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 $360,062,381.00 $452,241,064.00
SSR Realty Advisors - Western Multifamily  513,251,724.00  594,447,318.00
SSR Realty Advisors  27,114,947.15  28,259,473.00
PREES Apartment REIT 27,100,149.00 29,352,462.00
Total $927,529,201.15 $1,104,300,317.00


     
Industrial Investments:    
     
LaSalle - Cal East $844,575,574.00 $888,562,356.00
RREEF - Cal West                  1,779,779,817.00                            1,735,275,526.00
RREEF - JVs and Loans                       77,906,862.00                               100,417,145.00
PREES Industrial REIT 23,620,287.00 26,711,367.00
Total $2,725,882,540.00 $2,750,966,394.00


     
Office Investments:    
     
CWP - Fifth Street Properties $493,355,212.14 $702,365,502.97
CWP - Managed $190,635,023.23 $93,577,362.50
Hines - National Office Partners  1,628,576,948.00 1,552,188,033.00
Hines Managed 221,396,450.00 204,660,436.00
PERS   32,024,576.94 32,024,576.94
PREES Office REIT  36,427,201.00 38,812,522.00
Total $2,602,415,411.31 $2,623,628,433.41


     
Retail Investments:    
     
National Retail Partners $740,589,963.00 $803,308,574.00
Eastern Shore Shopping Centers $614,481,259.00 $630,947,984.00
Pers Managed Malls  637,753,191.05 730,715,741.87
Lend Lease (ERPMI)  110,661,223.00 158,329,965.00
PREES Retail REIT 25,109,005.00 31,074,998.00
Total $2,128,594,641.05 $2,354,377,262.87


     
Diversified Core Advisors:    
     
AFL-CIO Building Investment Trust $50,131,620.12 $107,184,320.79
CB Richard Ellis (Westmark) 0.00 0.00
Lend Lease (ERE Yarmouth)                            183,481.61

                                     183,481.61

RREEF Mgd. 11,783,292.00 8,983,292.00
Total  $62,098,393.73 $116,351,094.40
     
Grand Total $8,446,520,187.24 $8,949,623,501.68


     
     
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.