Richard Tettamant, Adminstrator of the Dallas Police and Fire Pension System (left) and Don Rohan (right), at a board meeting in Dallas on Thursday, December 13, 2012. (Staff photographer Lara Solt)
The story Gary Jacobson and I put together on the luxury real estate investments of the Dallas Police and Fire Pension System was published at 10:50 Saturday night. Pension administrator Richard Tettamant typed this message on his iPhone and sent it out at 12:16 a.m. Sunday?to the pension board and some of his staffers:
The luxury home article is out.
So the Mayor thinks we are doing it wrong along with our expert reporters. You know the reporters have three whole months experience. I think the point of the story is that we should invest just like everyone else, never deviate from norms, take mediocre returns and check with the Mayor and the Dallas Morning News prior to determining any investment especially those outside the norm.
Of course the Mayor and the News did not mention about the $4 million per year the staff has saved by internally managing these few properties.
They included our cost values including our written down values on many of the properties, so this may dramatically negatively effect our ability to sell anything above the now public written down price for the near future.
They do make it sound as if we are doing something wrong that we are not. They have confused the development portfolio that mainly CDK runs that is kept at cost unless there is a market reason to reprice an asset down. We hardly ever see that a development such as So7 is written up during development it is kept at cost, it may be written down though. Of the $400 million they include $200 million of Museum Tower as part of our luxury portfolio.
BUT a lot of good news did make it into the story. Our returns and they did mention our long term point of view.
Thanks to all on the investment team who helped. Thanks to the Board for putting up with this new media intrigue, also thanks to the consultants who helped including Rebecca, Barbara, Gary and others.
Thanks
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