Real Estate Program Review

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1 Real Estate Program Review I-4 Prepared for: Committee on Investments Presented by: Gloria Gil Managing Director, Real Assets September 11, 2007

2 The Role of Real Estate Enhances the diversification of the total UCRP and GEP portfolios Historically, real estate has a low (or even negative) correlation to other financial asset classes Income component of total return helps pay benefits and fund expenses Provides competitive risk-adjusted returns relative to other asset classes Can serve as a hedge against inflation in certain market and economic conditions Primarily possible when supply and demand levels are in equilibrium during times of greater-than-expected inflation 2

3 Real Estate Investment Strategies Core strategy attributes: Investment grade, income-producing properties usually located in primary markets in good physical condition stabilized occupancy levels with credit-worthy tenants Emphasis on stable income and modest value growth Public REIT strategy attributes: Investment grade, income-producing properties Emphasis on stable income and modest value growth Return Enhanced strategy attributes: Moderately under-serviced assets with correctable flaws Emphasis on growth in income and value High Return strategy attributes: Properties that require major repositioning redevelopment financial restructuring Includes new development Emphasis on growth in value Core High Return Enhanced - Global Real Estate Securities U.S. REITs Risk 3

4 Real Estate Allocation Program Inception October 2004 Target Allocation: UCRP GEP University Plan Assets (as of June 2007)* $47.8 B $6.4 B Real Estate Allocation $2.4 B (5.0%) $500 M **(7.5%) Currently Funded $490 M (0.9%) $177 M (0.3%) Allocation as of June 2007 Number of Funds Amount Committed $1.3 B (2.8%) $316 M (4.93%) Unfunded Commitments $823 M (1.7%) $171 M (0.3%) *One quarter lag **GEP target allocation was increased from 5% to 7.5%, effective July 1,

5 Real Estate Performance Returns Annual Return as of 6/30/07 ( One Quarter Lag) UCRP GEP Total Return (Net of Fees) 20.9 % 28.0% NCREIF Benchmark 16.6% 16.6% Out performance (Basis Points) 430 bps 1,220 bps 5

6 How Managers Add Value: Investment Strategy Significant off-market, direct deal flow Acquisition at discount to replacement cost Short-term lease rollover, ideally at below-market rents Lease-buyout potential reflecting change-of-use or tenancy Significant disparity between market rents and new construction rents Growth locations with expanding demographic base, limited zoned land 6

7 Investment Strategy Create value through direct acquisition, hands-on management and disposition: (Closed end funds unless indicated otherwise) Fund Strategy % of Committed Capital Open-end, US Core - All Property Types 6% Open- end, US Value Added (2 Funds) 14% Closed-end, US Value Added All Property Types 7% Closed-end, US Value Added Office, Industrial, Retail 2% Specific market and tenant knowledge Closed-end, US, Europe (20%) Value Added Office Focus 6% Closed-end, US High Return Hotel Focus 2% Closed-end, US Value Added Apartment Focus 3% Open-end, US Value Added Industrial Focus (Warehouses near airports and seaports) 4% Closed-end, US High Return Senior Housing 3% Closed-end, US, Europe (10-20%)- Public to Private, Finance Restructuring 11% All Property Types Closed-end, Diversified Global R.E. Operating Companies, Europe & Japan 3% 7

8 Investment Strategy Infill locations with barriers to competitive development Fund Strategy % of Committed Capital Close-end, US Value Added All Property Types 6% Closed-end, US High Return Office, Retail, Mixed-Use 2% (Low to middle income urban areas) Closed-end, US High Return Multi-family, Retail 4% Closed-end, Western US Value Added Office, Industrial 3% Closed-end, US, Western Europe, Canada, Japan All Property Types 3% Closed-end, Europe (50%-55%), Asia (20%-25%), Mexico(10%),US (15%) 4% High Return All Property Types Underutilized assets, land expansion, under maintained assets Closed-end, US, Mexico (10%) High Return All Property Types 6% Closed-end, US High Return Joint Ventures All Property Types 3% 8

9 Planned UC Real Estate Strategy Mix as of December 2007 ENHANCED Separate Accts $300 Million 10% HIGH RETURN Commingled $890 Million 29% ENHANCED Commingled $895 Million 29% REITs $300 Million 10% "BUILD TO CORE " Separate Accts $600 Million 19% CORE Commingled $100 Million 3% 9

10 Property Type Diversification UCRP GEP Hotel 6% Other 15% Apartment 11% Retail 4% Hotel 8% Other 10% Apartment 8% Retail 8% Industrial 20% Office 40% Industrial 15% Office 55% 10

11 Real Estate Geographic Diversification Asia North America Europe Africa South America Australia US Domestic * UCRP - $498 Million GEP - $175 Million International* UCRP - $29 Million GEP - $10 Million *Numbers are Based on Net Asset Value (NAV) as of 6/30/

12 GEP US Domestic Investments Pacific Mountain West North Central East North Central Northeast Mideast Southeast Southwest WEST* MIDWEST* SOUTH* EAST* Pacific $64 WN Central $4 Southwest $13 Mideast $17 Mountain $6 EN Central $16 Southeast $21 Northeast $34 *Numbers are Based on Net Asset Value (NAV) as of 6/30/2007 Total Amount of Equity Invested $175 million 12

13 UCRP US Domestic Investments Pacific Mountain West North Central East North Central Northeast Mideast Southeast Southwest WEST* MIDWEST* SOUTH* EAST* Pacific $175 WN Central $11 Southwest $30 Mideast $54 Mountain $22 EN Central $46 Southeast $74 Northeast $86 Total Amount of Equity Invested $498 million *Numbers are Based on Net Asset Value (NAV) as of 6/30/

14 Team Overseeing Real Estate Portfolio Marie Berggren CIO Gloria Gil Managing Director Real Assets Rebecca Stafford Investment Officer Real Assets Cay Sison Senior Investment Analyst Real Assets The Townsend Group Institutional Real Estate Consultants Headquartered in Cleveland, with satellite offices in San Francisco and Denver Advises 80+ clients with aggregate real estate allocations in excess of $70 billion 32 professionals dedicated to real estate research, fund due diligence and performance measurement 14

15 Real Estate Activities and Goals As of September 2007: Committed the following funds: 15- High Return $ 840 million 11 - Enhanced $ 845 million 1 - Core $ 100 million Total 27 Funds $1,785 million Medium-term goals: Implement Board approved changes (Aug & May 2007) to policy guidelines to: - permit investment in separate accounts broaden allowable strategy allocation ranges increase international exposure Conduct searches for: (To be completed by March 2008) REIT separate account managers - (US and International mandates) Core separate account managers - ( Build to Core mandate) Enhanced separate account managers ( Value Added mandate) Real Estate Consultant contract expired June 30, 2007 now on month-to-month contact 15

16 Sample Apartment Investment Strategy: New Development 280-unit garden style apartment complex Approximately $46 million ($164,000/unit). Equity Invested - $14 million Construction started in April 2005 Closed - April % Leased as of 7/31/07 The average unit size is almost 1,000 square feet and residents will enjoy a modern clubhouse/fitness center Located in a major NE City 16

17 Strategy Stabilized Core Property Sample Retail Investment 140,467 square feet Approximately $27.8 million ($198/sq.ft) Acquired on an all-cash basis Closed in August % leased to 25 tenants, anchored by Wild Oats, Marshals and Target Stabilized retail center with limited near-term rollover and currently leased to a diverse group of national, regional, and local retailers Current rents 15% below market Center underwent significant redevelopment in 2003 Well-located in an affluent, infill submarket in the Midwest 17

18 Sample Hotel Investment Strategy: New Development/Condo Sales 54- story high-rise under construction in downtown metropolitan area on the West Coast Approximately $936 million total cost Equity commitment $134 million 1,001 hotel rooms 224 for-sale condominiums 75% reserved 215,400 square feet of conference center space $2.5 billion sports, residential and entertainment district being developed Designed to be the region s most in-demand hospitality location 18

19 Sample Office Investments Strategy : Public to Private Acquisition Largest office REIT acquisition in the US. All-in cost of $38.7 billion, Equity invested - $6 Billion 89% of real estate located in top-tier, supply constrained coastal markets 75% of portfolio sold in 4 months Deal generated - 2.5x to 3x multiple Majority of the assets are Class A Central Business District (CBD) towers Significant potential for operational improvements corporate/property level 19

20 Overview of Current Real Estate Funds 20

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