Item - 2026.IB17.4

The Director, Capital Markets and Treasury recommends that:  

1. The Toronto Investment Board adopt the INREV Global Real Estate Fund Index (GREFI), as presented in Confidential Attachment 2, as supplementary comparative information for purposes of reviewing the performance of the Board’s real estate investments.

2. The Toronto Investment Board direct that Confidential Attachments 1 and 2 remain confidential in their entirety, as they contain information that involves the security of property belonging to the City or one of its agencies or corporations.

As required by the City's Investment Policy, the purpose of this report is to provide the Toronto Investment Board (Board) with the following:

1. The Sinking Fund and Long Term Fund performance for the second quarter of 2026.

2. Investment Policy and Plan Compliance check for the second quarter of 2026.

3. Supplementary comparative information for the Board’s real estate investments.

There are no financial impacts on the City's operating or capital budgets as a result of this report.