In 1984, the NPI was expanded to include apartments, and the NCREIF
Timberland Index was introduced in 1986, followed by introduction of the NCREIF
Farmland Index in 1990.
Hancock Timber Resource Group (2003a) describes how NCREIF
began compiling and publishing a quarterly index of timberland property returns in 1994, with data retroactive to 1987 for the Southern and Pacific Northwest regions, and 1994 for the Northeast.
The Data Consortium XML standards have been incorporated into a new Web-based data submission system that NCREIF
will use to collect data on approximately $100 billion worth of properties every quarter from members such as Lend Lease, JP Morgan, Prudential Real Estate Investors, UBS Realty and others," Fisher noted.
performance data used in this study consists of time series of returns from 6,999 currently owned and previously sold properties.
First, the historical NCREIF
data and the REEFM data were both used separately to construct the diversification hurdle rates.
shopping-center performance differed by type of sector, according to real estate data collected by NCREIF
, but all segments posted a gain in the final quarter of 2012.
On the investment performance front, the overall retail component of the NCREIF
Property Index experienced a dramatic increase during the first quarter, with annualized total returns of 13.
Key features of the NCREIF
Property Index include: * Index series dates back to 1978.
Office properties comprised the largest share of the $334 billion NCREIF
Property Index, accounting for over $27 billion in assets.
In fact, a look at the NCREIF
Property Index published March 15, 2013 shows that some secondary markets produce the highest risk-adjusted returns.
Index, the leading indicator of direct holdings, is posting the highest returns since 1989.
Retail returns continue to lead the NCREIF
Property Index, with malls the main drivers.