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What is NCREIF? National Council of Real Estate Investment Fiduciaries

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Presentation on theme: "What is NCREIF? National Council of Real Estate Investment Fiduciaries"— Presentation transcript:

1 What is NCREIF? National Council of Real Estate Investment Fiduciaries

2 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.

3 What NCREIF Does Not Do Promote Opine Render Real Estate Investment
Real Estate Investment Values Render Real Estate Investment Advice

4 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.

5 NCREIF Structure REIS Structure Information Management Accounting
Valuation NCREIF Board PREA Board Plan Sponsor Board & Staff Budget Only Portfolio Management Performance Measurement REIS Board Farmland REIS Council Research Data Products Council Timber Industry Committees

6 NCREIF’s Professional Staff
Executive Director – Roy Rendino Chief Operating Officer – Stacy Gaskins Chief Information Officer – Daniel Dierking NCREIF Founder and Senior Advisor – Blake Eagle Support Staff – Tamara Pendley – Member Services Jeanine Olson – Database Manager James Lenon – SQL Programmer Julie Grand – Web Programmer

7 NCREIF Committees Accounting Data Products Council Farmland
Information Management 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).

8 NCREIF Data Products NCREIF Property Index (NPI) Fund Indices
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 Property Database Query Tool Operating Database Query Tool Special Data Runs Specified by Members

9 NCREIF Overview Current Quarter Index Composition
NPI NFI-ODCE Farmland Timberland Contributors 70 16 4 11 Properties/Funds 6,066 451 378 Market Value $235 Billion $51 Billion $2 Billion $23 Billion Inception Data 1978 Q4 1990 Q4 1987 Q1 Sold Properties 58 N/A Leverage Unlevered <40% Quarter Total Return 3.31% 4.32% 0.67% .99% One Year Total Return -1.38% -6.00% -5.61% -3.58%

10 NCREIF Property Index (NPI) Return Composition

11 NCREIF Indices Composition 2010 Second Quarter Market Value
NFI-ODCE NPI

12 NCREIF Property Index (NPI) Transaction Cap Rate vs
NCREIF Property Index (NPI) Transaction Cap Rate vs. Implied Appraisal Cap Rate

13 NCREIF Conferences Three full membership conferences per year.
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.

14 NCREIF Education Programs
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)

15 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. Ambassador’s Club Ambassador’s Club: Made up of individuals with distinguished service to the real estate industry and NCREIF. They will serve as a liason between membership and the NCREIF board (mentorship, information, guidance), as well as providing a liason between NCREIF and the industry. Blake Eagle heads the group with members Barbara Cambon, Bill Ramseyer, Jim O’Keefe, and Brian Webb.

16 Future Initiatives Enhanced Data Query Tools
Additional Fund Data Reports New and Expanded Educational Programs

17 NCREIF APPRAISAL NEEDS
Pension Funds-The Client Comingled Accounts Separate Accounts Uses for Appraisal Services Reporting to Investors (Appraisals) Acquisition Due Diligence (Appraisals) Appraisal Consulting (Reviews, Appraisal System Management, etc.)

18 VALUATION TRENDS AFFECTING THE PENSION FUND INDUSTRY
Global Information Performance Standards (GIPS) Increasing Transparency of Real Estate Industry Appraisal Frequency reduced from once every 3 year to annually FASB-Accountants Moving toward Fair Value FAS 157 FAS 159

19 EDUCATIONAL CHALLENGES FOR APPRAISERS
It’s Not Just Leased Fee Valuations Partnership Valuations Debt Valuation Business Valuations Partial Interests SUCCESS WILL COME TO THOSE WHO ARE PREPARED


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