there will be a subset of
performance between the "have" and "have not" sectors. companies from these sectors that will generate significant outsized
returns as the repayment of 2020 deferred and uncollected rent
Some sectors will bounce back to normal more quickly, some will take will benefit top and bottom-line growth in 2021.
longer, and some will reach new heights, when compared to their pre-
pandemic levels, creating a “new normal”. The nuance being timing and
magnitude.
As we think about the REIT investment landscape in 2021, we separate
the opportunity set into four distinct categories.
Sectors with:

▪ Good fundamentals that will continue to experience strong tailwinds

in 2021 while trading at reasonable valuations
▪ Poor fundamentals (real or perceived) that will experience a strong “A material improvement in sentiment is not yet
recovery in demand while trading at attractive valuations reflected in market prices.”

1 In October
8
 Additionally, valuations for the “have nots”/ out of favour sectors are Key Investment Trends
trading well below their long-term average by nearly 10 multiple points. for short term (2021) and medium term (3-5 years) opportunities.
We expect this multiple spread will narrow in 2021 as traditional
core property types that fall in the lower half of the “K” receive a
E-commerce and supply chain optimization
“shot” in the arm (pun intended), paving a path to recovery.

Historical Price-to-AFFO Multiple Spread of Growth vs.

Value The convergence of technology and real estate
15.0x

10.0x
Growing demand for affordable residential housing
5.0x

0.0x
Gentrification and the trend to smaller, more efficient spaces
-5.0x

-10.0x
Specialty property types with growing institutional focus
-15.0x

Lastly, investors, ourselves included, are increasingly emphasizing ESG

Spread (growth vs value) L/T Average 3-Yr Avg with REITs more focused on implementing environmental, social and
governance strategies. During the global pandemic, social engagement
Source: Evercore ISI Research
within the global REIT industry was very strong with governance-related
One of the most under-appreciated characteristics of REITs today issues bubbling to the surface. As trust became even more valued in a
is how much better REIT balance sheets are coming out of this landscape where uncertainty is elevated, management teams focused on
economic downturn compared to the GFC. In 2008, many REITs were making well informed decisions in order to channel investments to
burdened with too much existing debt and unable to take advantage of improve energy efficiency, minimize waste usage, increase diversity
market dislocation. Entering the GFC, BEFORE a decline in cash flow, debt within the boardroom and senior management ranks, and achieve LEED
to gross asset values were frequently over 50% and net debt to EBITDA certified Gold and Platinum status. REITs have taken leadership roles in
started in the 8x to 10x range. Today, we estimate that AFTER reflecting their markets with many companies receiving GRESB ratings (The Global
higher vacancy rates and lower rent collection rates, debt to gross asset ESG Benchmark for Real Assets). We actively engage with REIT
value is approximately 35% and net debt to EBITDA at 7.6x. We believe management teams to share our insights on best practices with the goal
that lower leverage, a lower cost of debt and better liquidity of improving their ESG rating. We believe superior transparency and
places REITs in a favorable position to enhance earnings through the implementation of best practices will lead to more sustainable
acquisitions in 2021, leading to positive valuation reversion to the earnings over the long-term resulting in premium valuations.
mean.
In addition to the recovery opportunities available today, we believe there
are five key secular growth trends that are poised to positively impact a
post-COVID real estate world that can only be accessed, in size, through
the public REIT market. “Active management will capitalize on a
reversion to the mean.”

9
2021 Return Expectations:
Help is on the Way
We believe the key to creating value in 2021 will be to identify companies create a slower than anticipated recovery in 2021, but to the benefit of
and property types where valuations have yet to reflect a meaningful 2022. As demonstrated in the graph below, according to various surveys
recovery to fundamentals. in October, the percentage of people willing to get vaccinated was 73%.
In addition, the lagged impact from fiscal and monetary stimulus should Since then, we believe the desire to take the vaccine has increased given
continue to support the recovery, providing tailwinds for growth. the reportedly high efficacy rate of greater than 90% with limited side
Countries like Germany, Japan, Singapore and the U.K. have pledged effects and the exponential rise of new cases around the world that is
fiscal and monetary support that is equivalent to over 40% of GDP. The restricting mobility yet again, highlighting the universal desire for the
combined balance sheets of the Bank of Canada, European Central Bank, return to everyday life.
Bank of England and the U.S. Federal Reserve have increased an
People’s Willingness to take vaccine
unprecedented 70% to $17 trillion.
We believe interest rates are poised to remain low for an extended period,
offering companies an advantageous cost of capital that can be used to
grow through acquisitions, new development and redevelopment.
Simultaneously there exists the potential for asset values to rise as the
spread between cap rates and bond yields, which are at historically wide
levels, narrow (i.e. cap rates decline).
With global REIT share prices at 88% of pre-COVID levels, we believe the
industry is well positioned to play catch-up in 2021. Real estate
fundamentals typically lag economic activity by 6-12 months, so as
economic conditions recover in 2021, the positive flow-through to
underlying cash flows will be more pronounced in 2022. That said, we
expect the market to start to “price in” a recovery scenario in early 2021. Source: Gallup, Ipsos, Pew, J.P. Morgan

Our valuation models suggest that global REITs are priced at a

25% discount to intrinsic value (a blend between NAV and Fortunately, 100% vaccination is not required to obtain sufficient herd
discounted cash flow), which implies over 30% upside in price. immunity. J.P. Morgan estimates 50%-70% of the global population would
Assuming a two-year time period to get back to intrinsic value and require vaccination to remove the virus as a meaningful economic
when combined with current dividends, this equates to an headwind.
annualized total return of 15%-20%. Despite the risks outlined above, help is on its way and we are embracing
This return consists of a 4%-5% cash flow yield, double digit growth in the global recovery that has already gained traction. We are optimistic
earnings, and multiple expansion for those property types that have come that a suite of vaccines will serve as the catalyst to restore normalcy and
under significant downward price pressure during the pandemic. we believe 2021 will mark the beginning of the great “REIT-opening”,
where we start to see a convergence of fundamentals and performance
To put our expected return forecast into context, a 20% gain in global between the "have" and "have not" sectors within the real estate industry.
REIT share prices would result in the value of the global REIT Index rising
roughly back to their 2020 pre-COVID high, which would still be well Taking a bottom-up approach and looking to identify companies that are
below global equities1 which are already over 10% above its pre-COVID poised to outperform, we believe there are several investment
high and the NASDAQ which is over 30% above. opportunities – across property types and geographies – for the year
ahead.
In our view, these returns are achievable in 2021. This is predicated on
three key assumptions: the successful manufacturing / distribution of a
COVID-19 vaccine, people’s willingness to inoculate; and continued “Our valuation models imply 15%-20%
monetary and/or fiscal policy support.
annualized total returns.”
Unexpected bottlenecks in the manufacturing / distribution process or a
higher proportion of people who choose not to take the vaccine could
1 Represents MSCI World Index
10
 Investment Ideas for 2021

Cell towers in Self-storage Industrial Hotels poised to

North America and properties benefiting from benefit from a
Europe benefitting experiencing a robust global vaccine-
from secular rebound in street e-commerce driven recovery
tailwinds driven by rents and rising growth and supply from pent-up
5G occupancy rates chain optimization demand

Multifamily Open-air necessity-

communities in based retail centers
Canada and the serving as a quasi-
U.S. trading at last mile
significant distribution point
discounts to
intrinsic value

Office REITs Healthcare REITs Data centers in Specialty property

trading at deep owning senior Hong Kong seeing types such as life
discounts to housing facilities to strong demand for science, cold-
private market benefit from space by storage and
values recovery in hyperscale casinos
occupancies customers

For further details on our top investment ideas for 2021 please refer to the following sections. 11
Global
Sectors 12
Global Sector Outlook

Our key indicator table outlines where we see the best opportunities for investors in the year ahead.

Key Indicators

Continental
U.S. Canada U.K. Europe Hong Kong Japan Singapore Australia

Cell Towers
● ● ● ● ●
Industrial
● ● ● ● ● ● ●
Residential
● ● ● ● ● ● ● ●
Self-Storage
● ● ● ● ●
Hotels
● ● ● ● ●
Retail
● ● ● ● ● ● ● ●
Office
● ● ● ● ● ● ● ●
Healthcare
● ● ● ● ● ●
Data Centers
● ● ● ● ●
Specialty
● ● ● ●
Source: Hazelview Investments. As of December 31, 2020

Empty = Not
Positive Neutral Negative
applicable

13
Cell Towers

In 2021, the cell tower industry is set to experience another year of resulting in multiple years of elevated annual wireless carrier CAPEX.
strong secular growth, driven by a robust increase in data consumption Industry estimates suggest that the number of small cell towers in the
and traffic arising from the continued rollout of 5G cellular technology. U.S. will increase from 200 thousand today to 1 million in five years. We
The transition from 3G to 4G dramatically increased cellular download believe small cells will be installed on streetlights and utility poles acting
speeds, making it possible to use applications on smartphones such as as a relief valve to enhance coverage, working in cooperation with macro
Facetime, Instagram and streaming services, like Netflix. 5G will push towers, when networks become too congested.
download speeds from 10x to 100x that of 4G, lower latency from 30
milliseconds to 1-5 milliseconds and increase traffic capacity by up to In Europe, we foresee strong growth potential in 2021 from macro cell
100x. Industry forecasts call for mobile data consumption to rise by more towers driven by higher leasing volume. European telecom companies
than 30% per year (given more devices in service and higher usage per continue to spinoff their existing tower portfolios and raise capital to
device), leading to higher colocation and amendment growth for cell tower reinvest into their 5G network, leading to robust acquisition opportunities
REITs. for REITs. For example, Cellnex, listed in Spain, has signed acquisition
deals totaling €11 billion in 2020, more than doubling the €5 billion they
Projected Mobile Data Consumption spent in 2019. We also believe there will be significant margin
improvements from acquisitions that will positively impact the bottom
line, making deals highly accretive to future earnings. Internal growth will
be driven by embedded annual rental escalations, adding tenants to
towers and increasing tower equipment density. We believe the sector’s
high going-in cashflow yield, long weighted average lease term, and
secular growth potential make cell towers a standout asset class in Europe
for 2021.

Source: Crown Castle

To keep up with this next wave of 5G-driven demand, we believe wireless

carriers will need to partner with cell tower REITs in 2021 to expand their
wireless networks by installing more equipment on more towers.
In the U.S., we anticipate that small cell towers will play a critical role in
delivering 5G coverage. We expect small cell tower buildouts to increase
as wireless carriers allocate more capital spending (CAPEX) to densify
their networks. A national 5G network may take a decade to construct,
14
Industrial

COVID-19 accelerated the demand for logistics space in 2020, driven by a rates across key markets remaining at low levels. In the Nordics, new
surge in online consumer purchases and an increase in the overall e- supply is low and so is the e-commerce penetration rate, which we believe
commerce penetration rate. The increased volume combined with a desire will increase over the next 12 months as a result of COVID-19. We expect
for faster delivery drove the need for additional last-mile delivery growing e-commerce sales will lead to rising demand, setting the Nordic
facilities. These trends are expected to continue and highlight the need to region up for a strong 2021. Furthermore, much of Europe's existing stock
maximize efficiency through supply chain optimization. is not fit for modern logistics requirements offering REITs the opportunity
to develop warehouses on a build-to-suit basis. Outsized profit margins on
In 2021, we believe the global logistic asset class offers one of the most new development will positively influence earnings growth in 2021 for
compelling investment opportunities for investors driven by attractive those REITs that are able to take advantage of greenfield opportunities.
yield spreads on new development, strong tenant demand for space and
growth in market rents. Avoiding overpaying for future growth is central We believe Japan will be a standout industrial market in 2021, driven by
to investment selection in 2021. the continued strong demand for space and the fact that modern logistics
facilities account for just 4.3% of total stock. According to Mitsui Fudosan,
despite the higher supply expected in 2021, primarily in Tokyo and Osaka,
we believe strong absorption rates from e-commerce and third-party
Property Yields and Rent Growth Forecast
logistic tenants will keep the nationwide vacancy rate low. Total
warehouse space per capita in greater Tokyo and Osaka is low, at 0.4 sqm
and 0.2 sqm respectively, and can accommodate more supply without
negatively impacting market rents.
Large amounts of private capital are expected to seek logistic assets,
lowering cap rates and leading to rising asset and land values.

Source: Colliers

In Canada and the U.S., inventory replenishment should provide a further

boost to an already strong fundamental market in 2021. As a result of
COVID-19, inventory depletion became a real issue, creating a supply
shock that highlighted the need for a higher inventory cushion. Import
volume from seaports is recovering and we expect demand to remain
strong post-vaccinations as customers continue to search for logistic
locations closer to the end consumer. Presently, we are observing higher
rates of leasing activity and lease proposals, which we believe will
foreshadow another year of market rent growth in 2021. Higher cashflows
should lead to a rise in property values (which is already underway) and
further supported by lower interest rates, especially in Canada. In Europe,
we believe demand will outpace supply in 2021, with average vacancy

15
Residential

COVID-19 has had a profound impact on residential markets in 2020, Multifamily Rent and Vacancy Forecast
marked by the increasing demand for affordable housing solutions with
work-from-home capabilities. Both for-rent and for-sale markets around
the world took off with rising household demand for residences outside
downtown cores.
We are positive on the residential sector in 2021, particularly in Canada
and the U.S. as we see a disconnect between public and private market
valuations, along with an easing of supply concerns due to COVID-related
project delays, rising development costs due to higher land prices and a
lack of funding. From a pricing perspective, cap rates remain at/or below
pre-COVID levels, aided by lower financing costs.
We believe the Canadian multifamily sector is poised to deliver attractive
shareholder returns in 2021, led by rising household formation, the
unaffordability of home ownership which is creating a swelling pool of
renters and favorable immigration policies that will further increase
demand for housing. We believe operating fundamentals in the GTA will
outpace those in Western Canada where new lease spreads are negative Source: CBRE
and incentives are elevated. Occupancy rates, particularly in Toronto,
have held steady and we believe continued strong investor demand for land costs make the construction of new affordable single-family housing
the asset class and minimal new supply, coupled with attractive financing a challenging endeavor.
rates will drive continued cap rate compression, resulting in another year
of attractive growth in 2021. Manufactured housing communities are also poised to shine in 2021.
These communities, which offer a more affordable rental price point,
In the U.S., we have a favorable view on all three segments of the thrived during the pandemic. Occupancy rates remained high, rental rates
residential for-rent market: multifamily, single family rentals and remained positive, applications for home rentals increased, turnover
manufactured housing. decreased and drive-to recreational vehicle communities captured a
sizable share of leisure demand. We believe these dynamics, that made
In the multifamily sector, we are beginning to see green shoots form,
manufacturing housing communities shine in 2020, will remain in place in
particularly in suburban locations within coastal markets which are
2021, leading to another year of outperformance.
experiencing a deceleration in the deterioration of operating fundamentals
for both rental and occupancy rates. Starting in September 2021, we see The European multifamily sector was the REIT market’s darling in 2020,
move-ins exceeding move-outs, leasing traffic and site visits rising, early due to the resilience of the underlying cashflow and steady demand for
lease terminations abating and rent collection rates, resilient. We affordable housing. The European multifamily market is characterized by
anticipate an inflection point in fundamentals will start to take shape in regulated rental rates that are often influenced by government decisions.
the second half of 2021, beginning with a pullback in concessions and a In 2021, we see multifamily offering steady growth with a balance
recapture of lost occupancy. between high occupancy rates and inflation-like rent increases. From a
fundamental perspective, we believe Germany is the most attractive
Single family rentals are poised to deliver strong internal growth in 2021,
market heading into 2021, driven by resilient demand and acquisition
driven by gains in occupancy and increasing renewal spreads. COVID-19
opportunities that is additive to growth.
has accelerated demand for suburban housing outside of city centers, in
good school districts and at affordable price points, as the cost to rent a
single-family home is approximately 30%-35% less than Class A
multifamily rents. We see the millennial generation requiring housing
solutions to accommodate newly formed households, resulting in an
additional demand driver. New supply is low as rising labor, material and

16
Self-Storage

In 2020, self-storage demonstrated its recession resilience by delivering growth in 2021 and beyond.
positive total returns in North America, Europe, and Australia. Occupancy
rates increased in most markets globally and street rates started to Finally, Aussie cap rates (circa 6.50%) are 100 to 200 basis points higher
recover in the second half of 2020 after experiencing a decline in the compared to the U.S. and Europe. We see the potential for cap rate
spring, tied to the initial lockdown. compression in 2021, particularly in Sydney and Melbourne, as investors
seek out higher yields in a low yield environment.
Demand for self-storage units is linked to a myriad of factors: housing
market activity, employment trends leading to re-location, death, divorce, National Storage REIT Move-in vs. Move-out Volume
urbanization, high cost of living which results in smaller living quarters
and businesses using the product as quasi-last mile access to the
consumer.
We believe the demand drivers outlined above will serve as a positive
tailwind for fundamentals in 2021, particularly in the United States.
U.S. REITs are experiencing a resurgence of pricing driven by all-time
high occupancy rates (circa 95%) which is leading to 10% increases in
street rates on a year-over-year basis, and companies have reinstituted
rent increases on existing customers. Rent collection rates have
normalized, move-in volume is exceeding move-out volume, length of
stays are increasing, all of which are providing landlords with greater
confidence to push rates upwards, which will positively influence bottom-
line earnings in 2021. New supply, which had been a material headwind in
the U.S. pre-COVID, should be less of an issue post-COVID, with Yardi
forecasting a 40% decline in new deliveries over the next five years. Source: National Storage REIT

In Europe, self-storage is still a relatively new asset class, and has less
space per capita than the United States. However, like the U.S.,
fundamentals in the U.K. and the Continent are strong and we expect
them to remain so in 2021. Move-out activity was limited during the
lockdowns and has continued to be surprisingly limited, which is also
increasing length of stays, allowing landlords to reinstitute existing
customer rate increases. Demand, occupancy, and new move-in activity
exceed pre-pandemic levels in markets like the Netherlands, Sweden,
Germany and Denmark, and after a brief increase in bad debt expense in
the spring, rent collection rates have improved each month since April,
and are now approaching 2019 levels. Maintenance CAPEX is also low
relative to other property types, resulting in a higher cash-on-cash return
profile.
In Australia, we believe the upside for margin expansion is even greater in
2021, as the Aussie self-storage market is years behind the U.S.,
particularly with respect to harnessing technology to drive growth and
maximize profitability. We see continued occupancy improvement through
higher move-in volume and lower move-out volume, which after initially
freezing rates in the first half of 2020, should result in a recovery in rental
rate growth in 2021. Utilization rates in Australia are lower than other
developed markets, a gap which we anticipate will close, driving revenue

17
Hotels

Overall, no other sector was impacted by COVID-19 as badly as the Although the pace and timing of the recovery will differ by market and
lodging industry. Travel restrictions and forced lockdowns around the hotel type (i.e. upscale vs. economy), we expect margins to be higher
world stretched hotel operators and owners to unprecedented levels. next cycle than this cycle as owners and operators turn to zero-based
North American and European hotels suffered the worst, while China’s budgeting to maximize profitability at a lower level of occupancy.
hotel market recovered in the second half the year (RevPAR growth is
down only 8% Y/Y for the week ending December 12), driven by its better Break-even property-level occupancy rates for U.S. REITs are in the 35%-
control of the virus. In the second half of 2020, Japanese leisure demand 45% range, while corporate break-even rates are 45%-55%. Pre-COVID,
also saw a recovery in resort and ryokan-type of accommodations, while those ranges would have been 10%-15% higher. Our best guess is that
business travel remained slow. 2022 to 2023 is where the recovery will gain steam with a return to peak
EBITDA by year-end 2024.
As we turn to 2021, we see light at the end of the hotel hallway. People
want to get back to their pre-COVID lives, socialize and travel. We are of In Japan, many fixed lease agreements were restructured in 2020,
the view that multiple COVID-19 vaccines will serve as the catalyst to transitioning to variable leases in 2021. Based on findings from Mizuho,
unleash a significant amount of pent-up leisure, business and group travel Invincible Investment Corporation, we believe break-even gross operating
demand. profit is roughly 70% below 2019 RevPAR levels, while operators should
be able to pay fixed rents per their lease agreements at RevPAR levels
In the United States, we believe leisure travel will be first to recover with that are 40% below second half 2019. Tourists visiting Japan are
limited-service hotels in suburban, drive-to and coastal locations anticipated to decline from 31.9 million in 2019 to 6.5 million in 2020,
benefiting the most in 2021. The recovery will be slower for hotels in with third-party forecasts projecting a swift recovery to 16.8 million in
central business district locations that rely on large group, business or 2021 and 30.6 million tourists in 2022, according to the UBS. Rising
inbound tourism. We also believe warmer climate cities will be the first to tourism will help Japan recover more quickly.
receive group business, given the ability to host outdoor events. New
supply should be materially lower in 2021 and going forward which should We are keeping a close eye on REIT credit ratings, covenant waivers,
positively influence pricing power. credit line availability and banking support. Hotel owners with the best
access to debt and equity capital will be able to take advantage of
Trailing 12-Month RevPAR Forecast attractive acquisition opportunities in 2021. We believe we will see
sequential quarterly improvement starting in Q2 2020, which should
positively influence share prices as the year progresses.

Source: STR, Evercore ISI Research

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Retail

The retail sector was hit hard by government-imposed lockdowns, around mid-2021 (skewed toward small shop space) with a recovery,
implemented to slow the spread of COVID-19. Although format types thereafter, benefiting from a vaccine and higher household mobility. We
(grocery stores, open-air shopping centers, enclosed malls) vary among are already seeing a resurgence in leasing volume and tenant inquiries,
countries, most retail REITs suffered substantially, leading to share price with activity increasing towards pre-COVID-19 levels as retailers look to
declines of 20%-50%. upgrade store locations to higher productivity centers.
Despite the expected recovery in 2021, we remain very selective and Europe, which is more regulated, has distinct cultural drivers and is more
price sensitive when it comes to retail. Open-air, necessity-based retailers complex than short term share price movements suggest. For example,
in neighborhood shopping centers (groceries, pharmacies, bank branches investors have been focused on rent collection rates, which are highly
and national brands that cater to the mass market consumer) have influenced by regulations and don’t necessarily translate into a higher
thrived during the pandemic, experiencing rising traffic and sales. We likelihood of lost income. Smaller retailers (unlike in the U.S.) benefit
believe 2021 will continue to favour this type of retail. Nonetheless, we from financial support in Europe, which has helped significantly curtail
are willing to consider select opportunities given implied values of REIT bankruptcies. We forecast 15%-20% rental declines (which we believe is
portfolios in discretionary/enclosed malls in North America and Europe are less than what the market is currently expecting), supported by an earlier
pricing in value declines of over 50% from peak 2016 levels. re-opening experience.
COVID-19 has accelerated the shift to online shopping, especially for We believe private market asset values of discretionary retail centers in
discretionary products, by 5-10 years, turning the open-air shopping Europe are likely to decline. The key to finding value in 2021 will be
center into a quasi-last mile distribution outlet. This change in consumer predicated on how much of this new reset in fundamentals (occupancy,
behavior, which was already underway, has global ramifications for rent and cap rates) are priced into stock prices, setting up a scenario of
market rents, occupancy rates and asset values. In Q3 2020, e-commerce improving stock prices from results being “less bad” then expected.
sales increased more than 35% with total penetration approaching 15%.
Change in Valuation and Rental Growth
Curbside pickup programs are helping tenants adapt to the changing
habits of shoppers with quick service restaurants benefiting from drive-
through options, for instance. We believe essential retailers like Target,
Walmart, Costco and others may start to carry more inventory, using their
stores to fulfill online orders, a trend beginning to play out today. Rent
collection rates of 95%-100% from retail categories such as pet stores,
grocery, pharmacy, auto repair and home improvement, speaks to the
resiliency of necessity-based retail. We expect occupancy rates to trough
Year-over-Year Growth in Online Sales

Source: Green Street. Represents growth in Q2 2020, year-over-year comparison

In Asia, non-discretionary retail centers, in 2020, experienced the most

favourable operating conditions due to their proximity to densely
populated residential clusters. Retail centers in Asia are often located at
the base of residential towers and therefore were less impacted. We have
a favourable view of this type of retail in 2021, particularly in Hong Kong,
where market rents have declined by only 5%-10%, while occupancy
rates have remained relatively stable at nearly 96%, driven by food and
beverage offerings. Although asset values have decreased by 5%-10%,
we believe the market is pricing in more deterioration than what
ultimately will take place.

Source: Kimco Realty. Represents growth in Q2 2020,

year-over-year comparison

19
Office

COVID-19 led to an unprecedented, world-wide call to work-from-home. expected to remain robust in 2021. In Europe, we have a more positive
Although this shift was initially expected to be short-lived, as of late 2020 outlook for the office market in 2021. The denser nature of many
many regions around the world continue to primarily work from home due European cities lends itself to shorter average commute times, which
to the difficulties in containing the spread of the virus, particularly in mitigates some of the appeal of working from home. Transaction volumes
North America and Europe. have remained robust in 2020, with markets like Germany, Italy and
Denmark reporting record volume, while vacancies across most cities
In the U.S., office REITs have long traded at discounts to underlying NAV enter 2021 at moderate levels.
and this spread widened dramatically as investors attempted to price in
both the long-term negative consequences of work-from-home on office European Office Vacancy Rates, Q3 2020
demand and the near-term impact of the COVID-19 recession on rental
rates.
As we look ahead to 2021, we are cautious on the outlook for densely
packed coastal central business district markets in the U.S., due to
reliance on mass transit and the abundance of high-rise office towers.
Both pose logistical challenges in getting employees back to work, until
large segments of the population are vaccinated. This uncertain outlook
for in-person office work has led to more than a 50% drop off in leasing
volumes alongside a sharp uptick in sublease space as firms look to cut
the fixed costs of underutilized space. With availability rates in major
North American cities at levels not seen since the GFC and leasing
volumes subdued, net effective rental rate growth should remain

U.S. Sublease Space as % of All

Available Space Source: Savills

In 2021, we expect cities in Germany, Switzerland, the Netherlands and

the Nordics to be net beneficiaries coming out of COVID-19, while cities
like London and Paris face greater headwinds due to longer commute
times, higher costs of living, more high-rise buildings and a higher
absolute level of rents. London, particularly, faces uncertainty in 2021, as
firms refrain from making long-term space commitments, until there is
greater clarity on a post-Brexit landscape. In 2021, we see the best
investment opportunities in Continental Europe with current share prices
implying asset value discounts of 15%-25% to pre-COVID levels, which
exceed our internal estimates of 5%-10% asset value reversions.
Source: Cushman and Wakefield
In Asia-Pacific, we are positive on Japan’s office market in 2021,
negative through 2021 until most of this excess space is leased up or specifically, Tokyo. We believe Japan benefits from a strong workplace
taken off the market and companies feel like they can safely implement culture that values in-office work, and we do not expect COVID-19 to
return to office measures for employees. We remain incrementally change this. Despite the addition of new supply totaling 4% of existing
optimistic on less dense office markets across the Sun Belt, which benefits stock during 2020 (the most since 2003), fundamentals remain healthy,
from a car-centric culture and positive migratory inflows of both with vacancy rates in the central five wards at 4.3%, at the end of
individuals and corporations seeking a higher quality of life and more November. We expect supply growth over the next two years to remain
favourable taxes. These regions were already experiencing strong below long-term averages, and we see continued strong appetite for
population growth pre-pandemic which has accelerated in 2020 and are Japanese office assets in the private market, with cap rates compressing
below 3.5%.
20
Healthcare

COVID-19 has had a disproportionately negative impact on seniors and should lead to a quick recovery in margins once occupancy rates start to
the facilities they live in. Globally, nearly one third of all COVID-19 improve. We believe the resiliency around rental rates speaks to how
fatalities are tied to residents living in nursing homes and senior housing COVID-19 has not changed the role senior housing plays as a secular
facilities. Since the start of the pandemic, occupancy rates at U.S. senior needs-based product. Senior housing facilities also tend to be private pay,
housing facilities have declined by over 700 basis points, resulting in which means the sector is less vulnerable to changes in government
higher move-out volume and lower move-in volume, as facilities ceased healthcare reimbursement policies and the residents that occupy a senior
accepting new patients. In 2021, senior housing residents and employees housing facility are typically the ones that can afford to do so.
are targeted to be some of the first individuals to receive the COVID-19
vaccine. We believe the vaccine will serve as a positive catalyst for a The need for senior housing facilities has not dissipated as the baby
recovery in move-in rates and lower move-out rates, leading to a strong boomers, the largest generational cohort, will continue to age into the
rebound in occupancy. 75+ bracket. We are of the view that with the distribution of a vaccine in
2021, administered initially to health care workers and the elderly, will
Senior Housing Occupancy Scenario Analysis unleash a wave of pent-up demand from families that have temporarily
relocated senior loved ones to their homes or delayed decisions with
regards to their future living arrangements, making senior housing
facilities in the U.S. one of the more compelling investment opportunities
over the next 12 months.

Source: Scotiabank

Prior to the most recent surge in COVID-19 cases starting mid-October,

the rate of deterioration in occupancy was materially improving, as
facilities re-opened their doors to new residents. Leasing activity started
to recover in late third quarter and early fourth quarter, as more senior
housing properties reported zero positive COVID-19 cases, leading to a
shrinking in the number of days from time of initial deposit to actual
move-in. In-person visitation is slowly returning and virtual tours have
replaced in-person tours which has helped families acquaint themselves
with a facility.
In 2020, monthly rental rates stayed relatively steady despite the decline
in occupancy and we expect that to remain the case in 2021, which

21
Data Centers

As a result of COVID-19, demand for data center space soared in 2020 as Despite political unrest, we believe Hong Kong will remain the gateway for
companies and institutions from all over the world looked to enhance their Mainland Chinese enterprises looking to expand outside of China. Hong
IT infrastructure and cloud computing capabilities to accommodate Kong is one of the most inter-connected data center markets in the region
employees working from home. The meteoric rise of video applications with 13 international submarine cables and 17 overland cables to China.
like Zoom and Microsoft Teams, remote learning for students, materially Many companies who lease space in Hong Kong (such as Microsoft,
higher usage of social media applications and video streaming services Amazon and Apple) also have a presence in China and we expect robust
further increased requirements for data storage. In 2020, global leasing demand and growth in market rents in 2021.
volumes surpassed 500 MW as hyperscale and cloud service providers
rapidly expanded, exceeding the record set in 2018 of 290 MW. In Singapore, we anticipate higher market rents in 2021 due to the
supply/demand imbalance caused by a government-imposed moratorium
Prior to COVID-19, data centers were amid a secular growth trend, driven in early 2019. We also see a supply shortage in Hong Kong as the
by the proliferation of data creation and consumption, migration to the government has put a higher priority towards allocating land for housing.
cloud, improved network connectivity and new technologies that require In 2021, we believe companies that can deliver new capacity into the
increased data storage, like the Internet of Things and artificial market to capture rising demand will be in a favourable position to grow
intelligence. Social and mobility restrictions in 2020 accelerated adoption revenues and earnings, leading to share price outperformance.
rates, steepening the growth curve even further.
As we look forward to 2021, we believe data center market fundamentals
will remain robust as existing capacity in prime markets is quickly
absorbed. REITs with hyperscale development projects and mission critical
interconnected ecosystems will experience strong growth momentum in
2021. Most REITs in the U.S., Europe and Asia-Pacific develop to a yield
on cost in the 9%-13% range, significantly higher than private market
cap rates (5.0%-7.5%), resulting in outsized profit margins. In the Asia-
Pacific region, we believe Hong Kong and Singapore offer the best
opportunity for growth in 2021.

Singapore Data Center Supply/Demand/Utilization Forecast

Source: Keppel DC REIT Annual Report 2019

22
Specialty

We see an emerging group of institutional property types such as life institutional hands, we see upside from operational improvements and
science, cold storage and casinos, that are poised to shine in 2021. technology initiatives leading to margin expansion.
We believe life science real estate serves a critical role to bioscience, Casinos are a niche-oriented, often overlooked segment of the real estate
diagnostic and pharmaceutical companies focused on solving the world’s market that offers attractive secular growth potential through steady
diseases and health problems, including COVID-19. Tenant demand for internal growth and low maintenance CAPEX, which leads to high cash-on-
life science lab and office space is strong, particularly in major U.S. cash returns. The ownership of gaming properties in the U.S. is highly
markets, such as Cambridge, South San Francisco / Mission Bay and San fragmented, often tied to families or local operators. REITs have a
Diego, as well as international markets like Toronto. These markets are competitive advantage to be the buyer of choice as they can use
near major research institutions, funding sources (like the National partnership units to solve complex tax situations. Unlike other real estate
Institute of Health), and university talent pools that provide the property types, there are strict legislative and regulatory controls around
intellectual capital required for research and innovation. Rent is a very low the supply of new casino properties resulting in high barriers of entry and
component of the overall cost structure of a life science firm, and with minimal new supply. We believe there is a robust opportunity to
COVID-19 accelerating the demand for lab space, we believe the runway consolidate the ownership of gaming properties as COVID-19 has created
for rent growth in 2021 is strong, given the importance of being in key additional dislocations, making 2021 a prime year for acquisitions.
cluster markets relative to the nominal cost of higher rent.

Cost Structure of a Life Science Firm

(% of Total Revenue)

Source: Green Street

Cold storage facilities are an emerging product type within the industrial
warehouse sector. Temperature-controlled facilities are particularly critical
for customers in the food industry. Demand for space is driven by
population growth, which in turn drives the consumption of frozen and
fresh food. The ownership of temperature-controlled industrial
warehouses is highly fragmented, providing REITs that specialize in this
sector, an attractive growth by acquisition strategy to drive earnings
growth higher for years to come. As ownership transitions into

23
Meet the
Team 24
Meet the Team

Hazelview Investments is an active investor, owner and manager of global Our key investment strategies include Core and Income and are offered to
real estate investments committed to creating value for people and both institutional and retail audiences through a range of public and
places. We have an active, hands-on investment management platform private vehicles.
that helps us find opportunities to invest in sustainable long-term cash
flow and we are committed to fostering the long-term growth of our Meet our seasoned, institutional team of investment professionals
employees, residents and the investments we make for our clients. covering key global markets made up of:

Equipped with an experienced team of real estate professionals ▪ Portfolio Managers: 20 years avg experience; 16 years together
strategically located in major markets (North America, Europe and Asia) ▪ Dedicated 13 person REIT team located in 4 global offices
provides an advantage of global perspective and the ability to stay on the
pulse of new developments. This ‘feet on the ground’ presence allows us ▪ Managing C$2.5B in global real estate
to be face-to-face with local markets, enabling us to accurately and
▪ 10-year track record; top-quartile performance
efficiently source, underwrite and monitor global real estate investments.

North America Offices European Office Hong Kong Office

Corrado Russo
Sam Sahn Claudia Floyd Daniel Feldmann
CFA, MBA
MBA MBA MBA, Ph.D.
Head of Public Real
Portfolio Manager Portfolio Manager Senior Analyst
Estate Investments

Kyle Yancan Philip Du Luca Kersken Felix Pun

Analyst Portfolio Analytics Analyst Analyst

Jin Shi
Richard Colburn Alex Heusch
Head of Securities
Analyst Analyst
Operations & Trading

Jennifer Kong Elly Lin

Analyst Operations

25
Learn more

Institutional Disclaimer: Certain statements in this presentation about Hazelview

Securities Inc. (“Hazelview”) and its business operations and strategy,
Cameron Goodnough and financial performance and condition may constitute forward-looking
MBA, LL.B information, future oriented financial information, or financial outlooks
Managing Director, Capital & Partnerships (collectively, “Forward Looking Information”). The Forward-Looking
[email protected] Information is stated as of the date of this presentation and is based on
estimates and assumptions made by Hazelview in light of its experience
Joseph Shaw
and perception of historical trends, current conditions and expected future
CFA, MSc RE, MBA
developments, as well as other factors that Hazelview believes are
Head of Relationship Investing
appropriate and reasonable in the circumstances. There can be no
[email protected]
assurance that such Forward Looking Information will prove to be
Marie Miglioranza accurate, as actual results, yields, levels of activity, performance or
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[email protected] from those expressed or implied by the Forward-Looking Information.

Mike Wallis This document is for informational purposes only and is not an offer or
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Member FINRA / SIPC purpose of making investment decisions. The statements made herein
[email protected] may contain forecasts, projections or other Forward-Looking information
regarding the likelihood of future events or outcomes in relation to
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[email protected] own assessment of the relevance, accuracy and adequacy of the
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George Ganas of such assessment. This document does not constitute investment
MBA,CFA research. Consequently, this document has not been prepared in line with
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[email protected] investment research or any prohibition on dealing ahead of the
dissemination of investment research. Any research or analysis used in
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Vice President, Retail Sales (ON) own use. The information is not guaranteed as to its accuracy.
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The information provided is general in nature and may not be relied upon
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Vice President, Retail Sales (ON) should consult with their own accountants, lawyers and/or other
[email protected] professionals for advice on their specific circumstances before taking any
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reliable, but accuracy cannot be guaranteed.
Vice President, Retail Sales (BC)
[email protected] Hazelview Securities Inc. (the “Manager”) is currently registered with the
Ontario Securities Commission as a portfolio manager, investment fund
Paolo Santini
manager, and exempt market dealer. The Manager is wholly-owned
Vice President, Retail Sales (QC)
subsidiary of Hazelview Investments Inc.
[email protected]

26