Real Estate Strategy Semi-Annual Report, as of February 14, 2025

The objective of this semi-annual performance report is to provide the Teachers' Retirement Board Investment Committee with an evaluation of the Real Estate Portfolio's alignment with CalSTRS' established goals and policies and the investment opportunities presented by property and capital markets.

To accomplish the above objective, we reviewed the CalSTRS portfolio, policies and limitations, previous recommendations and activities, as well as current and forecasted economic, capital market, and property market conditions.