Terms of Use

Last updated on: May 18, 2018

• Terms of Use and Acceptance
• General Disclosures
• Modification
• Limited Audience/Information for Foreign Investors
• Non-Solicitation
• General Real Estate Risks and Infrastructure Risks
• Intellectual Property/ Authorized Use
• Licenses
• Links to Other Websites
• Termination
• Disclaimers
• Limitation of Liability
• Indemnification
• Privacy and Security
• Severability
• Entire Agreement; Jurisdiction and Choice of Law

Terms of Use and Acceptance

This website (“Site“), and any information offered and/or provided by CenterSquare Investment Management LLC its parents, subsidiaries and affiliates (referred to collectively as “we” or “us” or “CenterSquare”) through this Site, are offered to you conditioned upon your acceptance without modification of these Terms of Use. By using this Site, you agree to these Terms of Use. Please read these Terms of Use carefully. If you do not agree to these Terms of Use, or do not have the legal right or authority to accept these Terms of Use, you may not use this Site or any information provided through this Site.

These Terms of Use are in addition to any other agreements between you and CenterSquare, including any account agreements and other agreements that govern your use of information available on the Site.

General Disclosures

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.

Modification

We may revise these Terms of Use from time to time by posting a revised version on this Site without notice to you. You should check these Terms of Use each time you use this Site for such revisions to ensure you agree to them. By using this Site or engaging in any of the activities described in these Terms of Use after changes have been made to these Terms of Use, you are agreeing to accept and comply with those changes.

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.

Non-Solicitation

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

The Site and the information contained in it contain copyrighted works, trademarks and other proprietary material owned by CenterSquare or third party providers. CenterSquare and our third party providers own all respective rights, title and interest in and to the Site, all the content, data and materials thereon, the look and feel, design and organization of the Site, and the compilation of the content, data, and materials on the Site, including all intellectual property and proprietary rights therein.

You may use the material available from this Site for informational purposes only. The redistribution, use or publication by you of any portion of the site is strictly prohibited. You may print copies of pages from this Site for your personal purposes, provided that each copy includes any copyright, trademark or service mark notice or attribution as they appear, on the pages copied. The availability of third party material on this Site is not to be used as a substitute for a license or services agreement directly with the relevant third party provider. Except as stated above, you may not copy, reproduce, publish, post, transmit, display, store, sublicense, transfer or distribute material from this Site without our express written permission or that of our third party providers, as applicable (“Permission”). You also may not:

• modify, alter, revise, paraphrase, omit, or change any material on or from this Site without Permission;
• create derivative works, whether based in whole or in part upon the material on this Site, or any portion thereof, without Permission;
• modify, amend, reduce the size of or in any way obscure any warning, notice, liability limitation, or other license provision in material on or from this Site; or
• link into or use for any public or commercial purpose materials on or obtained from this Site without Permission.

Nothing contained on this Site should be construed as granting, by implication, estoppel or otherwise, any license or right in and to our trademarks or copyrighted material.

Licenses

Nothing contained on this Site should be construed as granting, by implication, estoppel or otherwise, any license or right in and to our trademarks or copyrighted material (collectively “measurements”) on our Site. Most of these measurements are subject to trademarks, service marks or copyrights of the sponsoring companies, and are licensed for our use. However, these companies do not sponsor, endorse, sell or promote our investment strategies or products, and make no representation regarding the advisability of investing in our products or strategies. For additional information about these measurements, please contact us.

Links to Other Web Sites

This Site may provide links to other websites that we think might be of interest to our users (“Linked Sites”). Linked Sites are provided only as a convenience to users of this Site. Please note that when you click on a Linked Site, you may be moving to another provider’s website. These Linked Sites and their providers are not controlled by CenterSquare and CenterSquare is not responsible for the contents or the operation of any Linked Site. The inclusion of any Linked Site does not imply endorsement of the Linked Site or its provider by CenterSquare. We encourage you to read the terms of use and privacy statements of these Linked Sites as their policies may differ from ours.

Termination

You agree that we grant access to the Site and its content solely at our exclusive discretion. We reserve the right to prohibit access to anyone for any reason, including those whom we determine are violating these Terms of Use, restricting or inhibiting any other user from using or enjoying the Site, or whose conduct we reasonably determine may constitute a criminal offense, give rise to civil liability, or otherwise violate any applicable local, state, national, or international law. You agree that CenterSquare shall not be liable to you or any third party for any termination or restriction of your access to or use of this Site and its contents.

Disclaimers

You acknowledge and agree that your decision to use the information available on or though this Site or to take any action or refrain from taking any action as a result of your use of this Site will be your decision alone, based solely on your own evaluation of your financial circumstances, your investment objectives and the nature, potential value and suitability of the transactions you make. You should consult an appropriate professional for specific advice tailored to your situation. WE SPECIFICALLY DISCLAIM ANY AND ALL LIABILITY OR LOSS ARISING OUT OF ANY ACTION TAKEN IN RELIANCE ON THIS INFORMATION, INCLUDING MARKET VALUE LOSS ON THE SALE OR PURCHASE OF SECURITIES OR OTHER INSTRUMENTS OR OBLIGATIONS.

YOU UNDERSTAND AND AGREE THAT THE INFORMATION PROVIDED ON OR THROUGH THIS SITE IS PROVIDED ON AN “AS IS” “AS AVAILABLE” BASIS. TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, CENTERSQUARE AND ANY THIRD PARTY PROVIDERS EXPRESSLY DISCLAIM ALL WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION ANY IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY, NON-INFRINGEMENT AND FITNESS FOR A PARTICULAR PURPOSE, AND ALL WARRANTIES REGARDING SECURITY, CURRENCY, CORRECTNESS, QUALITY, ACCURACY, COMPLETENESS, RELIABILITY, PERFORMANCE, TIMELINESS OR CONTINUED AVAILABILITY, WITH RESPECT TO (i) THE SITE; (ii) ANY INFORMATION AVAILABLE ON OR THROUGH THE SITE; (iii) USE OF THE SITE; AND (iv) THE RESULTS OF THE USE OF THE SITE.. FURTHER, CENTERSQUARE AND ANY THIRD PARTY PROVIDERS EXPRESSLY DISCLAIM ALL WARRANTIES WITH RESPECT TO ANY DELAYS OR ERRORS IN THE TRANSMISSION OR DELIVERY OF ANY INFORMATION AVAILABLE THROUGH THIS SITE.

EXCEPT AS PROVIDED BY LAW, CENTERSQUARE HAS NO RESPONSIBILITY TO MAINTAIN THE INFORMATION ON THE SITE OR TO SUPPLY CORRECTIONS OR UPDATES TO THE SAME.

SOME JURISDICTIONS DO NOT ALLOW LIMITATIONS ON HOW LONG IMPLIED WARRANTIES LAST OR THE EXCLUSION OF CERTAIN IMPLIED WARRANTIES; IN SUCH EVENT, SUCH DISCLAIMERS SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW.

Limitation of Liability

BY ACCESSING THIS SITE, YOU AGREE TO WAIVE ALL CLAIMS AGAINST US AND ALL THIRD PARTY PROVIDERS REGARDING THIS SITE AND YOUR USE THEREOF. YOU AGREE THAT UNDER NO CIRCUMSTANCES SHALL WE OR ANY OTHER PARTY INVOLVED IN CREATING, PRODUCING, OR DELIVERING THIS SITE BE LIABLE TO YOU FOR ANY DAMAGES, INCLUDING BUT NOT LIMITED TO ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, OR CONSEQUENTIAL DAMAGES OR DAMAGES FOR LOSS OF PROFITS, TRADING LOSSES, GOOD WILL, BUSINESS INTERRUPTION, , EQUIPMENT OR OTHER INTANGIBLE LOSSES (EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES) THAT RESULT FROM (1) THE RELIANCE ON, USE OF OR INABILITY TO USE THIS SITE; (2) THE CONSEQUENCES OF ANY DECISION MADE OR ACTION OR NON-ACTION TAKEN BY YOU OR BY ANYONE TO WHOM YOU COMMUNICATE INFORMATION DERIVED FROM THIS SITE, OR FOR ANY ERRORS BY YOU IN COMMUNICATING SUCH INFORMATION; (3) FORCE MAJEURE AND ANY SIMILAR EVENTS THAT ARE BEYOND OUR REASONABLE CONTROL. WE SHALL NOT BE LIABLE FOR DAMAGE OR INJURY TO PERSONS OR PROPERTY ARISING FROM ANY USE OF THIS SITE. WE CANNOT AND WILL NOT ASSUME ANY LIABILITY FOR UNAUTHORIZED OR FRAUDULENT USE OF THIS SITE.

OUR ENTIRE LIABILITY AND YOUR EXCLUSIVE REMEDY FOR ANY DISPUTE OR CLAIM RELATED TO THESE TERMS OF USE, THE SITE, OR THE PRIVACY POLICY IS YOUR CESSATION OF THE USE OF THIS SITE.

BECAUSE SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR CONSEQUENTIAL OR INCIDENTAL DAMAGES, IN SUCH JURISDICTIONS LIABILITY IS LIMITED TO THE FULLEST EXTENT PERMITTED BY LAW.

Indemnification

You will be responsible for any liability to CenterSquare that arises out of your breach of these Terms of Use or your use of the Site. You agree to indemnify, defend and hold harmless CenterSquare and its third party providers, and each of its and their officers, directors, employees, and agents, from and against all claims, demands, liabilities, damages, losses or expenses, including reasonable attorneys’ fees, relating to any information you submit, post to or transmit through this Site, your use of the Site, your connection to the Site, your violation of these Terms of Use or any harm you cause another user of the Site.