Canada Life
Real Estate Fund

What

Established in 2005, the Canada Life Real Estate Fund invests in units of the Great-West Life Real Estate Fund.

How

The Great-West Life Real Estate Fund (also known as the Canadian Real Estate Investment Fund No. 1 (or CREIF)) invests in a portfolio of high-quality, income-producing properties diversified by type and location.

Why

The objective is to provide investors with strong income returns and the opportunity for long-term capital appreciation.

$5.5B in real estate assets

$5.6B in total assets

93 properties

As of June 30, 2026

Year	Income	Capital	Total
2017	4.5	1.8	6.3
2018	4.3	2.7	7.1
2019	4.2	4.9	9.2
2020	3.8	-1.3	2.5
2021	3.7	7.8	11.6
2022	3.3	3.9	7.2
2023	3.5	-6.5	-3.0
2024	3.7	-4.3	-0.6
2025	3.8	-3.4	0.4
YTD	2.0	0.2	2.2

type	2017	2018	2019	2020	2021	2022	2023	2024	2025	YTD
Income	4.5%	4.3%	4.2%	3.8%	3.7%	3.3%	3.5%	3.7%	3.8%	2.0%
Capital	1.8%	2.7%	4.9%	-1.3%	7.8%	3.9%	-6.5%	-4.3%	-3.4%	0.2%
Total	6.3%	7.1%	9.2%	2.5%	11.6%	7.2%	-3.0%	-0.6%	0.4%	2.2%

Compound Rates of Return

(gross of investment management fees)

Three Month

0.6%

Year-to-date

2.2%

One Year

2.4%

Three Year

Five Year

2.4%

Ten Year

4.3%

Type	Percentage
Retail	$574
Office	$1,529
Industrial	$1,456
Residential	$1,554
Other	$281

Retail

11.0%

$574

Office

28.3%

$1,529

Industrial

27.0%

$1,456

Residential

28.5%

$1,554

Other

5.2%

$281

Type	Percentage
British Columbia	$647
Alberta	$677
Prairies	$23
Ontario	$3,444
Quebec	$554
Atlantic	$49

British Columbia

12.0%

$647

Alberta

12.6%

$677

Prairies

0.4%

$23

Ontario

63.8%

$3,444

Quebec

10.3%

$554

Atlantic

0.9%

$49

Quarterly Highlights

Q1 2026 Canada Life
Real Estate Fund Bulletin

The Canada Life Estate Fund (“CREIF”) continued to generate stable results in the second quarter of 2026, resulting in a year-to-date total return of 2.17%. Performance was supported by improving operating fundamentals across the portfolio and continued execution of strategic asset management initiatives. Portfolio occupancy increased 47 basis points during the quarter to 89.1%, reflecting healthy tenant demand and positive leasing momentum which continue to support durable cash flow generation.