http://www.rreef.com/research/research_6917.jsp
Property Performance Monitor, Fourth Quarter 2013
Quarterly Highlights:
■ The NCREIF Property Index (NPI) returned 2.5% during the fourth quarter 2013 and 11.0% for all of 2013. Fourth quarter 2013 returns were modestly lower than second and third quarters, and on par with first quarter returns.
■ Both the retail and industrial sectors outperformed in 2013. Cap rate compression and NOI growth together gave a boost to the appreciation returns for these sectors.
■ Energy and tech based MSAs continued to have higher returns and drove sector performance. Properties in Dallas, Houston, San Francisco (ex. industrial) and San Jose outperformed almost across the board. Properties in Washington in all four sectors were a drag on total returns. (see page 3 for more information)
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