Research - NOVEMBER 2, 2015

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Core, open-end fund returns dip in third quarter

by Zoë Wolff

Core, open-end real estate funds experienced a decrease in returns for the third quarter, according to the NCREIF Fund Index – Open-end Diversified Core Equity. Total returns for the NFI-ODCE for the third quarter were 3.68 percent, down from 3.82 percent in the second quarter, but up from 3.24 percent in third quarter 2014. The total return for the 12-month period ending in third quarter 2015 was 14.93 percent.

Income returns decreased to 1.17 percent from 1.19 percent in the second quarter. Appreciation declined slightly to 2.51 percent from 2.62 percent in the previous quarter.

The NFI-ODCE tracks 23 open-end commingled funds pursuing a core investment strategy. The index returns measure fund-level performance, including investments other than property such as cash balances and leverage. Leverage has decreased since t

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