REAL ESTATE REPORT - REDI-net.com

WINTER 2011 | VOL 39 | NO 4
RERC REAL ESTATE CAP RATE AND YIELD RATE EXPECTATIONS
Metro
NCREIF Total Returns (All Types) – 4Q 2010
1-Year
Average
3-Year
Average
5-Year
Average
© 2011 REAL ESTATE RESEARCH CORPORATION. ALL RIGHTS RESERVED.
10-Year
Average
Atlanta 9.54% -4.46% 2.20% 5.31%
Boston 11.18% -6.85% 5.73% 8.33%
Chicago 11.83% -2.72% 4.12% 6.80%
Dallas 12.88% -4.77% 2.89% 6.19%
Houston 14.09% 2.91% 8.04% 9.74%
Los Angeles 13.36% -3.96% 5.93% 9.83%
Minneapolis 10.32% -2.14% 3.68% 6.51%
New York 15.89% -6.27% 5.64% 9.89%
San Francisco 14.45% -5.76% 5.39% 6.47%
Seattle 12.54% -3.95% 5.30% 7.64%
Washington, D.C. 19.79% 0.85% 6.68% 11.56%
Source: NCREIF, compiled by RERC, 4Q 2010.
Current Quarter
(Annualized)
Property Sector/
Subsector
RERC © REAL ESTATE REPORT - THE NATIONAL REAL ESTATE AUTHORITY
NAREIT Investment Performance Index* - 4Q 2010
Total Return
2010 2009
Number of
REITs
Dividend
Yield**
Equity REIT Index 27.95 27.99 119 3.54
Industrial/Office 17.04 29.17 31 3.67
Industrial 18.89 12.17 8 3.51
Office 18.41 35.55 17 3.37
Mixed Use 8.75 34.90 6 5.46
Retail 33.41 27.17 27 3.47
Shopping Centers 30.78 -1.66 16 3.55
Regional Malls 34.64 62.99 7 3.12
Free Standing 37.37 25.93 4 5.47
Residential 46.01 30.82 18 3.33
Apartments 47.04 30.40 15 3.31
Manufactured
Homes
NCREIF Property Index Returns
27.02 40.92 3 3.82
Diversified 23.75 17.02 11 3.79
Lodging/Resorts 42.77 67.19 11 1.41
Health Care 19.20 24.62 13 5.28
Self Storage 29.29 8.37 4 3.07
Specialty 4.31 NA 4 2.92
* All figures represent percent change except where noted.
** Dividend yield is quoted in percent and is for month end.
Source: NAREIT, as of December 31, 2010.
2010 2009 2008 2007 2006 2005
Office 16.66% 11.74% -19.10% -7.29% 20.51% 19.16% 19.46%
Industrial 14.41% 9.37% -17.85% -5.76% 14.95% 16.96% 20.31%
Retail 20.49% 12.62% -10.95% -4.11% 13.51% 13.35% 19.98%
Apartment 27.61% 18.21% -17.51% -7.29% 11.36% 14.63% 21.15%
Hotel 14.08% 8.97% -20.40% -9.35% 18.10% 23.57% 18.99%
East 22.94% 15.12% -17.19% -7.92% 16.03% 17.74% 21.58%
West 18.90% 12.88% -19.07% -6.85% 18.29% 18.45% 21.04%
Midwest 15.03% 9.70% -12.98% -5.28% 13.52% 11.46% 14.10%
South 18.91% 12.08% -14.35% -3.83% 12.78% 14.72% 19.83%
National 19.81% 13.11% -16.85% -6.46% 15.85% 16.60% 20.06%
Source: NCREIF, compiled by RERC, 4Q 2010.
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