Research - FEBRUARY 3, 2014

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ODCE posts best fourth quarter since 2010

by Andrea Waitrovich, released 1/31/14

The NCREIF Open‐end Diversified Core Equity Index posted a 3.17 percent return in the fourth quarter. The index returned 3.56 percent in third quarter 2013 and 2.35 percent in fourth quarter 2012, according to the National Council of Real Estate Investment Fiduciaries.

The fourth quarter return was split between 1.25 percent income and 1.91 percent appreciation. Even though the returns this quarter are 39 basis points lower than the previous quarter, this is still the best fourth quarter since 2010 and the second-best fourth quarter since 2006. The ODCE return, which tracks open-end core funds, exceeded the NCREIF Property Index return of 2.53 percent.

The 64 basis point performance gap between ODCE and NPI is down from the past two quarters, but above the 48 basis point average since the recovery from the global financial crisis began in 2010.

ODCE’s industrial properties sec

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