REAL ESTATE CORE REAL ESTATE INVESTMENTS
     
Investment Net Assets at Cost Net Assets at Fair Market Value
     

     
Apartment Investments:    
     
GID Advisers - Windsor Realty Fund III $361,163,032.00 $426,564,248.00
SSR Realty Advisors - Western Multifamily 443,241,557.00 505,600,782.00
SSR Realty Advisors 26,780,986.00 27,879,734.01
PREES Apartment REIT 54,229,584.53 67,256,382.37
Total $885,415,159.62 $1,027,301,146.38


     
Industrial Investments:    
     
LaSalle - Cal East $686,923,200.00 $745,649,319.00
RREEF - Cal West 2,232,105,083.00 2,299,374,257.00
RREEF - JVs and Loans 73,565,956.54 86,894,069.00
PREES Industrial REIT 40,468,130.82 52,269,868.09
Total $3,033,062,370.36 $3,184,187,513.09


     
Office Investments:    
     
CWP - Fifth Street Properties $708,429,569.46 $964,843,674.19
Hines - National Office Partners 1,309,924,843.00 1,881,275,234.00
Hines Managed 220,490,695.00 181,745,310.00
PERS 33,174,496.05 33,174,496.05
PREES Office REIT 48,877,354.89 59,950,683.33
Total $2,510,298,611.95 $3,215,449,721.18


     
Retail Investments:    
     
National Retail Partners $713,646,578.00 $758,545,546.00
Eastern Shore Shopping Center 605,734,848.00 608,523,866.00
Pers Managed Malls 713,523,529.21 726,029,943.87
Lend Lease (ERPMI) 170,864,998.00 196,039,874.00
PREES Retail REIT 32,955,534.44 45,202,051.21
Total $2,236,725,487.65 $2,334,341,281.08


     
Diversified Core Advisors:    
     
AFL-CIO Building Investment Trust $50,131,384.13 $102,340,702.04
CB Richard Ellis (Westmark) 0.00 0.00
Lend Lease (ERE Yarmouth) (538,168.67) (538,168.67)
RREEF Mgd.
11,795,174.00 10,995,174.00
Total $61,388,389.46 $112,797,707.37
     
Grand Total $8,726,890,019.04 $9,874,077,369.10


     
     
Differences in amounts contained in this schedule of the Annual Investment Report and amounts contained in the Total Investment Value of Securities, Total Investments, Summary of Securities Owned, and other sections of the Consolidated Audited Financial Report (CAFR) are due to differences in reporting methods. The Annual Investment Report contains recent information from the Real Estate managers\advisors while the CAFR contains accruals used at fiscal year-end because actual amounts were not available at the time of the audit and were estimated.