Investment research can utilize NCREIF data and analytical tools to support more informed decisions about real estate investment strategy, portfolio construction and asset positioning.
- Mark Roberts, Managing Director, Global Head of Research and Strategy, Deutsche Asset Management Alternatives Real Assets
Facilitating commercial real estate research is central to NCREIF’s mission as its provision of data products and analytical tools to the investment and academic community allows for improved understanding of the performance of this asset class. NCREIF supports the investment community with guidance on using its detailed property database and portfolio of fund indices to further thought leadership in the industry. Academics are encouraged to utilize NCREIF information to advance real estate research literature.
Sara Rutledge, NCREIF Director of Research. Published in the First Quarter 2017 NCREIF Performance Report.
Published Date: Mar 31, 2017Sara Rutledge, NCREIF Director of Research Published in the Fourth Quarter 2016 NCREIF Performance Report
Published Date: Dec 31, 2016Sara Rutledge, NCREIF Director of Research. Published in the Third Quarter 2016 NCREIF Performance Report.
Published Date: Sep 30, 2016Published in the Summer 2016 Journal of Portfolio Management, this paper uses Brinson attribution to explore and explain the differences between the TWR and IRR for measuring investment performance. The TWR is an industry standard for performance reporting and lends itself nicely to liquid investments, although an IRR can be a more appropriate fit for alternative asset classes and some investment structures. Author Joe D’Alessandro.
Published Date: Aug 01, 2016Beth Burnham Mace, Chief Economist, National Investment Center for Seniors Housing & Care (NIC). Published in the First Quarter 2017 NCREIF Performance Report.
Published Date: Mar 31, 2017Daniel Mahoney, Senior Vice President, LaSalle Investment Management. Published in the First Quarter 2017 NCREIF Performance Report.
Published Date: Mar 31, 2017Adrienne D. Ortyl, AEW Research - Vice President, AEW Capital Management, L.P. Published in the First Quarter 2017 NCREIF Performance Report.
Published Date: Mar 31, 2017Franklin Yanofsky, Director and Kevin Deegan, Director, National Valuation Consultants, Inc. Published in the First Quarter 2017 NCREIF Performance Report.
Published Date: Mar 31, 2017Working paper. An empirical examination, based on the 17-year period examined, indicates that the net investment returns from indices of value-add and opportunistic funds have – on a risk-adjusted Basis – under-performed the net returns available from an index of core funds. Author Joseph L. Pagliari, University of Chicago Booth School of Business.
Published Date: Sep 06, 2016This paper introduces three new and refined series derived from NCREIF property data: the Market Value Index (MVI), Free Cash Flow Yield (FCFY), and Capital Expense Ratio (CXR). While the NPI was designed to measure the risk and returns of the real estate asset class, these series optimize the property-level data in the NCREIF database to provide better indications of real estate value changes and operating performance. Authors Michael S. Young, Jeffrey D. Fisher, and Joseph D’Alessandro.
Published Date: Aug 28, 2016This RERI funded paper tests the hypothesis that investors’ ex ante discount rates help predict ex post investment returns and ex post investment risk. Author Liang Peng.
Published Date: Feb 01, 2016This RERI funded paper builds on existing methods to estimate abnormal performance of real estate assets from cash flows to strengthen the position that open-end core real estate funds earn high returns. Authors Jin Man Lee, James D. Shilling, and Charles Wurtzebach.
Published Date: Jan 01, 2016