This is the same as the chart I uploaded previously (http://www.slideshare.net/casebrad/slide-qg-income-and-capital-appreciation-with-full-reinvestment), but uses the entire historical period available for all five forms of real estate investment, starting in 1988Q4 and extending through 2013Q3. Questions? Contact me at bcase@nareit.com.

1. REITs Have Provided Comparable Income With Much Higher
Capital Appreciation Than Other Real Estate Investments
Income and Capital Appreciation Components of Net Total Return
Income Component
5.32
1988q3 – 2013q3
4.05 4.16
0.95
0.25
1.04
Income Component
6.42
5.48
5.70
5.44
5.77
4.73
8.22
9.96
12.00
10.00
8.00
6.00
4.00
2.00
Sources: NAREIT® analysis of data from NCREIF Property Index (unlevered core properties, NCREIF ODCE Index (core funds), NCREIF/Townsend Fund Indices (value added and
opportunistic funds), and FTSE NAREIT All Equity REITs Index (equity REITs). Expenses for equity REITs are estimated at 50 bps per year, distributed equally across all months;
expenses for unlevered core properties are assumed to equal 100 bps per year, distributed equally across all quarters. Expenses are attributed to income returns only, in
accordance with ODCE. Assumes full reinvestment of net income.
4.64
0.00
Total Return (net) Income (net) Capital Appreciation
Unlevered Core Properties Core Funds Value-Add Funds Opportunistic Funds Equity REITs
0