For institutional quality properties (i.e. pension funds) returns for all
property types was relatively flat in the 1st quarter. The quarterly TOTAL return for the 1st quarter was 2.57%.
The NCREIF is an unleveraged and the income return was 1.39% vs last quarter’s 1.41% (~ 5.60% annualized) and the appreciation return was 1.18% vs last quarter’s 1.13%.
For the past 4 quarters through the end of March 2013, the total annual return is 10.52%. Although the total returns have slowed, it is historically a high rate of return.
Top 5 facts:
- Total annual NCRIEF returns for the period ending quarter 1, 2013 were 10.52%.
- The annual return has been decreasing over the past 8 quarters as the income return decreases which then causes appreciation return to slow down.
- The quarterly income return has steadily decreased over the past 11 quarters as it went from 1.63% to 1.39%.
- Based on historistal relationships where the appreciation return is ~80% of the income return, then the annual total return will reach 10.00% when 4 quarters of 1.34% income returns are attained.
- If quarterly income returns go below 1.34%, then it is much more likely that total annual returns will fall below 10.00%. Compared to 10 year Treasury rate of
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