White Paper Second Quarter 2018

Why Infrastructure Now

By
Ted Brooks, Portfolio Manager Marshall Reid, Senior Analyst

O nce the dominion of only the largest investors and sovereign wealth funds,
infrastructure is increasingly gaining wider institutional attention. The secular
trends of global population growth, increasing prevalence of urbanization, and
importance of global trade provide a strong fundamental backdrop, while portfolio
optimization models and diversification studies illustrate the benefits to investors of
larger infrastructure allocations. In addition, near-term value distortions have added
a tactical urgency to an infrastructure allocation that we believe should capture
investors’ attention. The liquidity advantage of a listed approach to infrastructure
also overcomes the backlogs faced by private investment, and at prices that are as
much as a 30% discount to private market values. Listed infrastructure is also ripe
for active management, with the application of specialized institutional knowledge
to an under-covered space allowing the exploitation of pricing inefficiencies. Right
now, these long term tailwinds and current market opportunities are aligning to make
listed infrastructure the next integral component to the real asset allocation mix.

The statements made and the conclusions drawn in this article are not guarantees and are merely the opinion of CenterSquare and its employees.
For use with Financial Professionals and Institutional Investors only. Not for use with the general public. Please refer to disclosures at the end of this document.

www.centersquare.com
 CenterSquare Whitepaper
Second Quarter 2018

The Next Institutional Real Asset Class

As investors increasingly adopt a real asset investment approach, many are looking at infrastructure as a natural
addition alongside incumbent real estate allocations. Studies over the last 10 years support this evolution and
have shown that optimal exposure to infrastructure is three times higher than that achieved through traditional
global equity allocations (Figure 2). These studies, including the Infrastructure and Strategic Asset Allocation
study published by Ibbotsen, produce a range of optimal infrastructure allocations at roughly 6-11%, versus an
approximate 2% indirect allocation to the space through a traditional global equity allocation. Given the portfolio
diversification benefits of infrastructure and its ability to play both offense and defense in a late-cycle environment,
we expect current allocations to move higher as more investors seek discrete allocations to infrastructure.

Figure 1: On the Brink of Broad Institutionalization Figure 2: Underowned Through Global Equities

$600 Institutional $’s Invested (billions) 12%

Investor Allocation to Infrastructure
$500
10%
$400
8%
$300
6%
$200
4%
$100
2%
$-
REITs Historically REITs Today Listed Listed 0%
Infrastructure Infrastructure Indirect Exposure Optimal Allocation
Today (Future)
REITs represented by the FTSE Nareit Real Estate Index, Listed Infrastructure Source: Ibbotson, MSCI World Index, CenterSquare as of March 31, 2018. Indirect
represented by the FTSE Developed Core Infrastructure 50/50 Index. Date as of Exposure represents allocation to infrastructure stocks via traditional 60% global
December 31, 2017. Projected Listed Infrastructure figure assumes Global Listed equities allocation represented by the MSCI World Index; Optimal Allocation derived
Infrastructure grows at the rate demonstrated by REITs from 1995 (“Historically”) from Infrastructure and Strategic Asset Allocation study published by Ibbotson,
-2017 (“Today"). 2009.

Secular Tailwinds Support Long-Term Growth

The secular growth story supporting infrastructure provides a backdrop of strong fundamentals for investment in
the medium and long term. After decades of under investment by developed economies, public and private capital
must be deployed to maintain and upgrade existing assets and build new infrastructure to support population
growth and 21st century trends in urbanization and trade. Outside the U.S., governments have become
increasingly comfortable with relying on private sector investment to deliver solutions to meet these issues, with
the conversation on this topic in the U.S. gaining volume as well. The result will likely be billions of dollars of new
projects added to the backlogs of listed infrastructure companies over the next 10 years, particularly within the

Figure 3: Infrastructure Needs Figure 4: Private Infrastructure Spending by Sector

2016-2025 (billions) 2010 - 2018E

$1,400
Energy (incl. MLP)
Rail / Roads / Bridges $2,042
Railroads
$1,200
Telecom
Cumulative Capital Spending (in billions)

Electricity $934 Power

$1,000

$800
Energy $245

Funded
$600
Unfunded
Airports $157
$400

Water / Wastewater $150 $200

$0
Ports $37

Source: American Society of Civil Engineers, 2016 Source: Bloomberg estimates, 2016

The statements made and the conclusions drawn in this article are not guarantees and are merely the opinion of CenterSquare and its employees.
For use with Financial Professionals and Institutional Investors only. Not for use with the general public. Please refer to disclosures at the end of this document.

2
 CenterSquare Whitepaper
Second Quarter 2018

utility and transport sectors. The benefit is that many listed infrastructure companies will be a conduit for this
investment, allowing investors to directly participate in this secular tailwind.

The Strategic Case For Infrastructure: Works Across Different Regimes

The strategic investment case for infrastructure is underpinned by its attractive historical risk-adjusted returns
and low correlations to other asset classes (Figures 5 and 6). Infrastructure has delivered similar returns to U.S. and
global equities with much lower volatility. Intuitively, this makes sense as infrastructure is the unique combination
of leverage to growth through an economic upcycle and stability of margins and cash flows in a downturn. In
stronger equity markets and periods of rising inflation, investment growth and inflation-linked revenues produce
increasing returns. In down markets, the relative stability of cash flows, stable balance sheets, and inelasticity
of consumer demand produce countercyclical returns, often outperforming global equity counterparts. These
characteristics provide a strong strategic rationale for the inclusion of infrastructure in balanced portfolios.

Figure 6: 3-Year Correlations vs. FTSE

Figure 5: Annualized Risk-Adjusted Returns -
Developed Core Infrastructure 50/50
10 years ending 03/31/18
(03/31/15-03/31/18)

12%
1.00
10%
Annualized Total Return

8% Global U.S. Equities

0.80
6% Infrastructure
4% Global Equities 0.60
0.60 0.54
2%
0%
0.40
(2%)
(4%) Commodities 0.16
0.20
(6%)
(8%)
0.00
10% 12% 14% 16% 18% 20% 22%
U.S. Equities Global Equities Commodities
Standard Deviation

The charts presented provide the potential allocation benefits of adding Global Infrastructure to a diversified portfolio. Data presented is as of March 31, 2018. Correlations
presented represent correlation of monthly returns over the three year period ending March 31, 2018 for each asset class relative to the FTSE Developed Core Infrastructure
50/50 Index. Asset class returns and risk were calculated using established indices as proxies. A full list of these indices and their definitions is provided at the end of this
document. Past performance is not indicative of future results.

A Key Point: Infrastructure Offers Potential Inflation Protection

Monetary policy is tightening across the
Figure 7: Performance Across Inflation Regimes
globe, and tax cuts in the U.S. have provided
significant fiscal stimulus, both of which 14% 12.6% Global Infrastructure
are putting upward pressure on interest 12% 11.2%
Global Equities
rates and heightening expectations for
10% Global Bonds
future inflation. Coupled with the length of
the market and economic cycles, investors 8%
5.8%
are understandably looking for ways to 6%
access inflation protection, lower market 3.5%
4% 2.5%
correlations, and generally defensive 2%
investment characteristics.
0%

Infrastructure’s ability to provide solid (2%)

-1.8%
performance relative to global equities (4%)
during inflationary regimes goes against Rising Inflation Expectations Falling Inflation Expectations
much of the conventional wisdom. However,
as shown in Figure 7, listed infrastructure Data presented is as of December 31, 2017. Returns are for periods of rising/falling inflation
expectations since 2004 as measured by the University of Michigan Mean Expected Change in Prices
has outperformed other asset classes over Index. Asset class returns and risk were calculated using established indices as proxies. A full list of
the last approximately 15 years in periods these indices and their definitions is provided at the end of this document.

The statements made and the conclusions drawn in this article are not guarantees and are merely the opinion of CenterSquare and its employees.
For use with Financial Professionals and Institutional Investors only. Not for use with the general public. Please refer to disclosures at the end of this document.

3
 CenterSquare Whitepaper
Second Quarter 2018

of both rising and falling expected inflation. Whether the mix of monetary and fiscal policy leads to an extension of
this expansionary economic period, or pushes global economies to overheat and contract, our analysis indicates that
infrastructure is poised to perform well in either outcome.

Attractive vs Public Markets

With investors preoccupied with the pace of interest rate changes following passage of the U.S. tax reform
legislation in 2017, the market has oversold the infrastructure sector in our view. This misunderstanding of
infrastructure’s positive leverage to inflation has left the asset class trading at multi-year discounts to equities,
offering a highly attractive entry point. The yield spread of listed infrastructure to global equities is currently over
150 bps as of April 2018, the highest point since 2012 (Figure 8). Likewise, on a P/E basis, the sector currently
trades at more than a standard deviation cheap to global equities (Figure 9). Relative to other public market
options, infrastructure looks well-placed and well-priced.

Figure 8: Relative Dividend Yields Attractive as Well Figure 9: P/E-Based Valuation Looks Attractive

Dividend YieldYield
Dividend Spread of Global
Spread Infrastructure
of Infrastructure vs. Global
vs. Global Equities
Equities Relative P/E Multiple: Global Infrastructure vs. Global Equities
Relative P/E Multiple: Infrastructure vs. Global Equities
1.8 50%
1.6
1.4 40%
1.2
30%
%

1.0
0.8
20%
0.6
0.4 10%
0.2
- 0%
Oct-13

Oct-14

Oct-15

Oct-16

Oct-17
Apr-13

Apr-14

Apr-15

Apr-16

Apr-17

Apr-18
Oct-13

Oct-14

Oct-15

Oct-16

Oct-17
Apr-13

Apr-14

Apr-15

Apr-16

Apr-17

Apr-18

Dividend Yield 5yr Average +1 SD -1 SD Relative P/E Multiple 5yr Average +1 SD -1 SD

Data presented is as of April 2018. SD refers to standard deviation. Asset class Data presented is as of April 2018. SD refers to standard deviation. Asset class
returns and risk were calculated using established indices as proxies. A full list of returns and risk were calculated using established indices as proxies. A full list of
these indices and their definitions is provided at the end of this document. these indices and their definitions is provided at the end of this document.

Attractive vs Private Valuations

In addition to its strong position relative to global equities, the massive fundraising success experienced by
private equity infrastructure in recent years has led to a combination of factors that supports listed infrastructure
valuations. First, the backlog in private equity infrastructure funds has grown at a rate of 16% over the last several
years, leading to a $150 billion backlog waiting to be invested in a relatively scarce array of assets (Figure 10).
Second, valuations in the public market demonstrate an approximate 30% discount to private market transactions
(Figure 11). These two factors paint a picture of strong valuation support for the infrastructure asset class, with

Figure 10: Private Market Backlog: A Long Queue Figure 11: Valuation vs. Private Show Large Discount

Unlisted Infrastructure Dry Powder Listed Infrastructure Discounts to Private Market

$180 Values
$160
$140
$120
(billions)

$100
$80
$60
$40
$20
$0 (60%) (50%) (40%) (30%) (20%) (10%) 0%
2012 2013 2014 2015 2016 2017
Electric Utilities Airports Roads

Source: Preqin, as of March 2018 Source: CenterSquare, company reports, as of April 2018. Discounts to Private
Market Values are based on EV/EBITDA multiple in listed market relative to recent
private market acquisition multiples.

The statements made and the conclusions drawn in this article are not guarantees and are merely the opinion of CenterSquare and its employees.
For use with Financial Professionals and Institutional Investors only. Not for use with the general public. Please refer to disclosures at the end of this document.

4
 CenterSquare Whitepaper
Second Quarter 2018

the benefit for listed infrastructure of immediate liquidity to get capital invested, which compares well to long
queues for private equity infrastructure.

Delivering Alpha: Active Management Works in Infrastructure

Infrastructure is also ripe for alpha generation through active management, with the application of specialized
institutional knowledge to an under-covered space allowing the exploitation of pricing inefficiencies. Infrastructure
represents approximately 3% of the market capitalization of the MSCI World Index, which leads to most generalist
managers ignoring the group to focus on generating alpha in other, larger sectors. This lack of focus, coupled
with the highly specialized knowledge of assets, structures, and regulatory oversight, provide ample room for
infrastructure investment managers to deliver outsized alpha relative to the market. We see no reason for these
inefficiencies to disappear over time, meaning active management in the infrastructure asset class could be
expected to generate better-than-market alpha for the foreseeable future.

Figure 12: Specialist Focus Figure 13: Inefficiencies Create Alpha Opportunities

100%
90% Active Management Alpha
80% 2.5% (periods as of 12/31/17)
70% 2.0%
60%
50% 1.5%
40%
30% 1.0%
20%
0.5%
10%
0% 0.0%
Generalist CenterSquare 1 Year 3 Year 5 Year

Energy Telecom Transports Utilities General Equities CenterSquare/Infrastructure Universe Global Equities

Source: Generalist represents sector allocation of MSCI World Index. CenterSquare
represents sector allocation of CenterSquare’s Listed Infrastructure Composite.
Portfolio holdings and sector allocations are subject to change. Data presented is as
of December 31, 2017.
Sources: CenterSquare, MSCI World Index, eVestment Alliance. “CenterSquare/
Infrastructure Universe” represents gross alpha produced by CenterSquare for the
1 year period and by the eVestment Alliance universe of infrastructure managers
for the 3 and 5 year periods, relative to the FTSE Developed Core Infrastructure
50/50 Index. Global Equities represents the gross alpha produced by the eVestment
Alliance universe of global equity managers relative to the MSCI World Index.

Conclusion
As institutional investors continue to seek the benefits of real assets, the conversation around listed
infrastructure will continue to gain momentum. In addition to diversifying a real assets portfolio, listed
infrastructure offers a strong risk-adjusted return profile in this uncertain environment, with leverage
to growth through an economic upcycle and stability of margins and cash flow in a downturn. And while
infrastructure broadly is supported by secular demand, the listed approach specifically includes the
benefit of immediate liquidity and extremely attractive current valuations relative to equities and private
infrastructure today. We believe that the mix of new projects coming to market, valuation relative to
alternatives like global equities and private infrastructure, and timing in the business cycle all point to
this being an opportune time to allocate to listed infrastructure.

The statements made and the conclusions drawn in this article are not guarantees and are merely the opinion of CenterSquare and its employees.
For use with Financial Professionals and Institutional Investors only. Not for use with the general public. Please refer to disclosures at the end of this document.

5

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The statements made and the conclusions drawn in this article are not guarantees and are merely the opinion of CenterSquare and its employees.
For use with Financial Professionals and Institutional Investors only. Not for use with the general public. Please refer to disclosures at the end of this document.
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CenterSquare Whitepaper
Second Quarter 2018
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Definition of Indices
U.S. Equities: S&P 500
Global Equities: MSCI World Index
Global Infrastructure: For periods after 12/31/2005, FTSE Developed
Core Infrastructure 50/50 Index. For periods prior to 12/31/2005, Dow
Jones Brookfield Global Infrastructure Index.
Commodities: Credit Suisse Commodity Index
Global Bonds: JP Morgan Global Aggregate Bond Index
FTSE Developed Core Infrastructure 50/50 Index
The FTSE Global Core Infrastructure 50/50 Index and FTSE Developed
Core Infrastructure 50/50 Index give participants an industry-defined
interpretation of infrastructure and adjust the exposure to certain
infrastructure sub-sectors. The constituent weights for these indices
are adjusted as part of the semi-annual review according to three broad
industry sectors – 50% Utilities, 30% Transportation including capping
of 7.5% for railroads/railways and a 20% mix of other sectors including
pipelines, satellites and telecommunication towers.
Dow Jones Brookfield Global Infrastructure Index
The Dow Jones Brookfield Global Infrastructure Index measures the
stock performance of companies that exhibit strong infrastructure
characteristics. The index intends to measure all sectors of the
infrastructure market and is weighted by float-adjusted market
capitalization. The Dow Jones Brookfield Global Infrastructure Index
was first calculated on July 14, 2008.
S&P 500
The S&P 500 is an index that is considered to be a gauge of the U.S.
equities market. The index includes 500 leading companies spread
across the major sectors of the U.S. economy. The index focuses on the
larger cap segment of the U.S. market and represents approximately
75% of the market capitalization of U.S. securities. The index is the
most notable of the many indices owned and maintained by Standard
& Poor’s, a division of McGraw-Hill Companies.
MSCI World Index
The MSCI World Index is a broad global equity index that represents
large and mid-cap equity performance across 23 developed markets
countries. With 1,649 constituents, the index covers approximately
85% of the free float-adjusted market capitalization in each country.
Credit Suisse Commodity Index
The Credit Suisse Commodity Benchmark Total Return Index is
designed to provide monthly rebalanced, long-only diversified exposure
to commodities through notional investments in rolling futures
contracts on physical commodities. The commodities included in the
Index are determined annually based on worldwide production and
global exchange market liquidity. The Index seeks to incorporate as
many physical commodity futures as possible while maintaining the
liquidity standards of the Index.
The statements made and the conclusions drawn in this article are not guarantees and are merely the opinion of CenterSquare and its employees.
For use with Financial Professionals and Institutional Investors only. Not for use with the general public. Please refer to disclosures at the end of this document.
7
CenterSquare Whitepaper
Second Quarter 2018
J.P. Morgan Global Aggregate Bond Index
The J.P. Morgan Global Aggregate Bond Index (JPM GABI) is a
comprehensive global investment grade benchmark. The JPM GABI
series represents a new flagship foundation which ties together
established J.P. Morgan indexes and serves as a platform for future index
products and tradable offerings. Additionally, the new series provides
investors with more benchmark options via a flexible aggregate index.
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 these indices and may have material differences
from the performance of any of the referenced indices. Unlike these
benchmarks, actual portfolios are actively managed. Furthermore,
actual portfolios may 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 actual 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.
FTSE Data disclosure: Source: FTSE International Limited (“FTSE”) ©
FTSE 2018. FTSE® is a trade mark of the London Stock Exchange Group
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names are the trademarks, service marks, or registered trademarks or
service marks of MSCI or its subsidiaries in the United States and other
jurisdictions.
 CenterSquare Whitepaper
Second Quarter 2018

About the Authors

Ted Brooks, CFA, Portfolio Manager, Global Listed Infrastructure

Mr. Brooks is a Portfolio Manager for CenterSquare Investment Management’s global listed
infrastructure group. He joined the firm in 2014 and has primary responsibility for coverage of
global utilities. Prior to joining CenterSquare, Mr. Brooks was a Director of Equity Research, Power
& Utilities Group at Barclays Capital from 2005-2014, and an Investment Banking Analyst at Credit
Suisse First Boston in New York, NY from 2004-2005. Mr. Brooks holds an MBA in Finance from
the New York University Stern School of Business, and a BA in History from the College of the Holy
Cross. He is also a member of the CFA Institute.

Marshall Reid, CFA, Senior Analyst , Global Listed Infrastructure

Mr. Reid is a Senior Analyst for CenterSquare Investment Management’s global listed infrastructure
group. He joined the firm in 2014 and has primary responsibility for coverage of the transportation
sector. Prior to joining CenterSquare, Mr. Reid was a Senior Investment Manager at the Teacher
Retirement System of Texas, where he supported a $20B actively managed fund of publicly traded
equities. Prior to this, Mr. Reid was a Vice President, Equity Research Analyst at Banc of America
Securities specializing in Chemicals and Industrial Services, a Senior Associate, Investment
Banking at ABN AMRO Incorporated, and a Global Commercial Manager (Chemicals) at Mitsubishi
International Corporation. Mr. Reid holds an MBA in Finance and Accounting from the Ross School
of Business at the University of Michigan, and a BA in Japanese and Economics from Colgate
University. He is also a member of the CFA Institute.

Firm
Founded in 1987, CenterSquare Investment Management is an independent, management-owned real asset manager focused
on listed and private equity real estate and listed infrastructure investments. As an investor and manager, our success is firmly
rooted in aligning our firm’s interests with those of our clients, partners and employees, as well as our commitment to alpha-
generating research.
CenterSquare Investment Management is headquartered in suburban Philadelphia, with offices in Los Angeles, Denver, London
and Singapore. CenterSquare is proud to manage investments on behalf of some of the world's most well-known institutional
and private investors.

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