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Real Estate Performance

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Real Estate Performance Real Estate Portfolio Performance Review SECOND QUARTER 2016 Portfolio Funding Status - The following slides provide a review of key information pertaining to the Los Angeles City Employees’ Retirement System (“LACERS”) Real Estate Portfolio (the “Portfolio”) through June 30, 2016. A detailed performance report is also provided as Exhibit A. - The System is above its 5.0% target to Real Estate, but is expected to come in line with its target as legacy funds liquidate from the Portfolio. Market Value % LACERS Plan* ($ millions)* LACERS Total Plan Assets 14,015 Real Estate Target 701 5.0% RE Market Value: Core 473 Non-Core 340 Timber 20 Total RE Market Value 833 5.9% Unfunded Commitments 133 0.9% RE Market Value & Unfunded Commitments 966 6.9% Remaining Allocation (265) (1.9%) 2 *Figures may not add due to rounding. Real Estate Portfolio Composition Portfolio Composition Strategic Targets (6/30/2016)* Target Funded & Tactical Range Funded Allocation Committed Core 60% 40% - 80% 56.8% 51.6% Non-Core 40% 20% - 60% 40.8% 46.2% Value Add Portfolio N/A N/A 15.3% 20.1% Opportunistic Portfolio N/A N/A 25.5% 26.1% Timber N/A N/A 2.5% 2.3% - In May 2014, the Board approved the strategic targets displayed above in order to reflect a more conservative risk profile going-forward. At the time, the Portfolio had 30% exposure to Core and 70% exposure to Non-Core. - Since that time, and in an effort to transition the Portfolio, the LACERS Board has approved $220 million in new Core commitments. Approximately 90% of these commitments have been called as of June 30, with the remaining balance expected to be called by year-end. - The LACERS Board also approved $50 million in Non-Core investments in 2015 focused on Value Add strategies whereby pre-specified portfolios, with embedded value and an element of current income were identified. - On a funded and committed basis, the LACERS Core and Non-Core allocations are in line with the strategic targets. Capital projections show LACERS nearing its 60% target allocation to Core at year-end 2016 as Non-Core investments continue to liquidate and recent Core commitments become fully invested. - The Core Portfolio utilizes 29.1% leverage, measured on a loan-to-value (LTV) basis, well below the 40.0% constraint. - The Non-Core Portfolio has a 48.3% LTV ratio, well below the 75.0% constraint. 3 *Figures may not add due to rounding. Commitments Since 2012 200 180 Gerrity Retail Fund 2, 20 Berkshire Multifamily 160 Income Fund, 20 140 Prime Property 120 Fund, 50 Hancock Timberland XI, 100 20 Asana Partners Fund I, Cornerstone Enhanced 20 80 Mortgage Fund I, 25 Principal US Property Account, 50 Standard Life European 60 Almanac Realty Real Estate Club II, 30 Securities VI, 25 Mesa West Real Estate Commitments in $ $ (Millions) in Commitments 40 Bristol Value II, L.P., 20 Income Fund III, 25 Jamestown Premier Lion Industrial Trust, 50 20 Property Fund, 50 Torchlight Debt DRA Growth and Income CIM VI (Urban REIT), 25 Opportunity Fund IV, 25 Fund VIII, 25 0 2012 2013 2014 2015 2016 Vintage Year Core Commitments Value Add Commitments Opportunitistic Commitments Timber Commitments - LACERS has committed $460 million since 2012. - Vintage year classifications are based on LACERS’ first capital call (or expected capital call), though commitments may have been approved in prior years. 4 Relative Performance by Strategy: Core LACERS Core Real Estate Portfolio vs. NFI-ODCE 14.00 11.42 11.97 11.66 12.00 10.80 11.20 10.38 10.00 8.00 7.09 6.29 6.00 4.00 2.52 1.91 2.00 0.00 Quarter 1 Year 3 Year 5 Year Since Inception Core Portfolio (Net) NFI-ODCE (Net) - The LACERS Core benchmark is the NFI-ODCE, measured over five year time periods, net of fees. - The Core Portfolio outperformed the benchmark over the most recent Quarter and Since Inception time period, but underperformed over all other time periods. - During the Second Quarter, Invesco Core Real Estate and CIM VI drove performance, each outperforming the NFI-ODCE by 160 bps. CMCT is the largest detractor of Core performance over the one-year period. Underperformance over the three and five-year periods is largely attributable to CIM Urban REIT, which was fully liquidated in 1Q2014. - New investments approved by the LACERS Board in 2015 are expected to be fully funded by year-end 2016. These investments are positioned to outperform the NFI-ODCE with a predominant portion of return coming through income. Over the most recent Quarter, four new investments (Berkshire, Lion Industrial Trust, Prime Property Fund and Principal U.S. Property Account) outperformed the NFI-ODCE. 5 Relative Performance by Strategy: Non-Core LACERS Non-Core Real Estate Portfolio vs. NFI-ODCE + 200 bps 16.00 13.97 13.66 14.00 12.80 12.00 9.88 9.65 10.00 8.41 8.00 6.94 6.67 6.00 4.00 2.41 1.41 2.00 0.00 Quarter 1 Year 3 Year 5 Year Since Inception Non-Core Portfolio (Net) NFI-ODCE + 200 bps (Net) - The LACERS Non-Core benchmark is the NFI-ODCE + 200 bps, measured over five year time periods, net of fees. The 200 bps premium is a reflection of the incremental return expected from additional risk inherent in Non-Core strategies. - The Non-Core Portfolio underperformed the NFI-ODCE + 200 bps benchmark over all time periods. - Performance for the Value Add and Opportunistic Portfolios is provided on the following slide. 6 Relative Performance by Strategy: Non-Core Value Add Net IRR Results by Vintage Year 30% Top Quartile 20% 10% Bottom Quartile 0% -10% -20% Net Internal Rate Net InternalRate of Return -30% -40% 2004 2005 2006* 2007 2008 2009 2010* 2011 2012 2013* 2014 Vintage Year Median IRR LACERS - The chart above displays the top, bottom and median quartile net IRRs of all Value Add strategies tracked by The Townsend Group. The LACERS current net IRR by vintage year is also provided for reference. Note if more than one investment was made in any given vintage year, the LACERS net IRR represents the aggregate net IRR for all investments made during that vintage year (exceptions exist, see below). - LACERS made investments in 7 out of the 11 years displayed. LACERS manager selection was above median for 3 years out of these 7 years. - A majority of Value Add capital was invested between 2004 and 2006, where returns have been below historical averages. These investments have had a significant impact on historical performance as a result. - Performance for 2015 was excluded due to performance not being meaningful at this time. Performance will become meaningful as these funds reach later stages of their investment periods. - Since 2014, LACERS has made two Value Add commitments (Gerrity Retail Fund 2 and Standard Life European Real Estate Club II), which are expected to outperform the NFI-ODCE + 200 with a component of current income to mitigate the J-curve. - Missing markers indicate that LACERS does not have investments classified in a particular vintage. 7 *Note that vintage years with asterisks exclude investments where Townsend was unable to receive full cash flows to calculate correct aggregate vintage year net IRRs. 2006: JP Morgan Alternative Property Fund has generated a negative 4.3% net IRR through 6/30/2016. 2012: Cornerstone Enhanced Mortgage Fund I has generated a 9.7% net IRR through 6/30/2016. 2013: Almanac Realty Securities VI and Mesa West Real Estate Income Fund III have generated a 17.6% and 7.6% net IRR through 6/30/2016, respectively. Relative Performance by Strategy: Non-Core Opportunistic Net IRR Results by Vintage Year 40% 30% 20% Top Quartile 10% Bottom Quartile 0% Net Internal Rate InternalNet Rate of Return -10% -20% 2004* 2005 2006* 2007* 2008* 2009 2010 2011 2012 2013 2014 Vintage Year Median IRR LACERS - The chart above displays the top, bottom and median quartile net IRRs of all Opportunistic strategies tracked by The Townsend Group. The LACERS current net IRR by vintage year is also provided for reference. Note if more than one investment was made in any given vintage year, the LACERS net IRR represents the aggregate net IRR for all investments made during that vintage year (exceptions exist, see below). - LACERS made investments in 8 out of the 11 years displayed. LACERS manager selection was above median for 2 years out of these 8 years . - A majority of Opportunistic capital was invested between 2004 and 2006, where returns have been below historical averages. These investments have had a significant impact on historical performance as a result. - Missing markers indicate that LACERS does not have investments classified in a particular vintage. 8 *Note that vintage years with asterisks exclude investments where Townsend was unable to receive full cash flows. 2004: Lowe Hospitality Investment Partners has generated a negative 17.3% net IRR through 6/30/2016. 2006: Southern California Smart Growth Fund has generated a negative 2.2% net IRR through 6/30/2016. 2007: California Smart Growth Fund IV has generated a 1.9% net IRR through 6/30/2016. 2008: DRA Growth and Income Fund VI has generated an 11.3% net IRR through 6/30/2016. Relative Performance by Strategy: Timber LACERS Timber Portfolio vs. NCREIF Timberland Index 12.00 10.50 10.00 8.13 7.77 8.00 7.29 6.72 6.83 6.00 4.78 4.00 3.49 2.00 1.09 -0.26 0.00 Quarter 1 Year 3 Year 5 Year Since Inception -2.00 Timber Portfolio (Net) NCREIF Timberland Index (Gross) - The Timber Portfolio, net of fees, outperformed its benchmark, the NCREIF Timberland Index, gross of fees, over all time periods with exception of the most recent Quarter.
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