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; Collecting, processing and reporting data in a secure environment; Producing performance measurement indices; Producing performance measurement indices; Encouraging academic and member use of NCREIF data for objective research; Encouraging academic and member use of NCREIF data for objective research; Providing forums with strong educational content to address industry issues; Providing forums with strong educational content to address industry issues; Publishing informed industry related articles and reports; and Publishing informed industry related articles and reports; and Contributing to the development of Real Estate Information Standards. Contributing to the development of Real Estate Information Standards.

What NCREIF Does Not Do  Promote Real Estate Investment Real Estate Investment  Opine Real Estate Investment Values Real Estate Investment Values  Render Real Estate Investment Advice 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 Research Timber Farmland Board & Staff Data Products Council Valuation Accounting Performance Measurement

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

NCREIF Committees  Accounting  Data Products Council  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. Several Report and Spreadsheet products. Derivatives being traded based on the NPI returns. Derivatives being traded based on the NPI returns.  Fund Indices Open End Diversified Core Equity (NFI-ODCE) Open End Diversified Core Equity (NFI-ODCE) NCREIF Townsend Fund Indices NCREIF Townsend Fund Indices  NCREIF Farmland Index  NCREIF Timberland Index  Custom Data Products Website Query Tool Website Query Tool Operating Database Query Tool Operating Database Query Tool Special Data Runs Specified by Members Special Data Runs Specified by Members

NCREIF Property Database Active Properties  Data Set# Props$ Market Value  Tax Exempt  Core6, Billion  Non-Core Billion Sub Total7,164$260.7 Billion  Taxable  Core Billion  Non-Core Billion Sub Total 950 $26.6 Billion  Total Active8,114 $287.3 Billion

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

NPI Composition 4q2009 By RegionMarket Value ($Millions)Number of Properties East$78,7341,428 Midwest$26, South$50,5471,773 West$82,9092,129 By Property TypeMarket Value ($Millions)Number of Properties Apartment$57,3291,456 Hotel $4, Industrial$35,8202,211 Office$86,6191,504 Retail$53,

NCREIF Property Index (NPI) Growth Year # of Properties # of Contributors Market Value Income Capital Value Total $ $1, ,15938$15, ,17953$43, $95, ,21161$238,

NCREIF Fund Data as of 3q2009 Active Funds CoreValue-AddedOpport- unistic All CoreOpen- End NFI- ODCE All Value- Added Open- end Closed- End All Opport- unistic Gross Real Estate Assets 80,164 73,27963,45725,39738,061180,525 Net Assets 83,70153,70149,97824,14610,20113,94554,993 Managers Funds

 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  Expanded Data Reports and Products  Expanded Educational Offerings