Presentation to: Department of Water and Power Employees Retirement Plan (the Plan )
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2 Courtland Partners, Ltd. Presentation to: Department of Water and Power Employees Retirement Plan (the Plan ) 2017 Real Estate Portfolio Strategic Plan February 8, Public Square, Suite 5050 Cleveland, OH Tel Wilshire Blvd., Suite 830 Los Angeles, CA Tel Brook Street London W1K 5DB, United Kingdom Tel
3 Table of Contents I Strategic Plan Overview 2 II Commitment Review 4 III Projected Income Returns 5 IV. Proposed 2017 Strategic Plan 6 V. Risk/Return Targets 7 VI. Components of Return and Leverage 8 VII. Property Type Diversification 9 VIII. Geographic Diversification 10 IX Portfolio Model 11 X Strategy Implementation/Action Plan 21 1
4 2017 Strategic Plan Overview Target Real Estate Allocation: 8% of the total portfolio. Performance Objective*: To exceed the designated benchmark (NCREIF plus 50 basis points) in the Plan s Investment Policy for Real Estate. Based on the Plan s long-term 70/20/10 (Core/Value/Opportunistic) allocation with the 1 real estate portfolio assumed return of 8.4% and standard deviation of 8.9%. Real Estate Portfolio Investment Objectives: Attractive Income and Total Returns. Historically, real estate has provided stable, long term income returns that comprise a significant portion of total return [e.g., the NCREIF Property Index ( NPI ) income return comprises more than 80% of the total NPI return since inception]. Significant income return increases the transparency and decreases the volatility of total return. Of note, real estate income returns compare favorably to those generated by public equity and fixed income assets. Portfolio Diversification. Investment in real estate may enhance the diversification of the Plan s total investment portfolio given the historically low or negative return correlation of real estate with other asset classes (e.g., equities and fixed income). Inflation-Hedge. Real estate has historically provided a reasonable hedge against inflation. 1: Based on the target policy allocation of 70/20/10 core/value-add/opportunistic and return assumptions of 7% for core, 11% for value-add, and 13% for opportunistic. 2
5 2017 Strategic Plan Overview The following have been established as short and long term investment themes and initiatives: TACTICAL INITIATIVES (Short-Term Goals) Continue to focus on income-oriented returns Evaluate defensive opportunities including debt investments across the capital stack and niche strategies Selectively allocate to core-plus strategies as opportunities arise Continue to slightly overweight non-core component of portfolio, given market opportunity set Evaluate investments in opportunistic category which benefit from market dislocation Evaluate European and Asian opportunities Evaluate core portfolio positions STRATEGIC INITIATIVES (Long-Term Plans) Exceed benchmark: NCREIF + 50 basis points Strategic target: 70/20/10 (core/value/opportunistic) Maintain average commitment size of $60-$90 million Maintain income and preservation of capital focus Consider follow-on funds with existing high conviction managers 3
6 2016 Commitment Review The Plan made the following real estate allocations in 2016 to maintain the Plan s real estate allocation and satisfy the initiatives of 2016 Strategic Plan. Investments Date $ Amount Risk Profile Objectives Lone Star Fund V 1Q16 $92.7 million Opportunistic Westbrook Fund X 1Q16 $60.0 million Value Dimensional Global Real Estate Heitman Real Estate Securities 1Q16 3Q16 Extended contract for 3 years Extended contract for 3 years Core Core DRA Fund IX 3Q16 $60.0 million Value FPA Core Plus III 4Q16 $60.0 million Core-Plus Exposure to global investments in distressed commercial real estate debt and equity. Exposure to assets in need of improvements and repositioning and/or distressed capital structures in select global markets. Exposure to global real estate securities. Exposure to global real estate securities. Exposure to diversified properties in need of value enhancement with strong income returns. Exposure to multifamily properties with below-market rents and strong current income in the U.S. 4
7 2017 Projected Income Returns 2017 Expected Income (%) 2017 Expected Income ($) Investment Core DFA 2.00% $600,000 FPA Core Plus III 3.00% $300,000 Harrison Street 4.00% $2,500,000 Heitman Securities 2.00% $600,000 INVESCO 4.00% $2,300,000 Jamestown 4.00% $2,300,000 JP Morgan SPF 4.00% $3,000,000 PCCP II 6.00% $300,000 PRISA 4.00% $3,200,000 Prologis Industrial 4.00% $1,200,000 Value Angelo Gordon 6.00% $700,000 Almanac VI 6.00% $500,000 Almanac VII 8.00% $600,000 Bristol II 3.00% $400,000 DRA VII 7.00% $1,200,000 DRA VIII 7.00% $1,600,000 DRA IX 5.00% $500,000 Mesa West III 7.00% $1,400,000 Mesa West IV 7.00% $700,000 PRISA II 3.00% $1,000,000 Westbrook X N/A N/A Opportunistic Blackstone VII 2.00% $500,000 Blackstone Europe IV 2.00% $400,000 Lone Star REF II 0.00% N/A Lone Star REF IV 1.00% $300,000 Lone Star REF V N/A N/A Lone Star VII 4.00% $50,000 Torchlight IV 6.00% $1,500,000 Torchlight V 6.00% $500,000 Total $28,150,000 Overall income returns have trended down recently as asset pricing has escalated, particularly for core investments. In 2017, the portfolio is projected to generate $28.2 million in income returns investments: FPA Core Plus III has a moderate current income focus and DRA IX has a strong current income focus. Debt funds continue to bring strong current income returns to the Plan s portfolio. 5
8 Proposed 2017 Strategic Plan To achieve an 8% allocation to real estate, Courtland recommends the following commitments be made in 2017: Core: $60-$100 million Value: $60-$90 million Opportunistic: $60-$90 million Additionally, Courtland projects the following 2018 commitment amounts to attain an 8% allocation to real estate: 2018 Core: $60-$90 million 2018 Value: $60-$90 million 2018 Opportunistic: $60-$90 million Real estate drops to 5.2% by 2020 in the absence of new commitments based on 7.25% growth rate (actuarial return). 6
9 Risk/Return Targets Risk/Return Nominal Net Return Investment and Portfolio Risk/Return Ranges 1 Standard 2 Deviation Exposure Fully Funded Exposure 3 Proposed Strategy Range Policy Range Core 6%-8% 6.9% 63% 44% 50%-60% 50%-100% Value-Add 10%-12% 11.9% 21% 33% 25%-30% 0%-40% Opportunistic 13%+ 16.8% 16% 22% 15%-20% 0%-20% For the core section of the portfolio, strong demand and recent run-up in valuations for institutional trophy real estate in major U.S. markets (from domestic and offshore) continues to be concerning, causing issues of potential pricing bubbles. Continue to focus on downside protection via the inclusion of debt-oriented and defensive strategies. Given current market conditions, selectively evaluate core-plus/value strategies that emphasize strong current income and modest use of leverage. For opportunistic investments, continue to evaluate strategies that look to take advantage of dislocation in the capital markets, including niche and secondary strategies. 1: Data based on 9/30/16 valuations and managers in place at that time. 2: Based on historical Courtland Partners Index Quarterly Return Information as of 12/31/88-6/30/16, and assumptions for : Includes exposure as of plus all unfunded commitments. 7
10 Leverage Review Leverage Ranges and Average Loan-To-Value Target (as of 3Q2016) Risk Actual Strategic Ranges Range Aggregate Core 23.0% 20%-25% Up to 40% Aggregate Value 45.5% 50%-60% Up to 65% Aggregate Opportunistic 54.6% 55%-65% Up to 75% Total Real Estate Portfolio 32.4% 25%-30% Up to 50% Leverage, on a portfolio basis, rose from one year ago (28.5% in 3Q2015 to 32.4% in 3Q2016) and is slightly above the strategic range of 25%-30%. This is primarily due to the increase in Core leverage from 18.1% in 3Q2015 to 23.0% in 3Q2016 after the addition of Jamestown Premier Property Fund in late 2015, with higher leverage of 35.9%, as of 3Q2016. The Plan s Staff and Courtland have continued to pursue strategies where leverage is not the primary driver of returns. Leverage within Opportunistic risk/return category remains below the strategic range of 55%-65% as managers have worked to find distressed deals without using leverage as a main driver of return, but also rose from 45.2% in 3Q2016 to 54.6% in 3Q2016. The Plan s Staff and the Courtland will closely monitor the use of leverage, the debt maturity schedule, and debt composition (fixed vs. floating) for investments that comprise the Real Estate Portfolio to avoid leverage related risks in case of market volatility. 8
11 Property Type Diversification Targets Property Type Diversification (as of 9/30/2016) Property Type Allocation** Policy Range NCREIF Property Index Office 34.8% Up to 40% 36.6% Industrial 13.2% Up to 35% 14.1% Retail 16.9% Up to 40% 23.4% Residential 22.5% Up to 40% 24.8% Hotel 3.3% Up to 15% 1.0% Other* 9.3% Up to 20% N/A Proposed Recommendation for 2017: Pursue strategies which are diversified across property types (limit single property-type funds). Consider non-traditional property types (e.g., medical office, storage, senior housing, and student housing), as these property types are generally not fully priced and are typically more immune to market downturns. Consider investments with traditional property types generally more immune to market downturns (e.g., grocery-anchored retail). *May include senior living, healthcare, student housing, land, self storage, and other non categorized investments (e.g.,debt portfolio). ** Due to pooled fund investments, it is difficult to project property type exposures. 9
12 Geographic Diversification Targets Geographic Diversification (as of 9/30/2016) Sub Regions Allocation* Policy Range NCREIF Property Index West (1) 28.6% Up to 50% 37.9% South (2) 19.0% Up to 40% 19.9% Midwest (3) 8.5% Up to 40% 9.0% East (4) 29.6% Up to 50% 33.2% US Non Classified 3.6% N/A N/A International* 10.7% Up to 20% N/A (1) Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, Wyoming. (2) Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, Oklahoma, Tennessee, Texas. (3) Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin. (4) Connecticut, Delaware, District of Columbia, Kentucky, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, West Virginia. Proposed Recommendation for 2017: Maintain, but closely monitor, the portfolio s exposure to coastal and gateway markets (i.e., East, West). Avoid regions where oversupply has been an issue currently (e.g., Houston, Austin) and cyclically (e.g., Atlanta, Dallas). Consider emerging secondary cities (e.g., Seattle, Portland, Denver) where pricing can still be found at relatively attractive levels. Consider select tertiary markets very selectively based on property type and strategy. *Due to pooled fund investments, it is difficult to project geographic exposures. 10
13 Current RE Portfolio at 0% Plan Growth Dec-16 Mkt. Value Dec-17 Mkt. Value Dec-18 Mkt. Value Dec-19 Mkt. Value Dec-20 Mkt. Value Core: DFA Global Real Estate Securities 30,070,137 30,070,137 30,070,137 30,070,137 30,070,137 FPA Core Plus III 0 43,824,000 55,324,000 51,774,000 48,124,000 Harrison Street Core Property 61,921,935 61,921,935 61,921,935 61,921,935 61,921,935 Heitman REIT 28,354,493 28,354,493 28,354,493 28,354,493 28,354,493 Invesco Core Real Estate 58,139,599 58,139,599 58,139,599 58,139,599 58,139,599 Jamestown Premier 58,570,663 58,570,663 58,570,663 58,570,663 58,570,663 JP Morgan SPF 74,543,156 74,543,156 74,543,156 74,543,156 74,543,156 PCCP First Mortgage II 5,736, , Prologis Industrial Fund 30,054,498 30,054,498 30,054,498 30,054,498 30,054,498 Prudential PRISA 80,060,161 80,060,161 80,060,161 80,060,161 80,060,161 Total 427,450, ,510, ,038, ,488, ,838,643 63% 59% 56% 56% 61% Value: AG Core Plus Realty Fund III 12,147,426 9,797,426 6,397,426 3,947,426 3,097,426 Almanac Realty Securities VI 7,973,847 7,686,877 7,286,877 6,852,877 6,408,877 Almanac Realty Securities VII 7,826,635 11,000,521 16,228,021 19,809,159 19,750,317 Bristol Value II 13,090,823 14,906,823 17,369,823 14,846,823 5,342,823 DRA Growth and Income Fund VII 16,927,106 13,075,666 8,075,666 3,779,666 0 DRA Growth and Income Fund VIII 22,203,645 19,935,051 18,386,770 10,683, ,638 DRA Growth and Income Fund IX 0 15,513,247 31,781,632 44,078,151 33,965,500 Mesa West Income Fund III 19,421,814 23,480,713 19,480,689 15,480,665 5,353,875 Mesa West Income Fund IV 0 20,000,000 36,500,000 53,000,000 49,500,000 Prudential PRISA II 36,248,802 36,248,802 36,248,802 36,248,802 36,248,802 Westbrook X 6,563,611 21,363,611 36,163,611 50,963,611 60,142,558 Total 142,403, ,008, ,919, ,690, ,380,816 21% 24% 28% 30% 29% Opportunistic: Blackstone BREP VII 24,755,103 19,238,699 13,197,972 8,213,188 4,213,188 Blackstone Europe IV 23,303,333 17,357,395 9,464,538 3,079,235 0 Lone Star Fund VII 1,160, , , Lone Star Real Estate Fund II 1,685, , , Lone Star Real Estate Fund IV 27,651,146 27,522,045 23,514,937 15,293,593 6,497,281 Lone Star Real Estate Fund V -530,685 29,870,155 55,198,731 59,387,214 39,387,214 Torchlight Debt Opportunity IV 25,614,356 10,614,356 5,893,298 3,343, ,156 Torchlight Debt Opportunity V 7,940,982 26,101,609 29,933,725 29,933,725 29,933,725 Total 111,579, ,520, ,773, ,250,205 80,614,564 16% 17% 16% 14% 10% Total Real Estate 681,434, ,039, ,731, ,429, ,834,023 % of Plan Assets 5.6% 6.5% 6.9% 7.0% 6.3% Plan Assets (0% Growth) 12,250,034,199 12,250,034,199 12,250,034,199 12,250,034,199 12,250,034,199 Over/Under Funded -298,568, ,963, ,270, ,573, ,168,712 Note: Based on 3Q16 data. Note: Estimated plan assets and over/under allocation based on assumed 0% total portfolio-level growth rate. 11
14 Current RE Portfolio at 7.25% Plan Growth Dec-16 Mkt. Value Dec-17 Mkt. Value Dec-18 Mkt. Value Dec-19 Mkt. Value Dec-20 Mkt. Value Core: DFA Global Real Estate Securities 30,070,137 30,671,539 31,284,970 31,910,670 32,548,883 FPA Core Plus III 0 43,824,000 55,324,000 51,774,000 48,124,000 Harrison Street Core Property 61,921,935 64,398,812 66,974,765 69,653,755 72,439,906 Heitman REIT 28,354,493 28,921,583 29,500,015 30,090,015 30,691,815 Invesco Core Real Estate 58,139,599 60,465,183 62,883,790 65,399,142 68,015,108 Jamestown Premier 58,570,663 60,406,490 62,315,750 64,301,380 66,366,435 JP Morgan SPF 74,543,156 76,732,541 78,962,362 81,231,432 83,538,351 PCCP First Mortgage II 5,736, , Prologis Industrial Fund 30,054,498 31,256,678 32,506,946 33,807,223 35,159,512 Prudential PRISA 80,060,161 83,262,567 86,593,070 90,056,793 93,659,065 Total 427,450, ,911, ,345, ,224, ,543,074 63% 60% 58% 58% 63% Value: AG Core Plus Realty Fund III 12,147,426 9,797,426 6,397,426 3,947,426 3,097,426 Almanac Realty Securities VI 7,973,847 7,686,877 7,286,877 6,852,877 6,408,877 Almanac Realty Securities VII 7,826,635 11,000,521 16,228,021 19,809,159 19,750,317 Bristol Value II 13,090,823 14,906,823 17,369,823 14,846,823 5,342,823 DRA Growth and Income Fund VII 16,927,106 13,075,666 8,075,666 3,779,666 0 DRA Growth and Income Fund VIII 22,203,645 19,935,051 18,386,770 10,683, ,638 DRA Growth and Income Fund IX 0 15,513,247 31,781,632 44,078,151 33,965,500 Mesa West Income Fund III 19,421,814 23,480,713 19,480,689 15,480,665 5,353,875 Mesa West Income Fund IV 0 20,000,000 36,500,000 53,000,000 49,500,000 Prudential PRISA II 36,248,802 37,336,266 38,456,354 39,610,045 40,798,346 Westbrook X 6,563,611 21,363,611 36,163,611 50,963,611 60,142,558 Total 142,403, ,096, ,126, ,051, ,930,360 21% 24% 27% 29% 27% Opportunistic: Blackstone BREP VII 24,755,103 19,238,699 13,197,972 8,213,188 4,213,188 Blackstone Europe IV 23,303,333 17,357,395 9,464,538 3,079,235 0 Lone Star Fund VII 1,160, , , Lone Star Real Estate Fund II 1,685, , , Lone Star Real Estate Fund IV 27,651,146 27,522,045 23,514,937 15,293,593 6,497,281 Lone Star Real Estate Fund V -530,685 29,870,155 55,198,731 59,387,214 39,387,214 Torchlight Debt Opportunity IV 25,614,356 10,614,356 5,893,298 3,343, ,156 Torchlight Debt Opportunity V 7,940,982 26,101,609 29,933,725 29,933,725 29,933,725 Total 111,579, ,520, ,773, ,250,205 80,614,564 16% 16% 16% 13% 10% Total Real Estate 681,434, ,527, ,246, ,526, ,087,999 % of Plan Assets 5.6% 6.1% 6.2% 6.0% 5.2% Plan Assets (7.25% Growth) 12,250,034,199 13,138,161,678 14,090,678,400 15,112,252,584 16,207,890,896 Over/Under Funded -298,568, ,525, ,007, ,453, ,543,273 Note: Based on 3Q16 data. Note: Estimated plan assets and over/under allocation based on assumed 7.25% total portfolio-level growth rate. 12
15 Current & New RE Commitments at 0% Plan Growth Dec-16 Mkt. Value Dec-17 Mkt. Value Dec-18 Mkt. Value Dec-19 Mkt. Value Dec-20 Mkt. Value Core: DFA Global Real Estate Securities 30,070,137 30,070,137 30,070,137 30,070,137 30,070,137 FPA Core Plus III 0 43,824,000 55,324,000 51,774,000 48,124,000 Harrison Street Core Property 61,921,935 61,921,935 61,921,935 61,921,935 61,921,935 Heitman REIT 28,354,493 28,354,493 28,354,493 28,354,493 28,354,493 Invesco Core Real Estate 58,139,599 58,139,599 58,139,599 58,139,599 58,139,599 Jamestown Premier 58,570,663 58,570,663 58,570,663 58,570,663 58,570,663 JP Morgan SPF 74,543,156 74,543,156 74,543,156 74,543,156 74,543,156 PCCP First Mortgage II 5,736, , Prologis Industrial Fund 30,054,498 30,054,498 30,054,498 30,054,498 30,054,498 Prudential PRISA 80,060,161 80,060,161 80,060,161 80,060,161 80,060,161 Core ,000,000 60,000,000 60,000,000 60,000,000 Core ,000,000 60,000,000 60,000,000 Total 427,450, ,510, ,038, ,488, ,838,643 63% 58% 52% 47% 48% Value: AG Core Plus Realty Fund III 12,147,426 9,797,426 6,397,426 3,947,426 3,097,426 Almanac Realty Securities VI 7,973,847 7,686,877 7,286,877 6,852,877 6,408,877 Almanac Realty Securities VII 7,826,635 11,000,521 16,228,021 19,809,159 19,750,317 Bristol Value II 13,090,823 14,906,823 17,369,823 14,846,823 5,342,823 DRA Growth and Income Fund VII 16,927,106 13,075,666 8,075,666 3,779,666 0 DRA Growth and Income Fund VIII 22,203,645 19,935,051 18,386,770 10,683, ,638 DRA Growth and Income Fund IX 0 15,513,247 31,781,632 44,078,151 33,965,500 Mesa West Income Fund III 19,421,814 23,480,713 19,480,689 15,480,665 5,353,875 Mesa West Income Fund IV 0 20,000,000 36,500,000 53,000,000 49,500,000 Prudential PRISA II 36,248,802 37,336,266 38,456,354 39,610,045 40,798,346 Westbrook X 6,563,611 21,363,611 36,163,611 50,963,611 60,142,558 Value ,000,000 40,000,000 60,000,000 60,000,000 Value ,000,000 40,000,000 60,000,000 Total 142,403, ,096, ,126, ,051, ,930,360 21% 25% 29% 32% 33% Opportunistic: Blackstone BREP VII 24,755,103 19,238,699 13,197,972 8,213,188 4,213,188 Blackstone Europe IV 23,303,333 17,357,395 9,464,538 3,079,235 0 Lone Star Fund VII 1,160, , , Lone Star Real Estate Fund II 1,685, , , Lone Star Real Estate Fund IV 27,651,146 27,522,045 23,514,937 15,293,593 6,497,281 Lone Star Real Estate Fund V -530,685 29,870,155 55,198,731 59,387,214 21,676,095 Torchlight Debt Opportunity IV 25,614,356 10,614,356 5,893,298 3,343, ,156 Torchlight Debt Opportunity V 7,940,982 26,101,609 29,933,725 29,933,725 29,933,725 Opportunistic ,000,000 40,000,000 60,000,000 60,000,000 Opportunistic ,000,000 40,000,000 60,000,000 Total 111,579, ,520, ,773, ,250, ,903,445 16% 18% 20% 21% 20% Total Real Estate 681,434, ,127,081 1,100,939,436 1,255,790,560 1,237,672,448 % of Plan Assets 5.6% 7.0% 9.0% 10.3% 10.1% Plan Assets (0% Growth) 12,250,034,199 12,250,034,199 12,250,034,199 12,250,034,199 12,250,034,199 Over/Under Funded -298,568, ,875, ,936, ,787, ,669,713 Note: Based on 3Q16 data. Note: Estimated plan assets and over/under allocation based on assumed 0% total portfolio-level growth rate. 13
16 Current & New RE Commitments at 7.25% Plan Growth Dec-16 Mkt. Value Dec-17 Mkt. Value Dec-18 Mkt. Value Dec-19 Mkt. Value Dec-20 Mkt. Value Core: DFA Global Real Estate Securities 30,070,137 30,671,539 31,284,970 31,910,670 32,548,883 FPA Core Plus III 0 43,824,000 55,324,000 51,774,000 48,124,000 Harrison Street Core Property 61,921,935 64,398,812 66,974,765 69,653,755 72,439,906 Heitman REIT 28,354,493 28,921,583 29,500,015 30,090,015 30,691,815 Invesco Core Real Estate 58,139,599 60,465,183 62,883,790 65,399,142 68,015,108 Jamestown Premier 58,570,663 60,406,490 62,315,750 64,301,380 66,366,435 JP Morgan SPF 74,543,156 76,732,541 78,962,362 81,231,432 83,538,351 PCCP First Mortgage II 5,736, , Prologis Industrial Fund 30,054,498 31,256,678 32,506,946 33,807,223 35,159,512 Prudential PRISA 80,060,161 83,262,567 86,593,070 90,056,793 93,659,065 Core ,000,000 60,000,000 60,000,000 60,000,000 Core ,000,000 60,000,000 60,000,000 Total 427,450, ,911, ,345, ,224, ,543,074 63% 58% 53% 49% 50% Value: AG Core Plus Realty Fund III 12,147,426 9,797,426 6,397,426 3,947,426 3,097,426 Almanac Realty Securities VI 7,973,847 7,686,877 7,286,877 6,852,877 6,408,877 Almanac Realty Securities VII 7,826,635 11,000,521 16,228,021 19,809,159 19,750,317 Bristol Value II 13,090,823 14,906,823 17,369,823 14,846,823 5,342,823 DRA Growth and Income Fund VII 16,927,106 13,075,666 8,075,666 3,779,666 0 DRA Growth and Income Fund VIII 22,203,645 19,935,051 18,386,770 10,683, ,638 DRA Growth and Income Fund IX 0 15,513,247 31,781,632 44,078,151 33,965,500 Mesa West Income Fund III 19,421,814 23,480,713 19,480,689 15,480,665 5,353,875 Mesa West Income Fund IV 0 20,000,000 36,500,000 53,000,000 49,500,000 Prudential PRISA II 36,248,802 37,336,266 38,456,354 39,610,045 40,798,346 Westbrook X 6,563,611 21,363,611 36,163,611 50,963,611 60,142,558 Value ,000,000 40,000,000 60,000,000 60,000,000 Value ,000,000 40,000,000 60,000,000 Total 142,403, ,096, ,126, ,051, ,930,360 21% 24% 28% 31% 31% Opportunistic: Blackstone BREP VII 24,755,103 19,238,699 13,197,972 8,213,188 4,213,188 Blackstone Europe IV 23,303,333 17,357,395 9,464,538 3,079,235 0 Lone Star Fund VII 1,160, , , Lone Star Real Estate Fund II 1,685, , , Lone Star Real Estate Fund IV 27,651,146 27,522,045 23,514,937 15,293,593 6,497,281 Lone Star Real Estate Fund V -530,685 29,870,155 55,198,731 59,387,214 21,676,095 Torchlight Debt Opportunity IV 25,614,356 10,614,356 5,893,298 3,343, ,156 Torchlight Debt Opportunity V 7,940,982 26,101,609 29,933,725 29,933,725 29,933,725 Opportunistic ,000,000 40,000,000 60,000,000 60,000,000 Opportunistic ,000,000 40,000,000 60,000,000 Total 111,579, ,520, ,773, ,250, ,903,445 16% 17% 19% 20% 19% Total Real Estate 681,434, ,527,833 1,130,246,460 1,300,526,327 1,298,376,880 % of Plan Assets 5.6% 6.7% 8.0% 8.6% 8.0% Plan Assets (7.25% Growth) 12,250,034,199 13,138,161,678 14,090,678,400 15,112,252,584 16,207,890,896 Over/Under Funded -298,568, ,525,101 2,992,188 91,546,120 1,745,608 Note: Based on 3Q16 data. Note: Estimated plan assets and over/under allocation based on assumed 7.25% total portfolio-level growth rate. 14
17 Risk/Return Allocation Risk/Return Strategy Core 63% 60% 57% 58% 63% Value 21% 24% 27% 29% 27% Opportunistic 16% 16% 16% 13% 10% Total 100% 100% 100% 100% 100% % 10% 21% 63% 27% 63% Core Value Opportunistic Note: The above risk/return levels are based on current portfolio with no proposed allocations. 15
18 Property Type Diversification Property Type Diversification Office 32% 30% 29% 30% 31% Retail 17% 16% 17% 17% 17% Residential 17% 21% 22% 21% 21% Industrial 14% 12% 12% 12% 12% Hotel 3% 3% 3% 3% 2% Other* 17% 17% 17% 17% 17% Total 100% 100% 100% 100% 100% *Includes Mixed-Use, Self Storage, Operating Companies, Senior Housing, Healthcare, CMBS and Private Debt, Land, and Healthcare % 17% 3% 32% 2% 31% 14% 12% 17% 17% 21% 17% Office Retail Residential Industrial Hotel Other* Note: The above property-type diversification tables/charts are based on current portfolio with no proposed allocations. Proposed allocation diversification information is not included as it is difficult to predict the nature of future commitments. 16
19 Geographic Diversification Geographic Diversification East 31% 28% 28% 29% 30% West 29% 30% 31% 32% 34% Midwest 9% 9% 10% 10% 9% South 19% 19% 17% 16% 16% International 11% 13% 13% 12% 10% Other* 1% 1% 1% 1% 1% Total 100% 100% 100% 100% 100% *Includes Latin America, South America, and other (non-allocated) % 1% % 1% 19% 31% 16% 30% 9% 9% 29% 34% East West Midwest South International Other* Note: The above geographic diversification tables/charts are based on current portfolio with no proposed allocations. Proposed allocation diversification information is not included as it is difficult to predict the nature of future commitments. 17
20 Other Portfolio Structure Diversification Non-Development/Development Development 2% 3% 3% 3% 3% Non-Develop 98% 97% 97% 97% 97% Total 100% 100% 100% 100% 100% Public vs. Private Public 12% 11% 10% 10% 11% Private 88% 89% 90% 90% 89% Total 100% 100% 100% 100% 100% Debt vs. Equity (Portion of Capital Structure) Debt 17% 22% 24% 25% 21% Equity 83% 78% 76% 75% 79% Total 100% 100% 100% 100% 100% Note: The above property-type diversification are based on current portfolio with no proposed allocations. Proposed allocation diversification information is not included as it is difficult to predict the nature of future commitments. 18
21 Return of Capital Capital Calls Projected Changes in Portfolio Value Cash Flow out of/into Fund Change Change Change Change Return of Capital (43,391,687) (39,699,225) (49,613,862) (105,464,271) Capital Calls 151,747,498 95,919,577 51,366,141 9,178,947 Total 108,355,811 56,220,352 1,752,279 (96,285,324) 200,000, ,000, ,000,000 50,000,000 - (50,000,000) (100,000,000) (150,000,000) Change Change Change Change Return of Capital Capital Calls Total In the absence of new commitments, the portfolio begins to decline in value starting in Note: The above projected changes in portfolio value are based on current portfolio with no proposed allocations. 19
22 Projected Changes in Portfolio Value Courtland Financial Model Projected Allocation to Real Estate Assuming No Additional Investment Commitments Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Total Plan Assets $12,250,034,199 $13,138,161,678 $14,090,678,400 $15,112,252,584 $16,207,890,896 Real Estate Investments $681,434,439 $806,527,833 $880,246,460 $900,526,327 $836,087,999 Real Estate Percent of Total 5.6% 6.1% 6.2% 6.0% 5.2% Allocation to Real Estate $980,002,736 $1,051,052,934 $1,127,254,272 $1,208,980,207 $1,296,631,272 Remaining Commitments $436,173,113 $261,688,886 $146,897,284 $55,605,753 $43,564,677 Over/(Under) Allocation - Gross -$298,568,297 -$244,525,101 -$247,007,812 -$308,453,880 -$460,543,273 Over/(Under) Allocation - Net $137,604,816 $17,163,784 -$100,110,529 -$252,848,127 -$416,978,597 Note: The above projected changes in portfolio value are based on current portfolio with no proposed allocations based on 7.25% growth rate (actuarial return). 20
23 2017 Strategy Implementation/Action Plan Risk/Return Action Plan Focus Core $60-$100 million Focus on core-plus strategies. Consider alternative core strategies (e.g., stabilized non-traditional property types) and the debt portion of the capital stack. Place continued emphasis on current income and preservation of capital/ downside protection. Consider investments in international markets. Value $60-$90 million Place continued emphasis on high income with potential for value creation. Focus on managers that acquire assets below market value and discounts to replacement cost and subsequently manufacture core assets. Consider debt portion of capital structure. Focus on top performing follow-on managers if their strategies continue to be a portfolio fit. Consider strategies that focus on secondary markets. Opportunistic $60-$90 million Focus on investments that target stressed/distressed capital structures as opposed to stressed/distressed assets, including secondaries. Focus on strategies that provide basis protection in order to minimize downside volatility. Consider investments in international markets (preference for Europe) that have not had the market recovery experienced in the U.S. Focus on investments that are not generating returns solely through the use of financial engineering. 21
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INSURED INSTITUTION PERFORMANCE Quarterly Net Income Rises to $43 Billion Higher Revenues, Lower Expenses Boost Earnings Loan Growth Remains Steady Only One Bank Fails in the Quarter Improving Earnings
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