Real estate returns for largest public pension funds

Real Estate Alert,  June 16, 2004  

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Real Estate Returns for Largest Public Pension Funds

                                         Real
                                       Estate  Holdings           2001-
                                        Total     (Non-    2003      03
                                       Assets      REIT  Return  Return
Core (Unleveraged)                    ($Mil.)   ($Mil.)     (%)     (%)

Alabama Employees                      $7,620      $462   15.81   17.90
Alabama Teachers                       16,570       951   15.70   18.00
Alaska Permanent Fund                  27,539     1,351   12.22    8.19
Texas Teachers                         84,413       359    9.35    7.60
Kentucky Teachers                      12,844       362    9.10    8.20
Nevada Public Employees                15,656     1,039    6.93    5.67
Tennessee Consolidated                 25,800       375    4.94    6.54
Total/weighted average                190,442     4,899   11.11   10.31

Core
New Hampshire Retirement                3,964       368   14.89    8.19
Sacramento County Employees             3,763       405   11.90    8.60
Ohio Public Employees                  58,700     2,902    9.63    7.52
Alaska Public Employees and Teachers   12,400       905    9.36    8.09
Iowa Public Employees                  16,722       836    8.38    8.07
Hawaii Employees                        8,508       604    7.76    5.08
Michigan Retirement                    46,412     3,650    7.30    7.70
Ohio State Teachers                    52,845     4,602    7.23    5.85
Orange County Employees                 4,967       286    7.03    6.21
Florida State Board                   100,070     3,727    6.62    5.58
Total/weighted average                308,351    18,285    7.93    6.73

Balanced
San Bernardino County Emplooyees        3,600       277   14.20    8.87
New York Common Fund                  115,700     4,746   13.10   13.60
Pennsylvania Public School Employees   47,300     2,428   12.02
Minnesota State Board                  40,000       585   10.70   10.00
Illinois Municipal                     16,614       594   10.30    7.70
Calpers                               161,378    10,406   10.20    7.81
Utah State Retirement                  14,300       968    9.71    8.36
Illinois Teachers                      30,418     2,610    9.31    6.79
Ohio School Employees                   8,050       497    7.70    3.10
Los Angeles County Employees           28,405     3,004    7.27    4.83
Chicago Public School Teachers         10,138       615    6.80    5.60
Maryland State Retirement              29,645       940    6.39
Arkansas Teachers                       8,700       692    5.67    4.60
Total/weighted average                514,248    28,362   10.13    8.29

High-Yield
Oregon Public Employees                43,609     1,890   16.50    8.00
New York State Teachers                78,400     3,121   13.20    9.00
Wisconsin Investment                   62,829     1,989   13.00    8.60
Ohio Police & Fire                      8,809       498   13.00    9.00
Kansas Public Employees                 9,795       340   12.90
Colorado Public Employees              28,417     1,643   11.20   10.60
Washington State Investment            42,600     3,600   10.70   11.20
California State Teachers             113,753     4,927    9.50    9.10
South Dakota Investment                 4,786       335    9.06
Los Angeles City Employees              7,685       371    8.60    8.70
Louisiana Teachers                     11,534       537    8.40    6.10
North Carolina Public Employees        59,800     1,637    7.83    4.61
Dallas Police & Fire                    2,160       274    7.26    5.04
San Francisco City
  & County Employees                   11,503     1,160    7.00    9.00
Illinois State Board                   10,277       604    6.10    5.90
Los Angeles Fire & Police              11,501       780    3.20    4.30
Connecticut Trust Funds                18,300       450    2.63    3.13
Total/weighted average                525,758    24,156   10.51    8.58

COPYRIGHT 2004 Harrison Scott Publications, Inc.
COPYRIGHT 2008 Gale, Cengage Learning