Update on NCREIF Activities

Report
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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 performance reports; and
– Contributing to the development of real estate information standards.
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NCREIF Membership
• Institutional Real Estate Investment Managers – 94
• Major Pension Funds – 44
• Service Providers (Appraisers, Accountants,
Consultants, Analysts) – 102
• Academics – Professors of Real Estate at major
universities – 40
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NCREIF Data Products & Services
• NCREIF Property Index (NPI)
– Several Report and Spreadsheet products
• Fund Indices
– Open End Diversified Core Equity (NFI-ODCE)
– NCREIF Townsend Fund Indices
– NFI All Open End Fund Index
• NCREIF Farmland Index
• NCREIF Timberland Index
• Custom Data Products
– Website Query Tool
– Operating Database Query Tool
– Special Data Runs Specified by Members
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NCREIF Property Database as of 6-30-12
Wealth of information on trends and performance
Data Set
# Props
$ Market Value
 Core
7,154
310.1 Billion
 Non-Core
1,040
24.6 Billion
Sub Total
8,194
$334.8 Billion
Core
742
25.4 Billion
Non-Core
104
2.5 Billion
Sub Total
846
$27.9 Billion
9,040
$362.7 Billion
Tax Exempt
Taxable
Total Active
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NCREIF: Recap of 2012 Objectives
Objective
Results/Status
• Complete corporate structure/hire CEO
• Hired Peter Steil, key hires, BOD
• Address Member needs: expand collection,
provide direct reporting, provide service
options.
• Common template – 4Q2012; transition
ODCE collection back to NCREIF; providing
service options at November conference.
• Release Timberland Fund & Separate
Account Index.
• Release All-Open End Fund index.
• Released the NPI-TFSAI in May 2012
• Released NFI-OE in August 2012. NFI-ODCE is
a subset
• Make REIS “commercially viable”, strengthen
relationship with PREA. Engage other
industry participants; Inrev, Anrev.
• Led effort to engage PREA, redraft bylaws &
produce business plan. Compliance checklist
complete. Work-in-progress: closed-end fund
standards and debt valuation
• Maintain high standards of reporting
• Has consistently and reliably delivered
indices/products
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Common Template Initiative – Current State Data Flow:
• Data contributors send data to many
different receivers each quarter.
• Existing process adds excess time
and pressure on the data
contributors by:
• Having to submit data in
different collection formats.
• Data definitions varying slightly
between receivers.
• Providing data on different
schedules.
• Often the data sent is the same
(common) between receivers.
• Receivers are responsible for
validating data each quarter.
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Common Template Initiative – Future State Data Flow:
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Project Overview:
• Streamline and consolidate data submission and delivery:
• Single industry common submission template for Fund, Property and
Investment level data.
• NCREIF performs validation with contributors prior to distribution.
• Provide data to recipients in desired format and when needed.
Project Benefits:
• Decrease time and cost data contributors spend processing data collection
templates and sending to:
• Consultants
• Index producers
• Other industry analytical firms
• Decrease data validation time and cost spent validating the data each quarter.
• Deliver validated data to consultants and other users in desired format to
support their existing systems and business process.
• Ensure member consent in how their information is used.
• Provide open-architecture and low-cost access to high-quality information.
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NCREIF 2013-2014 Preliminary Objectives
Objective
Benefits
• Implement Common Template
• Reduces industry costs
• Provide open architecture
• Ensure member consent
• Implement service options as directed by
the membership
• Provide options to the membership, possibly
reduce costs and provide common standards
• Address plan sponsor and consultant needs
more directly
• Identify specific deliverables for plan
sponsors (consultant initiative in-progress)
• Release global fund index with Inrev and
Anrev. Share best practices on index
construction and standards
• Provide global transparency, better
comparability and best practices
• Collaborate with closed-end fund
contributors to enhance fund indices
• Improve consistency of reporting and
standards
• Website-better access & informed insights
• Better understanding of performance drivers
Additional suggestions from NAREIM members?
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Boards of Directors: NCREIF, Inrev & Anrev
NCREIF
INREV
ANREV
Chair
Mark Roberts, RREEF
Patrick Kanters, APG
Nicholas Loup, Grosvenor
Vice/Deputy Chair
Ron Kaiser, Bailard
Deborah Lloyd, Nabarro
Willem de Geus, Morgan Stanley
CEO
Peter Steil, NCREIF
Matthias Thomas, Inrev
Jeremy Stewardson, Anrev
Secretary/Officer
Tom Mulvin, Virginia
Erwin Stouthamer, Comp. Capital
Daan van Aert, APG
Treasurer/Officer
Pat Tully, Clarion
Timo Loyttyniemi, VER Finland
Robert Lie, CITIC Capital
Officer
Graham Mackie, UBS
Officer
Wai Keong Kwok,GIC
Directors/Mgmt Bd.
Stephanie Brower, Russell
Christian Delaire, AEW
Chris Heady, Blackstone
Alyce DeJong, Prudential
Iris Aalders, CBRE Global
John Saunders, MGPA
Blake Eagle, Founder
Jeff Jacobsen, LaSalle
Philip Ling, LaSalle
Bill Hughes, UBS
Jens Christian Britze, ATP
Wilson Leung, Angelo Gordon
Asieh Mansour, CB Richard Ellis
Matthew Ryall, Allianz
Chris Reilly, Henderson
Stanton West, Ohio STRS
Michael Morgenroth, SIGNA
Mark Fogle, Baring PE Asia
Neil Harris, GIC
Richard Price, CBRE Global
Noel Manns, Europa Capital
Andrew Wieir, KPMG
Udo Schaffer, E.ON AG
Charles Cosgrove, ARCH Capital
Cheng-soon Lau, Invesco
Robert Hattersley, Lend Lease
Nicholas Harris, The GPT Group
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On behalf of the NCREIF Board of Directors
Thank you!
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