New York State Teachers renews contacts with four global real estate public securities managers

The New York State Teachers have authorized to renew contracts with four global real estate public securities managers, according to board materials dated for its July 26 meeting.

The pension fund authorized a renewal of the agreement with Heitman to manage a portion of the System’s portfolio to be actively invested in the securities of U.S. REITs and real estate operating companies (REOCs) for a period of one year, effective August 7, 2023; a renewal with Brookfield Investment Management, effective August 15., for global REITS; a renewal with AEW Capital Management, effective September 12, for global REITS; and a renewal with Dimensional Fund Advisors, effective September 22, for global REITS.

The pension fund has real estate equity at 11 percent and real estate debt at 6 percent.