" Public employees' pension plans who have heavily invested in commercial real estate have incurred big losses in the value of their portfolios. Investment performance of California public employees retirement system. Calpers declined 23 point 4% for the fiscal year ending June 30. With its greatest single year decline ever be California State retirement system counts stirs. Reporting that its investment portfolio -- 45% for the year. At calpers as of march 31. While casters investments in -- they. We're down 43%. Real estate and private equity returns for both funds -- estimates and a reduction in value which is subject to change pending appraisals through June 30 2009. Both of these pension plans have been active purchases of New York City residential commercial rules for these pension plans -- purchasing joint venture buildings including. I certainly for -- Lexington avenue 1177 avenue America's 99 tertiary. And Peter Cooper village and Stuyvesant town this is Michael -- for the Michael Stoller -- report."