AEW Capital Management - Mon, 10/07/2024 - 22:03

U.S. Economic and Property Market Outlook

The U.S. economy expanded at an annual rate of 2.1% during the first six months of 2024, generally above expectations but significantly slower than the 4.1% real GDP growth recorded over the last six months of 2023. U.S. employment growth also continued to slow, with growth decelerating to a year-over-year pace of 1.6% in July, the slowest employment growth pace since the beginning of the Federal Reserve monetary policy tightening at the end of March 2022.

Consistent with slower economic growth, various measures of inflation continue to trend towards the Federal Reserve’s target rate of 2% annually. While core inflation, excluding food and energy costs, shows a clear downward trend, the overall consumer price index (CPI) has proven stubbornly persistent at or slightly above 3% on a year-over-year basis. The most recent data, however, show hopeful slowing with an actual monthly decline in the CPI during June and an annualized increase of only 1% over the prior three months.

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AEW Capital Management

For over 40 years, AEW Capital Management, L.P. (AEW) has provided real estate investment management services to investors worldwide. As one of the world’s largest real estate investment advisors, AEW and its affiliates manage $84.4 billion in private real estate equity, debt and listed securities across North America, Europe and Asia (as of June 30, 2024). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, Denver, London, Paris, Hong Kong, Seoul, Singapore, Sydney and Tokyo, as well as additional offices in eight European cities. For more information, please visit www.aew.com.

As of June 30, 2024. AEW includes (i) AEW Capital Management, L.P. and its subsidiaries and (ii) affiliated company AEW Europe SA and its subsidiaries. AEW Europe SA and AEW Capital Management, L.P. are commonly owned by Natixis Investment Managers and operate independently from each other. Total AEW AUM of $84.4 billion includes $38.9 billion in assets managed by AEW Europe SA and its affiliates, $4.9 billion in regulatory assets under management of AEW Capital Management, L.P., and $40.6 billion in assets for which AEW Capital Management, L.P. and its affiliates provide (i) investment management services to a fund or other vehicle that is not primarily investing in securities (e.g., real estate), (ii) non-discretionary investment advisory services (e.g., model portfolios) or (iii) fund management services that do not include providing investment advice.

Chad Nettleship
Insurance, Investor Relations
chad.nettleship@aew.com
617.261.9485

www.aew.com
2 Seaport Lane
Boston, MA 02210