PDF First Quarter 2019 NCREIF Indices Review

First Quarter 2019 NCREIF Indices Review

May 9, 2019

Panelist Overview

Jeff Fisher NCREIF Data, Research & Education Consultant

Doug Poutasse Executive Vice President, Head of Strategy and

Research, Bentall Kennedy

Disclaimer

Today we will be presenting what we see in the NCREIF data, trends and changes; all comments about future expectations are the personal views of the speakers and not a reflection of a NCREIF opinion or forecast.

Overview

? NPI return up for quarter! ? Industrial still the leader of the Pack although down slightly from last quarter ? Turnaround mainly due to writeups in retail ? Some differences in opinion on direction of retail (ODCE vs. NPI) ? Cap rates eek out another all time (for NPI) low ? Occupancy down just slightly from last quarter's highest since 2001

4

Total Returns by Asset Class

25%

Total Return

20% 15% 10%

5% 0%

20.0% 18.8%

17.2%

15.9%

8.7%9.1% 7.5%

9.4% 8.5% 6.8%

10.21%0.5% 7.8%

11.11%1.7% 6.1%

7.7%

13.6% 10.5% 9.5% 9.8%

1.4%

1.8%

2.1%

0.7%

3.8% 2.4%

0.1%

NFI-ODCE NPI NPI Levered Farmland Timberland NAREIT S&P 500

3/31/2019 1-Yr 10-Yr Avg 25-Yr Avg

Chart: F-001-1905

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