Last updated on: May 18, 2018
- General Disclosures
- Limited Audience/Information for Foreign Investors
- General Real Estate Risks and Infrastructure Risks
- Intellectual Property/ Authorized Use
- Links to Other Websites
- Limitation of Liability
- Privacy and Security
- Entire Agreement; Jurisdiction and Choice of Law
Material presented in this Site 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, they 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. CenterSquare makes no representations as to the accuracy or the completeness of any of the information herein.
Estimates, projections or predictions on the Site are intended to be forward-looking statements. CenterSquare can give no assurance that any forward-looking statements will prove to be correct. Such estimates are subject to actual known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from such forward-looking statements. CenterSquare disclaims any obligation or undertaking to update or revise any forward-looking statement contained in the Site to reflect any change in its expectations or any change in circumstances upon which such statement is based.
Any statements and opinions expressed are as of the date of publication, are subject to change as economic and market conditions dictate, and are those of the author(s) and do not necessarily represent the views of CenterSquare. Some content on this site may be provided by third party providers, which we consider to be reliable but have not independently verified. We make no representations or warranties regarding the accuracy or completeness of any such third party content.
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 is not a guide to or indicative of future results. Future returns are not guaranteed and a loss of principal may occur.
Limited Audience/Information for Foreign Investors
This Site and the information contained in it are intended for the use of United States residents only, and are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would subject us to any registration or license requirement within such jurisdiction or country. CenterSquare makes no representation that materials on this Site are appropriate or available for use in other locations, and accessing them from territories where their contents are illegal is prohibited. Accordingly, this Site and its contents are not intended, nor should be construed, as investment advice, offers or solicitations of services or products, or endorsements thereof in any jurisdiction or in any circumstance that is otherwise unlawful or unauthorized.
This Site is not a solicitation for CenterSquare’s investment management services to persons residing in a jurisdiction in which CenterSquare is exempt from registration, notice filing and/or fee requirements and in which registration, a notice filing and/or payment of a fee would be required in order to engage in solicitation activities with respect to such persons.
General Real Estate Risks and Infrastructure Risks
Because certain investment strategies concentrate their assets in the real estate industry, an investment in such strategies is closely linked to the performance of the real estate markets. Investing in the equity securities of domestic and foreign real estate companies, which includes listed real estate investment trusts (“REITs”) and listed real estate operating companies (“REOCs”) whose principal business is the ownership, management and/or development of income producing and for-sale real estate, entails certain risks and uncertainties. These companies experience risks similar to those associated with investing in real estate directly. Real estate is a cyclical business, highly sensitive to general and local economic developments and characterized by intense competition and periodic overbuilding. Real estate income and values may also be greatly affected by demographic trends, such as population shifts or changing tastes and values. Companies in the real estate industry may be adversely affected by environmental restrictions. Government actions, such as tax increases, zoning law changes or environmental regulations, may also have a major impact on real estate. Changing interest rates and credit quality requirements will also affect the cash flow of real estate companies and their ability to meet capital needs.
We also offer strategies that invest in the securities of domestic and foreign companies engaged in infrastructure-related businesses that may be adversely affected by adverse economic, regulatory, political, legal, and other changes affecting these companies. The infrastructure businesses may be involved in the management, ownership, operation, construction, development, renovation or financing of infrastructure assets in a variety of areas including, but not limited to: energy (electricity, oil and gas) generation, transmission, distribution, storage and/or transportation; utilities; transportation services, including toll roads, airports, railroads, marine ports, bridges, tunnels and mass transit systems; communications services, including towers, datacenters, satellite and microwave; water and environmental services, including water purification, storage and distribution, wastewater, solid waste, flood control and coastal management; and other similar public sectors and projects that support or facilitate the development or improvement of economic, health, cultural and social standards. Infrastructure companies also include companies organized as MLPs and publicly-traded real estate securities including real estate investment trusts (“REITs”). MLPs are limited partnerships whose interests (limited partnership units) are traded on securities exchanges like shares of corporate stock. Companies engaged in infrastructure-related businesses are subject to a variety of factors that may adversely affect their business or operations, including: high amounts of leverage and high interest costs in connection with capital construction and improvement programs; difficulty in raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets; inexperience with and potential losses resulting from the deregulation of a particular industry or sector; costs associated with compliance with and changes in environmental and other regulations; regulation or intervention by various government authorities, including government regulation of rates charged to customers; the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; service interruption and/or legal challenges due to environmental, operational or other accidents; natural disasters or other man-made disasters such as terrorist attacks; surplus capacity; increased competition; technological innovations that may render existing plants, equipment or products obsolete; and general changes in market sentiment towards infrastructure assets. There is also the risk that corruption may negatively affect publicly-funded infrastructure projects, especially in emerging markets, resulting in delays and cost overruns.
Investments in non-U.S. securities often are subject to risks generally viewed as not present in the United States, and may include, among others, varying custody, brokerage and settlement practices; difficulty in pricing of securities; less public information about issuers of non-U.S. securities; less governmental regulation and supervision of the issuance and trading of securities; the lack of availability of financial information regarding a non-U.S. issuer or the difficulty of interpreting financial information prepared under non-U.S. accounting standards; less liquidity and more volatility in non-U.S. securities markets; the possibility of expropriation or nationalization; the imposition of withholding and other taxes; adverse political, social or diplomatic developments; limitations on the movement of funds or other assets between different countries; difficulties in invoking legal process abroad and enforcing contractual obligations; and the difficulty of assessing economic trends in non-U.S. countries.
Investment in markets outside the United States typically also involves higher brokerage and custodial expenses than does investments in U.S. markets and may include local fees and taxes. Risks associated with investing in non-U.S. securities may be greater with respect to those issued by companies located in emerging industrialized or less developed countries.
Intellectual Property/ Authorized Use
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Links to Other Web Sites
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Privacy and Security
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Entire Agreement; Jurisdiction and Choice of Law
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