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NPI has strong 2014, improves over 2013

by Reg Clodfelter

The NCREIF Property Index closed 2014 with a 3.04 percent fourth quarter return, bringing the index’s total 2014 return to 11.82 percent, an 84 basis point improvement over the 2013 result but still below the index’s 12.14 percentannualized returns for the past five years in the aftermath of the financial crisis.

The 2014 return consisted of a 5.36 percent income return and a 6.21 percent appreciation return. Leveraged returns for 2014 were 18.67 percent.

“A number of factors have been contributing to the strength of the institutional real estate market over this past year, including low real interest rates and strong job growth,” said William Hughes, the board chair of NCREIF and global head of real estate research and strategy for UBS Realty Investors, in a statement. “Overall completion of new space

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