Research - AUGUST 3, 2015

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Core real estate fund returns increase in Q2

by Zoë Wolff

Core, open-end real estate funds saw returns increase in the second quarter, according to NCREIF’s Open-end Diversified Core Equity fund index. Total returns for the NFI-ODCE for the second quarter were 3.82 percent, up from 3.39 percent in the first quarter and 2.93 percent in second quarter 2014. The total return for the 12-month period ending in second quarter 2015 was 14.43 percent.

Income returns have been steady, increasing slightly to 1.19 percent from 1.18 percent in the first quarter. Appreciation also increased, rising to 2.62 percent from 2.2 percent in the previous quarter.

The NFI-ODCE consists of 23 funds with $180.4 billion of gross real estate assets. The index returns measure fund-level performance, including investments other than property such as cash balances and leverage. Leverage has decreased

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