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What is NCREIF?National Council of
Real Estate Investment Fiduciaries
Presented by Del Kendall, MAINCREIF Valuation Committee Chair
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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 reports; and Contributing to the development of Real Estate Information
Standards.
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What NCREIF Does Not Do
Promote Real Estate Investment
Opine Real Estate Investment Values
Render Real Estate Investment Advice
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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.
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NCREIF Structure
REIS Structure
NCREIFBoard
PREABoard
REIS Board
REIS Council
Budget Only
Industry Committees
Plan Sponsor
PortfolioManagement
Information Management
ResearchTimber
Farmland
Board & Staff
Data ProductsCouncil
Valuation
Accounting
PerformanceMeasurement
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NCREIF’s Professional StaffChief Operating Officer – Stacy GaskinsChief Information Officer – Daniel DierkingDirector of Research – Jeff HavsyNCREIF Founder and Senior Advisor – Blake Eagle
Support Staff –Tamara Pendley – Member ServicesJeanine Olson – Database ManagerJames Lenon – SQL ProgrammerJulie Grand – Web Programmer
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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).
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NCREIF Data Products NCREIF Property Index (NPI)
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
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NCREIF Property IndexNational Returns – All Properties
Year Quarter 1 Quarter 2 Quarter 3 Quarter 4
2007 3.62% 4.59% 3.56% 3.21%2008 1.60% 0.56% -0.17% -8.29%2009 -7.33% -5.20% -3.32% -2.11%2010 0.76% 3.31% 3.86% 4.62%2011 3.36% 3.94%
Source: NCREIF
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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.
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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 NCREIF Academy-2 day course on CRE Investment Strategy 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)
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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.
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Future Initiatives
Enhanced Data Query Tools Additional Fund Data Reports New and Expanded Educational Programs
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NCREIFNCREIF 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.)
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NCREIF
VALUATION TRENDS AFFECTING THE PENSION FUND INDUSTRY
Global Information Performance Standards (GIPS) Increasing Transparency of CRE Industry Appraisal Frequency reduced from once
every 3 year to annually FASB-Accountants Moving toward Fair Value
FAS 157 FAS 159 Lease Accounting Rules
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NCREIF
EDUCATIONAL CHALLENGES FOR APPRAISERS
It’s Not Just Leased Fee Valuations
Partnership Valuations Appraisal Reviews Debt Valuation Business Valuations Partial Interests
SUCCESS WILL COME TO THOSE WHO ARE PREPARED