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What is NCREIF? National Council of Real Estate Investment Fiduciaries NCREIF Mission • NCREIF is a not-for-profit trade association that serves its membership and the academic and investment community’s need for improved commercial real estate data, performance measurement, investment analysis, information standards, education, and peer group interaction by: – Collecting, processing and reporting data in a secure environment; – Producing performance measurement indices; – Encouraging academic and member use of NCREIF data for objective research; – Providing forums with strong educational content to address industry issues; – Publishing informed industry related articles and reports; and – Contributing to the development of Real Estate Information Standards. What NCREIF Does Not Do • Promote – Real Estate Investment • Opine – Real Estate Investment Values • Render – Real Estate Investment Advice NCREIF Membership • Institutional Real Estate Investment Managers • Major Pension Funds • Service Providers (e.g., Appraisers, Accountants, Consultants/Analysts, etc.) • Academics – Professors of Real Estate at major universities. NCREIF Structure REIS Structure NCREIF Board PREA Board Budget Only Information Management Accounting Valuation Plan Sponsor Portfolio Management Board & Staff REIS Board Performance Measurement Farmland REIS Council Timber Industry Committees Research Data Products Council NCREIF’s Board of Directors Board Chair: Ron Kaiser - Bailard, Inc. Chair-Elect: Bill Hughes - UBS Realty Investors LLC Immediate Past Chair: Mark Roberts - RREEF Secretary: Stanton West - State Teachers Retirement System of Ohio Treasurer: Patrick Tully - Clarion Partners Directors: Stephanie Brower - Russell Investment Group Alyce DeJong - Prudential Real Estate Investors Blake Eagle - Founder Asieh Mansour - CB Richard Ellis Devon Olson - Utah Retirement Systems Jim Strezewski – LaSalle Investment Management, Inc. NCREIF’s Professional Staff Chief Executive Officer – Peter Steil Chief Information Officer – Daniel Dierking Chief Operating Officer – Stacy Gaskins Director of Research – Jeff Havsy Senior Advisor & NCREIF Founder – Blake Eagle Support Staff – Jeanine Olson – Fund Data Manager Michael Heaney – Property Data Manager James Lenon – SQL Programmer Paul Abhishek – SQL Programmer Ted Robinson - .Net Developer Tamara Pendley – Meeting & Member Services Jeffrey Fisher – Consulting Academic Advisor Joe D’Alessandro – Consulting Fund Data Advisor Mike Young – Consulting Product Development Advisor NCREIF Committees • • • • • • • • • Accounting Defined Contribution Farmland Performance Measurement Plan Sponsor Portfolio Management Research Timberland Valuation • Committees meet during each NCREIF conference and work between meetings. • Produce industry guidance papers, workbooks and seminars. • Provide valuable guidance and work products to the Real Estate Information Standards (REIS). NCREIF Data Products • NCREIF Property Index (NPI) – Several Report and Spreadsheet products – Derivatives being traded based on the NPI returns • Fund Indices – Open End Diversified Core Equity (NFI-ODCE) – NCREIF Townsend Fund Indices • NCREIF Farmland Index • NCREIF Timberland Index • Custom Data Products – Website Query Tool – Operating Database Query Tool – Special Data Runs Specified by Members NCREIF Property Database 3-31-13 Active Properties Data Set # Props $ Market Value Core 6,965 328.8 Billion Non-Core 1,107 31.6 Billion Sub Total 8,072 $360.4 Billion 736 26.3 Billion 88 2.2 Billion 824 $28.6 Billion 8,896 $389.0 Billion Tax Exempt Taxable Core Non-Core Sub Total Total Active NPI Composition • Property Types and Subtypes – – – – – Apartment: High-Rise, Low-Rise, Garden Hotel Industrial: Flex, R&D, Warehouse Office: CBD, Suburban, Manufacturing, Showroom Retail: Neighborhood, Regional, Super Regional, Community Center, Fashion Center, Power Center, Theme Center, Outlet, Single Tenant • Geographic Location • Region, Division, State, CBSA NPI Composition 4Q2012 By Region Market Value ($Millions) Number of Properties $112,159 1,638 Midwest $31,811 979 South $70,940 2,209 West $114,160 2,355 Market Value ($Millions) Number of Properties $82,569 1,502 $8,160 240 $46,118 2,914 Office $114,843 1,398 Retail $77,379 1,127 East By Property Type Apartment Hotel Industrial NCREIF Property Index (NPI) Growth Year # of Properties 1977 # of Contributors Market Value Income Capital Value Total 233 14 $580 100.0 100.0 100.0 1980 493 16 $1,977 128.6 129.1 165.2 1985 1,159 38 $15,408 187.1 162.9 301.9 1995 2,179 53 $43,284 370.3 117.5 433.6 2000 2,972 47 $95,779 588.0 139.9 816.8 2010 6,175 76 $247,074 1146.6 146.4 1665.4 2012 7,270 71 $319,951 1287.6 165.0 2103.5 NCREIF Fund Data as of 12-31-12 Active Funds Core Value-Added Opportunistic All Core OpenEnd NFIODCE All ValueAdded Openend ClosedEnd All Opportunistic Gross Real Estate Assets 121,457 121,457 116,102 67,397 25,182 42,215 200,278 Net Assets 94,729 94,729 90,385 37,994 17,738 20,257 107,418 Managers 21 21 18 35 9 29 99 Funds 22 22 18 86 12 74 178 NCREIF Conferences Two full membership conferences per year, plus one summer meeting. All Standing Committees meet for several hours during each conference. Interest Group and General Sessions – local markets presentations, forecaster panels, etc. Interactive working sessions, attendees are expected to actively participate in discussions and committee/subcommittee work. Peer interaction and exchanging of ideas and information. NCREIF Academy The NCREIF Academy includes several educational courses offered throughout the year • Creating, Analyzing and Managing Institutional Real Estate Portfolios - 2 ½ day course on the entire portfolio process • Performance Returns Calculations Seminar - Hands-on computer seminar that walks students through the NCREIF Performance Returns Calculations Workbook • NCREIF Database Query Tool and Data Uses Seminars • Nuts and Bolts of Institutional Real Estate - 3 day seminar consisting of classes in key disciplines represented at NCREIF (Accounting, Index/Data, Performance Measurement, Portfolio Management, Research and Valuation) Current NCREIF Initiatives • Development of a new website with enhanced interactive features for members. • Increased education programs offered regionally throughout the United States. • Additional fund-level indices. • Enhanced data products. Future Initiatives • Enhanced Data Query Tools