Endnotes
1 Board of Governors of the Federal Reserve System (US), Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity, Quoted on an Investment Basis [DGS10],
retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/DGS10, May 15, 2023.
2 See for example Goolsbee and Syverson, 2023 (https://www.nber.org/papers/w30845). Modular mass timber construction may offer some relief to productivity challenges
in the construction sector, and climate benefits in addition (https://www.nuveen.com/global/insights/alternatives/mass-timber).
3 Debt-to-equity ratios for 2022 and 2023 are forecasts.
This material is provided for informational or educational purposes only and does not constitute a solicitation of any securities in any jurisdiction in which such solicitation
is unlawful or to any person to whom it is unlawful. Moreover, it neither constitutes an offer to enter into an investment agreement with the recipient of this document nor
an invitation to respond to it by making an offer to enter into an investment agreement.
This material may contain “forward-looking” information that is not purely historical in nature. Such information may include projections, forecasts, estimates of yields or
returns, and proposed or expected portfolio composition. Moreover, certain historical performance information of other investment vehicles or composite accounts managed
by Nuveen may be included in this material and such performance information is presented by way of example only. No representation is made that the performance
presented will be achieved, or that every assumption made in achieving, calculating or presenting either the forward-looking information or the historical performance
information herein has been considered or stated in preparing this material. Any changes to assumptions that may have been made in preparing this material could have a
material impact on the investment returns that are presented herein by way of example.
This material is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities
or to adopt any investment strategy. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Nuveen
to be reliable, and not necessarily all-inclusive and are not guaranteed as to accuracy. There is no guarantee that any forecasts made will come to pass. Company name is
only for explanatory purposes and does not constitute as investment advice and is subject to change. Any investments named within this material may not necessarily be
held in any funds/accounts managed by Nuveen. Reliance upon information in this material is at the sole discretion of the reader. Views of the author may not necessarily
reflect the view s of Nuveen as a whole or any part thereof.
Past performance is not a guide to future performance. Investment involves risk, including loss of principal. The value of investments and the income from them can
fall as well as rise and is not guaranteed. Changes in the rates of exchange between currencies may cause the value of investments to fluctuate.
This information does not constitute investment research as defined under MiFID.
A word on risk
As an asset class, agricultural investments are less developed, more illiquid, and less transparent compared to traditional asset classes. Agricultural
investments will be subject to risks generally associated with the ownership of real estate-related assets, including changes in economic conditions,
environmental risks, the cost of and ability to obtain insurance, and risks related to leasing of properties.
Nuveen provides investment solutions through its investment specialists.