What is NCREIF? National Council of Real Estate Investment Fiduciaries

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.

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

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.

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

NCREIF’s Board of Directors Board Chair: Ron Kaiser - Bailard, Inc. Chair-Elect: Bill Hughes - UBS Realty Investors LLC Immediate Past Chair: Mark Roberts - RREEF Secretary: Stanton West - State Teachers Retirement System of Ohio Treasurer: Patrick Tully - Clarion Partners Directors: Stephanie Brower - Russell Investment Group Alyce DeJong - Prudential Real Estate Investors Blake Eagle - Founder Asieh Mansour - CB Richard Ellis Devon Olson - Utah Retirement Systems Jim Strezewski – LaSalle Investment Management, Inc.

NCREIF’s Professional Staff Chief Executive Officer – Peter Steil Chief Information Officer – Daniel Dierking Chief Operating Officer – Stacy Gaskins Director of Research – Jeff Havsy Senior Advisor & NCREIF Founder – Blake Eagle Support Staff – Jeanine Olson – Fund Data Manager Michael Heaney – Property Data Manager James Lenon – SQL Programmer Paul Abhishek – SQL Programmer Ted Robinson -.Net Developer Tamara Pendley – Meeting & Member Services Jeffrey Fisher – Consulting Academic Advisor Joe D’Alessandro – Consulting Fund Data Advisor Mike Young – Consulting Product Development Advisor

NCREIF Committees Accounting Defined Contribution Farmland 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).

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 –Website Query Tool –Operating Database Query Tool –Special Data Runs Specified by Members

NCREIF Property Database Active Properties  Data Set# Props$ Market Value  Tax Exempt  Core 6, Billion  Non-Core 1, Billion Sub Total 7,959 $368.9 Billion  Taxable  Core Billion  Non-Core Billion Sub Total 839 $29.4 Billion  Total Active 8,798 $398.3 Billion

NPI Composition Property Types and Subtypes –Apartment: High-Rise, Low-Rise, Garden –Hotel –Industrial: Flex, R&D, Warehouse –Office: CBD, Suburban, Manufacturing, Showroom –Retail: Neighborhood, Regional, Super Regional, Community Center, Fashion Center, Power Center, Theme Center, Outlet, Single Tenant Geographic Location Region, Division, State, CBSA

NPI Composition 2Q2013 By RegionMarket Value ($Millions)Number of Properties East$114,781.71,625 Midwest $31, South $71,170.42,119 West$118,571.02,390 By Property TypeMarket Value ($Millions)Number of Properties Apartment $83,475.41,434 Hotel $8, Industrial $46,473.12,897 Office$119,453.71,410 Retail $78,905.51,121

NCREIF Property Index (NPI) Growth Year # of Properties # of Contributors Market ValueIncome Capital ValueTotal $ $1, ,15938$15, ,17953$43, ,97247$95, ,17576$247, ,27071$319,

NCREIF Open-End Diversified Core Fund Index Data as of Active Funds Total, Gross of Fees3.86% Ending Assets ($Millions)$97,278.3 Funds19 NCREIF Closed-End Fund Data as of Active FundsValue-AddedOpportunistic Gross Real Estate Assets40,05419,181 Net Assets20,38291,883 Managers31115 Funds64213

 Two full membership conferences per year, plus one summer meeting.  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. NCREIF Conferences

NCREIF Academy The NCREIF Academy includes several educational courses offered throughout the year Creating, Analyzing and Managing Institutional Real Estate Portfolios - 2 ½ day course on the entire portfolio process 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)

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.

Future Initiatives Enhanced Data Query Tools