The NCREIF Property Index (NPI) outperformed other major indices during the year ending first quarter 2012. Returns were driven by both appreciation and income during the quarter.
Apartment properties continue to outperform, but with a smaller spread to other property types, than experienced in previous quarters as capitalization rates compression is slowing. Industrial outperformed the overall index for the second straight quarter.
Capitalization rate spreads to treasuries still remain at historic highs. Net income growth for apartments remains elevated, and is turning positive for the other property types.
Source : RREEF Real Estate