London Life
Real Estate Fund
What

The London Life Real Estate Fund was launched in 1998 to create a vehicle for direct real estate investment.

How

The fund invests in 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.

$3.4B in real estate assets

$3.8B in total assets

74 properties

As of June 30, 2026
Source of Return (%)
As of March 31, 2026
Year Income Capital Total
2017 4.4 0.9 5.3
2018 4.2 2.1 6.3
2019 4.2 5.5 9.7
2020 3.9 -1.1 2.7
2021 3.4 13.1 16.5
2022 3.4 3.5 6.9
2023 3.8 -6.8 -3.0
2024 4.1 -4.7 -0.6
2025 4.2 -2.2 2.0
YTD 1.1 1.1 2.2
type 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD
Income
 4.4% 4.2% 4.2% 3.9% 3.4% 3.4% 3.8% 4.1% 4.2% 1.1%
Capital
 0.9% 2.1% 5.5% (1.1)% 13.1% 3.5% (6.8)% (4.7)% (2.2)% 1.1%
Total
 5.3% 6.3% 9.7% 2.7% 16.5% 6.9% (3.0)% (0.6)% 2.0% 2.2%
Compound Rates of Return
(gross of investment management fees)
Three Month
2.2%
One Year
3.0%
Three Year
0.5%
Five Year
3.8%
Ten Year
4.9%
Diversification by Property Type
(millions)
Type Percentage
Retail $431
Office $958
Industrial $1,130
Residential $769
Other $43
Retail
12.9%
$431
Office
28.7%
$958
Industrial
34.0%
$1,130
Residential
23.1%
$769
Other
1.3%
$43
Diversification by Region
(millions)
Type Percentage
British Columbia $715
Alberta $295
Prairies $59
Ontario $1,913
Quebec $270
Atlantic $79
British Columbia
21.5%
$715
Alberta
8.9%
$295
Prairies
1.8%
$59
Ontario
57.3%
$1,913
Quebec
8.1%
$270
Atlantic
2.4%
$79

Quarterly Highlights

Q2 2026 London Life
Real Estate Fund Bulletin

The London Life Real Estate Fund (“LLREF”) continued to generate stable results in the second quarter of 2026, resulting in a year-to-date total return of 2.70%. Performance was supported by improving operating fundamentals across the portfolio and continued execution of strategic asset management initiatives. Portfolio occupancy increased 90 basis points during the quarter to 92.0%, reflecting healthy tenant demand and positive leasing momentum which continue to support durable cash flow generation.
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Connect With Our Team

Steven Marino
Executive Vice President, Chief Portfolio & Growth Officer

David Blyth
Vice President, Corporate Development & Investor Relations