About the NCREIF Property Index The NPI consists of 8,289 investment-grade, income-producing properties with a market value of $653 billion. The market value breakdown by property type is about 35% office, 25% apartment, 22% retail, 17% industrial and 1% hotel properties.

as the NCREIF Property Index (NPI), therefore, is essentially some sort of housing price indices indicate that appraisal-based returns exhibit moderately. 4 Nov 2019 Real estate was a powerful diversifier in the 2001 recession (Exhibits 1 and 2). Throughout 2001, the NCREIF Property Index (NPI) total return  30 Apr 2018 The NCREIF Property Index (NPI), the industry-standard, private-market index for core real estate. NPI returns are appraisal-based,  17 Mar 2018 NCREIF Property Index . FTSE National Association of REITs U.S. Real Estate Index. 14. Stock Market Recap . NPI total returns decreased 10 BPS from the prior quarter to 1.7%, comprised of a 1.12% income return  real estate assets in the world. NCREIF produced the first property level return index, the NCREIF Property. Index (NPI), dating back to 1978 to capture  Definition of NCREIF Property Index (NPI): A quarterly and yearly report presenting income and appreciation components.

17 Mar 2018 NCREIF Property Index . FTSE National Association of REITs U.S. Real Estate Index. 14. Stock Market Recap . NPI total returns decreased 10 BPS from the prior quarter to 1.7%, comprised of a 1.12% income return 

It is also below the long-term average total return over the history of the index, an overview of the NCREIF Property Index (NPI) and the NCREIF Fund Index  NPI Total and Income Return. (01/01/1978 – 12/31/2018). 03-NCREIF-Property- Index. Source: Morningstar  30 Sep 2019 NCREIF Property Index (“NPI”) - This index measures the property specific total rate of return for commercial and residential real estate  4 Jan 2015 The NPI measures average capital appreciation, average gross income, and average gross total return at the property level. It is published  of properties that comprise the widely followed NCREIF Property Index (NPI). “Forecasting Prices and Excess Returns in the Housing Market,” AREUEA  period returns for the NCREIF Property Index (NPI) commercial real estate data Council of Real Estate Investment Fiduciaries (NCREIF), this index is the  NPI is widely-reported and used by real estate invest- the NCREIF Property Index (NPI) has achieved the income return component of the NPI can be.

Listed real estate is outside the comfort zone of many investors. a broader comparison of equity REIT, real estate, stock and bond returns, dating back to benchmark NCREIF Property Index (NPI) or the MIT Transaction-Based Index ( TBI) 

22 May 2018 This marked the 33rd consecutive quarter of positive returns for the Index. ( Estimated reading time: 2 min 50 sec). Industrial (+3.3%) was the best-  The NCREIF Property Index (NPI) is a quarterly, unleveraged composite total return for private commercial real estate properties held for investment purposes only. All properties in the NPI have been acquired, at least in part, on behalf of tax-exempt institutional investors and held in a fiduciary environment. NPI Total Returns. The total return of 1.55% consisted of an income return of 1.10% from net operating income (NOI) and a capital return (change in value net of capital expenditures) of 0.45%. Market Value Index Reaches Another New High. Market values reached another new high as indicated by the NCREIF Market Value Index (MVI). The MVI tracks how estimated sale prices are changing over time for properties in the NCREIF Property Index. NCREIF Property Index Returns. The NCREIF Property Index is a quarterly time series composite total rate of return measure of investment performance of a very large pool of individual commercial real estate properties acquired in the private market for investment purposes only. All properties in the NPI have been acquired, at least in part, This is an unleveraged return for what is primarily “core” real estate held by institutional investors throughout the US. NPI Total Returns. The total return of 1.41% consisted of an income return of 1.11% from NOI and a capital return of 0.30%. Market Value Index Reaches Another New High. Although returns were down slightly for the quarter, market values reached another new high as indicated by the NCREIF Market Value Index (MVI). NCREIF Overview Fourth Quarter 2019 Index Composition 7 NCREIF Property Index (NPI) NPI Leveraged Property Index NFI-ODCE (Fund Index –Gross of Fees) Farmland Properties Timberland Properties Leverage Unlevered 42% 22% Unlevered Unlevered Quarterly Return 1.4% 1.2%* 1.2% 2.6% 1.0% 1 Year Return 6.7% 7.2% 8.4% 6.7% 3.4%

Recommendation to Amend the AIMR Performance Presentation Standards to include the Internal Rate of Return for Real Estate Discretionary Closed-End Funds and Discretionary Separate Accounts (a NCREIF Performance Measurement

NCREIF Overview Fourth Quarter 2019 Index Composition 7 NCREIF Property Index (NPI) NPI Leveraged Property Index NFI-ODCE (Fund Index –Gross of Fees) Farmland Properties Timberland Properties Leverage Unlevered 42% 22% Unlevered Unlevered Quarterly Return 1.4% 1.2%* 1.2% 2.6% 1.0% 1 Year Return 6.7% 7.2% 8.4% 6.7% 3.4% About the NCREIF Property Index The NPI consists of 7,913 investment-grade, income-producing properties with a market value of $630 billion. The market value breakdown by property type is about 35% office, 25% apartment, 22% retail, 17% industrial and 1% hotel properties. About the NCREIF Property Index The NPI consists of 8,289 investment-grade, income-producing properties with a market value of $653 billion. The market value breakdown by property type is about 35% office, 25% apartment, 22% retail, 17% industrial and 1% hotel properties. Returns of the national NCREIF Property Index in the United States from 1998 to 2018. The statistic presents the returns of the national NCREIF Property Index in the United States from 1998 to 2018. The value of this commercial property index amounted to 1.37 percent in 2018. The NCREIF Timberland Index is a quarterly time series composite return measure of investment performance of a large pool of individual timber properties acquired in the private market for investment purposes only. All properties in the Timberland Index have been acquired, at least in part, the income, appreciation or total returns from the NPI: 1. Not all ODCE properties and property types are in the NPI (seniors housing, student housing, development, etc.) 2. Leverage is included in fund level calculations, but not in the NPI. 3. JV properties in ODCE may be managed by non-NCREIF members so the data isn’t reported in

real estate prices are proxied by NPI (NCREIF Index). At a national level, private real estate returns reflected in the NCREIF Property Index have tapered off, 

The NCREIF Property Index (NPI) provides returns for institutional grade real estate held in a fiduciary environment in the United States. Properties are managed  NCREIF Data Products. ➢ NCREIF Property Index (NPI). ○. Several Report and Spreadsheet products. ○. Derivatives being traded based on the NPI returns. ncreif property index released commercial property performance steady in third The quarterly NPI total return remains modest and has been relatively stable,  A property derivative is a financial derivative whose value is derived from the value of an In turn, the real estate property index attempts to aggregate real estate market Property derivatives usually take the form of a total return swap, forward of Real Estate Investment Fiduciaries (NCREIF) property index the NPI.

17 Mar 2018 NCREIF Property Index . FTSE National Association of REITs U.S. Real Estate Index. 14. Stock Market Recap . NPI total returns decreased 10 BPS from the prior quarter to 1.7%, comprised of a 1.12% income return  real estate assets in the world. NCREIF produced the first property level return index, the NCREIF Property. Index (NPI), dating back to 1978 to capture  Definition of NCREIF Property Index (NPI): A quarterly and yearly report presenting income and appreciation components. 22 May 2018 This marked the 33rd consecutive quarter of positive returns for the Index. ( Estimated reading time: 2 min 50 sec). Industrial (+3.3%) was the best-  The NCREIF Property Index (NPI) is a quarterly, unleveraged composite total return for private commercial real estate properties held for investment purposes only. All properties in the NPI have been acquired, at least in part, on behalf of tax-exempt institutional investors and held in a fiduciary environment. NPI Total Returns. The total return of 1.55% consisted of an income return of 1.10% from net operating income (NOI) and a capital return (change in value net of capital expenditures) of 0.45%. Market Value Index Reaches Another New High. Market values reached another new high as indicated by the NCREIF Market Value Index (MVI). The MVI tracks how estimated sale prices are changing over time for properties in the NCREIF Property Index. NCREIF Property Index Returns. The NCREIF Property Index is a quarterly time series composite total rate of return measure of investment performance of a very large pool of individual commercial real estate properties acquired in the private market for investment purposes only. All properties in the NPI have been acquired, at least in part,