The NCREIF Property Index (NPI) returned 2.6% during the third quarter 2013 and 11.0% for the trailing four quarters. Third quarter returns were modestly lower than second quarter and on par with first quarter returns.
The industrial sector was the only sector to have a quarterly total return over 3% due to both cap rate compression and NOI growth. Both warehouse and flex outperformed the overall NPI on a quarterly basis.
Apartment returns continued to decelerate during the year ending third quarter 2013. Apartment properties in both New York and Washington weighed on the index, but total return was boosted by assets in Houston, Chicago and Los Angeles.
Source : Deutsche Asset & Wealth Management