AUGUST 7, 2014

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ODCE rebounds after lower first quarter

by Reg Clodfelter

After a lower first quarter with returns at 2.52 percent, the NCREIF Open-end Diversified Core Equity Index bounced back in the second quarter, returning 2.93 percent, a solid 41 basis point increase, though still significantly less than second quarter 2013’s 3.86 percent return, according to data from the National Council of Real Estate Investment Fiduciaries.

ODCE properties marginally outperformed the NCREIF Property Index by two basis points this quarter after trailing it in the previous quarter (the ODCE is a substantial subset of the NPI), showing a rebound of properties held by open-end core funds compared with the greater market. A closer look will show that the rebound was carried by ODCE office properties, which outperformed non-ODCE office properties by 47 basis points. All other property types saw lower returns in the ODCE index than outside of it, with ODCE retail, industrial and multifamily proper

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