The NCREIF Property Index (NPI) returned 2.6% during the first quarter 2013 and 10.5% for the trailing four quarters. This is 140 bps higher than the long-term average.
The retail sector continues to lead the index. The super regional mall subsector, which is 29% of retail sector by value, buoyed performance by returning over 15% during the 12 months ending first quarter 2013.
Apartment properties are still outperforming the overall index due to strong income growth. However, cap rates have stabilized during the past year. High-rise continues to outperform low-rise and garden properties.
Source : Deutsche Asset & Wealth management