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        <FormAndLineReferenceDesc>FORM 990 PART VI, SECTION A, LINE 3:</FormAndLineReferenceDesc>
        <ExplanationTxt>DAY-TO-DAY OPERATIONS OF THE INVESTMENT PROPERTY ARE OVERSEEN BY THE PROPERTY MANAGER. THE INVESTMENT MANAGER, AEW CAPITAL MANAGEMENT, L.P. MANAGES THE INVESTMENT. THE INVESTMENT MANAGER IS COMPENSATED FOR THIS SERVICE BY THE SOLE SHAREHOLDER AND THIS IS TREATED AS A CAPITAL CONTRIBUTION BY THE ORGANIZATION.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 6:</FormAndLineReferenceDesc>
        <ExplanationTxt>SOLE SHAREHOLDER OF THE ORGANIZATION IS THE CITY OF LOS ANGELES FIRE AND POLICE PENSION PLAN. THE ORGANIZATION IS INCLUDED IN THE AUDITED FINANCIAL STATEMENTS OF ITS SOLE SHAREHOLDER. FORM 990, PART VI, SECTION A, LINE 7A: THE ORGANIZATION'S GOVERNING BODY IS COMPRISED OF OFFICERS AND DIRECTORS. THE DIRECTORS WERE ELECTED UNDER THE BY-LAWS OF THE ORGANIZATION. ALL OFFICERS ARE APPOINTED BY THE ORGANIZATION'S DIRECTORS. ALL OFFICERS AND DIRECTORS ACT TO CARRY OUT THE BUSINESS OF THE ORGANIZATION. SUBJECT TO THE BY-LAWS, THE PARENT MAY VETO OR CONFIRM DECISIONS MADE BY THE ORGANIZING OFFICERS. ALL OFFICERS AND DIRECTORS ARE INDEPENDENT.</ExplanationTxt>
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        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 8B:</FormAndLineReferenceDesc>
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        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION'S FINANCIAL STATEMENTS ARE PREPARED BY ITS FINANCIAL REPORTING AND TAX DEPARTMENT. FORM 990 IS PREPARED BY A PAID PREPARER, PRICEWATERHOUSECOOPERS LLP.</ExplanationTxt>
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        <ExplanationTxt>ALL GOVERNING DOCUMENTS, CONFLICT OF INTEREST, POLICIES AND FINANCIAL STATEMENTS ARE AVAILABLE FOR INSPECTION AT THE ADDRESS OF THE TAX RETURN UPON WRITTEN REQUEST.</ExplanationTxt>
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      <SupplementalInformationDetail>
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        <FormAndLineReferenceDesc>FORM 990, SCHEDULE R, PART II:</FormAndLineReferenceDesc>
        <ExplanationTxt>CITY OF L.A. FIRE AND POLICE PENSION PLAN OWNS A SIGNIFICANT NUMBER OF INVESTMENTS. HOWEVER, DETAILS PROVIDED ON SCHEDULE R, PART II ONLY INCLUDES THE CONSOLIDATED AUDITED FINANCIAL INFORMATION. ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST.</ExplanationTxt>
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</Return>
