NCREIF

Committees

Research

To promote research which expands the understanding of institutional real estate as an asset class, by providing ongoing validation of the NCREIF Indexes, by sponsoring academic research on the investment attributes of the asset class, by providing guidelines for interpreting the Index and disseminating results to the membership, by reviewing current micro- and macro-economic research that relates to institutional property markets, by identifying databases and text retrieval systems useful to institutional real estate researchers and by the publication of articles or other papers resulting form any of these activities.

Chairs

PositionNameContact
Committee ChairMonica Parikh, Metzler North America
Committee Vice-ChairHans Nordby, Property & Portfolio Research
Committee Vice-ChairMike Sobolik, Invesco Real Estate
Title Type Date View
A Different Look at Commercial Real Estate Returns.
 Paper Sep 1988
A Fundamental Examination of Securitized and Unsecuritized Real Estate
The Journal of Real Estate Research		 Paper Aug 1995
An Empirical Evaluation of the Reliability of Commercial Appraisals, 1978-1990.
 Paper Aug 1991
An Examination of Institutional Real Estate Performance Indices (Thesis).
 Paper Jul 1991
An Updated Look at the Size of the U.S. Real Estate Market Portfolio.
 Paper Apr 1992
Apartment REITs and Apartment Real Estate.
The Journal of Real Estate Research		 Paper Jan 1996
Are Commercial Real Estate Returns Normally Distributed?
 Paper Jan 1991
Asset Allocation Decisions: Limitations of the FRC Index.
Baring Investment Property Bulletin		 Paper Sep 1989
Cash Flow versus NOI: An Analysis of Capital Expenditures for Malls (Preliminary).
 Paper Mar 1995
Dances with the Wolves of Systematic Risk.
 Paper Mar 1993
Defining Commercial Property Income and Appreciation Returns for Comparability to Stock Market-Based Measures
 Minutes Jan 1995
Determining Normalized Capital Expenditures for Apartment REITs.
 Paper Mar 1996
Development of an Effective Rent Index for U.S. Office Space, 1982-1990 (Preliminary draft).
 Paper Mar 1992
Disaggregating the FRC/NCREIF Index: Statistical Analysis of the Required Number of Observations Within Data Cells.
 Paper Sep 1990
Do Forest Assets Hedge Inflation?
Land Economics		 Paper Aug 1993
Downtown Houston Office Market.
 Paper Mar 1990
Drums Along the Efficient Frontier.
Real Estate Review		 Paper Jan 1993
Equity Real Estate Returns: Evidence from the Russell/NCREIF Data Base, 1978-1992.
 Paper Aug 1993
Equity Real Estate Returns: Some New Evidence from the Russell/NCREIF Data Base (Draft).
 Paper Mar 1993
Forecasts Boxed into a Corner or Forecasting MSA Employment Growth in the Future (Preliminary Draft).
 Paper Sep 1993
Green Shoots or an Old Shoe
 Presentation Oct 2009
Hybrid Mortgage Instruments: Property with a Kink (Preliminary Draft).
 Paper Sep 1990
Hybrid Mortgage Valuation and Option Pricing Theory.
 Paper Jan 1994
Income and Appraised Values: A Reexamination of the FRC Returns Data (Draft).
 Paper Mar 1989
Industrial Diversification and Real Estate Portfolio Performance.
 Paper Feb 1992
Intrametropolitan Location and Office Market Dynamics.
 Paper Jan 1992
Making Sense of the NPI - A New Formulation Revisited
 Minutes Jan 2005
Market Analysis in the Appraisal Process
 Minutes Jan 1995
Minutes February 2010
 Minutes Apr 2010
NCREIF Attribution Survey October 2009 All Charts and Data
 Presentation Oct 2009
NCREIF Derivatives Panel
 Presentation Jun 2007
NFI ODCE vs. NPI Presentation to Research Committee
 Presentation Jun 2005
Office Rent Indices and Their Behavior Over Time (Draft).
 Paper Feb 1992
On the Nature of Systematic Risk in Commercial Real Estate.
 Paper Aug 1990
On the Reliability of Commercial Appraisals: An Analysis of Properties Sold from the Russell/NCREIF Index 1978-1992.
Real Estate Finance		 Paper Mar 1994
On the Use of a Cash-Flow Time-Series to Measure Property Performance.
The Journal of Real Estate Research		 Paper Jan 1996
Past and Future Sources of Commercial Real Estate Returns.
 Paper Jan 1992
Portfolio Performance Analysis for Real Estate Investment Trusts.
 Paper Oct 1995
Proposal to Change Definition of Returns in the Russell/NCREIF Property Index.
 Paper Jan 1994
Quarterly Unsmoothing of the NCREIF Index without Assuming an Efficient Market: A Transactions-Based Version of the NCREIF Index (Preliminary Version).
 Paper Jan 2000
Random Disaggregate Appraisal Error in Commercial Property: Evidence from the Russell-NCREIF Database
The Journal of Real Estate Research		 Paper Oct 1994
Real Estate Return Correlations: Real-World Limitations on Relationships Inferred from NCREIF Data.
Journal of Real Estate Finance and Economics		 Paper Jan 1996
Real Estate Wealth – How Big is the Pie?
 Paper Dec 1989
REIT Returns and Economic News.
 Paper Jun 1990
Research Committee Minutes - Arlington, VA
 Minutes Jun 2000
Research Committee Minutes - Boston, MA
 Minutes Oct 2005
Research Committee Minutes - Chicago, IL
 Minutes Jun 2002
Research Committee Minutes - Lake Tahoe
 Minutes Oct 2003
Research Committee Minutes - Naples, FL
 Minutes Oct 1999
Research Committee Minutes - New Orleans, LA
 Minutes Jun 1999
Research Committee Minutes - New Orleans, LA
 Minutes Oct 2002
Research Committee Minutes - Palm Beach, FL
 Minutes Oct 2000
Research Committee Minutes - Pentagon City
 Minutes Jun 2003
Research Committee Minutes - San Antonio, TX
 Minutes Mar 2000
Research Committee Minutes - Snowbird, UT
 Minutes Feb 2002
Research Committee Minutes - Snowbird, Utah
 Minutes Feb 2005
Research Committee Minutes - St. Pete's Beach, FL
 Minutes Mar 2003
Return Properties of Equity REITS, Common Stocks and Commercial Real Estate: A Comparison.
 Paper Jan 1992
Returns from Metropolitan Areas: Will 1994 be a Rebound Year?
Real Estate Finance		 Paper Apr 1994
Smoothing in Appraisal-Based Returns.
 Paper Feb 1991
So You Think You Can Query
October 2009		 Presentation Oct 2009
Spatial Filtering: Concentration or Dispersion of NCREIF Institutional Investment.
The Journal of Real Estate Research		 Paper Jan 1990
Systematic Risk and Diversification in the Equity REIT Market.
 Paper Apr 1994
Texas Real Estate Markets
 Paper May 1990
The Effect of Benchmark Choice on Risk-Adjusted Performance Measures for Commingled Real Estate Funds.
 Paper Jun 1992
The Effect of Sampling Error on Mixed-Asset Portfolio Allocations.
 Paper Jul 1991
The Impact of Inflation and Vacancy of Real Estate Returns.
The Journal of Real Estate Research		 Paper Jul 1991
The Implications of Capital Expenditures for Mall REITs’ Cash Flow and Growth Prospects.
 Paper Mar 1996
The Implications of Demographic and Job Shifts for Future Real Estate Investment Performance.
 Paper Apr 1991
The Integration of Commercial Real Estate Markets and Stock Markets (Preliminary Draft).
 Paper Dec 1996
The Motivation for Institutional Real Estate Sales and Implications for Asset Class Returns.
 Paper Dec 1988
The Present Value Model with Time-Varying Discount Rates: Implications for Commercial Property Valuation and Investment Decisions.
 Paper Jan 1994
The Risk and Return Characteristics of Stock Market-Based Real Estate Indexes.
 Paper Jan 1990
The Substitutability of Real Estate Assets.
Real Estate Economics		 Paper Apr 1996
The Wheaton-Torto Critique of the FRC/NCREIF Office Index (Draft).
 Paper Oct 1989
Toward More Interesting Diversification Strategies in Commercial Real Estate.
 Paper Oct 1988
Two Decades of Commercial Property Returns: A NCREIF Index Using Independent Appraisals.
 Paper Jan 1998
ULI – How the Current ‘Credit Crunch’ is Excessively Depressing Real Estate Values.
 Paper May 1991
Understanding Equity Real Estate Performance
 Minutes Jan 2006
Why Invest in Real Estate: An Asset Allocation Perspective.
 Paper Jan 1996

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