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State Universities Retirement System of IllinoisAEW CORE PROPERTY TRUSTFEBRUARY 14, 2013

Exhibit 13

Exhibit 13

AEW Core Property Trust (U.S.), Inc.An Open-End Property Fund

This material has been prepared for the intended recipient and is for informational purposes only. This material may not be distributed, published or reproduced, in whole or in parts for parties other than the intended recipient without prior approval of AEW. Nothing contained herein shall constitute an offer to sell or solicitation of an offer. Any such offer will be made only to qualified investors pursuant to an offering document.

Exhibit 13

AEW Core Property Trust (U.S.)1

Exhibit 13

AEW Core Property Trust (U.S.) 2

AEW Core Property Trust (CPT)

Core open-end fund invests primarily in the four main property types in top-tier U.S. markets. The Fund seeks to provide stable income,

preservation of capital, and modest appreciation over the long-term.

Key Characteristics of the Fund

Strong Sponsorship Focus on Income

Diversified, High-Quality Portfolio Outperformance vs. ODCE

Liquid, First-Tier Markets Limited Investment Queue

Exhibit 13

The Townsend Group 3

West 8thSeattle, Washington

Exhibit 13


Table of Contents

Overview of AEW

AEW Core Property Trust (U.S.)

Current Portfolio

Appendix

I

II

III

IV

Exhibit 13


1660 WynkoopDenver, Colorado

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Section I

Overview of AEW

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About AEW

• Our mission is to be our clients’ most trusted and effective advisor

• AEW’s clients include many of the world’s leading public and private retirement programs, foundations, endowments, and private investors

• Over 350 clients located in over 24 countries around the globe

• Founded in 1981, AEW focuses exclusively on designing and executing research-driven real estate investment strategies

• $46.6/€36.2 billion in direct and listed property under management in North America, Europe and Asia

• Broad experience across all property types and geographic regions

• Integrated research provides top-down perspective

• Over 400 professionals in 14 offices, with primary offices in Boston, London, Los Angeles, Paris, Hong Kong and Singapore

• Named one of “Best Place to Work in Money Management” by Pensions and Investments (P&I)

Gross asset value as of September 30, 2012. Total AUM includes $22.5 billion in assets managed by AEW Europe and its affiliates and $507 million in subadvisorysecurities wrap accounts for which AEW provides only a model portfolio. Staff and offices include AEW Europe. Pensions & Investments award winners were chosen in partnership with Buck Surveys (part of Buck Consulting) based on the results of a survey conducted of money managers published in December of 2012.

Exhibit 13


Broad North American Investment Platform

Gross asset values as of September 30, 2012.1Listed Securities AUM includes assets under management in Europe and Asia.

CORE$10.1 billion AUM

LISTED SECURITIES$7.7 billion AUM1

CORE-PLUS/VALUE-ADDED$4.7 billion AUM

OPPORTUNISTIC$1.2 billion AUM

DEDICATED INVESTMENT TEAMS

InvestorRelations

CapitalMarkets

Legal/Compliance/

Insurance RiskManagement

Architectural &Engineering

RESEARCH

$23.7 billion of assets under management in North America

Exhibit 13


West35%

Midwest16%

South21%

East27%

NORTH AMERICAN ASSETS BY PROPERTY TYPE

Based on gross asset values as of September 30, 2012

NORTH AMERICAN PRIVATE EQUITY GROSS AUM

($16.0 Billion at 9/30/12)

Retail 13,047,794 SF

Industrial 20,331,420 SF

Office 14,723,765 SF

Multifamily/Residential 21,110 Units

Hotels 2,686 Rooms

Senior Housing 5,101 Units

Canada/Other1%

Strong Experience Across Property Types and Geographic Regions

NORTH AMERICAN ASSETS BY LOCATION (By Property Value)

Value-Added$4.7 B

Core$10.1 B Opportunistic

$1.2 B

Exhibit 13


AEW Core Investing History

AEW returns are leveraged, net of fee, investment level returns for all core investments managed by the Direct Investment Group. Returns are as of September 30, 2012. Past performance is not indicative of future results. Returns are compared to the NCREIF Fund Index - Open-End Diversified Core Equity (NFI-ODCE), which is a

leveraged, net of fee, time weighted index. Additional information on performance of core investments in each year is available upon request.

AEW CORE INVESTMENT LEVEL PERFORMANCE(Leveraged, Net-of-Fees)

12.8% 12.4%

0.8%

10.1%10.5% 11.1%

-2.0%

5.7%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%One-Year Three-Year Five-Year Ten-Year

AEW DIG – Core Investments NFI-ODCE

• AEW has been investing in core real estate since 1981

• Over 50% of the gross value of AEW’s private equity investments are core holdings

• On a 10-year basis, AEW’s core investments have outperformed the ODCE Index by more than 440 bps

Exhibit 13


Memorial ApartmentsHouston, Texas

Exhibit 13


Section II

AEW Core Property Trust (U.S.)

Exhibit 13


AEW Core Property Trust (CPT)

There can be no assurances the Fund will achieve its objectives. Past performance is not indicative of future results.

Investment Strategy

The Fund seeks to invest in best-in-class assets located in top-tier markets with a heavy emphasis on income, liquidity and strong long-term fundamentals.

• Emphasize bi-coastal investment strategy based on AEW’s research-driven principles

• Target markets with diverse employment base, strong forecasted market fundamentals and liquidity

• Seek well-leased assets with durable in-place income and above-average growth potential

• Target acquisitions with a going-in cost at or below today’s replacement cost

• Leverage AEW’s long core operating history

Investment Guidelines

• Diversified core portfolio focused on four main property types

• Invest only in the United States

• No single investment can exceed 25% of the Fund’s NAV

• Leverage limited to 30% at Fund level

Structure:

• Private REIT

• Quarterly contributions and redemptions

Exhibit 13


Portfolio Overview

All numbers preliminary as of December 31, 2012

TOP INDUSTRY EXPOSURES

High Technology

Travel and Entertainment

Federal Government

Financial Services

Health and Education

TOP MARKETS

Washington, DC

Miami

New York

Boston

Southern California

Northern California

Seattle

Texas

PROPERTY TYPE DIVERSIFICATION

5%

25%

17%

15%

38%

0%

25%

22%

14%

39%

Other

Multifamily

Retail

Industrial

Office

Gross Property Value $3.0 B

Net Asset Value $1.9 B

Number of Investments 30

Number of Properties 65

Leverage Ratio 28%

Average Interest Rate 4.0%

Core Property TrustODCE

IndustrialMultifamilyRetailOffice

Exhibit 13


Portfolio OverviewPROJECTED SAME-STORE NOI

ROLLOVER EXPOSURE (% OF TOTAL SQUARE FOOTAGE)

0

10

20

30

40

2013 2014 2015 2016 2017

Office Retail Industrial

13%

7%

15%

10%

SF/UNITS

Office 2,368,026 88%

Industrial 6,106,614 94%

Retail 1,799,067 97%

Multifamily 2,282 96%

Total 10,273,7072,282

93%

LEASED

$144.0

$152.3

$162.2

$169.2

$174.8

$140.0

$150.0

$160.0

$170.0

$180.0

Year One Year Two Year Three Year Four Year Five

Projected same-store NOI represents projected net operating income for CPT’s current investments as included in the Fund’s most recent quarterly valuation models as of December 31, 2012. Projected NOI includes both contractual revenue in existing leases as well as projections of future leasing activity based on multiple assumptions including, but not limited to, future rental rates, renewal probabilities and leasing costs. Actual future NOI may differ from the projections shown here. All numbers preliminary as of December 31, 2012. Year one has been adjusted to remove the effect of free rent for CPT’s investment in West 8th.

8%

Exhibit 13


4.8%

4.4%

5.9%

5.5%

Three-Year

One-Year

CPT ODCE

Fund Performance

CPT INCOME YIELD VS. ODCE(NET INCOME RETURN)

CPT PERFORMANCE VS. ODCE (TOTAL NET RETURN)

8.9%

14.0%

0.6%

9.8%

13.3%

-1.6%

One-Year Three-Year Since Inception

CPT ODCE

CPT DIVIDEND YIELD1

2012 5.1%

2011 5.5%

2010 5.5%

2009 5.5%

112-month trailing common dividend yield to investors net of all fees and costs of the fundReturns are preliminary as of December 31, 2012. The inception date of the Fund is October 1, 2007. AEW returns are leveraged, net of fee, investment level returns for the

AEW Core Property Trust. Returns are compared to the NCREIF Fund Index - Open-End Diversified Core Equity (NFI-ODCE), which is a leveraged, net of fee, time weighted index. Past performance is not indicative of future results.

Exhibit 13


AEW Core Property Trust TeamTime Tested and Experienced Team

ASSET MANAGEMENT32 Professionals

OFFICE11 Professionals

MULTIFAMILY9 Professionals

RETAIL7 Professionals

INDUSTRIAL5 Professionals

ACCOUNTING/REPORTINGStephen Reissfelder

31 Professionals

INSURANCE RISK MANAGEMENTClaire M. Skinner3 Professionals

LEGAL/COMPLIANCEJames J. Finnegan

3 Professionals

CAPITAL MARKETSKevin M. Stotts2 Professionals

ARCHITECTURE/ENGINEERINGEdward F. Cassidy

3 Professionals

THE AEW PLATFORM

AEW RESEARCH

• Fund team has long history of executing core real estate strategies

• Team members average over 20 years of real estate experience; over 14 years with AEW

• Experienced acquisition and asset management teams based in Boston and Los Angeles

• Fund team is supplemented byan extensive platform of shared resources

HEAD OFDIRECT INVESTMENTS

Pamela J. Herbst

SENIORPORTFOLIO MANAGER

Daniel J. Bradley

PORTFOLIO MANAGER

Jonathan Martin

ACQUISITIONS

Robert J. Plumb15 Professionals

RESEARCH

Beth B. Mace8 Professionals

Exhibit 13


AEW Investment and Risk Management Committees

Jeff Furber

Chief Executive Officer27 years of experience15 years at AEW

Michael Acton

Director of AEW Research26 years of experience22 years at AEW

James Finnegan

General Counsel28 years of experience19 years at AEW

Marc Davidson

AEW Partners Funds29 years of experience17 years at AEW

Matthew Troxell

AEW Real Estate Securities30 years of experience18 years at AEW

Robert Plumb

Direct Investments Acquisitions27 years of experience23 years at AEW

Steven Corkin

Investor Relations30 years of experience28 years at AEW

Daniel Bradley

CPT Senior Portfolio Manager28 years of experience13 years at AEW

Pamela Herbst

AEW Direct Investments35 years of experience30 years at AEW

Steven Corkin and Matthew Troxell are members of the Risk Management Committee only. Daniel Bradley serves on the Investment Committee for the AEW Core Property Trust (U.S.)

Investment Committee • Reviews all new

investment opportunities

• Unanimous approval is required to invest

Risk ManagementCommittee • Provides guidance on

operational and investment risk

• Reviews and approves annual business plans, including asset dispositions

Exhibit 13


AEW Research

• Experienced research team of eight urban economists

• Research integrated at every level of decision-making process

– Strategy development

– Market selection

– Investment underwriting

– Portfolio and asset management

– Hold/sell analysis

• Research Approach

– Macroeconomic and capital market viewpoint

– Top-down/bottom up assessment of metro market fundamentals

– Emphasis on industry drivers in metro economies

– Ongoing analysis of key supply/demand drivers – 6 major property types, 100 largest metro areas

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General Porfolio Industry Concentrations as of December 31, 2010

Portfolio

NCREIF

U.S. Metro Total

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General Porfolio Industry Concentrations as of December 31, 2010

Portfolio

NCREIF

U.S. Metro Total

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Exhibit 13


Research-Driven Investment PrinciplesInvest in peak-to-peak rent growth markets:Invest in markets where supply constraints - physical barriers, governmental and legal restrictions, or economic factors - work to keep the market in equilibrium and allow for absolute growth in rent and thus, value, from the peak of one market cycle to the peak of the next cycle.

Follow the people:Invest in markets with educated populations and strong job growth. We seek to exploit America’s changing demographics – aging Baby Boomers, the coming-of-age of Echo Boomers, immigration trends – and the impact they will have for economic growth and demand for real estate.

Pursue the path of continued globalization:Take advantage of trends and markets that are affected by an increasingly globalized world economy. We seek to invest in markets and properties that are positively influenced by globalization as it continues to affect the nature of U.S. jobs, the movement of goods and services, and consumer spending.

Reduce risk through economic diversification:Strive to diversify by economic drivers, as the composition of the industry drivers of a metro area will substantially define that area’s economic growth and thus, real estate values.

Track the money:Invest in markets and properties that will see investment in emerging technologies and industries as well as those that will benefit from program or policy-related changes in government expenditures.

Exhibit 13


• Over the last five years, the Direct Investment Group Acquisitions Team has evaluated 918 private equity transactions totaling approximately $60.7 billion in gross value; of those we closed on 93 transactions totaling over $5.3 billion.

• Of those evaluated, 545 were core deals totaling $39.2 billion in gross value; we closed on 42 core deals totaling $3.1 billion in gross value.

West$1.2 B Mountain

$433 M

West No. Central

$24 M

Southwest$705 M

Southeast$968 M

Mideast$875 M

EastNo. Central

$86 M

Northeast$899 M

BREAKDOWN OF CLOSED TRANSACTIONS

Investment Sourcing Capability

For the period January 1, 2008 – December 31, 2012 for the AEW Direct Investment Acquisitions TeamTransactions include core and value added

• Experienced across all property types and regions

• Extensive network of operators and developers

Multifamily27.2%$1.4 B

Office33.3%$1.7 B

Retail16.2%$873 M

Industrial12.7%$680 M

Other0.2%$10 M Senior Housing

10.4%$560 M

Exhibit 13


PROPERTY TYPE Office

LOCATION Seattle, Washington

PROPERTY SIZE 499,664 square feet

YEAR BUILT 2009

ACQUISITION DATE November 2012

ACQUISITION PRICE $278.7 million ($558/sf)

INVESTMENT ATTRIBUTES

• 28‐story LEED Gold Class A office building located in downtown Seattle between the financial district and the newly redeveloped South Lake Union area

• The Seattle office market is one of the strongest in the country with significant net absorption and increasing rental rates. In addition, the city has some of the strongest job growth in the United States

• The property is 97% leased to a quality tenant roster anchored by Amazon. The weighted average lease term in the building is 9.8 years, providing a very stable income flow

INVESTMENT STRATEGY

• Plan to secure long‐term fixed rate financing up to 50% LTV, resulting in an income yield above 6.25%

• Hold for the long term and achieve superior risk‐adjusted returns on a trophy quality asset, in a strong Seattle CBD location, with long‐term credit tenancy

Preliminary as of December 31, 2012. There are no assurances that the Fund will meet its objectives. The above transaction is presented to show a current AEW Core Property Trust investment. Although this transaction represents the type that we may pursue in the future,

no representation is made that similar opportunities will be available.

West 8th

REPRESENTATIVE CORE TRANSACTION

Exhibit 13


PROPERTY TYPE Multifamily

LOCATION Houston, Texas

PROPERTY SIZE 401 Units

YEAR BUILT 2007

ACQUISITION DATE August 2012

ACQUISITION PRICE $56.4 million ($140,648/Unit)

INVESTMENT ATTRIBUTES

• Class A, 401 unit property well located on the Eldridge Parkway just off route I-10 in the heart of the desirable Energy Corridor

• Walking distance or short drive to many of Houston’s largest employers including BP America, Conoco Phillips, and Shell Oil Co.

• Due to widespread single-family subdivisions, extensive park and reserve land, and a high demand for office space, this location has become infill with limited potential sites for future multifamily development

INVESTMENT STRATEGY

• Hold for the long-term and earn superior risk adjusted returns by proactively managing a well-maintained Class A asset, and benefit from improving market fundamentals in Houston

Preliminary as of December 31, 2012. There can be no assurances that the Fund will achieve its objectives.The above transaction is presented to show a current AEW Core Property Trust investment. Although this transaction represents the type that we may pursue in the future, no representation is made that similar opportunities will be available.

Memorial ApartmentsREPRESENTATIVE CORE TRANSACTION

Exhibit 13


Why AEW Core Property Trust?

CPT is positioned to capture and take advantage of real estate opportunities

• Sponsorship – AEW has been investing in core real estate since 1981 and brings a track record of performance; our team averages over 20 years of real estate experience and over 14 years with AEW

• Diversified, high-quality portfolio – well-leased, core portfolio in major liquid markets

• Focus on income – over the last 12 months, CPT’s income yield of 5.5% has exceeded the NFI-ODCE by 117 bps and the Fund’s trailing 12-month common dividend yield was 4.8%

• Outperformance – CPT has outperformed NFI-ODCE on a net basis by 217 bps annualized since inception

• Limited investment queue – allowing us to put investor capital to work in the near term

As of December 31, 2012There can be no assurances that the Fund will achieve its objectives. Past performance is not indicative of future results.

Inception date: October 1, 2007

Exhibit 13


Summary of Key Fund Terms

FUND STRUCTURE: The AEW Core Property Trust is organized as a Maryland corporation that qualifies as a real estate investment trust (a “REIT”) under the Internal Revenue Code of 1986, as amended.

FUND STRATEGY: Acquire primarily institutional-quality core assets in top-tier U.S. markets. Non-core investments limited to 15% of Fund’s NAV. Focus on diversification across property types and underlying geographic economic drivers.

TARGET RETURN: Exceed the returns of the NCREIF Fund Index - Open-End Diversified Core Equity(NFI-ODCE) on a net of fee basis.

MINIMUM INVESTMENT: $5 million

TRANSACTION SIZE: Averaging $50 - $100 million of gross value

LEVERAGE: Up to 30% on the overall portfolio

REDEMPTIONS: Quarterly

VALUATIONS: Each asset in the Fund will be externally appraised every twelve months. In addition, assets will be valued internally by AEW on a quarterly basis. Both the external and internal valuation process will be subject to oversight and review by an Independent Valuation Advisor, which is currently Altus Group Ltd.

ADVISORY BOARD: The Fund’s Advisory Board consists of: (i) one member representing each investor with a capital commitment of $50 million or more; (ii) up to five members representing investors with capital commitments of less than $50 million elected by those investors; and (iii) one or more non-voting members appointed by AEW. The Board will meet at least annually to review the Fund’s annual portfolio business plan, the report of the Fund’s Independent Valuation Advisor regarding the results of the valuation process for the prior year, and to review and approve the Fund’s valuation policy for the coming year. The AdvisoryBoard will also be responsible for approving any changes to the Fund’s leverage limitations, investment strategy, redemption policy, valuation policy as well as material changes to the investment management agreement.

MANAGEMENT FEE: Management fees paid based on invested net asset value. Fee rate calculated on committed capital in accordance with the following schedule:- 110 bps on the first $10 million of capital commitment;- 100 bps on the portion of capital commitments between $10 and $25 million;- 85 bps on the portion of capital commitments between $25 and $50 million;- 80 bps on the portion of capital commitments between $50 and $100 million; and - 75 bps on the portion of capital commitments in excess of $100 million.

Nothing contained herein shall constitute an offer to sell or solicitation of an offer to buy an interest in the Fund. Any such offer will be made only to qualified investors pursuant to a private placement memorandum. There can be no assurances that the Fund will achieve its objectives.

Exhibit 13


Section III

Current Portfolio

The following transactions are presented to show current AEW Core Property Trust investments. Although these transactions represent the type that we may pursue in the future, no representation is made that similar opportunities will be available.

Exhibit 13


Investment Summary

1Represents Fund’s Share of Net Investment Value on Market Value basisAll numbers preliminary as of December 31, 2012This investment summary is presented to show the current investments in the AEW Core Property Trust.Although these transactions represent the types that we may pursue in the future, no representation is made that similar opportunities will be available.

Current Investments Acquisition

Date SF/Units

Gross Investment

Value Value Per SF/Unit

DebtBalance LTV

Interest Rate

Net Investment

Value1%

Leased

OFFICE

355 Alhambra – Coral Gables, FL July 2008 222,884 $77,700,000 $349 $- - - $77,700,000 78%

360 Lexington – New York, NY August 2008 263,195 119,393,257 454 38,600,000 32% 5.00% 80,793,257 83%

Brigham Circle – Boston, MA March 2010 199,488 122,500,000 614 43,000,000 35% 3.83% 79,500,000 100%

Three Ballston – Arlington, VA March 2010 304,166 150,857,705 496 - - - 150,857,705 95%

1750 H Street – Washington, D.C. October 2010 111,373 62,700,000 563 30,112,508 48% 5.60% 16,293,746 94%

National Press Building – Washington, D.C. June 2011 490,960 160,701,163 327 67,000,000 42% 4.56% 89,016,105 76%

One Exeter Plaza – Boston, MA December 2011 211,351 112,400,000 532 - - - 112,400,000 73%

1660 Wynkoop– Denver, CO June 2012 65,716 26,700,000 230 - - - 26,700,000 90%

West 8th- Seattle, WA November 2012 498,893 278,680,000 559 125,000,000 45% 3.57% 153,680,000 97%

Total Office 2,368,026 $1,111,632,125 $303,712,508 27% 4.21% $786,940,813 88%

INDUSTRIAL

Panattoni Industrial– Rancho Cucamonga, CA November 2007 758,857 $56,500,000 $74 $20,000,000 35% 2.21% $36,500,000 100%

Kent Valley Industrial – Kent, WA July 2008 525,419 35,006,415 67 - - - 35,006,415 52%

Miami Industrial – Miami, FL July 2008 116,041 8,300,000 72 - - - 8,300,000 100%

Interstate Commerce Center – Cincinnati, OH May 2008 298,308 11,400,000 38 - - - 11,400,000 100%

14000/14300 Arminta – Van Nuys, CA August 2011 209,966 28,110,010 134 5,000,000 18% 2.21% 23,110,010 100%

Flagler Station I – Miami, FL April 2012 2,322,393 168,500,000 73 85,000,000 50% 3.62% 83,500,000 97%

Flagler Station II– Miami, FL April 2012 1,875,630 177,700,000 95 85,000,000 48% 3.62% 92,700,000 97%

Total Industrial 6,106,614 $485,516,425 $195,000,000 40% 3.44% $290,516,425 94%

Exhibit 13


Investment Summary

1Represents Fund’s Share of Net Investment ValueAll numbers preliminary as of December 31, 2012

This investment summary is presented to show the current investments in the AEW Core Property Trust.Although these transactions represent the types that we may pursue in the future, no representation is made that similar opportunities will be available.

Current Investments Acquisition

Date SF / Units

Gross Investment

Value Value Per SF/Unit

DebtBalance LTV

Interest Rate

Net Investment

Value1%

Leased

MULTIFAMILY

Courtyard at Jefferson – Hoboken, NJ October 2007 144 $77,400,000 $537,500 $- - - $77,400,000 100%

Presidio View Apartments – San Diego, CA December 2009 350 106,000,000 302,857 33,950,000 32% 5.75% 64,845,000 95%

Palladium Apartments – Scottsdale, AZ December 2010 250 52,500,000 210,000 - - - 52,500,000 97%

Cameron Court – Alexandria, VA December 2011 460 147,000,000 319,565 - - - 147,000,000 95%

Museum Place – Portland, OR December 2011 140 55,300,000 395,000 - - - 55,300,000 97%

Memorial Apartments – Houston, TX August 2012 401 61,000,000 152,120 26,500,000 43% 4.94% 34,500,000 97%

Reinhold Portfolio – Philadelphia, PA September 2012 447 103,000,000 230,425 52,700,000 51% 3.38% 44,767,000 96%

Vista Catalina- Rancho Palos Verdes, CA December 2012 90 36,280,000 403,111 13,769,153 38% 4.15% 22,510,847 97%

Total Multifamily 2,282 $638,480,000 $126,919,153 20% 4.42% $498,822,847 96%

RETAIL

Shops at Grand Avenue – Queens, NY April 2009 99,986 $44,200,000 $442 $- - - $44,200,000 94%

Stevens Creek Central – San Jose, CA October 2009 195,952 73,500,000 375 - - - 73,500,000 100%

Creekside Town Center – Roseville, CA September 2010 360,942 118,163,864 327 - - - 118,163,864 100%

Shops at Rossmoor – Seal Beach, CA December 2011 404,856 132,000,000 326 - - - 132,000,000 99%

Arlington Highlands– Arlington, TX December 2012 737,331 206,200,000 280 122,982,032 60% 5.69% 74,896,171 94%

Total Retail 1,799,067 $574,063,864 $122,982,032 21% 5.69% $442,760,035 97%

OTHER

Flagler Investment – Southeast FL January 2011 - $198,961,021 - - - - $198,961,021 -

Line of Credit - - - - 90,000,000 - 1.96% (90,000,000) -

Total Portfolio 10,273,7072,282

$3,008,653,435 $838,613,693 28% 4.04% $2,128,001,141 93%

Exhibit 13


Portfolio Valuations

December 31, 2012 December 31, 2011

Investment GPV Value/SF Discount

RateExit Cap

RateYear 1

Cap Rate GPV Value/SF Discount

RateExit Cap

RateYear 1 Cap

RateChange

$ %

OFFICE

355 Alhambra $77,700,000 $349 8.00% 6.75% 5.49% $77,100,000 $346 8.00% 7.00% 6.63% $600,000 1%

360 Lexington 119,393,257 454 7.25% 6.00% 4.48% 103,300,000 392 7.25% 6.00% 5.08% 16,093,257 16%

Brigham Circle 122,500,000 614 6.75% 6.50% 5.48% 116,100,000 582 6.75% 6.50% 5.40% 6,400,000 6%

Three Ballston 150,857,705 496 7.00% 6.75% 5.89% 148,000,000 487 7.00% 7.00% 5.34% 2,857,705 2%

1750 H Street 62,700,000 563 7.25% 6.50% 6.30% 69,400,000 623 7.25% 6.50% 6.22% (6,700,000) (10%)

National Press Building 160,701,163 327 7.25% 6.25% 4.69% 168,341,102 343 7.25% 6.50% 4.95% (7,639,939) (5%)

One Exeter Plaza 112,400,000 532 6.25% 6.25% 2.91% 112,000,000 530 6.25% 6.75% 4.47% 400,000 0%

1660 Wynkoop 26,700,000 406 6.80% 7.25% 5.91% - - - - - - -

West 8th 278,680,000 559 6.25% 6.75% 2.30% - - - - - - -

Total Office $1,111,632,125 6.85% 6.52% 4.31% $794,241,102 7.06% 6.61% 5.31% $12,011,023 2%

MULTIFAMILY

Courtyard at Jefferson $77,400,000 $537,500 6.50% 6.00% 4.52% $69,800,000 $484,722 7.00% 6.25% 4.81% $7,600,000 11%

Presidio View Apts 106,000,000 302,857 6.25% 5.75% 4.52% 102,000,000 291,429 6.50% 6.00% 4.72% 4,000,000 4%

Palladium Apartments 52,500,000 210,000 7.25% 6.25% 4.85% 45,900,000 183,600 7.50% 6.25% 5.17% 6,600,000 14%

Cameron Court 147,000,000 319,565 7.00% 6.25% 5.23% 146,240,000 317,913 7.00% 6.25% 5.12% 760,000 1%

Museum Place 55,300,000 231,515 6.50% 6.00% 5.57% 55,300,000 236,000 6.50% 6.00% 5.37% - 0%

Memorial Apartments 61,000,000 152,120 7.30% 6.50% 5.68% - - - - - - -

Reinhold Portfolio 103,000,000 230,425 6.88% 6.25% 5.67% - - - - - - -

Vista Catalina 36,280,000 403,111 6.60% 5.50% 4.20% - - - - - - -

Total Multifamily $638,480,000 6.78% 6.10% 5.08% $419,240,000 6.87% 6.16% 5.01% $18,960,000 5%


Exhibit 13


Portfolio Valuations

December 31, 2012 December 31, 2011

Investment GPV Value/SFDiscount

RateExit Cap

RateYear 1 Cap

Rate GPV Value/SFDiscount

RateExit Cap

RateYear 1 Cap

RateChange

$ %

INDUSTRIAL

Panattoni Portfolio $56,500,000 $74 6.50% 6.50% 4.53% $52,400,000 $69 6.75% 6.75% 6.10% $4,100,000 8%

Kent Valley 35,006,415 67 6.75% 6.50% 4.24% 28,800,000 55 8.00% 7.50% 5.88% 6,206,415 22%

Miami Industrial 8,300,000 72 8.00% 7.00% 4.01% 8,200,000 71 9.00% 7.75% 12.46% 100,000 1%

Interstate Commerce Ctr. 11,400,000 38 8.50% 8.25% 8.47% 12,600,000 42 7.75% 8.00% 7.97% (1,200,000) (10%)

14000/14300 Arminta 28,110,010 134 6.75% 6.50% 5.88% 24,800,000 118 7.00% 7.00% 6.63% 3,310,010 13%

Flagler Station I 168,500,000 73 6.00% 6.00% 5.00% - - - - - - -

Flagler Station II 177,700,000 95 6.00% 6.00% 5.01% - - - - - - -

Total Industrial $485,516,425 6.25% 6.19% 5.01% $126,800,000 7.33% 7.16% 6.75% $12,516,425 10%

RETAIL

Shops at Grand Avenue $44,200,000 $442 6.75% 6.00% 5.73% $41,700,000 $417 6.75% 6.50% 5.95% $2,500,000 6%

Stevens Creek Central 73,500,000 375 6.50% 6.00% 5.89% 70,000,000 357 6.50% 6.25% 5.88% 3,500,000 5%

Creekside Town Center 118,163,864 327 6.50% 6.00% 5.59% 110,000,000 305 6.75% 6.25% 5.71% 8,163,864 7%

Shops at Rossmoor 132,000,000 326 6.25% 5.75% 5.20% 125,289,000 309 6.25% 6.00% 3.91% 6,711,000 5%

Arlington Highlands 206,200,000 280 7.60% 6.75% 6.27% - - - - - - -

Total Retail $574,063,864 6.86% 6.21% 5.79% $346,989,000 6.52% 6.19% 5.12% $20,874,864 6%

OTHER

Flagler Investment $198,961,021 - - - - $159,724,746 - - - - - -

Total $3,008,653,435 6.73% 6.31% 4.92% $1,846,994,848 6.92% 6.45% 5.31% $64,362,312 4%


Exhibit 13


0%

5%

10%

15%

20%

25%

Portfolio NCREIF ODCE U.S. Metro Total

Diversification by Economic DriversAEW CORE PROPERTY TRUST INDUSTRY CONCENTRATIONS

Preliminary as of December 31, 2012Compared to the NCREIF Fund Index - Open-End Diversified Core Index (NFI-ODCE), which is a leveraged, net of fee, time weighted index.

Exhibit 13


Debt Profile

• Line of credit has total facility size of $400 million, drawn down to fund Q4 acquisitions.• Overall fund

leverage limit is 30%

• CPT is currently targeting overall leverage of 20-25%

All numbers preliminary as of December 31, 20121Interest rate is current 1-Month LIBOR plus 200 bps.2Interest rate is current 1-Month LIBOR plus 175 bps

Property Name Gross Value Debt AmountExpiration

DateCurrent Interest

Rate LTV

360 Lexington $119,393,257 $38,600,000 7/2013 5.00% 32%

1750 H Street 62,700,000 30,112,508 7/2014 5.60% 48%

Arminta Industrial1 28,110,010 5,000,000 12/2014 2.21% 18%

Panattoni Industrial1 56,500,000 20,000,000 12/2014 2.21% 35%

Arlington Highlands 206,200,000 122,982,032 1/2016 5.69% 60%

Vista Catalina 36,280,000 13,769,153 6/2017 4.15% 38%

Memorial Apartments 61,000,000 26,500,000 1/2018 4.94% 43%

Brigham Circle 122,500,000 43,000,000 12/2018 3.83% 35%

Flagler Station I 168,500,000 85,000,000 5/2019 3.62% 50%

Flagler Station II 177,700,000 85,000,000 5/2019 3.62% 48%

Presidio View Apartments 106,000,000 33,950,000 1/2020 5.75% 32%

National Press 160,701,163 67,000,000 5/2021 4.56% 42%

Reinhold Portfolio 103,000,000 52,700,000 11/2022 3.38% 51%

West 8th 278,680,000 125,000,000 1/2025 3.57% 45%

Sub-Total $1,687,264,430 $748,613,693 4.29% 25%

Line of Credit2 - $90,000,000 7/2014 1.96% -

Total $3,008,653,435 $838,613,693 4.04% 28%

Exhibit 13

The Townsend Group33

Cameron CourtAlexandria, Virginia

Exhibit 13

34AEW Core Property Trust (U.S.)

Section IV

AppendixBiographical Information

Composite PerformanceAdditional Notes

Socially Responsible Investment Policy Statement

Exhibit 13


Core Fund Team - Biographical InformationPAMELA J. HERBSTManaging Director and Head of AEW Direct Investment Group

Ms. Herbst is a Managing Director at AEW and Head of the Direct Investment Group. As the Head of AEW’s Direct Investment Group, she is responsible for all of the firm’s investment activities on behalf of core and value-added clients. In this capacity, Ms. Herbst oversees the asset and portfolio management of over $14 billion of gross assets invested in nearly all property types and new investment transactions totaling approximately $1 billion/year. She is also a member of the firm’s Management Committee, Investment Committee and Risk Management Committee. Over her 30-year career with AEW, Ms. Herbst has served in a variety of roles that have encompassed asset management, portfolio management and acquisitions. In addition to holding a number of industry certifications, she is a former Chair and Board member of the National Association of Real Estate Investment Managers (NAREIM), past Treasurer of the Executive Committee and a member of the Board of Directors for the Massachusetts Chapter of the National Association of Office and Industrial Parks (NAIOP), and currently serves as a Trustee for the Urban Land Institute (ULI), where she also serves as a member of the Investment Committee. Ms. Herbst also serves as Vice Chair of the Board for The Home for Little Wanderers (The Home), the oldest private non-profit child and family services agency in the U.S. and chairs their Real Estate Committee. Ms. Herbst is a graduate of the University of Massachusetts (B.A.) and Boston University (M.B.A.).

DANIEL J. BRADLEYSenior Portfolio Manager, AEW Core Property Trust

Mr. Bradley is a Director in AEW’s Direct Investment Group and Senior Portfolio Manager for the Fund. Prior to assuming responsibility of the AEW Core Property Trust, Mr. Bradley was a Portfolio Manager overseeing separate account portfolios totaling approximately $5.5 billion of gross client assets. He has 28 years of real estate investment and portfolio management experience. Mr. Bradley joined AEW in 1999 from his position as Managing Director of Portfolio Management for GE Capital Investment Advisors, where he was responsible for developing and directing the execution of clients’ investment strategies and was a member of the firm’s Senior Management Group and Investment Committee. Previously, Mr. Bradley had served as the company’s Managing Director of Asset Management, where his responsibilities included the management of a portfolio of assets totaling approximately $1.5 billion. Mr. Bradley is a graduate of Bethany College (B.A.) and Northeastern University (M.B.A.).

JONATHAN MARTINPortfolio Manager, AEW Core Property Trust

Mr. Martin is a Director in AEW’s Direct Investments Group and Portfolio Manager for the Fund. Prior to assuming his role as the Portfolio Manager on the AEW Core Property Trust, Mr. Martin served as the Director of Asset Management and Portfolio Accounting for AEW’s Direct Investment Group. Mr. Martin has also managed the Firm’s Information Technology Group where he has been responsible for the development of several AEW proprietary systems including asset management, performance and acquisition applications. Prior to joining the firm in 2001, Mr. Martin worked for nine years as a Senior Manager with PricewaterhouseCoopers, LLP where he was an auditor and financial consultant specializing in the real estate and mortgage banking industries. Mr. Martin is a Certified Public Accountant, a member of NCREIF’s Accounting and Performance Committees, and an active member in NAREIM. He holds bachelor degrees in both Finance and Accounting from the University of Notre Dame.

Exhibit 13


Core Fund Team - Biographical Information

ROBERT J. PLUMBManaging Director and Head of Acquisitions, Direct Investment Group

Mr. Plumb is a Managing Director of the firm and leads AEW’s Direct Investment acquisitions team, a group of 15 acquisitions professionals who are responsible for sourcing, negotiating, underwriting and closing investment opportunities for AEW’s core and value-added clients. Mr. Plumb has 27 years of real estate experience, including extensive acquisitions and portfolio management experience. Mr. Plumb is a member of AEW’s Investment Committee, Management Committee and Risk Management Committee. During his career, he has been responsible for the acquisition and structuring of over $10 billion of real estate transactions. Mr. Plumb joined the firm in 1989 as an asset manager with significant focus on industrialand office properties in California and the southwestern U.S. Prior to that, he worked for the Kuwait Investment Office as an Investment Manager for its U.S. real estate and agricultural portfolio. He is active in the senior leadership of the Urban LandInstitute (ULI). Mr. Plumb is a graduate of Trinity College (B.A.) and Columbia University (M.S.).

BETH BURNHAM MACEDirector, AEW Research

Ms. Mace is a Director of the firm and an economist with AEW Research. With over 25 years of economic forecasting experience, Ms. Mace is dedicated to working with AEW’s Direct Investment Group and provides primary research support to the firm’s core and value-added investment strategies. Ms. Mace supports the group in underwriting as well as asset and portfolio management decisions. Ms. Mace also has expertise in senior housing feasibility analyses. Prior to joining AEW in1997, Ms. Mace spent ten years at Standard & Poor’s DRI in varying roles, most recently as the Director of the Regional Information Service with responsibility for developing forecasts of economic, demographic, and industry indicators for 314 major metropolitan areas in the U.S. Prior to working at DRI, she spent three years as a Regional Economist at the Crocker Bank. Ms. Mace has also worked at the National Commission on Air Quality, the Brookings Institution and Boston Edison. She is a member of the National Association of Industrial and Office Properties (NAIOP), the National Association of Business Economists (NABE), and New England Women in Real Estate (NEWIRE) and is on the Board of Directors for the National Investment Center for the Seniors Housing & Care Industry (NIC). Ms. Mace is a graduate of Mount Holyoke College (B.A.) and the University of California (M.S.).

Exhibit 13


JEFFREY D. FURBERChief Executive Officer

Jeffrey Furber is the Chief Executive Officer of AEW Capital Management and Chairman of AEW Europe. Mr. Furber has oversightresponsibility for all of AEW’s operating business units in the United States, Europe and Asia. He also chairs the firm’s Management Committee, which is responsible for AEW’s strategic direction and for managing the firm’s resources across investment disciplines and he is a member of the firm’s Investment Committees and Risk Management Committees in North America, Asia and Europe. Mr. Furber joined AEW in 1997 from Winthrop Financial Associates, a wholly owned subsidiary of Apollo Advisors, where he served as a Managing Director of Winthrop and as President of Winthrop Management. In these capacities, he was responsible for acquisitions, asset management and capital markets activity, including the sourcing of equity and mezzanine debt investments. Mr. Furber is a graduate of Dartmouth College (A.B.) and Harvard Business School (M.B.A.).

MICHAEL J. ACTON, CFAManaging Director, Director of AEW Research

Mr. Acton is a Managing Director of the firm and Director of Research at AEW with responsibility for overseeing the activities of AEW Research, the firm’s highly regarded in-house research group. Mr. Acton joined the firm in 1990 and has 26 years of experience as an economic analyst and forecaster. He is a standing member of the firm’s Investment Committee, Management Committee and Risk Management Committee. The resources of AEW Research are an integral part of AEW’s investment process and Mr. Acton works closely with senior professionals in all areas of the firm to develop investment strategies that match clients’ risk/reward objectives with market opportunities. Mr. Acton is also a member of the firm’s Compliance Committee. Prior to joining AEW, he was with DRI/McGraw-Hill where he managed the Metropolitan Area Forecasting Service. He is a graduate of Bates College (B.A.) and holds the designation of Chartered Financial Analyst.

MARC L. DAVIDSON Managing Director, AEW Partners Funds

Mr. Davidson is a Managing Director of the firm and oversees the AEW Partners Funds. Mr. Davidson joined AEW in 1995 as Assistant Portfolio Manager for the AEW Partners Funds and became Portfolio Manager for the funds in 1999. He has 29 years of experience in real estate consulting, property management and development, including extensive experience in working with national developers and large institutional property owners. Mr. Davidson is a member of the firm’s Management Committee and Risk Management Committee. Prior to joining AEW, he worked at Coopers & Lybrand as a Senior Manager in the Real Estate and Reorganization Groups, where his areas of expertise included financial analysis and planning, forecasting, development of internal management controls, deal structuring, and investment analysis. Prior to that he served as a commercial real estate controller at several real estate development and management companies, including Winthrop Management, The Linpro Company and Charter Development Company. A Certified Public Accountant, he is a graduate of Bentley College (B.S.).

Additional Investment Committee Members -Biographical Information

Exhibit 13


JAMES J. FINNEGANManaging Director, General Counsel and Chief Compliance Officer

Mr. Finnegan is a Managing Director of the firm and AEW’s General Counsel and Chief Compliance Officer. Prior to joining AEW, he was engaged in the private practice of law with major New York City (Milbank Tweed) and Boston (Ropes & Gray) law firms. Jay has 28 years of real estate experience. He joined AEW in 1993 and has been actively involved in various aspects of AEW’s investment activities, including the creation and implementation of real estate investment and portfolio management strategies for institutional investors. In addition to serving as a member of AEW’s Investment Committee, Jay is also a member of the firm’s Management Committee and Risk Management Committee. He also serves as AEW’s Chief Compliance Officer. Jay is a member of the General Counsel section of the National Association of Real Estate Investment Managers and is a graduate of the University of Vermont (B.A.) and Fordham University School of Law (J.D.).

Additional Investment Committee Members -Biographical Information

Investor Relations - Biographical Information

STEVEN D. CORKINManaging Director, Head of Investor Relations

Mr. Corkin is a Managing Director at AEW with overall responsibility for the firm’s Investor Relations. He has been with AEW since 1984 and is a member of the firm’s Management Committee and Risk Management Committee. His broad experience at the firm includes originating and structuring real estate investments on behalf of AEW’s clients, as well as direct asset and portfolio management. Prior to joining AEW, Mr. Corkin spent several years in private practice with a major Bostonlaw firm, where he specialized in structured real estate finance transactions. In addition to other community involvement, Mr. Corkin is a member of the Trust Board of Children’s Hospital Boston; is a Trustee of Boston’s Institute of Contemporary Art, where he serves as Chair of the Building Committee; and is a member of the Board of Directors of Victory Programs. He also serves on the Editorial Board of The Institutional Real Estate Letter. Mr. Corkin is a graduate of Brandeis University (B.A.) and George Washington University (J.D.).

Exhibit 13


DAVID “MAC” MCWHORTERDirector, Investor Relations

Mr. McWhorter is a Director in AEW Investor Relations with overall responsibility for client service and marketing to institutional investors in the western United States. He also serves as AEW’s Investor Relations specialist for the U.S. public funds market. Mr. McWhorter is currently responsible for overseeing AEW’s relationship with institutional investors, whose total real estate assets represent more than $75 billion, and who have over $5 billion in assets under management with AEW. Mr. McWhorter has over 25 years of real estate investment experience with extensive expertise in institutional investor relations and a background in acquisitions and asset management. Prior to joining AEW in 2003, he served as Director of Global Institutional Marketing for real estate at Henderson Global Investors. Prior to that, he served as a Managing Director at Heitman with responsibility for investor relations for their U.S. public fund clients. He began his real estate career with CB Richard Ellis. Mr. McWhorter is active in a number of professional associations and has served on the Boards of the University of Southern California Lusk Center for Real Estate and the Association of Investment Management Sales Executives (AIMSE). He currently serves on the Editorial Advisory Board of The Institutional Real Estate Letter.

JAY W. STRUZZIERY, CFAVice President, Investor Relations

As a member of AEW’s Investor Relations Group, Mr. Struzziery is responsible for marketing AEW’s investment services and for developing and maintaining client and consultant relationships. Mr. Struzziery joined AEW in 2004 from Morgan Stanley, where he worked in a wealth advisory capacity on behalf of the firm’s private clients. Prior to that, he was an analyst at Goldman, Sachs & Co. in the Fixed Income Capital Markets group, where he was responsible for developing client specific financing strategies for accessing the corporate bond market and executing transactions across all major currencies. Mr. Struzziery graduated from Villanova University (B.A.) in 2000 and holds the Chartered Financial Analyst designation. Mr. Struzziery is a member of the CFA Institute and the Boston Security Analysts Society (BSAS).

Investor Relations - Biographical Information

JOHN DAVISVice President, Investor Relations

Mr. Davis serves as a Vice President in AEW’s Investor Relations Group, with responsibility for marketing the firm’s investment services and maintaining client relationships. Mr. Davis, who joined AEW in 2006, is a 26-year veteran of the El Paso Fire Department, retiring at the rank of Captain. He also served as a member of the Board of Trustees with the El Paso Fire and Police Pension Fund for fifteen years and as a member of the Texas Association of Public Employee Retirement Systems (TEXPERS) Board of Directors for eight years. Mr. Davis has been a frequent speaker on the local, state and federal level on pension preservation, underfunding and fiduciary issues. Mr. Davis is a graduate of Western Illinois University with a BS in Fire Service Management.

Exhibit 13


YearNumber

of Portfolios

Dispersion of Total Return

(Gross of Fees)

Dispersion of Total Return (Net of Fees)

Year-End Percent

Externally Appraised

Period EndPercent

Leverage

Total Net Assets (millions)

Total Firm Assets

(millions)

% of Total Firm

Assets

2008 1 N/A N/A 33% 17% $327 $10,656 3.07%

2009 1 N/A N/A 65% 24% $335 $11,430 2.93%

2010 1 N/A N/A 54% 13% $798 $14,408 5.54%

2011 1 N/A N/A 61% 21% $1,194 $14,632 8.16%

20122 1 N/A N/A N/A 19% $1,862 $16,547 11.25%

AEW Core Property Trust (U.S.) Inc. CompositeFrom October 1, 2007 through September 30, 2012

(Continued on next page)

1Benchmark returns are not covered by the Independent Verifier’s report2Includes performance for the period from January 1, 2012 to September 30, 2012

Past performance is not indicative of future results. Performance for periods less than one year is not annualized.AEW Capital Management, LP has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

AEW Time Weighted Returns (Gross of Fees)

AEW Time Weighted Returns (Net of Fees)

Benchmark Returns (NFI - ODCE, Gross of Fees)1

Year Income Appreciation Total Income Appreciation Total Income Appreciation Total

2008 4.37% (9.88%) (5.91%) 3.86% (9.88%) (6.38%) 4.81% (14.24%) (9.99%)

2009 6.43% (30.22%) (25.63%) 5.95% (30.22%) (26.00%) 6.12% (34.13%) (29.76%)

2010 6.59% 10.90% 18.15% 6.02% 10.90% 17.53% 6.64% 9.23% 16.36%

2011 6.77% 9.09% 16.42% 6.21% 9.09% 15.82% 5.49% 10.05% 15.99%

20122 4.58% 2.20% 6.86% 4.08% 2.20% 6.36% 4.05% 4.21% 8.39%

Exhibit 13


AEW Core Property Trust (U.S.) Inc. Composite

1. AEW Capital Management, LP (“AEW” or “the Firm”) is a real estate investment advisor registered under the Investment Advisers Act of 1940 that provides investment management and related services to institutional investors and other owners of commercial properties and portfolios. A complete list and description of the Firm’s composites is available upon request. AEWhas been verified for the periods 2000 - 2011 by an independent verifier, except as otherwise noted. A copy of the verificationreport is available upon request. Verification assesses whether (1) the firm has complied with all the composite constructionrequirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate andpresent performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

2. The AEW Core Property Trust (U.S.) Inc. Composite (the “Composite”) was created in October 2007. The Composite is defined to include all investments made by AEW Core Property Trust (U.S.) Inc (the “Fund”), an open-end core real estate fund managed by AEW on behalf of institutional investors. The Fund was established with the objective of providing these investors with attractive total returns as well as consistent current cash distributions from investments in real estate in the United States. AEW exercises full discretion over the selection, capitalization, asset management and disposition of investments within the fund subject to certain general investment type and diversification restrictions included in the Fund’s agreement. The Fund invests primarily in core real estate assets and may or may not utilize leverage. Leverage is limited by the Fund’s documents to a maximum of 30% of the total gross value of the Fund’s assets, and does not include amounts outstanding on the Fund’s line of credit that are used to fund new acquisitions intra-quarter that are prepaid with new investor capital on the first day of the following quarter. The returns above have not been adjusted to eliminate the effect of leverage where present. The Fund is accounted for on a basis consistent with US GAAP. The Fund was added to the Composite as of the beginning of the first full quarter subsequent to its initial investor capital contributions in October of 2007.

3. Account level returns are based in U.S. Dollars and are computed monthly using a time-weighted total rate of return methodology adjusted for daily weighted cash flows. Composite returns are calculated monthly by asset weighting individual account returns using beginning of the month fair values adjusted for daily weighted cash flows. Quarterly composite returns are calculated by linking monthly returns, and annual composite returns are calculated by linking quarterly returns. The sum of income and appreciation returns may not equal their respective total returns due to the chain-linking of returns. Additional information regarding policies for calculating and reporting returns in compliance with the GIPS standards is available upon request.

4. Cash balances held above requirements for working capital reserves are generally distributed on a quarterly basis. Undistributed cash balances are included in working capital which is part of the calculation of investment returns. Income on cash balances and income from real estate investments are based on the accrual method of accounting. Capital expenditures, tenant improvementsand lease commissions are capitalized and included in the cost basis of real estate investments. These amounts are not amortized, and are reflected in the appreciation component of investment returns.

Exhibit 13


AEW Core Property Trust (U.S.) Inc. Composite(continued)

5. Real estate fair values on which the calculated returns are based are reviewed by AEW quarterly. Assets are valued through acombination of an internal and external appraisal process, as approved annually by the Advisory Board of the Fund. In general, the policy of the Fund is to externally appraise the assets in the portfolio each year, unless circumstances warrant differently. This could include not appraising an asset that was recently purchased, or one that is being held for sale. 61% of the Composite’s assets were externally valued during the year ended December 31, 2011. The fair value of real estate investmentsare estimated based on the price that would be received to sell an asset in an orderly transaction between marketplace participants at the measurement date. Real estate investments without a public market are valued based on fair value assumptions and valuation techniques utilized by AEW. Such valuation techniques include the income capitalization, the salescomparison and the cost approach. Actual sale negotiations and bona fide purchase offers received from third parties as well asindependent external appraisals are also considered. Income producing properties primarily rely on the income capitalizationapproach, using the direct capitalization or discounted cash flow analysis. Key inputs and assumptions include rental incomeand expense amounts and related growth rates, and income capitalization and discount rates. Different assumptions or changes in future market conditions could significantly affect estimated fair value.

6. The benchmark return is the NCREIF Open-End Diversified Core Equity Fund Index (“NFI – ODCE”) which is an index comprised of the performance of a group of core, open-end funds similar in strategy and investment guidelines to the Fund. The index is a fund-level capitalization weighted, time weighted return index and includes property investments at ownership share, cash balances and leverage. As of September 30, 2012, the index was comprised of 18 open-end core funds with a total net asset value of $86.2 billion. A more detailed description of this index is available at http://www.ncreif.org/fund-index-odce-returns.aspx. The index results have been taken from public sources.

7. Performance results are presented before and after asset management fees. AEW receives management fees equal to 110 basis points per annum of the Fund’s net asset value deemed allocable to Class A Common Stock, paid quarterly in arrears. Investorsreceive shares of Class A and Class B common stock (which does not pay a management fee) based on the amount of their total commitment to the Fund. The effect of this allocation results in a fee load that ranges between 80 and 110 basis points byinvestor. In addition, initial investors included in the first $1 billion of capital commitments to the Fund receive a special discounted management fee rate of 50 basis points on net asset value.

8. The dispersion of annual returns is measured by asset weighted standard deviation across account level returns represented within the composite each period. Dispersion of returns is not calculated when a composite consists of five or fewer accounts atany point during an entire year as the calculation of standard deviation for the composites with five or fewer accounts is not considered meaningful.

Exhibit 13


AEW Core Separate Account CompositeFrom January 1, 2002 through September 30, 2012


1Benchmark returns are not covered by the Independent Verifier’s report2Includes performance for the period from January 1, 2012 to September 30, 2012 Past performance is not indicative of future results. Performance for periods less than one year is not annualized.AEW Capital Management, LP has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

AEW Returns (Gross of Fees) AEW Returns (Net of Fees) Benchmark Returns (NFI - ODCE, Gross of Fees)1

Year Income Appreciation Total Income Appreciation Total Income Appreciation Total

2002 8.52% 0.43% 8.98% 7.66% 0.37% 8.06% 8.16% (2.46%) 5.54%

2003 7.85% 3.87% 12.00% 6.98% 3.58% 10.80% 7.32% 1.84% 9.28%

2004 7.92% 9.36% 17.95% 7.18% 9.02% 16.80% 7.12% 5.62% 13.06%

2005 7.67% 13.04% 21.63% 6.92% 12.79% 20.53% 6.56% 14.09% 21.39%

2006 6.68% 14.54% 22.11% 5.96% 14.33% 21.08% 5.81% 10.04% 16.32%

2007 5.70% 5.95% 11.97% 5.01% 5.89% 11.17% 5.22% 10.30% 15.97%

2008 5.94% (18.87%) (13.96%) 5.20% (18.90%) (14.62%) 4.81% (14.24%) (9.99%)

2009 7.36% (20.38%) (14.41%) 6.60% (20.43%) (15.09%) 6.12% (34.13%) (29.76%)

2010 7.97% 8.77% 17.38% 7.17% 8.54% 16.28% 6.64% 9.23% 16.36%

2011 6.89% 10.49% 18.05% 6.17% 10.19% 16.94% 5.49% 10.05% 15.99%

20122 4.64% 3.50% 8.28% 4.16% 3.49% 7.78% 4.05% 4.21% 8.39%

Exhibit 13


AEW Core Separate Account CompositeFrom January 1, 2002 through September 30, 2012


Year Number of Portfolios

Dispersion of Total Return

(Gross of Fees)

Dispersion of Total Return (Net of Fees)

Year-End Percent

Externally Appraised

Period-End Percent

Leverage

Total Net Assets (millions)

Total Firm Net Assets (millions)

% of Total Firm Net Assets

2002 3 N/A N/A N/A 27% $392 $5,832 6.72%

2003 3 N/A N/A N/A 22% $539 $8,107 6.65%

2004 3 N/A N/A N/A 16% $778 $10,644 7.31%

2005 3 N/A N/A N/A 20% $1,068 $11,344 9.41%

2006 4 N/A N/A N/A 20% $1,302 $14,712 8.85%

2007 4 N/A N/A N/A 24% $1,326 $14,302 9.27%

2008 3 N/A N/A 43% 29% $1,502 $10,656 14.09%

2009 3 N/A N/A 52% 34% $1,222 $11,430 10.69%

2010 3 N/A N/A 50% 32% $1,367 $14,408 9.49%

2011 4 N/A N/A 58% 26% $2,040 $14,632 13.94%

20122 3 N/A N/A N/A 26% $2,026 $16,547 12.24%

1Benchmark returns are not covered by the Independent Verifier’s report2Includes performance for the period from January 1, 2012 to September 30, 2012

Past performance is not indicative of future results. Performance for periods less than one year is not annualized.AEW Capital Management, LP has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS®).

Exhibit 13


AEW Core Separate Account Composite

1. AEW Capital Management, LP (“AEW” or “the Firm”) is a real estate investment advisor registered under the Investment Advisers Act of 1940 that provides investment management and related services to institutional investors and other owners of commercial properties and portfolios. A complete list and description of the Firm’s composites is available upon request.AEW has been verified for the periods 2000 - 2011 by an independent verifier, except as otherwise noted. A copy of the verification report is available upon request. Verification assesses whether (1) the firm has complied with all the compositeconstruction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

2. The AEW Core Separate Account Composite (the “Composite”) was created in August 2004. The Composite is defined to include all discretionary, fee-paying separate accounts managed by AEW on behalf of institutional investors that are focused on core strategies. AEW considers an account discretionary for GIPS reporting purposes when client imposed restrictions, if any, do not significantly prohibit the Firm from applying the strategies that would otherwise be independently followed given the nature of the account. These separate accounts invest primarily in core real estate assets that may or may not utilize leverage. The returns above have not been adjusted to eliminate the effect of leverage where present. In general, when utilized, leverage is applied either at the portfolio or individual real estate asset level and ranges between 35% to 75% of the value of the underlying investments. The Composite is accounted for on a basis consistent with US GAAP. New client accounts are included within the Composite in their first full quarter of existence, closed accounts are included in the Composite through the quarter in which any final real estate assets they have invested in are disposed of.

3. Account level returns are based in U.S. Dollars and are computed monthly using a time-weighted total rate of return methodology adjusted for daily weighted cash flows. Composite returns are calculated monthly by asset weighting individual account returns using beginning of the month market values adjusted for daily weighted cash flows. Quarterly composite returns are calculated by linking monthly returns, and annual composite returns are calculated by linking quarterlyreturns. The sum of income and appreciation returns may not equal their respective total returns due to the chain-linking of returns. Additional information regarding policies for calculating and reporting returns in compliance with the GIPS standards is available upon request.

4. Cash balances held at the individual account level above requirements for working capital reserves are generally distributed to clients on a monthly or quarterly basis. Undistributed cash balances are included in working capital which is part of the calculation of investment returns. Income on cash balances and income from real estate investments are based on the accrual method of accounting. Capital expenditures, tenant improvements and lease commissions are capitalized and included in the cost basis of real estate investments. These amounts are not amortized, and are reflected in the appreciation component of investment returns.

Exhibit 13


AEW Core Separate Account Composite (continued)

5. Real estate market values on which the calculated returns are based are reviewed by AEW quarterly. In addition, assets are generally valued through an external appraisal process annually. In certain circumstances, specific client requirements haveassets being independently appraised less frequently, usually not less than at least every three years. 58% of the Composite’s assets were externally valued during the year ended December 31, 2011. The fair value of real estate investments are estimated based on the price that would be received to sell an asset in an orderly transaction between marketplace participants at the measurement date. Real estate investments without a public market are valued based on fair value assumptions and valuation techniques utilized by AEW. Such valuation techniques include the income capitalization, the sales comparison and the cost approach. Actual sale negotiations and bona fide purchase offers received from third parties as well as independent externalappraisals are also considered. Income producing properties primarily rely on the income capitalization approach, using the direct capitalization or discounted cash flow analysis. Key inputs and assumptions include rental income and expense amountsand related growth rates, and income capitalization and discount rates. Different assumptions or changes in future market conditions could significantly affect estimated fair value.

6. The dispersion of annual returns is measured by the asset weighted standard deviation across account level returns represented within the Composite each period. Dispersion of returns is not calculated when a composite consists of five or fewer accounts at any point during an entire year as the calculation of standard deviation for composites with five or fewer accounts is notconsidered meaningful.

7. The benchmark return is the NCREIF Open-End Diversified Core Equity Fund Index (“NFI – ODCE”) which is an index comprised of the performance of a group of core, open-end funds similar in strategy and investment guidelines to the Composite. The index is a fund-level capitalization weighted, time weighted return index and includes property investments at ownership share, cash balances and leverage. As of September 30, 2012, the index was comprised of 18 open-end core funds with a total net asset value of $86.2 billion. A more detailed description of this index is available at: http://www.ncreif.org/fund-index-odce-returns.aspx. The index results have been taken from public sources.

8. Performance results above are presented gross and net of investment management fees. Performance results are also presented before and after disposition fees. Fee structures vary based on account size and other factors from portfolio to portfolio within the Composite. AEW may typically receive asset management fees of 50 basis points to 75 basis points, and disposition fees that range from 50 basis points to 75 basis points. Such fees are generally calculated based on the total gross value of clientinvestments and are billed quarterly in arrears. In lieu of disposition fees, AEW may be eligible for certain incentive fees of up to 20% of allocated income in excess of various performance hurdles. Prior to 2002, acquisition fees were included in the basis of the asset purchased, and disposition fees reduced net sales proceeds received on a transaction, as such these amounts werereflected in both the gross and net of fee appreciation returns presented above. Effective January 1, 2002, gross of fee returns do not include the impact of disposition or incentive fees. In calculating gross of fee returns, disposition fees are added back to net of fee returns upon the sale of an asset, and incentive fees are accrued on a quarterly basis and added back to net of fee returns as recorded.

Exhibit 13


Additional Notes

This information is distributed by AEW Capital Management, L.P.

AEW Capital Management, L.P. is an investment adviser registered with the U.S. Securities and Exchange Commission.

AEW Europe: AEW Europe S.A. is AEW Capital Management’s sister company and is commonly owned by Natixis Global Asset Management. AEW Europe, together with its subsidiary NAMI (Natixis Asset Management Immobilier), is a European real estate investment manager with headquarter offices in Paris and London. Jeffrey D. Furber, AEW’s Chief Executive, also serves as Chairman of the Board of Directors of AEW Europe and is a member of the Investment Committee for each of the private equity funds sponsored by AEW Europe.

Natixis Global Asset Management: Natixis Global Asset Management is an international asset management group based in Paris, France, that is principally owned by Natixis, a French investment banking and financial services firm. Natixis is principally owned by BPCE, France’s second largest banking group.

Past Performance: The performance data quoted represents past performance. Past performance is not an indication of future performance, provides no guarantee for the future, and is not constant over time. The value of your investment may fluctuateand your investment may be worth more or less than its original cost when redeemed. Current performance may be lower or higher than the performance data quoted. Performance returns may increase or decrease as a result of currency fluctuations.

Index Performance: Indices are unmanaged and investors can not actually make investments in an index. The index performance shown does not reflect the deduction of management fees or other expenses, which would reduce an index’s performance returns.

Investment Process: The current investment themes and the research and investment process presented in this material represent the views of the portfolio manager at the time this material was completed and are subject to change without notice.

Portfolio Holdings: The portfolio holdings, characteristics, weightings, and allocations presented in this material represent the portfolio at the time this material was completed and are subject to change without notice.

Information Only: This material is for information purposes only. It does not constitute an offer or a recommendation to purchase or sell shares in any security. Investors should consider the investment objectives, risks and expenses of any strategy or product carefully before investing. The information presented in this material has been prepared internally and/or obtained from sources which AEW believes to be reliable, however AEW does not guarantee the accuracy, adequacy, or completeness of such information.

Exhibit 13


Additional Notes

Not an Offer: Nothing contained herein shall constitute an offer to sell or a solicitation of an offer. Any such offer will be made only to qualified investors pursuant to a private placement memorandum.

Not for Distribution or Reproduction: This material may not be distributed, published, or reproduced, in whole or in part, without the prior approval of AEW.

Prospective non-U.S. Investors: Prospective non-U.S. investors should inform themselves as to the legal requirements and tax consequences within the countries of their citizenship, residence, domicile and place of business before considering an investment. It is the responsibility of any investor to satisfy itself as to the full observance of the laws of any relevant territory outside the United States in connection with such investment, including the procurement of any required governmental or other consents and the observation of any other applicable formalities. This does not constitute an offer to or solicitation of anyone in any jurisdiction in which such an offer or solicitation is not authorized.

Risks: Investments in real estate and real estate related entities are subject to various risks, including fluctuating property values, changes in interest rates, property taxes and mortgage-related risks. International investing involves certain risks, such as currency exchange rate fluctuations, political or regulatory developments, economic instability and lack of information transparency. Investment in fewer issuers or concentrating investments by region or sector involves more risk than a fund that invests more broadly. For additional risk factors, please see the private placement memorandum.

Exhibit 13


Socially Responsible Investment Policy StatementAEW CAPITAL MANAGEMENT, L.P.

1. Introduction

AEW Capital Management, L.P. (“AEW”) is dedicated to creating and implementing real estate investment strategies for its clients, which include many of the leading private and public retirement programs, union pension plans and university endowments, as well as a variety of other institutional and private investors. AEW actively manages portfolios in both the public and the private property markets and across the risk/return spectrum. Our investment products are structured primarily as open-end and closed-end commingled funds, or single client accounts, through which we invest in private real estate, private real estate related assets and publicly traded real estate companies on behalf of institutional investors. AEW acts as a fiduciary on behalf of its clients. Fiduciaries are held to a higher standard of conduct and trust and must avoid self-dealing or situations where the potential benefit to the fiduciary or any third party is in conflict with what is best for the person who places them in a position of trust. Notwithstanding any other considerations, investments must be managed in accordance with client guidelines and requirements, for the exclusive benefit of the client. Accordingly, AEW’s duty to its clients must take precedence over any other considerations.

AEW believes that socially responsible investment - an investment approach that takes into consideration environmental, social and governance (“ESG”) issues - can positively impact long-term performance. While socially responsible investing is an investment concept that has been the subject of a global dialogue for some time, its application to the real estate investment management community is relatively new. The real estate investment management community is in the early stages of identifying ESG factors that are most relevant to real estate and can be appropriately incorporated into the real estate investment process. That said, we recognize that many of our clients share with us an interest in exploring the implementation of practices and procedures that are both consistent with current ESG thinking and the ongoing satisfaction of our fiduciary duties. As such, we are committed to both following our current practices which reflect certain ESG criteria, while continuing to identify other evolving ESG considerations to incorporate into our investment decision making process and our asset management practices.

Exhibit 13



2. Environmental Considerations

AEW recognizes that commercial property has been widely identified as a significant source of green house gases as well as a major point of energy consumption of all types. AEW also recognizes the important role of commercial property in the daily lives of the individuals who live, work and conduct commerce in the properties that we occupy, own and manage on behalf of our clients. AEW is committed to a vision of property stewardship compatible with providing property and property related services that enhance productivity and the overall well-being of the users of commercial space, with minimum negative externalities to the broader local and global community. AEW is committed to providing a positive and sustainable workplace for its employees and will endeavor to enhance the sustainability of the commercial property investments that it undertakes on behalf of its clients to the degree that is prudent within our broader mandate of acting as an investment fiduciary on behalf of our investors. These mitigating actions range from individual property-focused initiatives (such as identifying opportunities to reduce energy and water use, waste and carbon emissions, both in premises occupied by AEW and properties in which AEW invests on behalf of its clients) to the consideration of environmental “best practices” across all investments. In our development activities, we seek to identify transit oriented, mixed use and urban infill strategies, to the extent they are consistent with the investment strategies of our funds.

As part of our commitment to environmental considerations, AEW has established a Sustainability Committee to explore environmental and energy issues related to the investment properties that we manage on behalf of our clients, as well as considerations related to our role as an employer. This committee is comprised of a wide range of professionals across multipledisciplines throughout the firm (e.g., Portfolio and Asset Management, Acquisitions, Architecture and Engineering, Human Resources, Insurance Risk Management and Research) and is responsible for indentifying specific sustainability issues and goals and making policy and process recommendations to the firm’s Management Committee. In addition, several members of AEW’s staff are certified as Leadership in Energy and Environmental Design Accredited Professionals (“LEED AP”), as established by the United States Green Building Counsel (USGBC), and in AEW’s Singapore office, one staff member has become certified as a Greenmark Manager (the equivalent of LEED AP status).

Exhibit 13



With respect to properties we manage on behalf of our clients, specific sustainability issues and goals are typically identified either in the due diligence process prior to acquisition or as part of the development of the annual asset business plan. In all cases, sustainability goals and action plans for specific properties or portfolios are evaluated in a cost benefit framework to ensure consistency with client investment objective and constraints. Asset and portfolio business plans for all direct investment client portfolios are reviewed and approved by the firm’s Risk Management Committee (typically at the beginning of year and progressrelative to plan is reviewed during the year, typically mid-year) and all previously unanticipated capital investment is evaluated within our Investment Committee framework. In addition, the Sustainability Committee has begun to review the impact of global warming on the markets and property types in which we invest on behalf of our clients.

Environmental sustainability initiatives implemented by AEW on behalf of its clients must be practical and cost-effective. Clients should expect such initiatives to have the potential for adding value to real estate assets not only through reduced operating expenses, but also through distinguishing such assets within their respective markets and reducing the risk of functional obsolescence which could adversely impact disposition and value. We will continue to engage with thought leaders in this area so that we can continue to make our portfolios greener while acting responsibly for our investors. By applying responsible reduction strategies, we believe we enhance not only our environmental, but also our investment performance.

Our environmental stewardship goes beyond just our investments, our corporate offices and our people; we also seek to involve our tenants, business partners and service providers - the entire value chain - as we seek to reduce resource use and waste. As stewards of the environment, we have an obligation to educate and inform our fellow stakeholders, including our employees, clients, tenants,property managers and other service providers. Whether understanding the benefits of responsible environmental practices or celebrating the resulting achievements, all stakeholders share a common purpose and benefit from a cleaner environment.

As an employer, AEW has made a significant commitment to improve the sustainability of the physical space that we occupy and thebusiness processes that we employ. Many of these efforts are related to increased use of recycled or recyclable materials, the implementation of energy savings devices and technology and coordination with building management regarding issues such as wastedisposal, cleaning materials and air and light quality issues. Additionally, the firm has made a financial commitment to reducing our “carbon footprint” and improving urban air quality by subsidizing employee use of public transportation and participating in a wide array of building and city specific programs such as “bike to work” initiatives and employee use of “Zip Car” rental arrangements.

Exhibit 13



3. Social Responsibility

AEW believes that social responsibility comprises good corporate citizenship, as well as consideration of the impact of our operations on others. As such, we are committed to making business decisions based on what we believe is right, not simply what may be expedient.

AEW Corporate Giving

AEW has established a Corporate Giving Committee, the purpose of which is to provide financial support to charitable organizations whose mission is being supported through donations of either time or money by AEW employees or is of special importance to AEW employees. On a periodic basis, AEW surveys its employees to determine the types of organizations they want to support both individually and as a firm. Based on this input, the following types of organizations have been targeted for support: Community Service, Public Education, Homelessness and Youth/Teen Development. In addition to the Corporate Giving Committee, at a corporate level AEW provides financial support to organizations whose missions may fall outside these broad categories but which are of special interest to the firm or its employees. AEW also sponsors work place annual fundraising campaigns on behalf of several organizations including The Home for Little Wanderers, The United Way, Community Servings, an organization that provides meals to individuals and families who are homebound with acute life-threatening illness, and Christmas in the City, a local Boston organization offering assistance to families in homeless shelters by providing Thanksgiving food baskets, holiday gifts and assistance to families transitioning from shelters to their own housing.

AEW Volunteer Day

In addition to making financial contributions to many local organizations facilitated through the Corporate Giving Committee,AEW also provides opportunities for its employees to volunteer on “company time.” On an annual basis, AEW sponsors an Employee Volunteer Day and arranges for employees to volunteer for a community service project during the work day. In recent years, Volunteer Day examples have included partnering with Outdoor Explorations which focused on cleaning and repairing public park and recreation facilities in the Greater Boston area and making them handicap-accessible, and participating in the Corporate Volunteer Program with Thompson Island Outward Bound Education Center for a day of service to clean beaches, maintain trails and plant new trees on a local Boston Harbor Island.

Exhibit 13



Building Impact

AEW is also a corporate sponsor of Building Impact, a non-profit organization that helps companies facilitate volunteer initiatives and donation drives to benefit numerous community organizations in the Greater Boston area. Working with Building Impact, AEW initiatives have included a “School Backpack Drive” to collect new backpacks and school supplies for children in need, and a “Winter Coat Drive” to collect coats for adults and children in need, among others.

AEW Responsible Contractor Policy

AEW has also adopted a Responsible Contractor Policy. Subject to the fiduciary principles discussed above, which require AEW to seek competitive returns on the real estate investments AEW manages on behalf of its clients, AEW supports and encourages fair wages and fair benefits for workers employed by its contractors and subcontractors. In providing investment management services, as is the case with AEW’s own employees, the firm believes that contractor and subcontractor personnel who are fairly treated and compensated are most likely to deliver a high-quality product or service and, thus, are most likely to help AEW achieve its clients’ goals. With these factors in mind, AEW has adopted the following policies that address the selection and management of contractors and subcontractors:

• AEW will seek to hire and retain Responsible Contractors. For the purposes of AEW’s Responsible Contractor Policy, a “Responsible Contractor” is a contractor or subcontractor who pays a “fair wage” and provides “fair benefits”, and does not knowingly contract for the labor of unauthorized aliens. What constitutes fair wages and benefits will vary depending upon such factors such as: (a) the nature and complexity of the product or service being provided; (b) the location and characteristics of the market in which the contractor or subcontractor does business; and (c) wages and benefits being offered to comparable personnel by competitors offering similar products or services in that market. AEW may have varying degrees of control over the selection and management of contractors and subcontractors who provide a variety of products or services related to its clients’ assets. For example, in the case of investments in the form of mortgages or joint ventures, AEW may not have control over such matters. In such instances, AEW will nonetheless seek to encourage partners to comply with the spirit and practice of responsible contracting.

• Contractors and subcontractors should generally, absent unusual or compelling circumstances, be selected via a competitive bidding process that is open to a number of qualified potential bidders. An assessment of each bidder’s employee compensation practices is one of the factors that should be considered in the selection of a winning bidder. Other factors may include, for example, the bidder’s: (a) ability to best provide the specific services required at the specific property; (b) financial strength and relevant experience; (c) performance record with respect to similar properties; (d) quality and longevity of key personnel; and (e) cost of services.

• AEW recognizes the right of every worker to organize into a union or not to organize, as the worker wishes, and AEW maintains a position of neutrality with respect to such matters. AEW expects contractors and subcontractors retained by AEW in connection with the management of its clients’ assets to honor the right of workers to organize into a union or not to organize, as the worker wishes, and to remain neutral with respect to such matters. AEW expects its contractors and subcontractors to abide by applicable labor laws (including immigration laws) and all regulations that govern the maintenance of safe and healthful working conditions. If workers choose to organize into a union, AEW expects the contractor to bargain in good faith to reach a fair and reasonable contract.

Exhibit 13



Many of our investment strategies and procedures lead to benefits to the communities in which we invest. For instance, our assets are typically ADA compliant, providing access to the disabled. A number of our multi-family apartment investments include an affordable housing component. Many of our multifamily investments also provide gym facilities and common areas for social interaction. Finally, our senior housing funds provide quality housing to this underserved and growing demographic.

AEW seeks to foster an environment of respectful engagement and diversity that encourages the professional development of allemployees. AEW has established a Tuition Reimbursement Program to provide financial assistance for continuing education, which is related to the employee's position with AEW.

We are committed to providing equal employment opportunity as well as creating and maintaining a climate of mutual respect and trust, free of any discrimination or harassment.

Exhibit 13



4. Corporate Governance

AEW believes that companies should embrace corporate responsibility, accountability, fairness, and transparency not only in the way companies manage their own affairs, but also in how companies manage their relationships with clients and in regard to investments made on behalf of clients.

Control Environment

AEW believes that a sound internal control environment, coupled with awareness, professional competence and a formal review process, is critical to the success of its business. AEW’s strives to ensure that senior management and personnel are sufficiently aware of risks inherent in the investment management process and that control procedures exist to manage those risks adequately, including appropriate compliance policies and procedures.

AEW Governance

AEW’s governance relies on a committee structure, including the following: Management Committee, Risk Management Committee, Investment Committee, Compliance Committee, Audit Committee, and Best Execution Committee.

• Management Committee

General management and oversight of AEW’s investment activities, business development, operations, risk management, legal andcompliance functions are provided at a firm level by AEW’s Management Committee. The Management Committee meets on a regularbasis and has been delegated day-to-day responsibility for oversight of the firm’s operations, including the compliance program.

• Risk Management Committee

The Risk Management Committee is responsible for reviewing investment strategy and risk across all of AEW’s business lines. Withrespect to separately managed accounts and commingled vehicles invested in direct real estate, asset level business plans, as well as consolidated portfolio level business plans are reviewed and approved by the Risk Management Committee. The Committee is alsoresponsible for monitoring portfolio risk and portfolio performance with specific attention paid to deviations from the “plan”. Portfolio Managers meet with the Committee on a semi-annual basis and more frequently as warranted. The Committee reviews performance and valuation metrics for the private investments. Additionally, the Committee meets quarterly to broadly discuss firm wide operational and investment risk management matters.

With respect to separately managed accounts and commingled vehicles invested in publicly traded real estate securities, the Portfolio Manager meets periodically with the Risk Management Committee to discuss economic and capital markets conditions, overall RE Securities investment strategy, current opportunities and issues in the RE Securities market. The Portfolio Manager also reviews with the Risk Management Committee the performance and risk/return characteristics of each RE Securities strategy relative to applicable benchmarks, as well as compliance with investment guidelines and restrictions in place for client accounts.

Exhibit 13



• Investment Committee

With regard to separately managed accounts and commingled vehicles invested in direct real estate, AEW’s Investment Committee reviews all proposed investments and the Committee’s unanimous approval is required for the execution of any transaction. In general, the Investment Committee meets at least twice to review each new acquisition. The preliminary meetingis the introduction of a new investment where guidance and feedback is given from the committee. Final investment committee is the forum to present final underwriting, due diligence conclusions and to secure approval to acquire the asset. Meetings areheld on an as needed basis. The committee is also responsible for reviewing and approving all extraordinary capital items as well as dispositions not previously contemplated in the annual portfolio and asset business plans.

• Compliance Committee

The Compliance Committee is comprised of various individuals within the firm who share compliance oversight responsibilities.The role of the Compliance Committee is to assure that appropriate compliance policies and procedures are in place, and that AEW is in compliance in all material respects with its compliance policies and procedures. AEW’s Compliance Program is discussed in more detail below.

• Audit Committee

The Audit Committee is an integral part of Natixis Global Asset Management’s (AEW’s parent company) enterprise compliance program. It supervises the various financial, compliance and operational audit reviews performed by internal and external auditstaffs. The primary responsibilities of the Audit Committee involve assisting the Board of Directors in carrying out its responsibilities as they relate to AEW’s accounting policies, internal controls, and financial reporting practices. The Audit Committee consists of Jeffrey D. Furber, AEW’s Chief Executive Officer, James J. Finnegan, AEW’s General Counsel and Chief Compliance Officer, and members of AEW’s parent company, NGAM US, and meets four times a year. The Audit Committee, from time to time, makes recommendations that concern the general risk control environment, legal and regulatory risk, compliance, and operational controls. It also considers any proposed revisions to the firm’s Code of Ethics before the firm adopts such revisions. Finally, the Audit Committee discusses significant developments in the industry that may impact the firm’s compliance program generally. Material matters discussed by the Audit Committee are reported to the Board at its next meeting.

• Best Execution Committee

The Best Execution Committee monitors the areas of trading, brokerage transactions, and the diligence of brokers and best execution.

Exhibit 13



AEW’s Compliance Program Overview

The Securities and Exchange Commission (“SEC”) requires all registered investment advisers such as AEW to develop formal compliance programs that: (1) implement written policies and procedures that are reasonably designed to prevent violations by the Adviser and its supervised persons of the Investment Advisers Act of 1940, as amended (the “Advisers Act”) and the rules under the Advisers Act; (2) review those policies and procedures annually for their adequacy and the effectiveness of their implementation; and (3) appoint a chief compliance officer (“CCO”) to be responsible for administering the policies and procedures.

Under the direction of the General Counsel and CCO, the Legal and Compliance Department works with a team of compliance and operational professionals who are responsible for sustaining a sound and comprehensive global compliance function. Our U.S. team, together with local resources in London and Singapore, seeks to ensure that all of AEW’s employees understand the context of ouroperating environment, the regulatory climate, and relevant rules and regulations. AEW also has a Compliance Committee comprised of various individuals within the firm who share compliance oversight responsibilities.

The role of the Compliance Committee is to assure that appropriate compliance policies and procedures are in place, and that AEWis in compliance in all material respects with its compliance policies and procedures. The specific steps involved in carrying out this responsibility include:

• identifying and implementing appropriate written policies and procedures to address the firm’s needs relative to compliance with applicable laws, regulations and ethics policies;

• implementing appropriate processes (such as completion by responsible persons of periodic checklists) to confirm that compliance policies and procedures are being followed;

• investigating actual or suspected compliance failures raised by internal reporting, outside auditors, compliance procedures or otherwise; and

• conducting a periodic review (no less frequently than annually) of the adequacy of the policies and procedures so establishedand of the effectiveness of their implementation.

Exhibit 13



Primary responsibility for compliance rests with the business unit leaders, portfolio managers and portfolio controllers, with oversight provided by the Compliance Committee. The Chief Compliance Officer and Chief Financial Officer have responsibility to help develop policies and procedures to assure effective legal and financial control over the firm. We believe that AEW policies andprocedures are reasonably designed to prevent violation, by the firm and the firm’s employees, of the Advisers Act and the rulesthereunder.

The CCO and the Compliance Department with input from the Compliance Committee are responsible for the annual review of the adequacy and the effectiveness of AEW’s compliance program. This review encompasses a review of the design, operation and implementation of all of AEW’s various compliance policies and procedures. In addition, the CCO and members of the Compliance Committee perform extensive testing of AEW’s policies and procedures, including real-time testing of various procedures throughout the course of the year as well as various forensic tests.

Additionally, AEW’s Audit Committee employs Ernest & Young as a third party independent auditor to conduct internal audits ofvarious operational procedures. The categories of review vary from year to year and are approved by the Audit Committee on an annual basis. Results of the audits are reported to the Compliance Committee and Audit Committee.

Code of Ethics and Preventing Conflicts of Interest

AEW has established a comprehensive Code of Ethics that is applicable to all of its employees. The Code of Ethics, which is designed to comply with Rule 17j-1 of the Investment Company Act of 1940, establishes guidelines for professional conduct, particularly with respect to limitations of potential conflicts of interest and personal trading procedures, including pre-clearance and reporting obligations. AEW’s employees may not trade in real estate securities or limited offering securities without pre-clearance from the Chief Compliance Officer. AEW’s employees who recommend or execute trades in securities for client accounts may notpurchase the same investments for their own accounts. The Code of Ethics also prohibits employees from engaging in, or helping others engage in, insider trading and from trading with respect to a particular security or issuer at a time when he or she knows or should know that he or she is in possession of material nonpublic information about the issuer or security. Access Persons (generally AEW senior officers with the title of Vice President or above) and Investment Persons (all employees whose regular function or duty includes making or participating in recommending or executing trades in securities for client accounts) have periodic reporting requirements. Access Persons and Investment Persons must annually disclose to the Chief Compliance Officer all covered securities holdings and all brokerage accounts for which they exercise discretion. Access Persons and Investment Persons must quarterlydisclose to the Chief Compliance Officer all transactions in covered securities for the quarter.

Exhibit 13



Additionally, AEW maintains an employee handbook which sets forth AEW’s professional expectations of its personnel, a Gift and Entertainment Policy that is designed to provide reasonable oversight of potential conflicts associated with giving or receiving gifts and/or entertainment, and a Political Contributions policy that is designed to prevent conflicts relative to public or government entities or officials.

Know Your Client

AEW maintains comprehensive policies related to client intake, know your client and anti-money laundering. It is AEW’s responsibility to confirm, to the best of its knowledge, that client funds managed by AEW are not derived from activities that may contravene federal, state or foreign laws and regulations, including anti-money laundering laws and regulations. Money laundering is generally defined as engaging in acts designed to conceal or disguise the true origin of criminally derived proceeds so that theunlawful proceeds appear to have derived from legitimate origins or constitute legitimate assets. It is the policy of AEW to conduct its business in a manner consistent with the USA PATRIOT Act of 2001and other applicable anti-money laundering laws and regulations, and to conduct its business activities in a manner designed to prevent money laundering activity transacted by or through AEW.

Most of AEW’s clients are pension plans, endowments, foundations and other institutional investors whose funds are not likely to be derived from such activities. AEW’s services are typically provided through managed separate accounts with institutional investors well known to AEW or through private real estate comingled funds sponsored by AEW. With respect to some of the funds, investors have no redemption rights, and limited or no control over the timing of fund distributions. AEW believes that any risk of AEW or the funds being used for money laundering purposes is very low, and has developed our policies accordingly. Additional procedures have been added to AEW’s AML Policy in order to comply with applicable regulatory requirements outside of the United States (e.g. the Monetary Authority of Singapore).

Exhibit 13



5. Investment & Fund Governance

When making direct real estate investments for our clients and funds, AEW follows a detailed process that includes a comprehensive underwriting, risk management evaluation and approval by the firm’s Investment Committee. AEW’s Investment Committee, comprised of the senior most professionals within the firm, is responsible for reviewing and approving each new investment proposal. Each new investment requires the unanimous approval of the members of the Investment Committee.

AEW’s due diligence process includes not only financial underwriting, physical and structural review, but also addresses, as appropriate, other issues such as natural hazards and environmental risks. As part of our due diligence, we will also consider whether a property has been developed to recognized sustainability standards, such as LEED - and if not, what effort would be required to bring a property up to such standards. Potential conflicts of interest are identified and vetted, and where investing with a joint venture partner, background checks may also be required. We also routinely consider access to public transportation for proposed urban investments. We have also established asset management policies and procedures designed to maximize value for our investors,including opportunities to reduce energy and water use, waste and carbon emissions.

Exhibit 13



With respect to separately managed accounts and commingled vehicles invested in direct real estate, we recognize the importance of governance and transparency in the relationship between investors (limited partners) and the sponsor (general partner). AEW’s co-mingled funds are generally structured and operated in a manner that is consistent with guidelines established by trade associations or non-governmental organizations focused on fund management, such as the ILPA (Independent Limited Partners Association), UNPRI (United Nations Principles for Responsible Investing) and INREV (European Association of Non-listed Real Estate Vehicles) . In particular, AEW’s co-mingled funds typically incorporate the following features:

• Alignment of Interest – the fund will have a significant co-investment by the sponsor and the management team; the amount committed by members of the management team will vary, however, the amount invested will be fully recourse to such individuals;

• Governance – the general partner will be subject to a standard of care that is consistent with best practices: the fund documents will contain provision for diversification of fund investments consistent with each fund's overall investment objectives and strategy; the fund documents will contain provisions for the removal of the general partner with or without cause; the fund willhave a defined investment period with a so-called "key-man" suspension provision; the fund documents will provide for annual audited and quarterly unaudited financial statements prepared by independent auditors; and the fund will have a limited partner advisory committee comprised of representatives of the limited partners of the fund (which will review, among other things, the funds' annual valuation plan, related party transactions and potential conflicts of interest);

• Transparency – management fees and distributions are generally reviewed by independent auditors as part of the annual audit of the fund; financial information relating to investments made by the fund will be available for review by the independent auditors and will generally be made available to investors upon request; relevant information regarding the general partner willalso generally be made available to investors upon request; and proprietary information relating to the fund and investors inthe fund is intended to be appropriately protected from public disclosure, consistent with confidentiality provisions to be set forth in the funds’ Partnership Agreement and other relevant documents of the fund.

Public Company Investments (Listed Securities)

With regard to separately managed accounts and commingled vehicles invested in publicly traded real estate securities, AEW typically owns (on behalf of its clients) a very small percentage of any class of issued and outstanding securities (generally under 3% in the aggregate) and has no control over the governance of such companies. Where AEW is responsible for voting proxies on behalf of its clients, AEW will generally assess the corporate governance of such companies through the services provided by third-party proxyresearch service providers (such as Glass, Lewis & Co. or Institutional Shareholder Services). AEW will generally vote affirmatively on proxy issues that reflect sound corporate governance practices and which AEW believes are in the best interests of its clients. AEW’s Securities Group’s proxy voting procedures are contained in AEW’s Securities Group’s Compliance Manual.

Exhibit 13


Exhibit 13

Two Seaport LaneBoston, MA 02210+1 617 261 9000

www.aew.com

Exhibit 13

State Universities Retirement System of Illinois - SURS 13- AEW Core Property... · State Universities Retirement System of Illinois ... liquidity and strong long-term fundamentals.

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