Real Estate Program - psers

3. Environmental risk management plan.
4. Market positioning related to competitive properties and other market influences.
5. Reporting timing procedures and methodology.
6. Preliminary disposition strategies.
ASSET MANAGEMENT POLICIES AND PROCEDURES
Within forty-five (45) days from the date an asset is transferred, the Advisor or Manager shall
provide the MDPMRE and the Consultant with an asset management policies and procedures
plan.
The plan must be updated by the Advisor and submitted for the review by the MDPMRE
within 45 days of each calendar year-end. Annual asset management review meetings will be
scheduled with the MDPMRE (or his staff) and the Advisors. At the direction of the
MDPMRE, the Consultant may be required to assist in reviewing the plan.
The plan will contain the following sections:
- Property Summary
- Investment Objectives
- Market Summary
- Property Management and Leasing
- Physical Property Review
- Asset Evaluation
- Operating and Capital Budgets and Financial Comparisons
- Hold/Sell Recommendation and Disposition Plan
The contents of each section are described below:
Property Summary:
The property summary is a one page summary that includes: a brief description of the site
and the improvements including parking and rentable area; most recent property valuation
and occupancy information; and identification of any critical issues or events that may
significantly impact the value of PSERS' investment.
Investment Objectives:
Investment objectives identify the major long-term (more than five years) intermediate-term
(two to five years) and short-term (one year) goals for the property. An estimated time frame
for achievement of each goal must be specified.
Approved March 13, 2009 V-18