W e target undervalued properties, typically between $20 million and $80 million; entrepreneurial transactions that are too large for individual investors, but too small for the larger funds — where we can create value through focused operational and financial management. Moreover, we maintain a diverse portfolio. HMC and its affiliates have owned, developed and managed multifamily, office, industrial, retail and hotel properties throughout the Southeastern and Southwestern United States. It’s an approach that’s clearly resonated in the market over the past decade. Since 2008, the fund size has grown from $130 million to just under $500 million. Our decade of continual success is perhaps best exemplified by an exceptionally rewarding series of multifamily renovation projects we launched in 2009, in the wake of the housing collapse, before anyone else in the market recognized the opportunity.   “Ultimately,” Momsen continues, “our strategy is about creating a value proposition for everyone involved — from our investors to the end users. That’s why I enjoy working for HMC.” As much as any HMC strategy, U.S. Real Estate is distinguished in the market by our philosophical approach to investing. “I joined HMC because I wanted to be part of a firm that’s committed to making transformative investments,” says Senior Managing Director Jon-Paul Momsen. “Investments that create real value, not the kind that are simply bets on market momentum.” REAL ASSETS U.S. Real Estate $2.2 Billion Total Realized Sales for Six Funds 11.7% Net Internal Rate of Return Across Six Funds $3.7 Billion Real Estate Purchases Across Six Funds 64 / $2.4 Billion Properties / Real Estate Assets Under Management “An investment company’s approach to data is one of the first items on my punch list. Not only is HMC incredibly detailed with data, their overall approach to real estate is the same as ours. Just as importantly, they are extraordinarily institutional — in the level and sophistication of their back office support — for a strategy their size. They are extremely thoughtful — both in their processes and their decisions.” Søren Jacobsen Head of Real Estate & Infrastructure – Sampension Hellerup, Denmark 17