2025 Sustainability Report
About CenterSquare Investment Management
CenterSquare, founded in 1987, is a global real estate investment management firm that invests across listed and private real estate. We foster an environment of transparency, accountability, teamwork and continuous focus on the future. As a trusted fiduciary, our success is firmly rooted in aligning our interests with those of our clients, partners, and employees. CenterSquare is headquartered in suburban Philadelphia, with offices in New York, Los Angeles, London, and Singapore. With $14 billion in assets under management (December 2025), CenterSquare is proud to manage investments on behalf of some of the world’s most well-known institutional and private investors.
1 Source: Assets under management (AUM) includes CenterSquare and its Subsidiaries as of December 31, 2025. Fair value of public real estate securities are based on last sale prices listed on worldwide established exchanges. Private debt and equity AUM represents regulatory assets under management which for funds includes investment fair values plus unfunded capital commitments.
Disclosures
Material in this publication is for general information only and is not intended to provide specific investment advice or recommendations for any purchase or sale of any specific security or commodity. Due to, among other things, the volatile nature of the markets and the investment areas discussed herein, investments may only be suitable for certain investors.
Parties should independently investigate any investment area or manager, and should consult with qualified investment, legal, and tax professionals before making any investment. Some information contained herein has been obtained from third party sources and has not been independently verified by CenterSquare Investment Management LLC ("CenterSquare"). This material is not to be reproduced in whole or in part or used for any other purpose.
This presentation may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the CenterSquare's control, and may cause the CenterSquare's actual results to differ significantly from those expressed in any forward-looking statement.
CenterSquare Performance results are calculated on a total return basis and include all realized and unrealized capital gains and losses as well as dividends and interest. Portfolios in the Composite record transactions based on trade dates. Portfolio performance calculations are computed monthly and are time-weighted to account for periodic contributions and withdrawals. Monthly linking of interim performance results is used to calculate annual returns. Effective March 1, 2007, sub-period returns are computed and geometrically linked when contributions and withdrawals during the period are greater than 10% of the respective client portfolio. Effective April 1, 2017, portfolio performance calculations are computed daily and are time-weighted. Gross returns reflect the deduction of transaction costs. Net of fee returns reflect the deduction of transaction costs, actual investment management fees (including performance fees) and certain other related administrative expenses.
Past performance is no guarantee of future results.
Many factors affect portfolio performance including changes in market conditions and interest rates and in response to other economic, political, or financial developments. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Past performance in not a guide to or indicative of future results. Future returns are not guaranteed, and a loss of principal may occur. In addition foreign investments may be less liquid, more volatile and less subject to governmental supervision than in the United States. The values of foreign securities can be affected by changes in currency rates, application of foreign tax laws, changes in governmental administration and economic and monetary policy.
The strategy allocation percentages set forth herein are as of the dates indicated and may vary from time-to-time. The types of investments presented herein will not always have the same comparable risks and returns. Please note that the portfolio may elect to invest assets in different investment sectors from those depicted herein, which may entail additional and/or different risks. The actual performance of the portfolio will depend on CenterSquare's ability to identify and access appropriate investments and balance assets to maximize return to the portfolio while minimizing its risk. The actual investments in a portfolio may or may not be the same or in the same proportion as those shown herein.
The investment strategy CenterSquare's Global Sustainable REIT portfolio is an ESG and Impact investing focused portfolio benchmarked against the FTSE EPRA/Nareit Net Developed Net Index. For back-testing purposes the portfolio was rebalanced monthly on the first trading day of the month. The portfolio uses the CenterSquare actively managed Global Core REIT portfolio as the basis for portfolio creation.
CenterSquare's Global Sustainable REIT portfolio is a hypothetical back-test strategy starting on December 31, 2017 through August 31, 2022. The portfolio creation process used our actively managed CenterSquare Global Core REIT portfolio. This CenterSquare Global Core REIT portfolio is actively managed by our fundamental portfolio management team. Companies in the portfolio with ESG scores in the bottom 2/3 of the FTSE EPRA/ Nareit Developed Net Index distribution were screened out of the available investable universe to create a list of high ESG-scored companies. This group of companies was then screened against seven U.N. Sustainable Development Goals chosen by CenterSquare as most meaningful to real estate. Only companies that report and have made progress toward at least one of the goals were eligible for inclusion in the new portfolio. The stocks that remain were included in the portfolio on a weighted average basis relative to their weight in the CenterSquare Global Core REIT portfolio.
Where historical data associated with ESG scores or Impact alignment was unavailable, either due to a lack of reporting or lack of coverage, the most recent datapoint was assumed to hold constant through the beginning of the back test.
The process was run monthly on the first trading day of each month and the portfolio was rebalanced on the first trading day of the month using the above criteria and including the reinvestment of dividends and capital gains.
Results do not include transaction costs but do include a 75 bps investment management fee in the calculation of net return.
The data shown is hypothetical and is provided to illustrate historical risk and return performance had CenterSquare's Global Sustainable REIT portfolio been available over the relevant period shown. CenterSquare does not have any client assets in the strategy.
There are certain limitations inherent in hypothetical model results like those portrayed, particularly that such hypothetical model returns do not reflect trading in actual client accounts and do not reflect the impact that material economic and market factors may have had on the adviser's decision-making had the adviser actually been managing client funds. Unlike an actual performance record, hypothetical back-tested performance results do not represent actual trading. These types of simulated trading programs, in general, benefit compared to actual performance results because such simulated programs are designed with the benefit of hindsight. In addition, simulated trading does not involve or take into account financial risk and does not take into account that material and market factors may have impacted CenterSquare's decision making, all of which can adversely affect actual trading results and performance. For example, the ability to withstand losses or adhere to a particular trading program in spite of trading losses are material points which can also adversely affect markets in general or the implementation of any specific trading program. Hypothetical back-tested performance does not represent actual performance, trading costs or the impact of taxes and should not be interpreted as an indication of such performance.
No representation is being made that CenterSquare will or is likely to achieve results comparable to those shown, to make any profit at all, or to be able to avoid incurring substantial losses. In fact, there can be significant differences between hypothetical performance results and the actual results subsequently achieved by any particular investment strategy.
The actual performance of CenterSquare may differ significantly from the results shown based, among other things, on: (1) the ability of CenterSquare to negotiate terms similar to the assumptions used to generate the hypothetical performance and (2) differing market, regulatory, economic and political conditions. No representation or warranty is made as to the reasonableness of the assumptions made or that all assumptions used in achieving the returns have been stated or fully considered.
FTSE EPRA/Nareit Developed Index (and FTSE EPRA/Nareit Developed Net Index)
The FTSE EPRA Nareit Developed Index is designed to track the performance of publicly listed real estate companies and REITs worldwide, containing eligible constituents from Developed markets as classified by FTSE Russell based on the nationality rules for FTSE EPRA Nareit Global Real Estate Index Series.
FTSE Nareit Equity REITs Index (FNRE)
The FTSE Nareit Equity REITs Index is a broad-based index consisting of real estate investment trust (REITs). This index excludes equity REITs that are designated as Timber REITs.
These benchmarks are broad-based indices which are used for illustrative purposes only and have been selected as they are well known and are easily recognizable by investors. However, the investment activities and performance of an actual portfolio may be considerably more volatile than and have material differences from the performance of any of the referenced indices. Unlike these benchmarks, the portfolios portrayed herein are actively managed. Furthermore, the portfolios invest in substantially fewer securities than the number of securities comprising each of these benchmarks. There is no guarantee that any of the securities invested in by the portfolios comprise these benchmarks.
Also, performance results for benchmarks may not reflect payment of investment management/incentive fees and other expenses. Because of these differences, benchmarks should not be relied upon as an accurate measure of comparison. A direct investment an index is not possible. FTSE Data disclosure: Source: FTSE International Limited ("FTSE") © FTSE 2026. FTSE® is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE's express written consent.
"FTSE®" is a trade mark of the London Stock Exchange Group companies, "Nareit®" is a trade mark of the National Association of Real Estate Investment Trusts ("Nareit") and "EPRA®" is a trade mark of the European Public Real Estate Association ("EPRA") and all are used by FTSE International Limited ("FTSE") under licence.
The FTSE EPRA/Nareit Developed Index is calculated by FTSE. Neither FTSE, Euronext N.V., Nareit nor EPRA sponsor, endorse or promote this product and are not in any way connected to it and do not accept any liability. "FTSE®" is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited ("FTSE") under licence. "Nareit®" is a trade mark of the National Association of Real Estate Investment Trusts ("Nareit"). The FTSE Nareit Equity REITs Index is calculated by FTSE. Neither FTSE nor Nareit sponsor, endorse or promote this product and are not in any way connected to it and do not accept any liability.
Contact Information
For more information about CenterSquare's sustainability initiatives, investment strategies, or this report, please contact our investor relations team.
Contact Investor RelationsContact Information
For more information about CenterSquare's sustainability initiatives, investment strategies, or this report, please contact our investor relations team.
Contact Investor Relations