Canada Life
Participating Account

The Livmore Bay & Gerrard, 55 Gerrard St. West, Toronto, Ontario
Le Livmore Ville-Marie, 435 René Lévesque Blvd., Montreal, Quebec
185 Enfield Place, Mississauga, Ontario
The Hendrix
The Mint, 425 West Trade St., Charlotte, North Carolina
180 Queen St. West, Toronto, Ontario
555 Robson St., Vancouver, British Columbia
650 Almanor Ave., Sunnyvale, California
Financial House, 205 Detroit St., Denver, Colorado
2200 Yukon Court, Milton, Ontario
18701 & 18901 East 38th Ave., Denver, Colorado
351 & 353 Maple St., Bellingham, Massachusetts
3209 Lionshead Ave., Carlsbad, California

50%
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50.5%
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75%
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Long-Term
Real Estate Investing

Direct real estate is a core component of the Canada Life Participating Account, providing diversified exposure to high-quality commercial and multi-residential assets across North America.

End-to-End
Real Estate Expertise

To optimize long-term performance, GWL Realty Advisors manages every aspect of the portfolio, from strategy and investments to development, asset management, property management and leasing.

Built for
Long-Term Stability

With a core investment strategy, the portfolio focuses on high-quality income-producing properties and development opportunities, delivering diversification, stable income and long-term capital appreciation while serving as a natural hedge against inflation.

$5.6B
direct real estate portfolio

11.8M sq. ft.
of commercial space

4,000+
multi-residential units

North American portfolio
Unleveraged investment strategy

As of XX, 2026

Holdings by geography

Map of North America
British Columbia 11%
Alberta 10%
Mountain U.S. 6%
Pacific U.S. 10%
Southwest U.S. 5%
Northeast U.S. 8%
Southeast U.S. 4%
Ontario 37%
Quebec 8%
Holdings by property type
as of December 31, 2025
Type Percentage
Industrial 37
Residential 30
Office 17
Retail 8
Other 8
Industrial
37%
Residential
30%
Office
17%
Retail
8%
Other
8%
Economic sector/tenancy exposure*
as of June 30, 2025
Type Percentage
Public administration 20
Retail 18
Transportation and warehousing 12
Professional, scientific, technical services 12
Finance, insurance and real estate 11
Manufacturing 10
Other 17
Public administration
20%
Retail
18%
Transportation and warehousing
12%
Professional, scientific, technical services
12%
Finance, insurance and real estate
11%
Manufacturing
10%
Other
17%

* Commercial Office, Industrial and Retail properties only, by rental revenue.

Source of return (%)
as of December 31, 2025
Year Income Capital Total
2017 4.8 4.6 9.8
2018 4.3 3.0 7.6
2019 4.3 3.6 7.9
2020 4.1 0.3 4.4
2021 3.4 7.5 11.0
2022 3.8 1.6 5.2
2023 3.7 -5.1 -1.4
2024 4.0 -1.5 2.5
2025 3.9 -0.7 3.3
Income
Capital
Total

Canada Life Participating Account insurance policies are issued by The Canada Life Assurance Company. GWL Realty Advisors manages some of the real estate assets of the Canada Life Participating Account.

Note: Canada Life Participating Account refers to the Canada Life combined open participating account and the Canada Life closed participating account.

For more information on the Canada Life combined open participating account, visit www.canadalife.com