NCREIF, Research

- 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. NCREIF Insights. Jeffrey D. Fisher, Ph.D., NCREIF Senior Consultant. Published in the Second Quarter 2018 NCREIF Performance Report. Published Date: Aug 23, 2018. Jeffrey D. Fisher, Ph.D., NCREIF Senior Consultant. Published in the First Quarter 2018 NCREIF Performance Report. Published Date: Jun 28, 2018. Until now, no method has been capable of identifying the implied cash flows and the related PME IRR. As a result, it is impossible to know which method is correct or the most accurate. This article solves the dilemma, provides a solution and the missing link for private equity benchmarking. It is now possible to identify the correct IRR spread as well as the public market equivalent portfolio implied cash flows and the related PME IRR. Published Date: Apr 11, 2018. Jeffrey D. Fisher, Ph.D., NCREIF Senior Consultant. Published in the Fourth Quarter 2017 NCREIF Performance Report. Published Date: Dec 31, 2017. Sara Rutledge, NCREIF Director of Research. Published in the Third Quarter 2017 NCREIF Performance Report. Published Date: Sep 30, 2017. Sara Rutledge, NCREIF Director of Research. NCREIF Insights June 2017. Published Date: Jun 19, 2017. Published 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, 2016. NCREIF Director of Research, Sara Rutledge, provides an overview of this 2016 Real Estate Research Institute-funded research paper and its implications for investors. Published Date: Jul 01, 2016. NCREIF Consultants Mike Young and Jeff Fisher provide a follow-up to January’s article on three new metrics formally released by NCREIF during the first quarter of 2015 with an in depth discussion on the methodolgy and use of the Free Cash Flow Yield (FCFY) and Capital Expense Ratio (CXR). Published Date: Jun 01, 2015. NCREIF Consultants Mike Young and Jeff Fisher introduce three new indicators, the Market Value Index (MVI), Free Cash Flow Yield (FCFY), and the Capital Expense Ratio (CXR). Published Date: Jan 02, 2015. Discussion of the distribution and property type composition of properties in the NPI over three time periods – 2004, 2009 and 2014. Published Date: Oct 01, 2014. Discussion of the composition and returns for NPI-Plus, which consists of non-NPI properties classified in the “Other” property type, such as senior living, self-storage and parking. Published Date: Jun 01, 2013. Discussion of ten main reasons the core fund-level benchmark (NFI-ODCE) and property-level index (NPI) differ in methodology and composition. Published Date: Sep 01, 2012. NCREIF Consultant, Jeff Fisher, explores pricing and income data for core and non-core NPI properties to shed light on valuations in the recovery from the Great Recession. Published Date: Jun 01, 2012. Comparison of the composition and performance of NFI-ODCE funds and non-ODCE open-end funds tracked for the NFI-OE. Published Date: Dec 01, 2011. Discussion on capitalization rate calculations available in the NCREIF database and how to interpret/apply each measure. Published Date: Oct 01, 2011. During the Great Recession, some “underwater” properties were returned to their lender. This piece explores whether or not this practice was impactful to the NPI. Published Date: Jul 01, 2011. David Geltner reviews the original TBI as it has been produced at MIT from 2006 through 2010, and explores a simplified average-price-based alternative version for possible NCREIF production and publication, including detailed operating instructions for such production. Published Date: May 02, 2011. NCREIF Executive Director, Doug Poutasse, examines NPI total returns by acquisition year cohorts and their relative performance to the overall NPI.