Los Angeles Fire & Police Pensions (LAFPP) has approved a new three-year contract with Principal Real Estate Investors for a domestic and global real estate investment trust (REIT) manager relationship.

In a meeting document, the $23.2bn (€21.1bn) pension fund said it will extend the $203.7m global portfolio and the $187.9m US-only portfolio contracts due to expire by the end of next month.

The benchmark used for the global REIT portfolio – which targets a portfolio of 85 to 95 securities – is the FTSE EPRA/NAREIT Dividend Index.

Principal as outperformed the index since inception and on a one-year basis. It has exceeded the benchmark by 134 basis points since its February 2014 inception and by 303 basis points for one-year.

The US-only portfolio’s benchmark is the Dow Jones US Select Real Estate Securities Index. Principal has outperformed the index by 171 basis points since it started this relationship in 2006.

Topics

Related Companies