The National Council of Real Estate Investment Fiduciaries on Tuesday announced the official release the NCREIF Fund index -- Closed-End Value-Add, along with its third quarter 2015 returns.
The index had a net gain of 2.98% in the third quarter and a 12-month return of 19.19%.
Since its inception in the third quarter of 1997, the index had a net return of 8.95% (11.38% gross of fees). The NFI-CEVA index is made up of 58 funds with $30.8 billion of gross real estate assets and $17.6 billion of net real estate assets.
NCREIF began publishing returns on the index in the first quarter of 2014, but they were deemed “preliminary and meant to be consultative,” until this quarter when “the expansion of included funds and historical data for both active and closed funds deemed the index an official NCREIF product as of this quarter.”