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

     
A & D - Cal-Land Asset Partners, LP (1) 21,537,177.27 21,537,177.27
A & D - Hearthstone A & D Partners, LP (1) (369,970.00) (369,970.00)
A & D - IHP Investment Fund II, LP (1) 10,483,221.00 10,483,221.00
A & D - M/W Housing Partners, LP (1) 100,182.00 100,182.00
A & D - ORA A&D Associates, LP (1) 53.84 53.84
A & D - PICAL Housing Partners II, LP (1) 4,393,377.41 4,393,377.41
A & D - Residential RE Partners II, LP (1) 27,568.00 27,568.00
AEW Senior Housing 52,797,295.00 53,332,647.00
Bridge Housing 12,305,123.83 12,305,123.83
Buchanan 24,352,121.85 24,352,121.85
CalSmart (RREEF) 30,693,932.00 30,693,932.00
Capri Capital 3,008,090.17 3,008,090.17
Catellus Development Corporation (2) 125,173,522.70 165,594,193.16
CIM California Urban Real Estate Fund 2,216,651.00 2,216,651.00
CVE Affordable Housing (3) 30,218,848.84 30,226,442.59
Development - Kennedy Associates 65,049,257.00 65,049,257.00
Franchise Finance - CNL 111,017,671.00 135,585,418.00
GIP, Global Innovation Technology 76,351,160.49 62,101,160.49
Mortgages - CNL 3,036,785.98 3,036,785.98
Hotel - CWP (SOLD) 0.00 0.00
Institutional Housing - Fund IV 9,959,620.00 9,959,620.00
International - Security Capital 79,178,332.00 79,390,000.00
Land - Hines (5,728.00) (5,728.00)
National - Hearthstone MSII Homebuilding Investors, LLC (1) 17,196,651.00 17,196,651.00
National - IHP Investment Fund III, LP (1) 145,978,689.00 145,978,689.00
National - MW Housing Partners II, L.P (1) 12,484,512.01 12,484,512.01
National- MW Housing Partners III, L.P. (1) 30,866,575.43 30,866,575.43
National - Newland Asset Partners, LP (1) 124,317,360.72 124,317,360.72
National - Olympic Associates, LP (1) 53,645,786.04 53,645,786.04
National - Residential Real Estate Partners III, LLC (1) 29,876,359.00 29,876,359.00
National - WFHAI Housing Fund I & II, L.P (1) 16,339,917.00 16,339,917.00
NetLoop.Com (Propertyfirst.Com) (3) 1,400,000.00 67,156.00
Remainderman 1,000,000.00 1,000,000.00
Shattuck Hammond 101,103.85 101,103.85
SF Housing - Hearthstone Housing Ptrs., LP (1) 695,684.00 695,684.00
SF Housing - IHP Investment Fund I, LP (1) 130,350,509.00 130,350,509.00
SF Housing - PICal Housing Assoc., LP (1) 9,574,959.81 9,574,959.81
SF Housing - Residential RE Partners, LP (1) (2,145,151.00) (2,145,151.00)
Timberland - GetCo 711,163,881.00 684,532,150.00
Timberland - US Brinson 48,088,519.09 48,088,519.09
Timberland - Lincoln Timber Co. 427,429,057.03 406,563,017.43
Urban Retail (CUIP) - JMP 65,389,297.00 69,634,395.00
Total $2,485,278,003.36 $2,492,185,517.97


     
(1) Represents CalPERS' Capital Balance.    
(2) Fair market value is based upon stock price.    
(3) Privately held, fair market value is based upon purchase price.    
Note: Totals may be off due to rounding  
Sources of information: Advisor performance reports, State Street (public investments)    
     
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.