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REIA November 2011 Institutional Investment Outlook

REIA November 2011 Institutional Investment Outlook. NCREIF Overview. Current Quarter Index Composition. NPI and ODCE vs. Other Asset Classes. Third Quarter 2011 Total Return Index Comparison. NPI and ODCE vs. other Asset Classes: 1 and 10 year returns.

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REIA November 2011 Institutional Investment Outlook

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  1. REIA November 2011 • Institutional Investment Outlook

  2. NCREIF Overview Current Quarter Index Composition

  3. NPI and ODCE vs. Other Asset Classes Third Quarter 2011 Total Return Index Comparison

  4. NPI and ODCE vs. other Asset Classes: 1 and 10 year returns Total Return Index Comparison as of September 30, 2011

  5. NCREIF Property Index (NPI) Property Type Total Returns – Annual Returns Over Last Five Years

  6. NCREIF Property Index (NPI) Third Quarter Implied Appraisal Cap Rates

  7. NCREIF Property Index (NPI) Property Type Implied Appraisal Cap Rate Implied Cap Rate Equals Current Quarter NOI Divided by Current Quarter Market Value Multiplied by4

  8. Occupancy Last Five Quarters NCREIF Property Index (NPI) Occupancy Third Quarter Occupancy-Last 5 Years

  9. NCREIF Property Index (NPI) Occupancy Last Five Quarters Occupancy by Property Type Third Quarter Occupancy-Last 5 Years

  10. NCREIF Property Index (NPI) NOI Growth – Rolling Four Quarters (Excluding Hotels)

  11. NCREIF Property Index (NPI) NOI Growth by Property Type - Four Quarter Total

  12. NCREIF Property Index (NPI) Best and Worst Performing Apartment Markets Over the Past Ten Years Best Worst Chicago has the 8th worst return over a 10 year period

  13. NCREIF Property Index (NPI) Best and Worst Performing Industrial Markets Over the Past Ten Years Best Worst Chicago has the 9th worst return over a 10 year period

  14. NCREIF Property Index (NPI) Best and Worst Performing Office Markets Over the Past Ten Years Best Worst

  15. NCREIF Property Index (NPI) Best and Worst Performing Retail Markets Over the Past Ten Years Best Worst Chicago has the 10th worst return over a 10 year period

  16. Summary of Third Quarter 2011 Results • Commercial real estate returns drop slightly from last quarter • Apartment is the best performing followed by retail • West is the best and South moves upward • Fundamentals improve • Occupancy up from previous quarterand a year ago • NOI growth turns positive (but driven by apartments) • Cap rates continue to drop • Transaction activity increases slightly, but far off normal levels • Fundamentals beginning to catch up?

  17. Upcoming NCREIF Events • NCREIF Educational Program • Nuts and Bolts of Institutional Real Estate • Chicago, IL • November 30-December 2, 2011 • Visit www.ncreif.org for more information

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