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Commercial real estate portfolio posts 5.15% year-to-date cash-on-cash return
Summary
Assistant Secretary John Fischer told Commissioners the CRE portfolio produced a 5.15% cash-on-cash return year-to-date through March 31, 2026, outperformed budget by about $1.2 million, and has seven underperforming properties under monitoring.
Assistant Secretary John Fischer presented the Commercial Real Estate Division’s quarterly report and said the portfolio produced a 5.15% cash-on-cash return year-to-date through March 31, 2026, consistent with expectations. He explained most properties are performing well, several generate more than 6.5% and a few exceed 8%, while seven underperforming properties are being monitored but do not currently require divestment.
Fischer noted the quarter’s 4.08% return is typically the lowest due to annual insurance payments and that the portfolio is roughly $1.2 million ahead of budget, mostly because of lease-timing differences. He said the next quarterly report will include budget projections for 2027 being developed by CRE staff.
