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Research - JANUARY 27, 2014

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NPI posts stable fourth quarter stable

by Andrea Waitrovich, released 1/24/14

The NCREIF Property Index posted a 2.53 percent return in fourth quarter 2013, composed of a 1.34 percent income return and a 1.19 percent capital appreciation return. During the past year, the NPI returned 10.98 percent, split between 5.61 percent of income and appreciation of 5.16 percent, according to the National Council of Real Estate Investment Fiduciaries.

Industrial was the best performing sector; this was the third consecutive quarter it was the top property type. The sector returned 2.95 percent, a drop from the third quarter’s 3.14 percent but well above the 2.37 percent return from a year ago. Industrial’s 2.95 percent return was split between 1.45 percent income and 1.50 percent appreciation. For the year, the industrial sector returned 12.33 percent, trailing only retail.

Retail was the best performing sector for the year with a 12.87 percent total return and the second-best performer for the fourth quarter, returning 2.66 percent. Th

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