The NCREIF Property Index (NPI) outperformed other major indices during the year ending second quarter 2012. Returns were driven by both appreciation and income during the quarter.
The Retail sector was the top performer for the year ending second quarter 2012. Out of the four property types, only office underperformed the headline index and the spread between sectors continued to narrow.
Capitalization rate spreads to treasuries still remain at historic highs. Net income growth for apartments remains elevated, while net income growth remained positive for the other property types.
Source : RREEF Real Estate