NCREIF Property index gained 3.36% for the first quarter; that was down from the 4.62% of the fourth quarter of 2010 but handily topping the 0.76% return for the first quarter of 2010.
The index returned 16% for the 12 months ended March 31.
The spread between the best- and worst-performing sectors narrowed to 49 basis points in the first quarter compared with 294 basis points in the prior quarter. Hotels were the top-performing sector with a total return for the first quarter of 3.68%, up from 3.35% in the fourth quarter of 2010; offices were the worst performing of the index’s five sectors, with 3.19% in the quarter, down from 3.93% in the prior quarter.
