NOVEMBER 4, 2013

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Third quarter brings modest returns nationwide

by Reg Clodfelter

NCREIF has released the third quarter 2013 results for its National Property Index, which saw a return of 2.59 percent, split between a 1.37 percent income return and a 1.22 percent capital appreciation return. The NPI’s rolling four-quarter return is at 11.00 percent, comprising a 5.68 percent income return and a 5.10 capital appreciation return.

The index, which comprises nearly $344 billion in real estate investments, saw no sector return more than 3 percent except for the industrial sector (3.14 percent), which was the top-performing sector for the second consecutive quarter, though the retail sector’s return was within one basis point of industrial in the second quarter. The other sectors — apartment, hotel, office and retail — all saw third quarter returns between 2.11 and 2.70 percent. The industrial sector has had a strong year after a slow recovery from the global financial crisis, p

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