Fund Strategy The landscape for office continues to evolve as more and more tenants return their staff to an office CORE centric model, however the delivery of new supply in most major markets has continued to put pressure on vacancy rates which in turn has increased the cost of leasing both by way of incentives and rental rate. [...] The most significant factor however was the pace at which bond yields, and by association, interest Gross Fund Value rates rose as the BOC continued to nudge the overnight rate up. [...] The return to the office continues to gain on the Funds debt. [...] The end of restrictive monetary policy rate of active developments) are well positioned increases, and potentially the advent of cuts, to be benefit from continued strength in should prove to be constructive to the cost their associated fundamentals, helping to # of Residential Units of capital and overall investment conditions. [...] YTD FUND GROWTH ($ Millions) 2018 2019 2020 2021 2022 31-Dec Real estate $ 5,288 $ 5,966 $ 5,639 $ 6,141 $ 6,502 $ 6,312 Cash $ 457 $ 443 $ 831 $ 449 $ 415 $ 320 Short term assets & liabilities $ (79) $ (172) $ (150) $ (134) $ (166) $ (195) Gross fund value $ 5,666 $ 6,238 $ 6,320 $ 6,456 $ 6,751 $ 6,437 Net fund value $ 4,747 $ 5,163 $ 5,196 $ 5,316 $ 5,386 $ 4,751 Debt/gross fund value 16.2% 17..
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