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Real Estate Assets
Quarterly Summary as of 12-31-12
Total Market Value: $6,979,687,544
10.3% of OPERS Total Portfolio
Quarter Return: 4.01%
Benchmark Return: 2.34%
Year To Date Return: 12.53%
Benchmark Return: 11.00%

Strategy
Real Estate sub asset class is currently at its long-term target allocation of 10%.  OPERS is working with Investment Advisor on the following projects to follow industry best practices:

  • Revise and implement the valuation procedures for the separate account portfolio;
  • Refine performance reporting; and
  • Maintain target allocations.
Strategic Intangibles
The following items describe additional approaches for maintaining a competitive Real Estate program:
  • Staff development - Staff intends to participate in conferences with real estate investors, real estate operating companies, and developers to gain additional professional insights, and identify new investment opportunities.
  • Active participation in partnerships - Staff will participate on advisory boards and valuation committees, and participate in all meetings and actively monitor partnership compliance.
  • Remain opportunistic - While working within the policy framework, Real Estate staff will rapidly assess and act upon unique opportunities. Staff will renew its efforts to seek, critically analyze, and offer up contrarian approaches and unique investment structures.
  • Maintain patience - The policy performance objective for the Real Estate portfolio is to outperform the policy benchmark over rolling 5-year periods. Staff will remain committed to the policy strategies and resist pressure, caused by short-term performance, to disrupt investment pacing or force sales.
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