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18.118. The value of any property portfolio may fluctuate as a result of factors outside the owner’s control

Real Estate investments are subject to varying degrees of risks. Rents and values are affected (among other things) by changing demand for commercial real estate, changes in general economic conditions, changing supply with a particular area of competing space and attractiveness of real estate relative to other investment choices. The value of any property portfolio may also fluctuate as a result of other factors outside the owner’s control, such as changes in regulatory requirements and applicable laws (including in relation to taxation and planning), political conditions, the condition of financial markets, the financial condition of lessees, potentially adverse tax consequences, interest and inflation rate fluctuations. The Investment Compartment’s operating performance would be affected by a downturn in the real estate.