ncreif property index - npi 1q2017 · walk-up buildings and elevator buildings three stories or...
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NCREIF PROPERTY INDEX - NPI 1q2017
NCREIFNat'l Council of Real Estate
Investment Fiduciaries
200 E. Randolph Street Suite 5135
Chicago, IL 60601(312) 819-5890
www.NCREIF.org
Copyright by NCREIF 2017All rights reserved.
Released:April 25, 2017
NCREIF Property Index - Quarterly Detail ReportApartment, Hotel, Industrial, Office, Retail
APARTMENT (MULTI-FAMILY RESIDENTIAL)
Subtypes: - (H) High-Rise Elevator Projects: Buildings which are four stories or more in height - (L) Low-Rise Projects: Walk-up buildings and elevator buildings three stories or less - (G) Garden-Type Projects: Low-rise apartments situated on a sizable landscaped plot, under one management HOTEL Hotel/Hospitality properties INDUSTRIAL Subtypes: - (F) Flex Space: Single story buildings 10-18 foot ceilings with both floor height and dock height loading. Includes wide variation in office space utilization, ranging from retail and personal service through distribution, light industrial and occasional heavy industrial use. - (D) Research and Development: One and two story, 10-15 foot ceiling heights with up to 50% office/dry lab space (remainder in wet lab, workshop, storage and other support), with dock height and floor height loading. - (W) Warehouse: 50,000 square feet or more with up to 15% office space, the balance being 18-30 foot ceiling
DEFINITIONS
INDUSTRIAL (continued)
- (O) Other: Includes Manufacturing and Office Showroom Manufacturing: Buildings with 10-16 foot ceilings or sufficient height for overhead cranes. Provides floor height and dock height loading. Office Showroom: Single story (or mezzanine) with 10-16 foot ceilings with frontage treatment on one side and dock loading or grade level roll-up doors on the other. Less than 15% office.
OFFICE DESCRIPTORS: Geographic classifications: - As defined by zip code areas of Torto Wheaton Research - CBD (Central Business District) - Suburban
RETAIL Subtypes: - (N) Neighborhood Center: Provides for the sale of daily living needs of the immediate area. Typical area is 30,000 to 150,000 square feet with at least one anchor tenant. - (C) Community Center: In addition to convenience goods, provides for the sale of goods such as apparel or furniture. Typical area is 100,000 to 350,000 square feet with two or more anchor tenants.
RETAIL (continued) - (R) Regional Center: Provides a variety of goods comparable to those of a central business district in a small city, including general merchandise, apparel and home furnishings, as well as a variety of services and perhaps recreational facilities. Two or more full-line department stores anchor a total area of 400,000 to 800,000 square feet. - (S) Super-Regional Center: Provides an extensive variety of shopping goods comparable to those of the central business district of a major metropolitan area. The anchors are three or more full-line department stores, with total area in excess of 800,000 square feet. - (F) Fashion/Specialty Center: Typically 80,000 to 250,000 square feet with no dominant anchors, consisting of higher-end fashion oriented tenants. - (P) Power Center: Typically 250,000 to 600,000 square feet with three or more anchor stores that occupy 75-90% of the total area. Anchor stores are "category-dominant" home improvement, discount department stores, warehouse clubs, and off-price stores. - (E) Theme/Festival Center: Anchored by restaurants or other entertainment facilities and oriented toward leisure and tourist-oriented goods and services. Typically 80,000 to 250,000 square feet. - (O) Outlet Center: Typically 50,000 to 400,000 square feet of manufacturer’s outlet stores, with a primary trade area radius of 25 to 75 miles. - (T) Single-Tenant: Free-standing structure with no additional anchor stores.
1 Market Indices 2 Total Index3 Property Type Subindexes 4 Regional Subindexes 5 Divisional Subindexes 6 Apartment by Region 7 Apartment by Division8 Hotel by Region9 Hotel by Division10 Industrial by Region11 Industrial by Division12 Office by Region13 Office by Division14 Retail by Region15 Retail by Division16 Property Subtypes17 Apartment Subtypes by Region18 Apartment Subtypes by Division19 Industrial Subtypes by Region20 Industrial Subtypes by Division19 Office Subtypes by Region20 Office Subtypes by Division 20 Retail Subtypes by Region24 Retail Subtypes by Division25 MSA Detail
Table of Contents
Section 1 - Current Year Returns and Values
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26 Market Indices 27 Total Index28 Property Type Subindexes 29 Regional Subindexes 30 Divisional Subindexes 31 Apartment by Region 32 Apartment by Division33 Hotel by Region34 Hotel by Division35 Industrial by Region36 Industrial by Division37 Office by Region38 Office by Division39 Retail by Region40 Retail by Division41 Property Subtypes42 Apartment Subtypes by Region43 Apartment Subtypes by Division44 Industrial Subtypes by Region45 Industrial Subtypes by Division46 Office Subtypes by Region47 Office Subtypes by Division 48 Retail Subtypes by Region49 Retail Subtypes by Division50 MSA Detail
Section 2 - Annualized Returns
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PageIndexes Indexes Page
Table of Contents
51 Market Indices 52 Total Index53 Property Type Subindexes 54 Regional Subindexes 55 Divisional Subindexes 56 Apartment by Region 57 Apartment by Division58 Hotel by Region59 Hotel by Division60 Industrial by Region61 Industrial by Division62 Office by Region63 Office by Division64 Retail by Region65 Retail by Division66 Property Subtypes67 Apartment Subtypes by Region68 Apartment Subtypes by Division69 Industrial Subtypes by Region70 Industrial Subtypes by Division71 Office Subtypes by Region72 Office Subtypes by Division 73 Retail Subtypes by Region74 Retail Subtypes by Division75 MSA Detail
Section 3 - Calendar Year Returns
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76 Total Index - NCREIF Property Index
Section 4 - Detail
1
PageIndexes Indexes Page
Market Indexes Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
NCREIF Property Index 7,139 39.25 533,752.9 Total: 1.55 1.73 1.77 2.03 2.21 1.55 7.27 3,243.7 3,194.3 3,139.9 3,085.4 3,023.9Consumer Price Index 39.25 Total: 0.98 0.00 0.16 1.22 0.68 0.98 2.38 392.2 388.4 388.4 387.8 383.1
NAREIT Equity REIT Index 39.25 Total: 2.55 -3.28 -1.21 7.41 5.84 2.55 5.25 10,553.9 10,291.8 10,640.4 10,770.3 10,027.4S&P 500 Index 39.25 Total: 6.07 3.82 3.85 2.46 1.35 6.07 17.17 7,541.9 7,110.6 6,848.7 6,594.7 6,436.6T-Bills (90 day) 39.25 Total: 0.13 0.07 0.06 0.05 0.87 0.13 0.32 630.8 629.9 629.5 629.1 628.8
Total Index Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
NCREIF Property Index 7,139 39.25 533,752.9 Total: 1.55 1.73 1.77 2.03 2.21 1.55 7.27 3,243.7 3,194.3 3,139.9 3,085.4 3,023.9Appreciation: 0.40 0.59 0.60 0.84 1.04 0.40 2.45 206.0 205.2 204.0 202.8 201.1
Income: 1.15 1.14 1.16 1.19 1.17 1.15 4.73 1,594.3 1,576.2 1,558.4 1,540.4 1,522.2Property Type Subindexes Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1Apartment 1,586 32.50 130,813.7 Total: 1.30 1.67 1.72 1.88 1.87 1.30 6.73 1,607.4 1,586.8 1,560.8 1,534.4 1,506.0
Appreciation: 0.20 0.55 0.60 0.73 0.73 0.20 2.10 187.8 187.4 186.3 185.2 183.9Income: 1.10 1.12 1.12 1.15 1.14 1.10 4.56 864.4 855.1 845.6 836.3 826.8
Hotel 108 20.00 5,093.9 Total: -0.16 0.67 1.35 1.46 1.16 -0.16 3.34 490.5 491.3 488.1 481.6 474.7Appreciation: -1.49 -1.35 -0.83 -0.81 -0.18 -1.49 -4.41 102.5 104.0 105.5 106.3 107.2
Income: 1.33 2.01 2.18 2.26 1.34 1.33 8.02 480.9 474.6 465.3 455.3 445.2Industrial 2,916 39.25 74,742.7 Total: 2.83 3.04 2.89 2.90 2.96 2.83 12.18 3,780.5 3,676.3 3,567.9 3,467.7 3,370.1
Appreciation: 1.58 1.76 1.60 1.58 1.65 1.58 6.69 201.2 198.1 194.6 191.6 188.6Income: 1.26 1.28 1.29 1.31 1.30 1.26 5.23 1,901.9 1,878.3 1,854.6 1,831.1 1,807.4
Office 1,387 39.25 195,447.6 Total: 1.26 1.35 1.26 1.74 1.72 1.26 5.73 2,450.1 2,419.5 2,387.2 2,357.5 2,317.3Appreciation: 0.16 0.29 0.15 0.59 0.59 0.16 1.19 159.6 159.4 158.9 158.7 157.7
Income: 1.11 1.07 1.11 1.15 1.12 1.11 4.50 1,546.4 1,529.5 1,513.3 1,496.7 1,479.8Retail 1,142 39.25 127,654.9 Total: 1.56 1.65 1.98 2.17 2.96 1.56 7.56 3,942.4 3,881.8 3,818.9 3,744.9 3,665.4
Appreciation: 0.38 0.47 0.79 0.98 1.75 0.38 2.64 252.0 251.1 249.9 247.9 245.5Income: 1.18 1.18 1.18 1.19 1.21 1.18 4.83 1,588.7 1,570.1 1,551.8 1,533.7 1,515.6
Regional Subindexes Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
East 1,687 39.25 177,549.1 Total: 0.95 1.36 1.49 1.73 1.66 0.95 5.65 4,447.4 4,405.6 4,346.3 4,282.4 4,209.7Appreciation: -0.12 0.28 0.40 0.59 0.57 -0.12 1.16 277.7 278.0 277.2 276.1 274.5
Income: 1.07 1.08 1.09 1.14 1.08 1.07 4.45 1,633.1 1,615.9 1,598.7 1,581.4 1,563.6
Page 7 of 1334/25/2017 Section 1, Page 1
NCREIF Property IndexData through March 31, 2017
Regional Subindexes Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
Midwest 885 39.25 46,349.3 Total: 1.36 1.29 1.46 1.99 2.07 1.36 6.25 2,165.1 2,136.1 2,108.7 2,078.4 2,037.8Appreciation: 0.14 0.03 0.19 0.71 0.81 0.14 1.07 126.8 126.6 126.6 126.3 125.4
Income: 1.22 1.26 1.27 1.29 1.25 1.22 5.14 1,714.7 1,693.9 1,672.9 1,651.9 1,630.9South 1,877 39.25 105,068.8 Total: 1.83 1.62 1.56 1.77 2.21 1.83 6.96 2,353.4 2,311.0 2,274.1 2,239.1 2,200.2
Appreciation: 0.56 0.37 0.28 0.45 0.91 0.56 1.67 145.8 145.0 144.5 144.1 143.4Income: 1.27 1.25 1.28 1.32 1.31 1.27 5.23 1,624.4 1,604.0 1,584.1 1,564.0 1,543.7
West 2,690 39.25 204,785.7 Total: 1.96 2.22 2.19 2.46 2.75 1.96 9.13 3,966.3 3,889.8 3,805.5 3,723.8 3,634.3Appreciation: 0.83 1.10 1.06 1.30 1.59 0.83 4.36 263.6 261.4 258.6 255.9 252.6
Income: 1.13 1.12 1.14 1.16 1.17 1.13 4.62 1,529.0 1,511.9 1,495.2 1,478.3 1,461.4Divisional Subindexes Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East North Central 688 39.25 39,119.9 Total: 1.41 1.33 1.54 2.08 2.17 1.41 6.51 2,324.2 2,291.9 2,261.8 2,227.5 2,182.1
Appreciation: 0.21 0.09 0.29 0.82 0.97 0.21 1.42 141.2 140.9 140.7 140.3 139.2Income: 1.19 1.24 1.25 1.26 1.21 1.19 5.04 1,655.9 1,636.4 1,616.3 1,596.4 1,576.5
Mideast 778 38.75 61,600.7 Total: 1.24 1.13 1.50 1.58 1.74 1.24 5.56 3,553.4 3,510.0 3,470.6 3,419.4 3,366.2Appreciation: 0.04 -0.05 0.29 0.34 0.58 0.04 0.62 219.3 219.2 219.3 218.7 217.9
Income: 1.20 1.19 1.20 1.24 1.16 1.20 4.92 1,646.2 1,626.7 1,607.6 1,588.5 1,569.0Mountain 516 39.25 34,533.4 Total: 1.59 1.73 2.45 2.12 3.04 1.59 8.12 2,634.5 2,593.3 2,549.3 2,488.2 2,436.6
Appreciation: 0.32 0.53 1.26 0.84 1.73 0.32 2.98 168.2 167.7 166.8 164.7 163.4Income: 1.27 1.20 1.20 1.28 1.31 1.27 5.04 1,579.7 1,559.9 1,541.4 1,523.2 1,503.9
Northeast 909 38.00 115,948.4 Total: 0.80 1.49 1.49 1.81 1.61 0.80 5.70 3,529.7 3,501.7 3,450.4 3,399.7 3,339.4Appreciation: -0.20 0.47 0.46 0.73 0.57 -0.20 1.47 261.3 261.8 260.6 259.4 257.5
Income: 1.00 1.02 1.03 1.08 1.03 1.00 4.19 1,373.5 1,360.0 1,346.2 1,332.5 1,318.3Pacific 2,174 39.25 170,252.3 Total: 2.04 2.31 2.15 2.52 2.71 2.04 9.33 4,587.7 4,496.0 4,394.3 4,302.0 4,196.0
Appreciation: 0.94 1.21 1.02 1.39 1.56 0.94 4.63 306.4 303.6 299.9 296.9 292.8Income: 1.11 1.10 1.13 1.13 1.14 1.11 4.55 1,525.7 1,509.0 1,492.6 1,475.9 1,459.4
Southeast 1,008 39.25 49,391.3 Total: 1.72 1.96 1.86 2.16 2.80 1.72 7.92 3,067.7 3,015.8 2,957.9 2,903.9 2,842.5Appreciation: 0.42 0.66 0.54 0.82 1.48 0.42 2.47 184.2 183.4 182.2 181.3 179.8
Income: 1.30 1.30 1.31 1.34 1.33 1.30 5.36 1,683.8 1,662.2 1,640.9 1,619.6 1,598.2Southwest 869 39.25 55,677.5 Total: 1.94 1.32 1.29 1.41 1.68 1.94 6.10 1,848.4 1,813.3 1,789.6 1,766.8 1,742.1
Appreciation: 0.69 0.11 0.03 0.12 0.39 0.69 0.95 117.0 116.2 116.0 116.0 115.9Income: 1.25 1.22 1.26 1.30 1.29 1.25 5.11 1,584.4 1,564.9 1,546.1 1,526.9 1,507.4
West North Central 197 38.50 7,229.5 Total: 1.12 1.08 1.05 1.51 1.52 1.12 4.85 1,603.6 1,585.9 1,568.9 1,552.6 1,529.5Appreciation: -0.28 -0.29 -0.30 0.09 0.02 -0.28 -0.79 88.2 88.5 88.7 89.0 88.9
Income: 1.40 1.38 1.35 1.43 1.49 1.40 5.67 1,813.6 1,788.5 1,764.2 1,740.7 1,716.2
Page 8 of 1334/25/2017 Section 1, Page 2
NCREIF Property IndexData through March 31, 2017
Apartment by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
East 426 28.75 40,835.0 Total: 1.18 1.15 1.56 1.38 1.57 1.18 5.38 1,122.1 1,109.0 1,096.3 1,079.4 1,064.8Appreciation: 0.14 0.08 0.48 0.27 0.49 0.14 0.98 180.8 180.5 180.4 179.5 179.0
Income: 1.04 1.07 1.08 1.11 1.08 1.04 4.37 627.0 620.5 614.0 607.4 600.7Midwest 136 27.25 12,223.3 Total: 0.89 1.02 1.42 2.00 1.50 0.89 5.42 979.5 970.8 961.1 947.6 929.1
Appreciation: -0.22 -0.10 0.33 0.87 0.38 -0.22 0.88 160.6 161.0 161.1 160.6 159.2Income: 1.11 1.11 1.09 1.13 1.12 1.11 4.52 614.4 607.7 601.0 594.5 587.9
South 494 29.75 31,035.4 Total: 1.27 1.58 1.09 1.54 1.76 1.27 5.60 1,075.6 1,062.1 1,045.6 1,034.3 1,018.6Appreciation: 0.09 0.37 -0.11 0.30 0.53 0.09 0.65 150.0 149.9 149.3 149.5 149.1
Income: 1.18 1.21 1.20 1.24 1.23 1.18 4.92 721.4 712.9 704.4 696.1 687.5West 530 29.00 46,720.1 Total: 1.53 2.36 2.39 2.56 2.37 1.53 9.15 1,615.2 1,590.9 1,554.2 1,517.8 1,479.9
Appreciation: 0.44 1.28 1.29 1.43 1.24 0.44 4.51 246.8 245.7 242.7 239.6 236.2Income: 1.09 1.09 1.10 1.13 1.13 1.09 4.48 663.4 656.2 649.2 642.1 634.9
Apartment by Division Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
East North Central 91 27.25 9,986.9 Total: 0.88 0.89 1.37 2.08 1.69 0.88 5.31 937.9 929.7 921.5 909.1 890.6Appreciation: -0.21 -0.23 0.29 0.96 0.57 -0.21 0.81 159.1 159.5 159.8 159.4 157.8
Income: 1.09 1.11 1.07 1.12 1.11 1.09 4.48 593.5 587.1 580.6 574.4 568.0Mideast 194 27.75 15,269.2 Total: 1.43 1.41 1.63 1.29 1.25 1.43 5.88 1,133.0 1,117.0 1,101.5 1,083.8 1,070.1
Appreciation: 0.28 0.24 0.47 0.08 0.10 0.28 1.07 184.3 183.8 183.4 182.5 182.4Income: 1.16 1.17 1.16 1.20 1.15 1.16 4.77 620.8 613.7 606.6 599.7 592.5
Mountain 147 27.25 10,169.6 Total: 1.72 2.23 3.07 2.54 2.96 1.72 9.92 1,372.4 1,349.2 1,319.7 1,280.3 1,248.6Appreciation: 0.50 1.02 1.90 1.30 1.69 0.50 4.79 213.3 212.2 210.0 206.1 203.5
Income: 1.22 1.21 1.18 1.25 1.27 1.22 4.95 651.3 643.4 635.7 628.3 620.6Northeast 232 22.75 25,565.8 Total: 1.03 1.01 1.53 1.43 1.76 1.03 5.09 792.3 784.2 776.4 764.7 753.9
Appreciation: 0.06 -0.01 0.49 0.39 0.74 0.06 0.93 206.4 206.3 206.3 205.3 204.5Income: 0.97 1.01 1.04 1.05 1.03 0.97 4.13 388.8 385.1 381.3 377.3 373.4
Pacific 383 28.00 36,550.5 Total: 1.48 2.40 2.19 2.57 2.19 1.48 8.92 1,554.2 1,531.6 1,495.6 1,463.5 1,426.8Appreciation: 0.43 1.35 1.11 1.48 1.10 0.43 4.43 272.6 271.5 267.9 264.9 261.1
Income: 1.05 1.05 1.08 1.10 1.09 1.05 4.35 578.6 572.6 566.7 560.6 554.5Southeast 225 28.00 14,551.7 Total: 1.60 2.09 1.93 2.59 2.42 1.60 8.47 1,124.7 1,106.9 1,084.2 1,063.7 1,036.9
Appreciation: 0.37 0.85 0.70 1.30 1.14 0.37 3.25 175.4 174.8 173.3 172.1 169.9Income: 1.24 1.24 1.24 1.29 1.27 1.24 5.10 647.0 639.1 631.3 623.5 615.6
Southwest 269 25.00 16,483.7 Total: 0.99 1.14 0.40 0.71 1.24 0.99 3.27 773.2 765.6 757.0 754.0 748.7Appreciation: -0.15 -0.04 -0.77 -0.50 0.04 -0.15 -1.45 146.3 146.5 146.6 147.7 148.4
Income: 1.14 1.18 1.16 1.21 1.20 1.14 4.77 531.3 525.3 519.1 513.2 507.1
Page 9 of 1334/25/2017 Section 1, Page 3
NCREIF Property IndexData through March 31, 2017
Apartment by Division Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
West North Central 45 20.00 2,236.4 Total: 0.93 1.59 1.64 1.63 0.69 0.93 5.91 587.0 581.6 572.5 563.2 554.2Appreciation: -0.25 0.49 0.48 0.47 -0.48 -0.25 1.19 161.7 162.1 161.3 160.6 159.8
Income: 1.18 1.10 1.15 1.16 1.17 1.18 4.68 366.0 361.7 357.7 353.7 349.6Hotel by Region Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East 33 8.75 1,894.7 Total: -2.71 1.72 0.38 0.83 0.04 -2.71 0.17 114.4 117.6 115.6 115.2 114.2
Appreciation: -3.40 -0.43 -1.55 -1.29 -0.63 -3.40 -6.52 65.9 68.2 68.5 69.6 70.5Income: 0.69 2.15 1.93 2.12 0.67 0.69 7.06 172.7 171.5 167.9 164.8 161.3
Midwest 25 6.25 694.7 Total: -0.89 -0.72 0.61 -0.39 -0.03 -0.89 -1.39 148.5 149.8 150.9 150.0 150.6Appreciation: -1.54 -3.19 -2.49 -2.58 -0.71 -1.54 -9.45 92.8 94.2 97.3 99.8 102.5
Income: 0.64 2.47 3.10 2.19 0.68 0.64 8.65 159.8 158.8 155.0 150.3 147.1South 25 6.50 1,198.3 Total: 1.87 1.19 1.71 1.73 1.25 1.87 6.66 205.3 201.6 199.2 195.8 192.5
Appreciation: -0.30 -0.35 -0.36 -0.83 -0.98 -0.30 -1.83 122.4 122.7 123.2 123.6 124.6Income: 2.17 1.54 2.07 2.56 2.23 2.17 8.61 168.5 164.9 162.4 159.1 155.1
West 25 12.25 1,306.2 Total: 2.24 -0.56 2.78 3.05 3.33 2.24 7.68 303.7 297.0 298.7 290.6 282.0Appreciation: 0.31 -2.53 0.59 0.80 1.43 0.31 -0.86 125.8 125.4 128.6 127.9 126.8
Income: 1.92 1.97 2.19 2.25 1.89 1.92 8.59 243.4 238.8 234.2 229.2 224.2Hotel by Division Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East North Central 21 1.00 627.9 Total: -1.15 -0.96 0.31 -0.71 -1.15 -2.49 97.5 98.6 99.6 99.3
Appreciation: -1.64 -3.37 -2.77 -2.90 -1.64 -10.27 89.7 91.2 94.4 97.1Income: 0.49 2.41 3.08 2.19 0.49 8.41 108.4 107.9 105.3 102.2
Industrial by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
East 452 38.50 11,858.0 Total: 2.66 3.48 2.43 2.50 2.41 2.66 11.54 3,455.1 3,365.6 3,252.4 3,175.1 3,097.7Appreciation: 1.32 2.11 1.10 1.11 1.09 1.32 5.76 179.8 177.5 173.8 171.9 170.0
Income: 1.34 1.37 1.33 1.39 1.32 1.34 5.54 1,943.4 1,917.8 1,891.9 1,867.0 1,841.4Midwest 482 39.25 8,799.3 Total: 2.56 1.80 2.32 2.38 2.42 2.56 9.36 2,059.7 2,008.3 1,972.9 1,928.2 1,883.4
Appreciation: 1.20 0.36 0.93 0.95 1.04 1.20 3.49 101.2 100.0 99.6 98.7 97.8Income: 1.36 1.43 1.39 1.43 1.38 1.36 5.73 2,035.1 2,007.8 1,979.4 1,952.4 1,924.9
South 788 39.25 16,669.1 Total: 2.51 2.50 2.13 2.83 2.44 2.51 10.34 2,375.2 2,317.0 2,260.5 2,213.5 2,152.6Appreciation: 1.15 1.10 0.72 1.41 1.01 1.15 4.46 118.1 116.8 115.5 114.7 113.1
Income: 1.36 1.39 1.41 1.42 1.43 1.36 5.69 2,015.9 1,988.8 1,961.5 1,934.3 1,907.3
Page 10 of 1334/25/2017 Section 1, Page 4
NCREIF Property IndexData through March 31, 2017
Industrial by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
West 1,194 39.25 37,416.4 Total: 3.10 3.45 3.55 3.20 3.54 3.10 13.97 6,164.6 5,979.3 5,779.9 5,581.7 5,408.8Appreciation: 1.94 2.30 2.36 1.99 2.32 1.94 8.87 355.7 348.9 341.1 333.2 326.7
Income: 1.16 1.15 1.19 1.21 1.22 1.16 4.79 1,770.6 1,750.4 1,730.4 1,710.1 1,689.7Industrial by Division Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East North Central 397 39.25 7,870.2 Total: 2.71 1.86 2.46 2.42 2.48 2.71 9.79 2,105.9 2,050.3 2,012.8 1,964.6 1,918.1
Appreciation: 1.37 0.47 1.10 1.03 1.13 1.37 4.03 105.7 104.3 103.8 102.7 101.7Income: 1.34 1.39 1.36 1.39 1.34 1.34 5.59 1,992.7 1,966.4 1,939.5 1,913.5 1,887.2
Mideast 195 35.50 3,874.9 Total: 2.34 1.97 1.50 2.41 1.89 2.34 8.48 2,145.7 2,096.6 2,056.1 2,025.7 1,978.0Appreciation: 0.86 0.51 0.04 0.89 0.47 0.86 2.32 138.3 137.2 136.5 136.4 135.2
Income: 1.48 1.46 1.46 1.52 1.42 1.48 6.06 1,561.3 1,538.5 1,516.4 1,494.6 1,472.2Mountain 177 37.75 2,862.2 Total: 2.56 3.81 2.33 2.69 3.08 2.56 11.87 2,338.8 2,280.3 2,196.7 2,146.8 2,090.5
Appreciation: 1.16 2.45 0.98 1.19 1.64 1.16 5.90 130.9 129.4 126.3 125.1 123.6Income: 1.40 1.35 1.35 1.49 1.43 1.40 5.72 1,795.4 1,770.6 1,747.0 1,723.7 1,698.3
Northeast 257 35.50 7,983.2 Total: 2.82 4.26 2.93 2.55 2.70 2.82 13.15 2,220.1 2,159.3 2,071.0 2,012.0 1,962.0Appreciation: 1.55 2.94 1.67 1.22 1.43 1.55 7.58 154.3 151.9 147.6 145.1 143.4
Income: 1.27 1.32 1.27 1.32 1.27 1.27 5.27 1,449.6 1,431.5 1,412.8 1,395.2 1,377.0Pacific 1,017 39.25 34,554.2 Total: 3.14 3.42 3.66 3.24 3.58 3.14 14.16 7,027.7 6,813.5 6,588.2 6,355.6 6,156.1
Appreciation: 2.01 2.28 2.49 2.06 2.38 2.01 9.13 411.8 403.7 394.7 385.1 377.3Income: 1.14 1.14 1.17 1.18 1.20 1.14 4.71 1,747.9 1,728.2 1,708.8 1,689.0 1,669.3
Southeast 439 36.75 8,018.7 Total: 2.46 2.71 1.70 2.97 2.59 2.46 10.20 1,841.4 1,797.3 1,749.9 1,720.7 1,671.0Appreciation: 1.06 1.31 0.24 1.54 1.17 1.06 4.21 114.2 113.0 111.5 111.2 109.6
Income: 1.40 1.40 1.45 1.44 1.42 1.40 5.81 1,616.7 1,594.4 1,572.4 1,549.9 1,528.0Southwest 349 38.25 8,650.4 Total: 2.56 2.30 2.48 2.71 2.31 2.56 10.43 1,999.0 1,949.0 1,905.1 1,859.1 1,810.1
Appreciation: 1.24 0.91 1.11 1.31 0.88 1.24 4.65 104.8 103.5 102.6 101.5 100.2Income: 1.32 1.39 1.37 1.40 1.43 1.32 5.59 1,907.0 1,882.2 1,856.3 1,831.3 1,806.0
West North Central 85 35.75 929.1 Total: 1.32 1.21 1.06 1.95 1.93 1.32 5.66 1,227.8 1,211.8 1,197.2 1,184.7 1,162.0Appreciation: -0.23 -0.62 -0.59 0.20 0.22 -0.23 -1.24 72.1 72.3 72.7 73.1 73.0
Income: 1.55 1.84 1.65 1.75 1.71 1.55 6.96 1,691.8 1,666.0 1,635.9 1,609.4 1,581.7Office by Region Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East 434 37.00 89,625.8 Total: 0.70 1.17 1.17 1.73 1.35 0.70 4.85 2,410.1 2,393.5 2,365.8 2,338.4 2,298.6
Appreciation: -0.31 0.19 0.17 0.68 0.34 -0.31 0.73 183.2 183.8 183.5 183.2 181.9Income: 1.01 0.98 1.00 1.06 1.01 1.01 4.11 1,327.5 1,314.3 1,301.6 1,288.7 1,275.2
Page 11 of 1334/25/2017 Section 1, Page 5
NCREIF Property IndexData through March 31, 2017
Office by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
Midwest 88 36.75 10,991.6 Total: 1.17 0.99 0.77 1.76 1.60 1.17 4.76 840.7 831.0 822.9 816.6 802.5Appreciation: -0.17 -0.26 -0.53 0.37 0.22 -0.17 -0.60 58.2 58.3 58.5 58.8 58.6
Income: 1.34 1.25 1.30 1.39 1.39 1.34 5.39 1,428.5 1,409.6 1,392.2 1,374.4 1,355.5South 264 36.00 23,732.6 Total: 1.74 0.62 1.11 0.89 0.82 1.74 4.43 675.0 663.5 659.4 652.2 646.4
Appreciation: 0.34 -0.67 -0.29 -0.55 -0.59 0.34 -1.17 54.1 53.9 54.2 54.4 54.7Income: 1.40 1.28 1.41 1.44 1.41 1.40 5.64 1,236.1 1,219.1 1,203.6 1,187.0 1,170.1
West 601 38.00 71,097.6 Total: 1.85 1.89 1.48 2.01 2.48 1.85 7.43 2,061.1 2,023.7 1,986.1 1,957.1 1,918.6Appreciation: 0.74 0.81 0.37 0.89 1.35 0.74 2.84 161.5 160.3 159.0 158.4 157.0
Income: 1.10 1.09 1.11 1.12 1.13 1.10 4.49 1,285.5 1,271.4 1,257.8 1,244.0 1,230.2Office by Division Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East North Central 64 34.75 8,953.4 Total: 1.14 1.05 0.92 2.00 1.48 1.14 5.20 762.4 753.8 746.0 739.2 724.7
Appreciation: -0.15 -0.17 -0.36 0.67 0.19 -0.15 -0.02 63.8 63.9 64.1 64.3 63.9Income: 1.30 1.22 1.28 1.33 1.29 1.30 5.23 1,183.0 1,167.8 1,153.8 1,139.2 1,124.2
Mideast 200 35.25 25,147.3 Total: 0.94 0.64 0.88 1.30 1.30 0.94 3.81 1,680.3 1,664.7 1,654.0 1,639.6 1,618.7Appreciation: -0.22 -0.44 -0.25 0.15 0.20 -0.22 -0.76 139.1 139.4 140.0 140.4 140.1
Income: 1.16 1.08 1.13 1.15 1.10 1.16 4.60 1,215.1 1,201.1 1,188.3 1,175.0 1,161.7Mountain 108 35.25 6,079.6 Total: 2.12 0.34 0.93 1.08 1.60 2.12 4.54 643.7 630.3 628.2 622.4 615.7
Appreciation: 0.90 -0.81 -0.28 -0.24 0.27 0.90 -0.44 55.5 55.0 55.4 55.6 55.7Income: 1.22 1.15 1.20 1.33 1.33 1.22 4.99 1,147.7 1,133.9 1,121.0 1,107.7 1,093.2
Northeast 234 35.50 64,478.5 Total: 0.60 1.39 1.30 1.93 1.38 0.60 5.31 1,782.4 1,771.7 1,747.5 1,725.0 1,692.4Appreciation: -0.35 0.45 0.36 0.91 0.41 -0.35 1.37 152.3 152.8 152.1 151.6 150.2
Income: 0.95 0.93 0.95 1.02 0.96 0.95 3.90 1,176.6 1,165.5 1,154.7 1,143.9 1,132.4Pacific 493 35.75 65,018.0 Total: 1.82 2.04 1.53 2.10 2.56 1.82 7.70 1,463.9 1,437.7 1,409.0 1,387.7 1,359.2
Appreciation: 0.73 0.96 0.43 1.00 1.45 0.73 3.15 138.3 137.3 136.0 135.4 134.0Income: 1.09 1.08 1.10 1.10 1.11 1.09 4.45 1,063.0 1,051.5 1,040.2 1,028.9 1,017.7
Southeast 126 33.25 9,099.2 Total: 1.64 1.46 1.12 1.34 1.82 1.64 5.67 624.5 614.5 605.6 598.9 591.0Appreciation: 0.26 0.18 -0.27 -0.07 0.43 0.26 0.09 56.6 56.5 56.4 56.6 56.6
Income: 1.38 1.29 1.39 1.41 1.38 1.38 5.58 1,091.4 1,076.6 1,062.9 1,048.3 1,033.8Southwest 138 35.75 14,633.5 Total: 1.80 0.04 1.11 0.53 0.03 1.80 3.52 512.8 503.7 503.5 498.0 495.4
Appreciation: 0.39 -1.24 -0.31 -0.94 -1.39 0.39 -2.09 44.3 44.1 44.7 44.8 45.3Income: 1.41 1.28 1.42 1.47 1.42 1.41 5.69 1,145.0 1,129.1 1,114.8 1,099.2 1,083.3
West North Central 24 34.75 2,038.2 Total: 1.27 0.73 0.18 0.76 2.12 1.27 2.97 489.3 483.2 479.7 478.8 475.2Appreciation: -0.26 -0.67 -1.17 -0.88 0.32 -0.26 -2.95 32.9 33.0 33.2 33.6 33.9
Income: 1.53 1.40 1.35 1.64 1.80 1.53 6.06 1,456.1 1,434.1 1,414.3 1,395.4 1,372.8
Page 12 of 1334/25/2017 Section 1, Page 6
NCREIF Property IndexData through March 31, 2017
Retail by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
East 342 35.75 33,335.6 Total: 0.97 1.34 1.98 1.90 2.39 0.97 6.34 2,970.5 2,942.0 2,903.0 2,846.5 2,793.5Appreciation: -0.22 0.15 0.78 0.68 1.17 -0.22 1.39 259.8 260.4 260.0 258.0 256.2
Income: 1.19 1.20 1.20 1.22 1.23 1.19 4.90 1,162.9 1,149.3 1,135.7 1,122.2 1,108.7Midwest 154 36.25 13,640.5 Total: 1.31 1.59 1.53 2.05 2.84 1.31 6.64 2,502.3 2,470.1 2,431.4 2,394.7 2,346.6
Appreciation: 0.13 0.38 0.28 0.83 1.62 0.13 1.63 188.6 188.4 187.7 187.2 185.6Income: 1.18 1.22 1.25 1.22 1.22 1.18 4.95 1,341.1 1,325.5 1,309.5 1,293.4 1,277.8
South 306 35.50 32,433.4 Total: 2.10 1.96 2.07 2.08 3.65 2.10 8.46 2,226.4 2,180.6 2,138.7 2,095.4 2,052.7Appreciation: 0.91 0.77 0.88 0.88 2.44 0.91 3.49 190.0 188.3 186.9 185.3 183.6
Income: 1.19 1.19 1.19 1.20 1.20 1.19 4.85 1,182.7 1,168.7 1,155.0 1,141.5 1,128.0West 340 39.25 48,245.4 Total: 1.69 1.67 2.04 2.49 2.93 1.69 8.13 4,936.0 4,853.9 4,774.3 4,678.7 4,564.8
Appreciation: 0.51 0.53 0.89 1.33 1.74 0.51 3.30 322.5 320.8 319.2 316.3 312.2Income: 1.18 1.14 1.15 1.16 1.19 1.18 4.72 1,561.4 1,543.2 1,525.8 1,508.4 1,491.1
Retail by Division Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
East North Central 115 34.25 11,681.5 Total: 1.35 1.73 1.59 2.07 3.01 1.35 6.92 2,491.9 2,458.8 2,417.0 2,379.1 2,330.7Appreciation: 0.21 0.55 0.37 0.88 1.84 0.21 2.02 227.2 226.7 225.5 224.7 222.7
Income: 1.14 1.19 1.22 1.19 1.17 1.14 4.82 1,112.8 1,100.3 1,087.4 1,074.3 1,061.6Mideast 171 29.50 16,352.0 Total: 1.58 1.41 2.46 2.06 2.97 1.58 7.72 1,267.6 1,247.9 1,230.6 1,201.0 1,176.8
Appreciation: 0.35 0.16 1.21 0.79 1.75 0.35 2.53 181.8 181.2 180.9 178.7 177.3Income: 1.23 1.26 1.25 1.27 1.22 1.23 5.09 703.8 695.2 686.6 678.2 669.7
Mountain 75 34.25 15,078.7 Total: 1.10 1.71 2.80 2.01 4.17 1.10 7.83 2,527.8 2,500.4 2,458.2 2,391.4 2,344.2Appreciation: -0.18 0.56 1.64 0.85 2.90 -0.18 2.89 252.5 253.0 251.6 247.5 245.4
Income: 1.28 1.15 1.15 1.17 1.28 1.28 4.84 1,015.4 1,002.6 991.2 979.9 968.6Northeast 171 26.25 16,983.5 Total: 0.39 1.28 1.54 1.75 1.82 0.39 5.04 806.3 803.2 793.0 781.0 767.5
Appreciation: -0.76 0.14 0.38 0.57 0.58 -0.76 0.32 139.4 140.4 140.2 139.7 138.9Income: 1.15 1.14 1.16 1.18 1.23 1.15 4.71 581.6 575.0 568.6 562.0 555.5
Pacific 265 37.50 33,166.7 Total: 1.96 1.65 1.79 2.64 2.60 1.96 8.29 3,893.6 3,818.7 3,756.7 3,690.6 3,595.5Appreciation: 0.83 0.51 0.64 1.48 1.43 0.83 3.51 289.2 286.8 285.4 283.5 279.4
Income: 1.13 1.14 1.15 1.16 1.17 1.13 4.66 1,370.6 1,355.3 1,340.0 1,324.8 1,309.6Southeast 201 34.25 17,355.6 Total: 1.49 1.77 2.31 1.89 3.78 1.49 7.67 2,077.4 2,046.9 2,011.3 1,965.8 1,929.4
Appreciation: 0.26 0.48 1.06 0.63 2.52 0.26 2.46 196.5 196.0 195.1 193.0 191.8Income: 1.23 1.29 1.25 1.26 1.26 1.23 5.12 1,068.1 1,055.1 1,041.7 1,028.9 1,016.1
Southwest 105 32.00 15,077.8 Total: 2.81 2.19 1.78 2.32 3.48 2.81 9.40 1,582.8 1,539.6 1,506.7 1,480.4 1,446.8Appreciation: 1.66 1.11 0.67 1.20 2.34 1.66 4.72 175.4 172.5 170.7 169.5 167.5
Income: 1.15 1.07 1.11 1.12 1.14 1.15 4.53 909.3 898.9 889.4 879.6 869.9
Page 13 of 1334/25/2017 Section 1, Page 7
NCREIF Property IndexData through March 31, 2017
Retail by Division Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
West North Central 39 26.25 1,959.0 Total: 1.06 0.77 1.17 1.91 1.87 1.06 4.99 665.6 658.6 653.6 646.0 633.9Appreciation: -0.37 -0.64 -0.22 0.54 0.37 -0.37 -0.69 101.2 101.6 102.2 102.5 101.9
Income: 1.43 1.40 1.39 1.37 1.50 1.43 5.71 658.0 648.7 639.7 631.0 622.4Property Subtypes Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1Apartment-Garden 658 28.00 41,161.4 Total: 1.68 2.19 2.20 2.46 2.33 1.68 8.80 1,132.6 1,113.9 1,090.1 1,066.6 1,041.0
Appreciation: 0.41 0.91 0.92 1.15 1.04 0.41 3.43 176.5 175.7 174.2 172.6 170.6Income: 1.26 1.28 1.28 1.31 1.29 1.26 5.24 647.6 639.5 631.4 623.4 615.4
Apartment-HighRise 773 21.00 78,599.7 Total: 1.10 1.34 1.42 1.58 1.61 1.10 5.54 800.2 791.5 781.1 770.2 758.2Appreciation: 0.09 0.30 0.39 0.52 0.55 0.09 1.31 248.1 247.9 247.1 246.2 244.9
Income: 1.01 1.03 1.03 1.06 1.06 1.01 4.20 327.3 324.0 320.7 317.4 314.1Apartment-LowRise 155 17.00 11,052.6 Total: 1.33 1.99 2.00 1.71 2.04 1.33 7.21 457.7 451.7 442.9 434.3 427.0
Appreciation: 0.22 0.91 0.89 0.55 0.87 0.22 2.59 184.6 184.2 182.5 180.9 179.9Income: 1.11 1.08 1.10 1.16 1.17 1.11 4.53 250.1 247.4 244.7 242.1 239.3
Industrial-Flex Space 207 26.25 3,186.0 Total: 1.98 1.67 2.56 2.41 2.93 1.98 8.90 713.2 699.4 687.9 670.7 655.0Appreciation: 0.55 0.25 1.15 0.90 1.49 0.55 2.88 92.7 92.2 92.0 90.9 90.1
Income: 1.44 1.41 1.41 1.50 1.44 1.44 5.88 767.3 756.4 745.9 735.5 724.6Industrial-Other 40 4.50 987.3 Total: 2.45 3.07 3.00 2.90 2.27 2.45 11.92 169.0 165.0 160.1 155.4 151.0
Appreciation: 1.01 1.61 1.57 1.50 0.96 1.01 5.81 131.8 130.5 128.4 126.4 124.6Income: 1.44 1.46 1.43 1.40 1.31 1.44 5.85 128.7 126.9 125.1 123.3 121.6
Industrial-R&D 38 39.00 1,175.9 Total: 1.95 3.85 2.76 1.90 3.43 1.95 10.87 3,625.0 3,555.6 3,423.8 3,331.7 3,269.6Appreciation: 0.59 2.38 1.60 0.63 2.18 0.59 5.29 184.4 183.3 179.0 176.2 175.1
Income: 1.36 1.47 1.16 1.27 1.26 1.36 5.37 1,989.1 1,962.4 1,933.9 1,911.7 1,887.7Industrial-Warehouse 2,609 39.25 68,839.0 Total: 2.90 3.09 2.91 2.95 2.96 2.90 12.38 3,895.0 3,785.4 3,672.0 3,568.1 3,466.0
Appreciation: 1.65 1.82 1.63 1.65 1.66 1.65 6.93 213.6 210.1 206.4 203.1 199.8Income: 1.24 1.26 1.28 1.30 1.30 1.24 5.19 1,847.4 1,824.7 1,801.9 1,779.2 1,756.3
Office-CBD 415 35.50 114,605.6 Total: 1.43 1.15 1.13 1.86 1.63 1.43 5.69 1,453.2 1,432.6 1,416.4 1,400.6 1,374.9Appreciation: 0.43 0.17 0.13 0.82 0.62 0.43 1.55 135.9 135.3 135.1 134.9 133.8
Income: 1.01 0.97 1.00 1.05 1.01 1.01 4.09 1,073.0 1,062.3 1,052.1 1,041.7 1,030.9Office-Suburban 972 39.25 80,842.0 Total: 1.03 1.65 1.44 1.56 1.84 1.03 5.79 1,829.3 1,810.8 1,781.4 1,756.2 1,729.2
Appreciation: -0.23 0.45 0.18 0.28 0.56 -0.23 0.69 110.0 110.2 109.7 109.5 109.2Income: 1.25 1.20 1.26 1.28 1.28 1.25 5.08 1,666.0 1,645.4 1,625.9 1,605.7 1,585.4
Retail-Community 228 37.75 13,658.5 Total: 1.88 1.34 1.92 1.79 2.91 1.88 7.12 2,887.4 2,834.1 2,796.5 2,743.9 2,695.6Appreciation: 0.55 0.08 0.58 0.43 1.59 0.55 1.66 178.8 177.8 177.7 176.7 175.9
Income: 1.33 1.26 1.34 1.36 1.32 1.33 5.39 1,631.7 1,610.3 1,590.3 1,569.3 1,548.2
Page 14 of 1334/25/2017 Section 1, Page 8
NCREIF Property IndexData through March 31, 2017
Property Subtypes Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
Retail-Fashion/Specialty Center
86 12.00 12,906.8 Total: 1.35 1.64 1.43 2.02 1.21 1.35 6.60 279.4 275.7 271.2 267.4 262.1Appreciation: 0.26 0.58 0.31 0.90 0.06 0.26 2.07 144.9 144.6 143.7 143.3 142.0
Income: 1.09 1.06 1.12 1.12 1.15 1.09 4.46 193.8 191.7 189.7 187.6 185.5Retail-Neighborhood 440 39.25 17,003.6 Total: 1.91 1.93 2.09 2.68 2.22 1.91 8.89 3,735.8 3,665.7 3,596.3 3,522.7 3,430.8
Appreciation: 0.67 0.67 0.79 1.37 0.90 0.67 3.55 190.3 189.0 187.8 186.3 183.8Income: 1.24 1.26 1.30 1.31 1.32 1.24 5.20 1,986.5 1,962.2 1,937.8 1,913.0 1,888.3
Retail-Power Center 172 13.00 14,575.4 Total: 1.72 1.58 1.43 1.95 2.57 1.72 6.85 271.2 266.7 262.5 258.8 253.9Appreciation: 0.25 0.23 0.05 0.54 1.18 0.25 1.07 118.4 118.1 117.8 117.8 117.1
Income: 1.47 1.35 1.39 1.41 1.39 1.47 5.74 229.7 226.3 223.3 220.3 217.2Retail-Regional 61 34.00 18,115.6 Total: 0.06 1.79 2.08 2.24 3.05 0.06 6.31 2,204.4 2,203.0 2,164.2 2,120.0 2,073.5
Appreciation: -1.11 0.60 0.94 1.07 1.90 -1.11 1.50 232.8 235.4 234.0 231.8 229.3Income: 1.18 1.19 1.14 1.17 1.15 1.18 4.76 960.1 948.9 937.8 927.2 916.5
Retail-Single Tenant 86 22.00 3,122.9 Total: 1.30 0.69 1.24 1.08 2.04 1.30 4.37 895.2 883.7 877.7 867.0 857.7Appreciation: 0.44 -0.16 0.39 0.26 1.15 0.44 0.94 166.9 166.2 166.5 165.8 165.4
Income: 0.86 0.85 0.84 0.82 0.90 0.86 3.41 540.4 535.8 531.3 526.8 522.6Retail-Super Regional 60 34.00 47,047.1 Total: 1.90 1.68 2.30 2.24 3.76 1.90 8.38 3,134.9 3,076.4 3,025.6 2,957.5 2,892.7
Appreciation: 0.81 0.56 1.21 1.16 2.65 0.81 3.80 337.8 335.0 333.2 329.2 325.4Income: 1.09 1.12 1.09 1.08 1.11 1.09 4.45 946.1 935.9 925.6 915.6 905.8
Apartment Subtypes by Region Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East Apartment-HighRise 282 16.25 32,690.4 Total: 1.12 1.04 1.46 1.25 1.51 1.12 4.96 342.7 338.9 335.4 330.6 326.5
Appreciation: 0.14 0.02 0.42 0.20 0.48 0.14 0.78 155.6 155.4 155.3 154.7 154.4Income: 0.98 1.02 1.04 1.05 1.03 0.98 4.16 221.7 219.5 217.3 215.1 212.8
East Apartment-Garden 105 24.50 6,287.2 Total: 1.38 1.37 1.68 1.86 1.54 1.38 6.44 875.5 863.6 851.9 837.8 822.5Appreciation: 0.05 -0.01 0.33 0.50 0.24 0.05 0.87 172.7 172.6 172.6 172.0 171.2
Income: 1.33 1.38 1.35 1.36 1.30 1.33 5.54 512.0 505.3 498.4 491.7 485.1East Apartment-LowRise 39 10.00 1,857.3 Total: 1.55 2.06 2.78 1.74 2.67 1.55 8.38 207.0 203.8 199.7 194.3 191.0
Appreciation: 0.53 1.13 1.79 0.68 1.61 0.53 4.19 132.1 131.4 129.9 127.6 126.8Income: 1.02 0.93 0.99 1.06 1.06 1.02 4.06 157.3 155.7 154.2 152.7 151.1
Midwest Apartment-Garden 45 23.00 2,421.9 Total: 1.90 2.49 1.48 2.12 1.50 1.90 8.23 857.9 841.9 821.4 809.4 792.6Appreciation: 0.61 1.21 0.16 0.74 0.16 0.61 2.75 178.4 177.3 175.2 174.9 173.6
Income: 1.29 1.28 1.32 1.38 1.34 1.29 5.37 485.9 479.7 473.7 467.5 461.2
Page 15 of 1334/25/2017 Section 1, Page 9
NCREIF Property IndexData through March 31, 2017
Apartment Subtypes by Region Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1Midwest Apartment-HighRise 79 10.50 9,125.5 Total: 0.64 0.47 1.33 1.91 1.50 0.64 4.41 215.7 214.3 213.3 210.5 206.6
Appreciation: -0.41 -0.58 0.31 0.86 0.45 -0.41 0.18 132.0 132.5 133.3 132.9 131.8Income: 1.05 1.05 1.01 1.05 1.05 1.05 4.23 163.9 162.2 160.5 158.9 157.3
South Apartment-HighRise 181 12.00 12,676.4 Total: 0.95 1.23 0.43 1.23 1.34 0.95 3.88 268.8 266.3 263.0 261.9 258.7Appreciation: -0.13 0.12 -0.66 0.09 0.19 -0.13 -0.57 146.5 146.7 146.5 147.5 147.3
Income: 1.07 1.10 1.09 1.14 1.15 1.07 4.47 184.4 182.4 180.5 178.5 176.5South Apartment-Garden 256 26.25 13,741.8 Total: 1.60 1.82 1.62 1.96 2.33 1.60 7.19 953.2 938.2 921.5 906.7 889.3
Appreciation: 0.29 0.48 0.31 0.60 1.02 0.29 1.70 163.8 163.3 162.6 162.1 161.1Income: 1.31 1.33 1.32 1.35 1.31 1.31 5.42 586.5 578.9 571.3 563.8 556.3
South Apartment-LowRise 57 11.00 4,617.2 Total: 1.21 1.86 1.29 1.05 1.15 1.21 5.51 237.6 234.7 230.5 227.5 225.2Appreciation: 0.09 0.72 0.17 -0.13 -0.06 0.09 0.85 132.4 132.3 131.3 131.1 131.3
Income: 1.12 1.13 1.12 1.18 1.21 1.12 4.63 180.1 178.1 176.1 174.1 172.1West Apartment-LowRise 47 10.75 3,902.2 Total: 1.49 1.92 2.27 2.21 2.82 1.49 8.13 208.3 205.2 201.3 196.9 192.6
Appreciation: 0.38 0.87 1.16 1.07 1.67 0.38 3.52 125.1 124.7 123.6 122.2 120.9Income: 1.11 1.05 1.11 1.15 1.15 1.11 4.49 166.9 165.1 163.4 161.6 159.8
West Apartment-Garden 252 26.75 18,710.5 Total: 1.80 2.71 2.93 3.15 2.79 1.80 11.03 1,282.4 1,259.6 1,226.3 1,191.4 1,155.0Appreciation: 0.60 1.51 1.70 1.90 1.54 0.60 5.84 228.1 226.7 223.3 219.6 215.5
Income: 1.20 1.20 1.23 1.25 1.25 1.20 4.97 569.3 562.5 555.8 549.1 542.3West Apartment-HighRise 231 13.50 24,107.4 Total: 1.32 2.17 1.98 2.13 1.97 1.32 7.82 356.4 351.7 344.3 337.6 330.5
Appreciation: 0.33 1.16 0.98 1.10 0.93 0.33 3.62 192.1 191.5 189.3 187.4 185.4Income: 0.99 1.00 1.00 1.03 1.04 0.99 4.09 186.9 185.1 183.2 181.4 179.6
Apartment Subtypes by Division Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East North Central
Apartment-HighRise57 9.50 7,947.2 Total: 0.63 0.55 1.32 2.10 1.82 0.63 4.66 192.4 191.2 190.2 187.7 183.9
Appreciation: -0.42 -0.52 0.30 1.03 0.75 -0.42 0.38 124.0 124.5 125.2 124.8 123.5Income: 1.05 1.07 1.02 1.07 1.07 1.05 4.27 155.6 153.9 152.3 150.8 149.2
East North Central Apartment-Garden
26 21.25 1,520.1 Total: 2.05 2.08 1.57 2.15 1.01 2.05 8.08 627.4 614.9 602.3 593.0 580.5Appreciation: 0.79 0.78 0.25 0.80 -0.27 0.79 2.65 157.0 155.8 154.6 154.2 153.0
Income: 1.26 1.30 1.32 1.35 1.28 1.26 5.33 402.7 397.7 392.5 387.5 382.3Mideast Apartment-Garden 66 22.75 3,585.1 Total: 1.21 1.79 2.06 1.97 1.47 1.21 7.21 837.0 827.0 812.4 796.1 780.7
Appreciation: -0.13 0.37 0.69 0.59 0.16 -0.13 1.53 185.9 186.2 185.5 184.2 183.1Income: 1.33 1.42 1.36 1.39 1.31 1.33 5.62 454.9 448.9 442.6 436.7 430.7
Page 16 of 1334/25/2017 Section 1, Page 10
NCREIF Property IndexData through March 31, 2017
Apartment Subtypes by Division Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1Mideast Apartment-HighRise 121 13.50 11,234.1 Total: 1.51 1.33 1.22 1.05 1.18 1.51 5.21 325.0 320.2 316.0 312.2 309.0
Appreciation: 0.41 0.21 0.11 -0.09 0.08 0.41 0.64 167.6 166.9 166.6 166.4 166.6Income: 1.09 1.12 1.11 1.15 1.10 1.09 4.54 195.3 193.2 191.1 189.0 186.8
Mountain Apartment-HighRise
46 4.50 3,677.4 Total: 1.41 2.65 2.97 2.39 2.22 1.41 9.76 164.5 162.2 158.1 153.5 149.9Appreciation: 0.34 1.55 1.96 1.25 1.06 0.34 5.19 133.5 133.0 131.0 128.5 126.9
Income: 1.07 1.10 1.01 1.14 1.16 1.07 4.40 123.7 122.4 121.0 119.8 118.5Mountain Apartment-Garden 85 24.00 5,392.8 Total: 1.97 1.98 3.23 2.83 3.44 1.97 10.39 1,140.4 1,118.4 1,096.6 1,062.4 1,033.1
Appreciation: 0.64 0.70 1.95 1.51 2.09 0.64 4.89 224.9 223.5 221.9 217.6 214.4Income: 1.33 1.28 1.28 1.32 1.35 1.33 5.31 513.9 507.2 500.8 494.5 488.0
Northeast Apartment-Garden 39 18.25 2,702.1 Total: 1.61 0.89 1.25 1.73 1.62 1.61 5.60 420.0 413.3 409.7 404.6 397.7Appreciation: 0.29 -0.45 -0.09 0.40 0.33 0.29 0.15 141.5 141.1 141.7 141.8 141.3
Income: 1.32 1.34 1.33 1.34 1.29 1.32 5.44 298.8 294.9 290.9 287.1 283.3Northeast Apartment-
LowRise32 3.25 1,407.3 Total: 1.61 2.54 1.30 1.75 3.00 1.61 7.39 137.9 135.7 132.3 130.6 128.4
Appreciation: 0.66 1.57 0.25 0.73 1.99 0.66 3.24 120.5 119.7 117.8 117.6 116.7Income: 0.95 0.97 1.05 1.02 1.01 0.95 4.05 114.6 113.6 112.5 111.3 110.2
Northeast Apartment-HighRise
161 14.00 21,456.3 Total: 0.92 0.90 1.58 1.36 1.70 0.92 4.85 248.5 246.2 244.0 240.2 237.0Appreciation: -0.01 -0.07 0.59 0.36 0.71 -0.01 0.87 136.1 136.1 136.2 135.4 134.9
Income: 0.93 0.97 1.00 1.00 0.99 0.93 3.96 183.4 181.7 179.9 178.2 176.4Pacific Apartment-HighRise 185 13.50 20,430.0 Total: 1.30 2.07 1.79 2.08 1.92 1.30 7.45 361.6 356.9 349.7 343.5 336.5
Appreciation: 0.32 1.09 0.80 1.08 0.90 0.32 3.32 196.5 195.9 193.8 192.2 190.2Income: 0.98 0.98 1.00 1.01 1.02 0.98 4.03 185.4 183.6 181.8 180.0 178.2
Pacific Apartment-LowRise 31 10.00 2,802.7 Total: 1.49 1.87 2.14 2.49 2.79 1.49 8.22 187.9 185.2 181.8 177.9 173.6Appreciation: 0.41 0.87 1.06 1.35 1.65 0.41 3.74 118.2 117.7 116.7 115.4 113.9
Income: 1.08 0.99 1.08 1.14 1.14 1.08 4.36 159.4 157.7 156.2 154.5 152.8Pacific Apartment-Garden 167 26.25 13,317.8 Total: 1.74 3.03 2.80 3.31 2.47 1.74 11.31 1,382.3 1,358.7 1,318.8 1,282.9 1,241.8
Appreciation: 0.58 1.85 1.60 2.09 1.27 0.58 6.26 273.8 272.2 267.3 263.1 257.7Income: 1.15 1.17 1.21 1.21 1.20 1.15 4.83 512.7 506.8 501.0 495.0 489.0
Southeast Apartment-Garden 139 25.75 8,299.6 Total: 1.82 2.49 2.26 2.63 2.64 1.82 9.53 998.3 980.4 956.6 935.4 911.4Appreciation: 0.46 1.15 0.92 1.26 1.30 0.46 3.85 176.0 175.2 173.2 171.6 169.5
Income: 1.36 1.35 1.33 1.37 1.34 1.36 5.52 572.5 564.8 557.3 549.9 542.5Southeast Apartment-
HighRise76 8.00 5,362.6 Total: 1.33 1.57 1.47 2.50 2.16 1.33 7.05 202.1 199.5 196.4 193.5 188.8
Appreciation: 0.23 0.43 0.37 1.33 0.99 0.23 2.37 135.3 134.9 134.4 133.9 132.1Income: 1.10 1.14 1.10 1.17 1.18 1.10 4.60 150.0 148.4 146.7 145.1 143.4
Page 17 of 1334/25/2017 Section 1, Page 11
NCREIF Property IndexData through March 31, 2017
Apartment Subtypes by Division Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1Southwest Apartment-
HighRise105 10.75 7,313.8 Total: 0.66 0.98 -0.30 0.33 0.77 0.66 1.67 224.8 223.3 221.1 221.8 221.1
Appreciation: -0.39 -0.10 -1.38 -0.78 -0.36 -0.39 -2.63 131.4 132.0 132.1 133.9 135.0Income: 1.05 1.08 1.08 1.11 1.14 1.05 4.38 171.6 169.8 168.0 166.2 164.4
Southwest Apartment-Garden
117 22.25 5,442.2 Total: 1.27 0.86 0.77 1.07 1.92 1.27 4.03 643.7 635.6 630.2 625.4 618.8Appreciation: 0.04 -0.46 -0.52 -0.26 0.65 0.04 -1.20 152.3 152.2 152.9 153.7 154.1
Income: 1.23 1.32 1.29 1.33 1.27 1.23 5.28 425.4 420.2 414.7 409.4 404.0Southwest Apartment-
LowRise47 9.50 3,727.7 Total: 1.21 1.92 1.23 0.84 1.08 1.21 5.29 205.5 203.0 199.2 196.8 195.2
Appreciation: 0.05 0.73 0.10 -0.35 -0.14 0.05 0.53 123.5 123.4 122.5 122.4 122.8Income: 1.16 1.19 1.12 1.19 1.21 1.16 4.75 166.9 165.0 163.0 161.2 159.3
West North Central Apartment-HighRise
22 1.75 1,178.3 Total: 0.69 -0.05 1.36 0.64 -0.62 0.69 2.67 105.8 105.1 105.1 103.7 103.0Appreciation: -0.32 -0.97 0.40 -0.30 -1.54 -0.32 -1.19 99.1 99.4 100.4 100.0 100.3
Income: 1.01 0.93 0.96 0.94 0.92 1.01 3.89 106.8 105.7 104.7 103.7 102.8Industrial Subtypes by Region Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East Industrial-Flex Space 44 12.50 514.8 Total: 0.37 -0.26 -0.02 2.41 2.10 0.37 2.49 189.0 188.3 188.8 188.9 184.4
Appreciation: -1.26 -1.84 -1.58 0.69 0.56 -1.26 -3.94 83.2 84.3 85.9 87.2 86.6Income: 1.63 1.57 1.55 1.72 1.54 1.63 6.63 226.5 222.9 219.4 216.1 212.4
East Industrial-Warehouse 391 37.25 10,947.5 Total: 2.82 3.65 2.62 2.52 2.47 2.82 12.12 2,943.3 2,862.7 2,761.9 2,691.2 2,625.1Appreciation: 1.50 2.30 1.31 1.15 1.17 1.50 6.40 181.1 178.5 174.5 172.2 170.2
Income: 1.32 1.35 1.31 1.37 1.30 1.32 5.46 1,643.4 1,622.0 1,600.4 1,579.6 1,558.3Midwest Industrial-
Warehouse447 39.25 7,970.4 Total: 2.65 1.88 2.41 2.41 2.45 2.65 9.68 2,078.5 2,024.8 1,987.4 1,940.7 1,895.0
Appreciation: 1.30 0.44 1.01 0.99 1.07 1.30 3.79 106.4 105.0 104.5 103.5 102.5Income: 1.35 1.44 1.40 1.42 1.37 1.35 5.73 1,955.3 1,929.2 1,901.9 1,875.6 1,849.3
Midwest Industrial-Flex Space
22 15.00 434.3 Total: 1.63 0.76 1.50 2.28 0.99 1.63 6.32 217.0 213.5 211.9 208.8 204.1Appreciation: 0.20 -0.63 0.07 0.58 -0.63 0.20 0.21 73.6 73.5 74.0 73.9 73.5
Income: 1.43 1.39 1.44 1.70 1.62 1.43 6.10 293.0 288.9 284.9 280.8 276.1South Industrial-Flex Space 38 18.75 476.2 Total: 2.10 2.95 2.92 1.91 2.87 2.10 10.24 448.0 438.8 426.2 414.1 406.4
Appreciation: 0.45 1.26 1.31 0.34 1.38 0.45 3.40 108.5 108.0 106.7 105.3 105.0Income: 1.65 1.70 1.61 1.56 1.49 1.65 6.67 413.0 406.3 399.5 393.2 387.2
South Industrial-Warehouse 743 39.25 16,033.1 Total: 2.54 2.53 2.08 2.88 2.44 2.54 10.41 2,541.0 2,478.0 2,416.9 2,367.6 2,301.4Appreciation: 1.19 1.15 0.69 1.47 1.02 1.19 4.58 128.1 126.6 125.2 124.3 122.5
Income: 1.35 1.38 1.39 1.41 1.42 1.35 5.64 1,990.7 1,964.3 1,937.5 1,910.9 1,884.4
Page 18 of 1334/25/2017 Section 1, Page 12
NCREIF Property IndexData through March 31, 2017
Industrial Subtypes by Region Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1West Industrial-Warehouse 1,028 39.25 33,888.0 Total: 3.15 3.48 3.56 3.27 3.55 3.15 14.16 6,760.7 6,554.0 6,333.7 6,115.9 5,922.0
Appreciation: 2.01 2.34 2.39 2.08 2.34 2.01 9.12 403.3 395.3 386.3 377.3 369.6Income: 1.14 1.13 1.18 1.19 1.21 1.14 4.73 1,716.0 1,696.6 1,677.5 1,658.0 1,638.5
West Industrial-Flex Space 103 21.25 1,760.7 Total: 2.53 2.13 3.43 2.58 3.63 2.53 11.10 871.0 849.4 831.8 804.2 784.0Appreciation: 1.21 0.83 2.12 1.20 2.26 1.21 5.47 195.1 192.8 191.2 187.2 185.0
Income: 1.32 1.30 1.31 1.38 1.36 1.32 5.41 451.9 446.0 440.3 434.6 428.7West Industrial-R&D 26 39.00 773.4 Total: 2.16 5.10 3.97 1.86 4.00 2.16 13.71 5,536.4 5,419.5 5,156.4 4,959.4 4,868.9
Appreciation: 0.84 3.59 2.78 0.58 2.71 0.84 7.99 299.5 297.0 286.7 278.9 277.3Income: 1.31 1.51 1.19 1.27 1.29 1.31 5.40 1,888.8 1,864.3 1,836.5 1,814.9 1,792.0
West Industrial-Other 32 4.50 670.8 Total: 2.84 3.51 3.36 3.50 2.08 2.84 13.88 173.2 168.4 162.7 157.4 152.1Appreciation: 1.46 2.14 2.02 2.20 0.94 1.46 8.05 137.0 135.0 132.2 129.6 126.8
Income: 1.38 1.38 1.34 1.30 1.14 1.38 5.50 126.9 125.2 123.5 121.9 120.3Industrial Subtypes by Division Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East North Central
Industrial-Warehouse372 39.25 7,215.6 Total: 2.78 1.88 2.51 2.43 2.47 2.78 9.96 2,136.6 2,078.7 2,040.3 1,990.4 1,943.1
Appreciation: 1.45 0.49 1.13 1.05 1.12 1.45 4.18 110.9 109.3 108.8 107.6 106.5Income: 1.33 1.39 1.38 1.39 1.34 1.33 5.60 1,929.7 1,904.3 1,878.2 1,852.7 1,827.3
Mideast Industrial-Warehouse
154 28.00 3,332.9 Total: 2.53 1.96 1.85 2.42 2.06 2.53 9.04 1,115.9 1,088.3 1,067.4 1,048.1 1,023.3Appreciation: 1.08 0.53 0.42 0.92 0.66 1.08 2.98 135.4 133.9 133.2 132.7 131.5
Income: 1.45 1.43 1.43 1.50 1.41 1.45 5.93 829.0 817.1 805.7 794.3 782.6Mideast Industrial-Flex
Space33 11.25 331.9 Total: 1.35 -0.05 -0.34 2.41 1.48 1.35 3.40 159.0 156.9 157.0 157.5 153.8
Appreciation: -0.48 -1.72 -2.00 0.66 -0.04 -0.48 -3.52 73.8 74.2 75.5 77.0 76.5Income: 1.83 1.67 1.66 1.75 1.52 1.83 7.10 214.1 210.3 206.8 203.4 199.9
Mountain Industrial-Warehouse
158 18.75 2,578.7 Total: 2.55 3.96 2.35 2.89 3.28 2.55 12.28 545.2 531.6 511.4 499.7 485.6Appreciation: 1.14 2.61 1.01 1.41 1.86 1.14 6.31 150.7 149.0 145.2 143.7 141.7
Income: 1.41 1.35 1.34 1.48 1.41 1.41 5.70 364.3 359.2 354.4 349.7 344.6Northeast Industrial-
Warehouse237 28.00 7,614.6 Total: 2.94 4.42 2.99 2.57 2.67 2.94 13.54 814.4 791.1 757.6 735.7 717.3
Appreciation: 1.68 3.10 1.73 1.26 1.41 1.68 7.99 101.6 100.0 96.9 95.3 94.1Income: 1.26 1.32 1.26 1.31 1.25 1.26 5.25 801.8 791.8 781.5 771.8 761.8
Pacific Industrial-Warehouse 870 39.25 31,309.3 Total: 3.20 3.44 3.67 3.31 3.57 3.20 14.33 7,649.9 7,412.5 7,166.3 6,912.5 6,691.2Appreciation: 2.08 2.32 2.51 2.14 2.38 2.08 9.36 460.3 450.9 440.7 429.9 420.9
Income: 1.12 1.11 1.16 1.17 1.19 1.12 4.65 1,705.1 1,686.2 1,667.6 1,648.5 1,629.4
Page 19 of 1334/25/2017 Section 1, Page 13
NCREIF Property IndexData through March 31, 2017
Industrial Subtypes by Division Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1Pacific Industrial-Flex Space 89 20.25 1,587.3 Total: 2.55 2.25 3.65 2.80 3.85 2.55 11.72 768.2 749.1 732.6 706.9 687.6
Appreciation: 1.24 0.95 2.35 1.45 2.51 1.24 6.11 193.1 190.7 188.9 184.6 181.9Income: 1.31 1.30 1.30 1.35 1.34 1.31 5.37 402.5 397.3 392.2 387.1 382.0
Pacific Industrial-R&D 26 38.50 773.4 Total: 2.16 5.10 3.97 1.86 4.00 2.16 13.71 5,612.5 5,494.0 5,227.3 5,027.7 4,935.9Appreciation: 0.84 3.59 2.78 0.58 2.71 0.84 7.99 325.1 322.3 311.2 302.8 301.0
Income: 1.31 1.51 1.19 1.27 1.29 1.31 5.40 1,766.7 1,743.8 1,717.8 1,697.6 1,676.2Pacific Industrial-Other 29 4.50 651.4 Total: 2.88 3.57 3.19 3.55 2.10 2.88 13.86 175.4 170.5 164.7 159.6 154.1
Appreciation: 1.51 2.20 1.85 2.26 0.97 1.51 8.05 138.8 136.7 133.8 131.3 128.4Income: 1.37 1.37 1.34 1.30 1.14 1.37 5.48 127.0 125.3 123.6 121.9 120.4
Southeast Industrial-Warehouse
421 36.25 7,863.7 Total: 2.45 2.73 1.62 3.01 2.50 2.45 10.17 1,854.9 1,810.6 1,762.5 1,734.3 1,683.7Appreciation: 1.05 1.33 0.17 1.57 1.08 1.05 4.18 120.3 119.1 117.5 117.3 115.5
Income: 1.40 1.40 1.45 1.43 1.42 1.40 5.80 1,546.5 1,525.2 1,504.2 1,482.7 1,461.7Southwest Industrial-
Warehouse322 38.25 8,169.4 Total: 2.63 2.34 2.47 2.76 2.38 2.63 10.59 2,174.1 2,118.5 2,070.1 2,020.2 1,965.9
Appreciation: 1.33 0.97 1.12 1.38 0.96 1.33 4.90 116.5 115.0 113.9 112.6 111.1Income: 1.30 1.36 1.35 1.38 1.42 1.30 5.49 1,869.3 1,845.4 1,820.6 1,796.4 1,772.0
Southwest Industrial-Flex Space
21 12.50 337.0 Total: 1.72 3.64 1.98 2.00 1.07 1.72 9.67 286.5 281.6 271.7 266.5 261.2Appreciation: 0.04 1.68 0.31 0.38 -0.55 0.04 2.43 119.4 119.4 117.4 117.0 116.6
Income: 1.68 1.96 1.67 1.62 1.63 1.68 7.12 240.4 236.4 231.9 228.1 224.4West North Central
Industrial-Warehouse75 35.00 754.7 Total: 1.41 1.88 1.33 2.15 2.26 1.41 6.94 1,108.3 1,092.9 1,072.7 1,058.6 1,036.3
Appreciation: -0.14 -0.06 -0.35 0.37 0.56 -0.14 -0.17 71.5 71.6 71.6 71.9 71.6Income: 1.55 1.94 1.68 1.78 1.70 1.55 7.12 1,539.6 1,516.1 1,487.3 1,462.7 1,437.2
Office Subtypes by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
East Office-CBD 195 31.25 71,242.8 Total: 1.14 1.16 1.14 1.96 1.39 1.14 5.51 1,089.0 1,076.7 1,064.4 1,052.4 1,032.1Appreciation: 0.22 0.27 0.23 0.98 0.48 0.22 1.71 137.8 137.5 137.1 136.8 135.5
Income: 0.92 0.89 0.91 0.98 0.92 0.92 3.75 793.2 786.0 779.1 772.0 764.5East Office-Suburban 239 36.00 18,383.0 Total: -0.95 1.21 1.28 0.94 1.21 -0.95 2.48 1,705.0 1,721.4 1,700.8 1,679.3 1,663.8
Appreciation: -2.28 -0.08 -0.05 -0.39 -0.08 -2.28 -2.79 116.5 119.2 119.3 119.4 119.9Income: 1.33 1.30 1.32 1.33 1.29 1.33 5.38 1,466.5 1,447.3 1,428.8 1,410.2 1,391.7
Midwest Office-Suburban 52 36.50 2,430.3 Total: 0.90 0.37 0.24 1.75 2.45 0.90 3.28 611.0 605.5 603.3 601.9 591.5Appreciation: -0.75 -1.21 -1.36 0.06 0.66 -0.75 -3.21 37.2 37.5 38.0 38.5 38.5
Income: 1.64 1.58 1.60 1.68 1.79 1.64 6.66 1,611.6 1,585.5 1,560.9 1,536.3 1,510.9
Page 20 of 1334/25/2017 Section 1, Page 14
NCREIF Property IndexData through March 31, 2017
Office Subtypes by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
Midwest Office-CBD 36 21.75 8,561.3 Total: 1.24 1.15 0.93 1.76 1.31 1.24 5.18 516.3 509.9 504.1 499.5 490.8Appreciation: -0.01 -0.01 -0.27 0.46 0.06 -0.01 0.16 116.7 116.8 116.8 117.1 116.6
Income: 1.25 1.17 1.21 1.30 1.25 1.25 5.02 443.4 437.9 432.9 427.7 422.2South Office-CBD 50 18.00 9,017.4 Total: 2.48 -0.96 1.00 1.79 0.36 2.48 4.35 378.3 369.1 372.7 369.0 362.5
Appreciation: 1.14 -2.18 -0.33 0.36 -1.01 1.14 -1.04 116.8 115.5 118.1 118.5 118.1Income: 1.34 1.22 1.33 1.42 1.38 1.34 5.43 324.3 320.0 316.2 312.0 307.6
South Office-Suburban 214 35.50 14,715.3 Total: 1.29 1.50 1.18 0.40 1.08 1.29 4.44 655.2 646.9 637.3 629.9 627.4Appreciation: -0.14 0.18 -0.27 -1.05 -0.35 -0.14 -1.27 53.8 53.8 53.7 53.9 54.5
Income: 1.43 1.32 1.45 1.45 1.42 1.43 5.76 1,207.4 1,190.4 1,174.9 1,158.1 1,141.6West Office-Suburban 467 36.25 45,313.5 Total: 1.78 1.96 1.65 2.21 2.35 1.78 7.83 1,265.7 1,243.6 1,219.6 1,199.8 1,173.8
Appreciation: 0.64 0.87 0.51 1.03 1.17 0.64 3.08 109.3 108.6 107.7 107.2 106.1Income: 1.14 1.10 1.14 1.18 1.19 1.14 4.64 1,158.2 1,145.1 1,132.7 1,119.8 1,106.8
West Office-CBD 134 30.00 25,784.1 Total: 1.96 1.78 1.20 1.67 2.69 1.96 6.77 877.9 861.0 846.0 836.0 822.3Appreciation: 0.92 0.71 0.15 0.65 1.65 0.92 2.45 130.6 129.5 128.5 128.3 127.5
Income: 1.04 1.06 1.05 1.03 1.04 1.04 4.24 673.0 666.0 659.0 652.2 645.6Office Subtypes by Division Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1East North Central Office-
CBD30 2.75 7,687.1 Total: 1.23 1.10 1.15 1.96 1.29 1.23 5.55 130.6 129.0 127.6 126.1 123.7
Appreciation: 0.01 -0.05 -0.08 0.70 0.12 0.01 0.57 114.4 114.4 114.5 114.6 113.8Income: 1.23 1.15 1.23 1.26 1.16 1.23 4.95 114.3 112.9 111.7 110.3 108.9
East North Central Office-Suburban
34 34.25 1,266.3 Total: 0.59 0.70 -0.39 2.22 2.29 0.59 3.14 436.8 434.3 431.2 432.9 423.5Appreciation: -1.13 -0.98 -1.97 0.53 0.48 -1.13 -3.51 32.1 32.5 32.8 33.4 33.3
Income: 1.71 1.68 1.58 1.69 1.80 1.71 6.83 1,332.8 1,310.3 1,288.6 1,268.6 1,247.5Mideast Office-Suburban 125 34.50 8,182.2 Total: 0.93 -0.77 0.44 0.87 0.70 0.93 1.47 1,381.8 1,369.1 1,379.7 1,373.6 1,361.8
Appreciation: -0.55 -2.17 -0.99 -0.61 -0.70 -0.55 -4.26 107.8 108.3 110.8 111.9 112.5Income: 1.48 1.40 1.43 1.48 1.40 1.48 5.92 1,285.2 1,266.5 1,249.0 1,231.3 1,213.4
Mideast Office-CBD 75 26.00 16,965.1 Total: 0.94 1.32 1.09 1.50 1.59 0.94 4.93 793.2 785.8 775.6 767.2 755.9Appreciation: -0.07 0.39 0.10 0.50 0.65 -0.07 0.93 136.6 136.6 136.1 136.0 135.3
Income: 1.01 0.93 0.98 1.00 0.95 1.01 3.97 583.4 577.6 572.3 566.7 561.1Mountain Office-Suburban 89 20.00 3,737.7 Total: 2.44 0.36 1.02 1.63 1.68 2.44 5.55 443.2 432.6 431.1 426.7 419.9
Appreciation: 1.20 -0.78 -0.17 0.24 0.31 1.20 0.49 113.0 111.7 112.5 112.7 112.5Income: 1.24 1.14 1.19 1.39 1.37 1.24 5.05 392.7 387.9 383.5 379.0 373.8
Northeast Office-Suburban 114 35.00 10,200.8 Total: -2.38 2.75 1.94 0.99 1.61 -2.38 3.27 1,625.8 1,665.4 1,620.7 1,589.8 1,574.3Appreciation: -3.59 1.54 0.71 -0.22 0.41 -3.59 -1.62 114.4 118.7 116.9 116.0 116.3
Income: 1.21 1.21 1.24 1.21 1.20 1.21 4.96 1,422.0 1,404.9 1,388.1 1,371.1 1,354.8
Page 21 of 1334/25/2017 Section 1, Page 15
NCREIF Property IndexData through March 31, 2017
Office Subtypes by Division Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
Northeast Office-CBD 120 29.00 54,277.6 Total: 1.20 1.10 1.16 2.14 1.32 1.20 5.71 818.3 808.6 799.7 790.6 774.0Appreciation: 0.30 0.23 0.28 1.16 0.41 0.30 1.98 126.3 125.9 125.6 125.3 123.8
Income: 0.90 0.87 0.88 0.98 0.91 0.90 3.68 648.8 643.0 637.4 631.8 625.7Pacific Office-CBD 115 26.25 23,442.2 Total: 2.00 1.93 1.24 1.82 2.82 2.00 7.17 824.7 808.6 793.3 783.6 769.6
Appreciation: 0.97 0.88 0.21 0.82 1.81 0.97 2.90 158.1 156.6 155.2 154.9 153.7Income: 1.03 1.05 1.03 1.00 1.01 1.03 4.17 523.8 518.5 513.1 507.9 502.8
Pacific Office-Suburban 378 35.00 41,575.7 Total: 1.72 2.10 1.71 2.27 2.41 1.72 8.03 1,160.4 1,140.7 1,117.2 1,098.5 1,074.1Appreciation: 0.59 1.01 0.57 1.10 1.23 0.59 3.31 108.2 107.5 106.4 105.8 104.7
Income: 1.13 1.10 1.14 1.16 1.17 1.13 4.61 1,073.2 1,061.2 1,049.7 1,037.9 1,026.0Southeast Office-Suburban 107 32.00 5,969.2 Total: 1.47 1.76 1.50 1.55 1.28 1.47 6.42 593.1 584.5 574.4 566.0 557.3
Appreciation: 0.05 0.45 0.07 0.07 -0.18 0.05 0.64 58.6 58.5 58.3 58.2 58.2Income: 1.42 1.31 1.43 1.47 1.46 1.42 5.75 1,003.1 989.1 976.3 962.5 948.6
Southwest Office-Suburban 107 35.25 8,746.0 Total: 1.17 1.32 0.91 -0.59 0.91 1.17 2.82 534.3 528.2 521.3 516.6 519.6Appreciation: -0.27 0.00 -0.55 -2.02 -0.48 -0.27 -2.83 46.2 46.3 46.3 46.6 47.5
Income: 1.44 1.32 1.47 1.43 1.39 1.44 5.77 1,146.1 1,129.8 1,115.1 1,099.0 1,083.5Southwest Office-CBD 31 1.25 5,887.4 Total: 2.76 -2.18 1.41 2.42 -1.39 2.76 4.40 102.9 100.2 102.4 101.0 98.6
Appreciation: 1.39 -3.39 0.06 0.89 -2.86 1.39 -1.10 96.1 94.7 98.1 98.0 97.1Income: 1.36 1.21 1.34 1.53 1.47 1.36 5.56 107.1 105.7 104.4 103.0 101.5
Retail Subtypes by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
East Retail-Community 66 27.25 4,473.6 Total: 1.29 1.03 1.62 1.65 2.49 1.29 5.70 758.1 748.5 740.8 729.0 717.2Appreciation: -0.03 -0.21 0.26 0.26 1.21 -0.03 0.28 107.1 107.2 107.4 107.1 106.8
Income: 1.32 1.24 1.36 1.39 1.28 1.32 5.41 708.3 699.0 690.5 681.2 671.9East Retail-Single Tenant 41 5.25 1,776.8 Total: 1.46 0.76 1.28 0.82 1.98 1.46 4.39 195.2 192.4 190.9 188.5 187.0
Appreciation: 0.69 0.01 0.51 0.00 1.02 0.69 1.21 155.8 154.7 154.7 153.9 153.9Income: 0.77 0.75 0.77 0.82 0.97 0.77 3.15 125.9 125.0 124.0 123.1 122.1
East Retail-Neighborhood 138 15.00 5,338.2 Total: 1.65 1.65 2.37 2.40 2.28 1.65 8.30 480.3 472.5 464.8 454.1 443.5Appreciation: 0.35 0.37 1.06 1.07 1.00 0.35 2.88 180.5 179.9 179.2 177.4 175.5
Income: 1.29 1.28 1.31 1.32 1.28 1.29 5.30 268.7 265.3 262.0 258.6 255.2East Retail-Power Center 38 10.00 3,538.2 Total: 2.68 1.35 1.74 1.80 3.10 2.68 7.78 167.9 163.5 161.3 158.6 155.8
Appreciation: 1.42 -0.01 0.36 0.36 1.78 1.42 2.14 90.2 89.0 89.0 88.7 88.3Income: 1.26 1.36 1.38 1.43 1.33 1.26 5.55 185.7 183.3 180.9 178.4 175.9
East Retail-Fashion/Specialty Center
29 1.75 3,086.1 Total: 1.37 1.91 0.86 0.70 0.41 1.37 4.92 109.9 108.5 106.4 105.5 104.8Appreciation: 0.14 0.88 -0.44 -0.44 -0.87 0.14 0.14 101.0 100.9 100.0 100.4 100.9
Income: 1.22 1.03 1.30 1.15 1.28 1.22 4.78 108.9 107.5 106.4 105.1 103.9
Page 22 of 1334/25/2017 Section 1, Page 16
NCREIF Property IndexData through March 31, 2017
Retail Subtypes by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
Midwest Retail-Neighborhood
59 15.00 1,727.9 Total: 1.10 1.77 1.82 2.03 1.15 1.10 6.90 346.6 342.9 336.9 330.9 324.3Appreciation: -0.08 0.44 0.55 0.70 -0.20 -0.08 1.62 124.5 124.6 124.1 123.4 122.6
Income: 1.18 1.34 1.27 1.32 1.35 1.18 5.21 279.5 276.2 272.6 269.2 265.7Midwest Retail-Community 35 27.25 1,714.7 Total: 1.27 0.93 2.11 1.11 2.92 1.27 5.53 726.8 717.7 711.0 696.4 688.7
Appreciation: -0.16 -0.46 0.71 -0.25 1.55 -0.16 -0.16 91.2 91.4 91.8 91.2 91.4Income: 1.43 1.39 1.40 1.36 1.37 1.43 5.70 795.0 783.8 773.1 762.4 752.2
South Retail-Community 71 29.75 3,898.9 Total: 2.41 1.25 1.88 2.53 2.43 2.41 8.32 1,079.8 1,054.3 1,041.3 1,022.1 996.9Appreciation: 1.06 -0.04 0.57 1.16 1.05 1.06 2.77 123.0 121.7 121.7 121.0 119.6
Income: 1.35 1.29 1.31 1.37 1.38 1.35 5.43 881.0 869.2 858.2 847.1 835.6South Retail-Neighborhood 113 29.25 3,614.6 Total: 2.26 1.86 2.49 2.32 2.40 2.26 9.23 1,393.0 1,362.3 1,337.4 1,304.9 1,275.3
Appreciation: 0.97 0.56 1.13 0.94 1.01 0.97 3.65 171.9 170.2 169.3 167.4 165.8Income: 1.28 1.30 1.36 1.38 1.40 1.28 5.43 818.0 807.6 797.2 786.5 775.8
South Retail-Fashion/Specialty Center
22 0.75 2,696.3 Total: 2.16 1.60 0.57 2.16 104.4 102.2 100.6Appreciation: 1.03 0.43 -0.54 1.03 100.9 99.9 99.5
Income: 1.12 1.16 1.11 1.12 103.4 102.3 101.1South Retail-Power Center 60 11.00 3,844.2 Total: 1.57 2.40 1.45 2.72 2.13 1.57 8.38 181.1 178.3 174.2 171.7 167.1
Appreciation: 0.10 0.87 -0.09 1.18 0.60 0.10 2.07 88.6 88.6 87.8 87.9 86.9Income: 1.47 1.53 1.54 1.54 1.53 1.47 6.22 203.8 200.9 197.9 194.9 191.9
West Retail-Power Center 57 11.00 5,813.4 Total: 1.45 1.32 2.15 1.46 2.75 1.45 6.55 205.2 202.2 199.6 195.4 192.6Appreciation: -0.14 0.04 0.90 0.13 1.45 -0.14 0.93 104.8 104.9 104.9 103.9 103.8
Income: 1.60 1.28 1.26 1.33 1.30 1.60 5.58 195.8 192.7 190.3 187.9 185.4West Retail-
Fashion/Specialty Center27 2.75 6,587.4 Total: 1.08 1.52 2.17 3.03 1.71 1.08 8.02 132.8 131.3 129.4 126.6 122.9
Appreciation: 0.09 0.52 1.16 2.01 0.67 0.09 3.82 118.5 118.4 117.7 116.4 114.1Income: 0.99 0.99 1.01 1.03 1.04 0.99 4.08 112.3 111.2 110.1 109.0 107.9
West Retail-Neighborhood 130 38.00 6,322.9 Total: 2.17 2.29 1.68 3.34 2.37 2.17 9.81 3,480.5 3,406.7 3,330.4 3,275.3 3,169.4Appreciation: 0.99 1.09 0.42 2.09 1.07 0.99 4.66 201.0 199.1 196.9 196.1 192.1
Income: 1.18 1.20 1.26 1.25 1.31 1.18 4.98 1,753.2 1,732.8 1,712.2 1,690.9 1,670.0West Retail-Single Tenant 24 1.00 538.7 Total: 1.21 -0.12 0.50 1.15 1.21 2.76 102.8 101.5 101.7 101.1
Appreciation: 0.29 -1.10 -0.47 0.46 0.29 -0.83 99.2 98.9 100.0 100.5Income: 0.92 0.97 0.97 0.69 0.92 3.60 103.6 102.7 101.7 100.7
West Retail-Super Regional 20 0.50 18,607.5 Total: 2.09 1.50 2.09 103.6 101.5Appreciation: 0.99 0.37 0.99 101.4 100.4
Income: 1.10 1.13 1.10 102.2 101.1
Page 23 of 1334/25/2017 Section 1, Page 17
NCREIF Property IndexData through March 31, 2017
Retail Subtypes by Region Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
West Retail-Community 56 33.00 3,571.3 Total: 2.37 2.10 2.26 1.60 4.06 2.37 8.60 2,279.6 2,226.9 2,181.1 2,132.8 2,099.1Appreciation: 1.12 0.92 0.96 0.28 2.76 1.12 3.31 226.3 223.8 221.7 219.6 219.0
Income: 1.25 1.18 1.31 1.33 1.30 1.25 5.16 1,021.3 1,008.7 996.9 984.0 971.1West Retail-Regional 21 0.75 6,551.4 Total: 0.68 2.09 2.22 0.68 105.1 104.4 102.2
Appreciation: -0.54 0.94 1.10 -0.54 101.5 102.1 101.1Income: 1.22 1.14 1.12 1.22 103.5 102.3 101.1
Retail Subtypes by Division Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
East North Central Retail-Community
28 12.25 1,451.4 Total: 1.08 1.30 2.20 1.39 3.01 1.08 6.09 227.6 225.2 222.3 217.5 214.5Appreciation: -0.31 -0.14 0.83 0.02 1.68 -0.31 0.40 101.9 102.2 102.4 101.5 101.5
Income: 1.39 1.43 1.37 1.36 1.33 1.39 5.67 223.4 220.3 217.2 214.3 211.4East North Central Retail-
Neighborhood39 13.00 1,159.7 Total: 1.19 1.60 1.10 1.89 1.09 1.19 5.91 275.8 272.5 268.2 265.3 260.4
Appreciation: 0.15 0.31 -0.09 0.62 -0.17 0.15 0.99 119.1 118.9 118.5 118.7 117.9Income: 1.03 1.29 1.20 1.28 1.26 1.03 4.88 232.3 229.9 227.0 224.3 221.5
Mideast Retail-Neighborhood 79 11.50 3,159.4 Total: 1.60 1.92 2.91 2.92 2.16 1.60 9.68 263.8 259.7 254.8 247.6 240.6Appreciation: 0.25 0.56 1.53 1.52 0.81 0.25 3.92 128.5 128.2 127.5 125.6 123.7
Income: 1.35 1.35 1.38 1.40 1.34 1.35 5.60 206.0 203.3 200.6 197.8 195.1Mideast Retail-Power Center 23 1.75 2,200.3 Total: 2.78 1.34 2.10 2.00 3.79 2.78 8.47 117.6 114.4 112.9 110.6 108.4
Appreciation: 1.48 0.00 0.75 0.66 2.52 1.48 2.92 107.4 105.8 105.8 105.1 104.4Income: 1.29 1.34 1.35 1.35 1.27 1.29 5.44 109.6 108.2 106.7 105.3 103.9
Mideast Retail-Community 36 12.25 2,804.4 Total: 1.27 1.15 2.12 1.73 2.81 1.27 6.41 272.3 268.9 265.8 260.3 255.9Appreciation: -0.06 -0.14 0.72 0.29 1.50 -0.06 0.82 128.9 129.0 129.2 128.2 127.9
Income: 1.33 1.29 1.39 1.44 1.31 1.33 5.56 212.1 209.3 206.6 203.8 200.9Mountain Retail-
Neighborhood30 10.75 1,075.0 Total: 2.15 1.69 1.95 1.98 2.18 2.15 8.00 194.4 190.3 187.2 183.6 180.0
Appreciation: 0.78 0.26 0.58 0.63 0.68 0.78 2.28 101.5 100.8 100.5 99.9 99.3Income: 1.36 1.43 1.37 1.35 1.50 1.36 5.63 191.5 188.9 186.3 183.8 181.3
Northeast Retail-Neighborhood
59 14.00 2,178.8 Total: 1.71 1.32 1.72 1.76 2.43 1.71 6.67 370.8 364.5 359.8 353.7 347.6Appreciation: 0.50 0.13 0.50 0.53 1.22 0.50 1.67 157.7 157.0 156.8 156.0 155.1
Income: 1.21 1.19 1.22 1.23 1.21 1.21 4.94 236.7 233.9 231.2 228.4 225.6Northeast Retail-Single
Tenant31 2.00 1,707.9 Total: 1.56 0.73 1.22 0.81 1.97 1.56 4.40 118.4 116.6 115.8 114.4 113.4
Appreciation: 0.80 -0.01 0.47 -0.02 1.03 0.80 1.25 110.7 109.8 109.9 109.3 109.4Income: 0.76 0.74 0.75 0.82 0.94 0.76 3.12 107.1 106.3 105.5 104.7 103.8
Northeast Retail-Community 30 12.00 1,669.1 Total: 1.32 0.82 0.90 1.52 2.09 1.32 4.64 245.3 242.1 240.1 237.9 234.4Appreciation: 0.01 -0.34 -0.41 0.21 0.85 0.01 -0.52 119.2 119.2 119.6 120.1 119.8
Income: 1.30 1.16 1.31 1.31 1.24 1.30 5.18 206.3 203.7 201.3 198.7 196.2
Page 24 of 1334/25/2017 Section 1, Page 18
NCREIF Property IndexData through March 31, 2017
Retail Subtypes by Division Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
Pacific Retail-Community 42 31.50 2,945.5 Total: 2.56 1.84 2.33 1.58 3.42 2.56 8.57 2,054.6 2,003.4 1,967.1 1,922.3 1,892.4Appreciation: 1.34 0.71 1.05 0.29 2.19 1.34 3.43 239.6 236.4 234.7 232.3 231.6
Income: 1.22 1.13 1.28 1.29 1.22 1.22 5.01 869.6 859.2 849.6 838.8 828.1Pacific Retail-Single Tenant 23 1.00 506.3 Total: 1.22 -0.15 0.48 1.08 1.22 2.64 102.6 101.4 101.6 101.1
Appreciation: 0.36 -1.09 -0.45 0.44 0.36 -0.74 99.3 98.9 100.0 100.4Income: 0.86 0.94 0.92 0.63 0.86 3.39 103.4 102.5 101.6 100.6
Pacific Retail-Neighborhood 100 18.00 5,247.9 Total: 2.17 2.40 1.63 3.59 2.41 2.17 10.15 651.8 637.9 623.0 613.0 591.7Appreciation: 1.03 1.24 0.39 2.35 1.14 1.03 5.10 198.1 196.1 193.7 192.9 188.5
Income: 1.14 1.16 1.24 1.23 1.27 1.14 4.86 332.9 329.2 325.4 321.4 317.5Pacific Retail-Power Center 45 6.50 4,380.1 Total: 1.62 1.44 2.01 1.72 3.25 1.62 6.97 209.3 205.9 203.0 199.0 195.6
Appreciation: 0.36 0.16 0.77 0.36 1.95 0.36 1.67 145.2 144.7 144.4 143.3 142.8Income: 1.26 1.28 1.24 1.35 1.30 1.26 5.24 144.9 143.1 141.3 139.5 137.7
Pacific Retail-Fashion/Specialty Center
21 1.50 4,125.1 Total: 1.35 1.57 1.91 2.56 1.54 1.35 7.59 114.6 113.1 111.4 109.3 106.5Appreciation: 0.38 0.66 0.95 1.55 0.51 0.38 3.58 108.2 107.8 107.1 106.1 104.4
Income: 0.97 0.91 0.96 1.01 1.03 0.97 3.91 106.0 105.0 104.1 103.1 102.0Southeast Retail-Power
Center35 10.00 1,831.6 Total: 1.14 2.50 1.70 2.69 3.08 1.14 8.26 154.1 152.4 148.6 146.2 142.3
Appreciation: -0.42 0.87 0.06 1.07 1.45 -0.42 1.58 77.4 77.7 77.0 77.0 76.2Income: 1.56 1.63 1.64 1.62 1.63 1.56 6.61 198.3 195.2 192.1 189.0 186.0
Southeast Retail-Neighborhood
85 21.75 2,624.4 Total: 2.43 1.70 3.09 2.52 2.42 2.43 10.10 816.3 796.9 783.5 760.1 741.4Appreciation: 1.19 0.40 1.74 1.16 1.02 1.19 4.56 178.9 176.8 176.1 173.1 171.1
Income: 1.24 1.30 1.35 1.37 1.40 1.24 5.36 460.9 455.2 449.4 443.4 437.4Southeast Retail-Community 44 27.25 1,976.0 Total: 2.06 1.73 1.82 2.15 1.88 2.06 7.99 924.0 905.3 889.9 874.0 855.6
Appreciation: 0.64 0.29 0.47 0.70 0.52 0.64 2.11 124.5 123.7 123.4 122.8 121.9Income: 1.42 1.44 1.36 1.46 1.36 1.42 5.79 744.3 733.9 723.5 713.8 703.6
Southwest Retail-Community 27 9.25 1,922.9 Total: 2.78 0.71 1.95 2.97 3.17 2.78 8.66 206.3 200.7 199.3 195.5 189.8Appreciation: 1.49 -0.41 0.69 1.70 1.76 1.49 3.51 116.2 114.5 114.9 114.1 112.2
Income: 1.29 1.12 1.26 1.27 1.40 1.29 5.03 177.9 175.7 173.7 171.6 169.4Southwest Retail-
Neighborhood28 6.75 990.1 Total: 1.79 2.26 0.98 1.83 2.36 1.79 7.03 220.7 216.8 212.0 209.9 206.2
Appreciation: 0.40 0.95 -0.41 0.41 0.97 0.40 1.36 147.2 146.6 145.2 145.8 145.2Income: 1.39 1.31 1.39 1.41 1.40 1.39 5.62 150.8 148.7 146.8 144.8 142.8
Southwest Retail-Power Center
25 5.50 2,012.6 Total: 1.97 2.29 1.20 2.76 1.26 1.97 8.47 175.5 172.1 168.3 166.3 161.8Appreciation: 0.59 0.87 -0.25 1.30 -0.18 0.59 2.52 126.6 125.9 124.8 125.1 123.5
Income: 1.38 1.42 1.45 1.47 1.44 1.38 5.83 139.1 137.2 135.3 133.3 131.4
Page 25 of 1334/25/2017 Section 1, Page 19
NCREIF Property IndexData through March 31, 2017
Retail Subtypes by Division Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
West North Central Retail-Neighborhood
20 2.00 568.2 Total: 0.93 2.14 3.40 2.31 1.27 0.93 9.05 122.0 120.9 118.4 114.5 111.9Appreciation: -0.55 0.70 1.97 0.89 -0.26 -0.55 3.03 108.6 109.2 108.5 106.4 105.4
Income: 1.48 1.44 1.42 1.42 1.54 1.48 5.89 112.5 110.8 109.3 107.7 106.2MSA Detail Market Value Returns (%) Index Values
Properties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1CA-Anaheim-SantaAna-
Irvine 164 36.00 10,540.2 Total: 2.07 1.61 2.37 2.71 2.81 2.07 9.06 2,173.5 2,129.5 2,095.7 2,047.1 1,993.0
Appreciation: 0.94 0.52 1.20 1.55 1.65 0.94 4.28 188.1 186.4 185.4 183.2 180.4Income: 1.13 1.09 1.17 1.16 1.16 1.13 4.63 1,168.0 1,154.9 1,142.5 1,129.3 1,116.3
CA-Anaheim-SantaAna-Irvine Apartment
22 2.00 2,088.5 Total: 2.99 2.63 2.41 1.86 2.20 2.99 10.27 127.9 124.2 121.0 118.2 116.0Appreciation: 1.86 1.50 1.26 0.75 1.12 1.86 5.48 117.1 115.0 113.3 111.9 111.0
Income: 1.13 1.13 1.15 1.12 1.08 1.13 4.60 109.4 108.2 107.0 105.8 104.6CA-Anaheim-SantaAna-
Irvine Industrial73 33.00 2,488.1 Total: 3.19 2.24 3.40 3.14 3.42 3.19 12.52 2,387.3 2,313.5 2,262.8 2,188.3 2,121.7
Appreciation: 2.06 1.13 2.22 2.01 2.27 2.06 7.62 234.7 229.9 227.4 222.5 218.1Income: 1.13 1.11 1.18 1.13 1.14 1.13 4.64 1,031.9 1,020.4 1,009.2 997.4 986.2
CA-Anaheim-SantaAna-Irvine Industrial-Warehouse
64 15.50 2,116.5 Total: 3.25 2.28 3.40 3.05 3.38 3.25 12.53 526.4 509.8 498.4 482.0 467.8Appreciation: 2.15 1.19 2.24 1.97 2.29 2.15 7.77 216.2 211.7 209.2 204.6 200.7
Income: 1.10 1.09 1.16 1.08 1.10 1.10 4.50 246.1 243.4 240.7 238.0 235.4CA-Anaheim-SantaAna-
Irvine Office48 17.00 3,144.7 Total: 1.11 0.84 1.97 3.22 2.55 1.11 7.32 342.6 338.8 336.0 329.5 319.2
Appreciation: 0.00 -0.19 0.83 2.04 1.35 0.00 2.69 130.2 130.2 130.5 129.4 126.8Income: 1.11 1.03 1.14 1.18 1.20 1.11 4.54 264.0 261.1 258.5 255.6 252.6
CA-Anaheim-SantaAna-Irvine Office-Suburban
48 17.00 3,144.7 Total: 1.11 0.84 1.97 3.22 2.55 1.11 7.32 342.6 338.8 336.0 329.5 319.2Appreciation: 0.00 -0.19 0.83 2.04 1.35 0.00 2.69 130.2 130.2 130.5 129.4 126.8
Income: 1.11 1.03 1.14 1.18 1.20 1.11 4.54 264.0 261.1 258.5 255.6 252.6CA-Anaheim-SantaAna-
Irvine Retail20 1.75 2,604.8 Total: 1.47 1.43 1.97 2.27 3.21 1.47 7.33 116.3 114.6 113.0 110.8 108.3
Appreciation: 0.35 0.32 0.80 1.12 2.05 0.35 2.62 107.3 106.9 106.6 105.8 104.6Income: 1.12 1.11 1.16 1.15 1.16 1.12 4.62 108.4 107.2 106.0 104.8 103.6
GA-Atlanta-SandySprings-Roswell
338 35.50 12,236.5 Total: 1.70 2.13 1.58 2.21 2.30 1.70 7.84 1,539.3 1,513.6 1,482.0 1,458.9 1,427.3Appreciation: 0.35 0.86 0.26 0.89 0.99 0.35 2.38 118.5 118.1 117.1 116.8 115.8
Income: 1.34 1.28 1.32 1.33 1.31 1.34 5.37 1,303.2 1,285.9 1,269.7 1,253.2 1,236.7GA-Atlanta-SandySprings-
Roswell Apartment-Garden29 21.25 1,896.3 Total: 1.34 2.86 1.47 2.72 2.25 1.34 8.65 594.9 587.0 570.7 562.4 547.5
Appreciation: 0.00 1.56 0.20 1.42 1.00 0.00 3.21 155.6 155.6 153.2 152.9 150.8Income: 1.34 1.30 1.27 1.30 1.26 1.34 5.32 385.0 379.9 375.0 370.3 365.5
GA-Atlanta-SandySprings-Roswell Apartment
65 24.75 4,440.4 Total: 1.46 2.58 1.49 2.32 1.92 1.46 8.09 965.7 951.8 927.9 914.3 893.5Appreciation: 0.25 1.35 0.33 1.13 0.73 0.25 3.09 187.9 187.5 185.0 184.3 182.3
Income: 1.22 1.22 1.16 1.20 1.19 1.22 4.88 519.6 513.3 507.1 501.3 495.4
Page 26 of 1334/25/2017 Section 1, Page 20
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
GA-Atlanta-SandySprings-Roswell Apartment-HighRise
30 6.00 2,070.0 Total: 1.53 2.60 1.58 1.95 1.65 1.53 7.88 208.5 205.3 200.1 197.0 193.2Appreciation: 0.41 1.39 0.50 0.83 0.53 0.41 3.16 153.9 153.3 151.2 150.5 149.2
Income: 1.12 1.20 1.08 1.12 1.12 1.12 4.60 136.2 134.7 133.1 131.6 130.2GA-Atlanta-SandySprings-
Roswell Industrial182 33.75 2,162.8 Total: 2.52 2.75 1.62 3.46 3.55 2.52 10.76 1,422.9 1,388.0 1,350.8 1,329.2 1,284.7
Appreciation: 0.99 1.32 0.11 1.97 2.05 0.99 4.45 110.6 109.5 108.1 107.9 105.9Income: 1.53 1.43 1.52 1.49 1.50 1.53 6.10 1,289.8 1,270.4 1,252.4 1,233.8 1,215.6
GA-Atlanta-SandySprings-Roswell Industrial-
Warehouse
170 18.00 2,087.0 Total: 2.48 2.76 1.63 3.51 3.46 2.48 10.78 417.4 407.3 396.3 390.0 376.8Appreciation: 0.95 1.32 0.12 2.02 1.97 0.95 4.47 121.0 119.9 118.3 118.2 115.8
Income: 1.53 1.44 1.51 1.49 1.49 1.53 6.10 345.8 340.6 335.8 330.8 326.0GA-Atlanta-SandySprings-
Roswell Office37 20.00 2,590.8 Total: 1.07 1.89 1.43 0.69 2.27 1.07 5.17 393.5 389.3 382.1 376.7 374.1
Appreciation: -0.26 0.74 0.09 -0.59 0.94 -0.26 -0.03 98.4 98.7 98.0 97.9 98.5Income: 1.33 1.15 1.34 1.28 1.34 1.33 5.20 399.2 394.0 389.5 384.3 379.5
GA-Atlanta-SandySprings-Roswell Office-Suburban
29 20.00 1,769.2 Total: 0.89 1.31 1.30 1.08 2.51 0.89 4.66 376.1 372.7 367.9 363.2 359.3Appreciation: -0.45 0.14 -0.06 -0.26 1.07 -0.45 -0.64 94.8 95.2 95.1 95.2 95.4
Income: 1.34 1.17 1.37 1.34 1.44 1.34 5.32 395.8 390.6 386.0 380.8 375.8GA-Atlanta-SandySprings-
Roswell Retail48 14.00 2,945.7 Total: 1.95 1.25 1.84 2.81 2.03 1.95 8.08 332.3 325.9 321.9 316.1 307.4
Appreciation: 0.56 -0.08 0.50 1.41 0.71 0.56 2.41 135.4 134.7 134.8 134.1 132.3Income: 1.38 1.33 1.34 1.40 1.32 1.38 5.57 246.4 243.1 239.9 236.7 233.4
TX-Austin-RoundRock 150 22.00 8,641.3 Total: 1.44 1.51 1.49 2.39 2.37 1.44 7.00 715.5 705.3 694.8 684.6 668.7Appreciation: 0.16 0.28 0.29 1.12 1.10 0.16 1.86 161.3 161.1 160.6 160.2 158.4
Income: 1.29 1.23 1.20 1.27 1.27 1.29 5.07 446.8 441.1 435.8 430.6 425.2TX-Austin-RoundRock
Apartment-Garden26 18.25 1,443.5 Total: 1.64 0.77 2.33 2.05 2.67 1.64 6.96 490.6 482.6 478.9 468.0 458.6
Appreciation: 0.49 -0.50 1.11 0.78 1.51 0.49 1.88 168.7 167.9 168.8 166.9 165.6Income: 1.15 1.27 1.22 1.28 1.16 1.15 5.02 293.0 289.7 286.0 282.6 279.0
TX-Austin-RoundRock Apartment
61 18.25 3,601.5 Total: 1.25 1.32 1.45 1.31 2.10 1.25 5.43 472.4 466.6 460.5 453.9 448.0Appreciation: 0.09 0.16 0.31 0.15 0.94 0.09 0.71 164.2 164.0 163.8 163.3 163.0
Income: 1.16 1.16 1.14 1.16 1.16 1.16 4.70 289.9 286.5 283.2 280.1 276.9TX-Austin-RoundRock
Industrial24 15.50 464.3 Total: 2.27 2.44 1.55 2.82 3.57 2.27 9.39 350.5 342.8 334.6 329.5 320.4
Appreciation: 0.72 0.84 0.05 1.41 2.12 0.72 3.04 116.3 115.4 114.5 114.4 112.8Income: 1.55 1.60 1.51 1.42 1.45 1.55 6.21 301.4 296.8 292.1 287.8 283.8
TX-Austin-RoundRock Industrial-Warehouse
20 5.50 397.0 Total: 2.31 2.40 1.91 2.87 3.68 2.31 9.83 201.2 196.6 192.0 188.4 183.2Appreciation: 0.78 0.96 0.46 1.54 2.30 0.78 3.78 146.2 145.1 143.7 143.1 140.9
Income: 1.54 1.44 1.45 1.33 1.39 1.54 5.88 138.3 136.2 134.3 132.4 130.6
Page 27 of 1334/25/2017 Section 1, Page 21
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
TX-Austin-RoundRock Office 44 11.50 3,429.8 Total: 1.65 1.50 1.49 3.24 2.19 1.65 8.10 272.1 267.6 263.7 259.8 251.7Appreciation: 0.27 0.28 0.36 1.85 0.79 0.27 2.77 145.9 145.6 145.1 144.6 142.0
Income: 1.38 1.22 1.13 1.39 1.40 1.38 5.22 187.6 185.0 182.8 180.7 178.3TX-Austin-RoundRock Office-
Suburban34 3.00 1,636.7 Total: 1.19 1.58 1.64 2.44 1.96 1.19 7.02 137.1 135.5 133.4 131.2 128.1
Appreciation: -0.22 0.32 0.37 1.03 0.55 -0.22 1.51 116.3 116.5 116.2 115.7 114.6Income: 1.41 1.25 1.26 1.41 1.41 1.41 5.45 118.1 116.5 115.1 113.6 112.0
TX-Austin-RoundRock Retail 21 0.25 1,145.7 Total: 1.10 1.10 101.1Appreciation: -0.19 -0.19 99.8
Income: 1.29 1.29 101.3MD-Baltimore-Columbia-
Towson 102 27.25 5,877.7 Total: 0.37 1.92 1.80 1.67 1.34 0.37 5.88 942.8 939.3 921.6 905.3 890.4
Appreciation: -0.93 0.56 0.49 0.24 0.09 -0.93 0.36 128.8 130.0 129.3 128.7 128.4Income: 1.29 1.36 1.31 1.43 1.25 1.29 5.50 735.6 726.2 716.5 707.2 697.2
MD-Baltimore-Columbia-Towson Apartment
22 5.50 1,481.5 Total: 0.64 2.32 1.29 1.43 0.70 0.64 5.79 151.0 150.1 146.7 144.8 142.8Appreciation: -0.59 1.09 0.04 0.11 -0.59 -0.59 0.65 113.6 114.3 113.1 113.0 112.9
Income: 1.24 1.22 1.24 1.32 1.29 1.24 5.12 133.2 131.6 130.0 128.4 126.7MD-Baltimore-Columbia-
Towson Industrial53 15.75 1,562.3 Total: 2.23 1.79 1.21 2.07 1.28 2.23 7.51 408.4 399.5 392.4 387.7 379.9
Appreciation: 0.74 0.37 -0.15 0.62 -0.05 0.74 1.58 141.6 140.6 140.1 140.3 139.4Income: 1.49 1.43 1.37 1.45 1.33 1.49 5.86 290.2 285.9 281.9 278.1 274.1
MD-Baltimore-Columbia-Towson Industrial-
Warehouse
47 15.25 1,476.6 Total: 2.44 2.24 1.54 2.15 1.16 2.44 8.63 399.1 389.6 381.1 375.3 367.4Appreciation: 0.99 0.85 0.20 0.74 -0.12 0.99 2.81 147.4 146.0 144.8 144.5 143.4
Income: 1.45 1.39 1.33 1.41 1.29 1.45 5.70 272.5 268.7 265.0 261.5 257.9MA-Boston 116 17.25 20,788.0 Total: 1.30 0.74 1.78 2.30 1.77 1.30 6.26 422.2 416.8 413.8 406.5 397.4
Appreciation: 0.39 -0.21 0.82 1.31 0.88 0.39 2.33 155.3 154.7 155.0 153.7 151.7Income: 0.91 0.95 0.95 0.99 0.89 0.91 3.87 273.6 271.1 268.5 266.0 263.4
MA-Boston Apartment 23 1.25 3,445.3 Total: 1.07 1.49 2.04 1.38 2.56 1.07 6.11 108.8 107.7 106.1 104.0 102.6Appreciation: 0.07 0.48 0.99 0.26 1.49 0.07 1.81 103.3 103.3 102.8 101.8 101.5
Income: 1.00 1.01 1.04 1.12 1.07 1.00 4.24 105.4 104.3 103.3 102.2 101.1MA-Boston Office 59 15.00 15,797.4 Total: 1.43 0.51 1.74 2.59 1.59 1.43 6.41 327.4 322.8 321.2 315.7 307.7
Appreciation: 0.53 -0.39 0.86 1.66 0.74 0.53 2.68 141.4 140.6 141.2 140.0 137.7Income: 0.90 0.90 0.88 0.93 0.86 0.90 3.65 232.5 230.4 228.4 226.4 224.3
MA-Boston Office-CBD 50 5.25 15,192.8 Total: 1.44 0.40 1.78 2.96 1.51 1.44 6.73 159.2 156.9 156.3 153.6 149.1Appreciation: 0.56 -0.47 0.92 2.05 0.64 0.56 3.08 127.3 126.5 127.1 126.0 123.4
Income: 0.88 0.87 0.86 0.91 0.87 0.88 3.57 125.4 124.3 123.2 122.2 121.1
Page 28 of 1334/25/2017 Section 1, Page 22
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
MA-Cambridge-Newton-Framingham
84 28.75 10,206.3 Total: 2.32 2.47 2.55 1.79 1.93 2.32 9.45 1,100.0 1,075.0 1,049.1 1,023.0 1,005.0Appreciation: 1.18 1.32 1.37 0.59 0.74 1.18 4.53 133.3 131.7 130.0 128.2 127.5
Income: 1.14 1.15 1.19 1.20 1.19 1.14 4.77 827.5 818.2 808.9 799.4 789.9MA-Cambridge-Newton-Framingham Apartment
27 9.00 2,673.0 Total: 0.81 2.63 1.85 2.04 2.10 0.81 7.52 193.0 191.4 186.5 183.1 179.5Appreciation: -0.21 1.60 0.81 0.98 0.99 -0.21 3.21 124.5 124.8 122.8 121.8 120.6
Income: 1.02 1.03 1.04 1.06 1.11 1.02 4.21 155.4 153.9 152.3 150.7 149.2MA-Cambridge-Newton-
Framingham Office37 17.75 5,264.7 Total: 2.81 3.09 3.27 1.69 1.85 2.81 11.32 424.4 412.8 400.4 387.7 381.2
Appreciation: 1.64 1.90 2.03 0.45 0.67 1.64 6.15 133.7 131.5 129.1 126.5 125.9Income: 1.17 1.19 1.25 1.24 1.18 1.17 4.94 318.5 314.8 311.1 307.3 303.5
MA-Cambridge-Newton-Framingham Office-
Suburban
37 17.75 5,264.7 Total: 2.81 3.09 3.27 1.69 1.85 2.81 11.32 424.4 412.8 400.4 387.7 381.2Appreciation: 1.64 1.90 2.03 0.45 0.67 1.64 6.15 133.7 131.5 129.1 126.5 125.9
Income: 1.17 1.19 1.25 1.24 1.18 1.17 4.94 318.5 314.8 311.1 307.3 303.5NJ-Camden 45 2.00 1,642.1 Total: 2.16 2.39 1.47 2.25 2.16 2.16 8.52 118.3 115.8 113.1 111.5 109.0
Appreciation: 0.93 1.01 0.23 0.94 0.93 0.93 3.15 106.8 105.8 104.8 104.5 103.6Income: 1.22 1.38 1.24 1.31 1.23 1.22 5.25 110.8 109.5 108.0 106.7 105.3
NJ-Camden Industrial 34 1.25 535.3 Total: 1.51 5.66 3.31 2.70 3.33 1.51 13.79 117.6 115.8 109.6 106.1 103.3Appreciation: 0.28 4.45 1.91 1.34 2.21 0.28 8.17 110.6 110.3 105.6 103.6 102.2
Income: 1.23 1.21 1.40 1.36 1.12 1.23 5.30 106.5 105.2 103.9 102.5 101.1NJ-Camden Industrial-
Warehouse33 1.25 512.4 Total: 1.49 5.80 2.82 2.68 3.44 1.49 13.37 117.3 115.5 109.2 106.2 103.4
Appreciation: 0.28 4.59 1.44 1.34 2.35 0.28 7.82 110.4 110.0 105.2 103.7 102.4Income: 1.22 1.21 1.38 1.33 1.09 1.22 5.25 106.4 105.1 103.9 102.4 101.1
NC-SC-Charlotte-Concord-Gastonia
94 21.25 3,602.9 Total: 2.45 2.30 2.29 3.26 3.19 2.45 10.70 650.8 635.2 620.9 607.0 587.9Appreciation: 1.05 0.84 0.83 1.73 1.78 1.05 4.52 138.7 137.2 136.1 135.0 132.7
Income: 1.40 1.46 1.46 1.52 1.41 1.40 5.98 472.1 465.6 458.9 452.3 445.5NC-SC-Charlotte-Concord-
Gastonia Apartment23 1.00 1,317.1 Total: 2.97 3.11 2.16 3.62 2.97 12.40 112.4 109.1 105.9 103.6
Appreciation: 1.78 1.69 0.79 2.20 1.78 6.61 106.6 104.7 103.0 102.2Income: 1.20 1.42 1.37 1.42 1.20 5.52 105.5 104.3 102.8 101.4
NC-SC-Charlotte-Concord-Gastonia Industrial
32 2.00 262.0 Total: 2.47 2.21 2.87 4.29 4.69 2.47 12.35 130.7 127.6 124.8 121.3 116.3Appreciation: 0.90 0.69 1.35 2.73 3.05 0.90 5.78 115.4 114.4 113.6 112.1 109.1
Income: 1.57 1.52 1.52 1.56 1.64 1.57 6.31 113.5 111.8 110.1 108.5 106.8NC-SC-Charlotte-Concord-
Gastonia Office22 7.00 992.8 Total: 1.47 1.76 2.47 3.49 1.55 1.47 9.50 207.4 204.4 200.8 196.0 189.4
Appreciation: -0.02 0.27 0.94 1.87 0.08 -0.02 3.09 128.1 128.2 127.8 126.6 124.3Income: 1.49 1.48 1.53 1.62 1.47 1.49 6.27 162.5 160.1 157.8 155.4 152.9
Page 29 of 1334/25/2017 Section 1, Page 23
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
IL-Chicago-Naperville-ArlingtonHeights
452 39.25 31,722.4 Total: 1.37 1.30 1.56 2.07 2.19 1.37 6.44 2,285.2 2,254.3 2,225.5 2,191.2 2,146.8Appreciation: 0.23 0.13 0.37 0.86 1.06 0.23 1.60 152.6 152.3 152.1 151.5 150.2
Income: 1.13 1.17 1.19 1.21 1.13 1.13 4.79 1,507.6 1,490.7 1,473.4 1,456.1 1,438.7IL-Chicago-Naperville-
ArlingtonHeights Apartment68 16.50 8,988.7 Total: 0.74 0.66 1.33 2.04 1.73 0.74 4.85 372.7 370.0 367.6 362.7 355.5
Appreciation: -0.32 -0.41 0.29 0.95 0.65 -0.32 0.51 159.4 159.9 160.6 160.1 158.6Income: 1.06 1.07 1.04 1.09 1.08 1.06 4.33 235.2 232.7 230.2 227.9 225.4
IL-Chicago-Naperville-ArlingtonHeights Apartment-
HighRise
48 6.75 7,552.1 Total: 0.61 0.45 1.33 2.08 1.79 0.61 4.54 212.4 211.1 210.1 207.4 203.1Appreciation: -0.42 -0.60 0.32 1.03 0.73 -0.42 0.32 156.7 157.4 158.3 157.8 156.2
Income: 1.04 1.04 1.01 1.05 1.06 1.04 4.21 136.2 134.8 133.4 132.1 130.7IL-Chicago-Naperville-
ArlingtonHeights Industrial255 39.25 5,321.8 Total: 3.17 2.14 2.56 2.51 2.53 3.17 10.80 2,195.9 2,128.4 2,083.7 2,031.6 1,981.8
Appreciation: 1.87 0.81 1.24 1.12 1.22 1.87 5.14 119.6 117.4 116.5 115.1 113.8Income: 1.30 1.34 1.32 1.40 1.30 1.30 5.46 1,841.4 1,817.9 1,793.9 1,770.5 1,746.2
IL-Chicago-Naperville-ArlingtonHeights Industrial-
Warehouse
247 39.25 4,855.9 Total: 3.28 2.16 2.63 2.54 2.46 3.28 11.05 2,173.4 2,104.3 2,059.9 2,007.0 1,957.2Appreciation: 1.99 0.82 1.27 1.15 1.15 1.99 5.33 121.6 119.3 118.3 116.8 115.5
Income: 1.29 1.34 1.36 1.39 1.31 1.29 5.50 1,793.3 1,770.4 1,747.0 1,723.5 1,699.8IL-Chicago-Naperville-
ArlingtonHeights Office41 31.50 8,150.7 Total: 1.14 1.18 0.88 1.98 1.29 1.14 5.28 562.8 556.5 550.0 545.2 534.6
Appreciation: -0.12 -0.01 -0.35 0.69 0.08 -0.12 0.22 64.8 64.9 64.9 65.1 64.7Income: 1.26 1.18 1.24 1.28 1.21 1.26 5.06 860.7 850.0 840.0 829.8 819.3
IL-Chicago-Naperville-ArlingtonHeights Office-CBD
29 2.75 7,614.5 Total: 1.25 1.13 1.13 1.94 1.29 1.25 5.56 130.7 129.1 127.7 126.3 123.9Appreciation: 0.01 -0.02 -0.08 0.69 0.13 0.01 0.60 114.4 114.4 114.4 114.5 113.7
Income: 1.24 1.15 1.21 1.26 1.16 1.24 4.95 114.5 113.1 111.8 110.5 109.1IL-Chicago-Naperville-
ArlingtonHeights Retail78 17.25 8,798.1 Total: 1.34 1.77 1.97 2.14 3.49 1.34 7.41 609.5 601.4 591.0 579.6 567.4
Appreciation: 0.28 0.67 0.82 1.04 2.43 0.28 2.83 206.3 205.7 204.4 202.7 200.6Income: 1.05 1.10 1.16 1.10 1.06 1.05 4.48 298.7 295.6 292.4 289.0 285.9
IL-Chicago-Naperville-ArlingtonHeights Retail-
Neighborhood
33 9.50 978.0 Total: 1.12 0.92 1.13 1.95 1.10 1.12 5.22 173.2 171.3 169.8 167.9 164.6Appreciation: 0.03 -0.37 -0.06 0.69 -0.13 0.03 0.29 94.9 94.9 95.2 95.3 94.6
Income: 1.09 1.29 1.19 1.26 1.24 1.09 4.91 182.3 180.4 178.1 176.0 173.8TX-Dallas-Plano-Irving 334 36.75 21,184.8 Total: 2.51 2.05 2.12 2.16 2.53 2.51 9.14 1,373.0 1,339.3 1,312.4 1,285.1 1,258.0
Appreciation: 1.30 0.89 0.88 0.89 1.23 1.30 4.02 103.3 102.0 101.1 100.2 99.3Income: 1.21 1.16 1.24 1.27 1.30 1.21 4.97 1,329.4 1,313.5 1,298.5 1,282.5 1,266.4
TX-Dallas-Plano-Irving Apartment-Garden
38 21.00 1,920.7 Total: 1.64 2.21 2.22 2.06 2.29 1.64 8.37 622.9 612.8 599.6 586.6 574.8Appreciation: 0.42 0.90 0.77 0.65 0.96 0.42 2.77 162.5 161.8 160.4 159.2 158.1
Income: 1.22 1.31 1.44 1.40 1.33 1.22 5.49 386.0 381.3 376.4 371.0 365.9
Page 30 of 1334/25/2017 Section 1, Page 24
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
TX-Dallas-Plano-Irving Apartment
96 21.00 6,978.7 Total: 1.28 2.48 1.47 1.84 1.97 1.28 7.25 586.4 579.0 564.9 556.8 546.7Appreciation: 0.15 1.29 0.25 0.59 0.73 0.15 2.30 158.9 158.7 156.7 156.3 155.4
Income: 1.13 1.19 1.22 1.24 1.24 1.13 4.87 371.3 367.2 362.8 358.5 354.1TX-Dallas-Plano-Irving
Apartment-HighRise41 5.75 3,083.2 Total: 1.15 2.37 1.11 1.49 2.21 1.15 6.25 179.3 177.3 173.2 171.2 168.7
Appreciation: 0.14 1.31 0.01 0.37 1.05 0.14 1.85 136.6 136.4 134.6 134.6 134.1Income: 1.00 1.06 1.10 1.12 1.16 1.00 4.34 131.7 130.4 129.1 127.7 126.3
TX-Dallas-Plano-Irving Industrial
153 36.25 3,888.4 Total: 2.26 2.34 3.18 2.94 2.97 2.26 11.16 1,504.5 1,471.4 1,437.7 1,393.4 1,353.5Appreciation: 0.93 0.99 1.82 1.56 1.59 0.93 5.41 94.1 93.2 92.3 90.6 89.2
Income: 1.32 1.35 1.36 1.39 1.39 1.32 5.53 1,595.8 1,575.0 1,554.1 1,533.1 1,512.2TX-Dallas-Plano-Irving
Industrial-Warehouse143 36.25 3,745.3 Total: 2.34 2.67 3.18 3.02 3.08 2.34 11.68 1,762.7 1,722.4 1,677.7 1,626.0 1,578.4
Appreciation: 1.03 1.32 1.82 1.63 1.70 1.03 5.93 110.3 109.2 107.8 105.9 104.2Income: 1.31 1.34 1.36 1.38 1.38 1.31 5.51 1,598.0 1,577.3 1,556.4 1,535.4 1,514.5
TX-Dallas-Plano-Irving Office 47 22.50 4,788.2 Total: 3.88 0.95 3.31 2.33 1.59 3.88 10.85 650.2 625.9 620.0 600.2 586.5Appreciation: 2.68 -0.14 1.96 0.88 0.17 2.68 5.46 134.3 130.8 131.0 128.4 127.3
Income: 1.20 1.09 1.35 1.45 1.42 1.20 5.18 486.5 480.7 475.6 469.2 462.5TX-Dallas-Plano-Irving
Office-Suburban39 19.25 3,131.4 Total: 1.61 1.62 2.39 1.99 1.96 1.61 7.82 412.7 406.2 399.7 390.4 382.8
Appreciation: 0.32 0.46 1.02 0.66 0.58 0.32 2.48 113.4 113.1 112.5 111.4 110.7Income: 1.29 1.15 1.37 1.33 1.38 1.29 5.25 364.3 359.6 355.5 350.7 346.1
TX-Dallas-Plano-Irving Retail 35 10.50 5,339.9 Total: 3.18 2.17 1.27 1.94 3.42 3.18 8.83 190.0 184.2 180.3 178.0 174.6Appreciation: 1.97 1.17 0.19 0.88 2.21 1.97 4.26 106.5 104.5 103.3 103.1 102.2
Income: 1.21 1.00 1.08 1.07 1.21 1.21 4.42 178.4 176.3 174.5 172.7 170.9CO-Denver-Aurora-
Lakewood 207 36.00 14,581.3 Total: 1.50 1.70 2.36 2.14 2.49 1.50 7.93 1,407.4 1,386.5 1,363.3 1,331.9 1,304.0
Appreciation: 0.25 0.52 1.14 0.86 1.20 0.25 2.79 121.0 120.7 120.0 118.7 117.7Income: 1.26 1.18 1.22 1.28 1.29 1.26 5.03 1,165.3 1,150.9 1,137.4 1,123.8 1,109.5
CO-Denver-Aurora-Lakewood Apartment-
Garden
36 14.25 2,840.3 Total: 1.89 1.91 2.85 2.35 3.14 1.89 9.31 422.8 414.9 407.2 395.9 386.8Appreciation: 0.58 0.67 1.55 1.02 1.77 0.58 3.87 193.6 192.4 191.2 188.3 186.3
Income: 1.31 1.25 1.30 1.33 1.38 1.31 5.29 220.3 217.5 214.8 212.1 209.3CO-Denver-Aurora-
Lakewood Apartment79 14.25 6,408.0 Total: 1.61 2.43 2.94 2.43 2.76 1.61 9.74 380.8 374.8 365.9 355.4 347.0
Appreciation: 0.43 1.24 1.77 1.19 1.51 0.43 4.71 179.4 178.7 176.5 173.4 171.4Income: 1.18 1.19 1.17 1.24 1.26 1.18 4.86 213.8 211.3 208.8 206.4 203.9
CO-Denver-Aurora-Lakewood Apartment-
HighRise
32 3.25 2,718.6 Total: 1.43 3.13 3.15 2.85 2.22 1.43 10.98 149.2 147.1 142.6 138.3 134.4Appreciation: 0.39 2.02 2.14 1.71 1.08 0.39 6.40 128.7 128.2 125.7 123.1 121.0
Income: 1.04 1.11 1.01 1.14 1.15 1.04 4.38 116.2 115.0 113.8 112.6 111.4
Page 31 of 1334/25/2017 Section 1, Page 25
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
CO-Denver-Aurora-Lakewood Industrial
47 15.50 672.7 Total: 2.37 3.64 2.93 3.49 3.14 2.37 13.02 459.3 448.7 432.9 420.6 406.4Appreciation: 0.87 2.14 1.51 1.99 1.72 0.87 6.67 161.3 159.9 156.5 154.2 151.2
Income: 1.50 1.49 1.43 1.49 1.42 1.50 6.04 287.1 282.8 278.6 274.7 270.7CO-Denver-Aurora-
Lakewood Industrial-Warehouse
45 8.50 625.9 Total: 2.32 3.78 3.03 3.49 2.96 2.32 13.22 194.9 190.5 183.6 178.2 172.2Appreciation: 0.84 2.28 1.61 1.99 1.55 0.84 6.89 112.4 111.5 109.0 107.2 105.1
Income: 1.48 1.49 1.42 1.50 1.41 1.48 6.03 173.7 171.2 168.6 166.3 163.8CO-Denver-Aurora-
Lakewood Office49 20.00 3,858.0 Total: 1.44 0.08 1.48 1.13 1.83 1.44 4.20 545.2 537.4 537.0 529.1 523.2
Appreciation: 0.28 -0.98 0.26 -0.26 0.52 0.28 -0.70 145.3 144.9 146.3 145.9 146.3Income: 1.17 1.06 1.22 1.39 1.31 1.17 4.93 377.2 372.9 369.0 364.5 359.5
CO-Denver-Aurora-Lakewood Office-Suburban
34 17.25 1,692.3 Total: 1.26 -0.37 0.87 1.70 2.16 1.26 3.49 314.0 310.1 311.3 308.6 303.4Appreciation: 0.10 -1.34 -0.37 0.14 0.88 0.10 -1.47 101.7 101.6 103.0 103.4 103.2
Income: 1.16 0.97 1.24 1.56 1.28 1.16 5.02 308.4 304.9 302.0 298.3 293.7CO-Denver-Aurora-
Lakewood Retail29 9.25 3,480.4 Total: 1.15 1.91 2.03 2.43 2.62 1.15 7.73 226.5 223.9 219.7 215.3 210.2
Appreciation: -0.29 0.73 0.85 1.28 1.27 -0.29 2.59 133.8 134.2 133.2 132.1 130.4Income: 1.44 1.18 1.18 1.15 1.35 1.44 5.04 169.9 167.5 165.6 163.6 161.8
NC-Durham-ChapelHill 27 3.50 967.5 Total: 3.05 2.50 2.03 2.23 2.91 3.05 10.17 150.7 146.2 142.7 139.8 136.8Appreciation: 1.58 0.98 0.72 0.95 1.58 1.58 4.30 123.7 121.8 120.6 119.7 118.6
Income: 1.47 1.51 1.32 1.27 1.32 1.47 5.69 122.2 120.4 118.6 117.1 115.6IL-Elgin 26 5.75 881.8 Total: 2.11 1.60 1.64 2.72 0.93 2.11 8.32 161.1 157.8 155.3 152.8 148.8
Appreciation: 0.81 0.25 0.35 1.41 -0.33 0.81 2.85 117.2 116.3 116.0 115.6 114.0Income: 1.30 1.35 1.29 1.32 1.26 1.30 5.36 137.8 136.0 134.2 132.5 130.8
IL-Elgin Industrial 23 5.75 646.1 Total: 2.41 1.74 2.75 3.36 0.92 2.41 10.65 171.1 167.1 164.3 159.9 154.7Appreciation: 1.18 0.40 1.54 2.11 -0.28 1.18 5.32 125.4 123.9 123.4 121.6 119.1
Income: 1.23 1.34 1.21 1.25 1.19 1.23 5.12 136.9 135.2 133.4 131.8 130.2IL-Elgin Industrial-
Warehouse23 5.75 646.1 Total: 2.41 1.74 2.75 3.54 1.00 2.41 10.85 171.7 167.6 164.8 160.4 154.9
Appreciation: 1.18 0.40 1.54 2.30 -0.20 1.18 5.52 125.7 124.3 123.8 121.9 119.1Income: 1.23 1.34 1.21 1.25 1.20 1.23 5.12 137.0 135.3 133.5 131.9 130.3
FL-FortLauderdale-PompanoBeach-DeerfieldBeach
135 25.25 6,021.4 Total: 2.14 2.35 2.03 2.90 2.01 2.14 9.74 856.4 838.5 819.3 803.0 780.4Appreciation: 0.78 1.02 0.68 1.52 0.69 0.78 4.07 156.7 155.5 153.9 152.9 150.6
Income: 1.35 1.32 1.34 1.38 1.33 1.35 5.51 550.1 542.7 535.6 528.5 521.4FL-FortLauderdale-
PompanoBeach-DeerfieldBeach Apartment-
Garden
24 19.00 1,667.7 Total: 1.79 3.13 3.10 2.95 1.91 1.79 11.42 692.0 679.9 659.2 639.4 621.1Appreciation: 0.46 1.76 1.74 1.55 0.61 0.46 5.62 215.1 214.1 210.4 206.8 203.6
Income: 1.33 1.37 1.35 1.40 1.29 1.33 5.57 325.7 321.5 317.1 312.9 308.6
Page 32 of 1334/25/2017 Section 1, Page 26
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
FL-FortLauderdale-PompanoBeach-
DeerfieldBeach Apartment
35 19.25 2,731.0 Total: 1.62 2.65 2.45 2.79 1.91 1.62 9.85 704.4 693.2 675.2 659.1 641.2Appreciation: 0.38 1.39 1.21 1.48 0.66 0.38 4.53 221.0 220.1 217.1 214.5 211.4
Income: 1.24 1.26 1.25 1.31 1.25 1.24 5.15 322.7 318.8 314.8 310.9 306.9FL-FortLauderdale-
PompanoBeach-DeerfieldBeach Industrial
66 9.25 1,165.8 Total: 2.03 2.02 2.64 4.44 2.48 2.03 11.58 141.6 138.8 136.0 132.5 126.9Appreciation: 0.74 0.72 1.40 3.09 1.23 0.74 6.06 85.2 84.5 83.9 82.8 80.3
Income: 1.29 1.30 1.25 1.35 1.25 1.29 5.28 165.8 163.7 161.6 159.6 157.5FL-FortLauderdale-
PompanoBeach-DeerfieldBeach Industrial-
Warehouse
65 8.75 1,135.0 Total: 2.03 2.06 2.23 4.64 1.82 2.03 11.39 136.3 133.6 130.9 128.0 122.4Appreciation: 0.76 0.74 0.96 3.28 0.53 0.76 5.85 82.1 81.5 80.9 80.1 77.6
Income: 1.27 1.32 1.27 1.35 1.29 1.27 5.31 165.5 163.4 161.3 159.3 157.1FL-FortLauderdale-
PompanoBeach-DeerfieldBeach Retail
20 0.25 961.4 Total: 2.04 2.04 102.0Appreciation: 0.60 0.60 100.6
Income: 1.43 1.43 101.4TX-FortWorth-Arlington 62 21.00 3,004.6 Total: 3.48 1.80 2.36 3.01 1.92 3.48 11.07 709.2 685.4 673.3 657.8 638.6
Appreciation: 2.16 0.39 0.94 1.57 0.40 2.16 5.15 156.2 152.9 152.3 150.9 148.5Income: 1.32 1.41 1.42 1.43 1.52 1.32 5.70 457.4 451.4 445.1 438.9 432.7
TX-FortWorth-Arlington Industrial
47 13.50 2,074.5 Total: 4.46 2.06 2.17 3.16 1.64 4.46 12.35 318.7 305.1 298.9 292.6 283.6Appreciation: 3.16 0.66 0.78 1.76 0.13 3.16 6.49 130.5 126.5 125.7 124.7 122.5
Income: 1.30 1.40 1.39 1.40 1.50 1.30 5.59 245.0 241.9 238.5 235.3 232.0TX-FortWorth-Arlington
Industrial-Warehouse44 5.75 1,974.4 Total: 4.57 1.88 2.04 3.25 1.53 4.57 12.24 199.9 191.2 187.6 183.9 178.1
Appreciation: 3.30 0.51 0.68 1.88 0.05 3.30 6.50 140.3 135.8 135.2 134.2 131.8Income: 1.27 1.37 1.36 1.37 1.48 1.27 5.48 143.2 141.4 139.5 137.6 135.8
PA-Harrisburg-Carlisle 24 1.50 1,155.1 Total: 1.97 3.15 2.55 2.74 1.05 1.97 10.83 114.6 112.4 108.9 106.2 103.4Appreciation: 0.61 1.79 1.16 1.20 -0.35 0.61 4.85 105.4 104.7 102.9 101.7 100.5
Income: 1.36 1.37 1.39 1.54 1.40 1.36 5.77 108.8 107.3 105.9 104.4 102.9TX-Houston-TheWoodlands-
SugarLand 259 35.75 20,281.4 Total: 1.38 0.45 0.33 0.02 0.67 1.38 2.20 821.1 809.9 806.3 803.6 803.4
Appreciation: 0.14 -0.78 -0.90 -1.24 -0.55 0.14 -2.76 77.2 77.1 77.7 78.4 79.4Income: 1.24 1.23 1.24 1.27 1.23 1.24 5.07 1,060.8 1,047.8 1,035.1 1,022.4 1,009.6
TX-Houston-TheWoodlands-SugarLand Apartment-
Garden
34 17.25 1,585.7 Total: 0.55 -0.94 -1.29 -0.81 0.73 0.55 -2.48 401.0 398.8 402.6 407.9 411.2Appreciation: -0.75 -2.31 -2.54 -2.07 -0.52 -0.75 -7.45 139.3 140.3 143.6 147.4 150.5
Income: 1.30 1.37 1.24 1.26 1.25 1.30 5.27 289.5 285.8 281.9 278.4 275.0TX-Houston-TheWoodlands-
SugarLand Apartment87 17.25 5,037.1 Total: 0.33 -0.69 -1.54 -1.26 -0.28 0.33 -3.13 387.8 386.5 389.2 395.3 400.4
Appreciation: -0.78 -1.87 -2.66 -2.43 -1.43 -0.78 -7.52 140.3 141.4 144.1 148.0 151.7Income: 1.11 1.19 1.11 1.16 1.15 1.11 4.65 277.8 274.8 271.6 268.6 265.5
Page 33 of 1334/25/2017 Section 1, Page 27
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
TX-Houston-TheWoodlands-SugarLand Apartment-
HighRise
41 4.75 2,805.3 Total: 0.24 -0.56 -1.99 -1.10 -0.90 0.24 -3.38 142.5 142.2 143.0 145.9 147.5Appreciation: -0.81 -1.69 -3.06 -2.22 -2.01 -0.81 -7.56 113.1 114.1 116.0 119.7 122.4
Income: 1.05 1.13 1.06 1.11 1.11 1.05 4.43 126.2 124.9 123.5 122.2 120.8TX-Houston-TheWoodlands-
SugarLand Industrial105 18.75 2,045.0 Total: 1.43 2.24 1.42 1.79 1.40 1.43 7.06 578.4 570.3 557.8 550.0 540.3
Appreciation: 0.19 0.87 0.13 0.41 -0.02 0.19 1.60 148.9 148.6 147.3 147.1 146.5Income: 1.25 1.37 1.28 1.39 1.42 1.25 5.40 391.0 386.2 381.0 376.1 371.0
TX-Houston-TheWoodlands-SugarLand Industrial-
Warehouse
102 17.50 1,976.0 Total: 1.42 2.16 1.39 1.79 1.40 1.42 6.93 476.5 469.9 459.9 453.6 445.6Appreciation: 0.19 0.81 0.14 0.43 -0.02 0.19 1.57 139.7 139.4 138.3 138.1 137.5
Income: 1.22 1.35 1.25 1.36 1.42 1.22 5.29 343.0 338.8 334.3 330.2 325.7TX-Houston-TheWoodlands-
SugarLand Office35 26.50 5,956.9 Total: 0.34 -1.12 -0.16 -1.28 -1.46 0.34 -2.21 547.1 545.2 551.4 552.3 559.5
Appreciation: -1.21 -2.51 -1.69 -2.76 -2.86 -1.21 -7.93 84.3 85.3 87.5 89.0 91.6Income: 1.56 1.39 1.53 1.48 1.40 1.56 6.09 647.6 637.6 628.9 619.5 610.4
TX-Houston-TheWoodlands-SugarLand Office-Suburban
26 11.25 3,733.1 Total: 0.86 0.86 -0.26 -3.22 -0.09 0.86 -1.81 255.6 253.4 251.2 251.9 260.3Appreciation: -0.69 -0.56 -1.83 -4.68 -1.45 -0.69 -7.59 127.6 128.5 129.2 131.6 138.0
Income: 1.55 1.42 1.56 1.46 1.36 1.55 6.14 201.1 198.1 195.3 192.3 189.5TX-Houston-TheWoodlands-
SugarLand Retail32 7.00 7,242.5 Total: 3.00 2.36 2.16 2.19 3.88 3.00 10.07 310.3 301.2 294.3 288.1 281.9
Appreciation: 1.94 1.31 1.12 1.11 2.86 1.94 5.58 215.8 211.7 209.0 206.6 204.4Income: 1.06 1.06 1.04 1.08 1.01 1.06 4.31 145.3 143.7 142.2 140.8 139.3
IN-Indianapolis-Carmel-Anderson
31 24.25 703.7 Total: 2.02 1.19 2.20 2.50 1.68 2.02 8.13 647.9 635.1 627.6 614.2 599.2Appreciation: 0.43 -0.33 0.76 1.09 0.33 0.43 1.96 97.7 97.3 97.6 96.9 95.8
Income: 1.59 1.52 1.43 1.41 1.36 1.59 6.08 662.2 651.9 642.1 633.1 624.3IN-Indianapolis-Carmel-
Anderson Industrial23 2.25 350.6 Total: 2.17 0.75 2.38 1.95 2.50 2.17 7.44 121.5 118.9 118.0 115.3 113.1
Appreciation: 0.71 -0.68 1.06 0.66 1.28 0.71 1.74 107.6 106.8 107.6 106.4 105.7Income: 1.47 1.43 1.33 1.28 1.22 1.47 5.62 113.0 111.4 109.8 108.4 107.0
IN-Indianapolis-Carmel-Anderson Industrial-
Warehouse
20 2.25 338.3 Total: 2.17 0.92 2.37 1.94 2.46 2.17 7.61 123.4 120.8 119.7 116.9 114.6Appreciation: 0.73 -0.50 1.05 0.68 1.26 0.73 1.96 109.4 108.6 109.2 108.0 107.3
Income: 1.45 1.43 1.32 1.27 1.21 1.45 5.57 112.9 111.3 109.7 108.3 106.9MO-KS-KansasCity 57 21.00 1,143.9 Total: 1.06 1.53 1.19 2.28 1.40 1.06 6.21 444.4 439.7 433.1 428.0 418.4
Appreciation: -0.45 -0.09 -0.38 0.74 -0.16 -0.45 -0.18 96.3 96.7 96.8 97.2 96.5Income: 1.51 1.62 1.58 1.54 1.56 1.51 6.39 461.1 454.3 447.0 440.1 433.4
MO-KS-KansasCity Industrial 42 1.25 418.5 Total: 1.68 2.25 2.05 2.32 2.14 1.68 8.56 110.9 109.1 106.7 104.5 102.1Appreciation: 0.06 0.50 0.25 0.41 0.30 0.06 1.22 101.5 101.5 101.0 100.7 100.3
Income: 1.62 1.75 1.80 1.91 1.84 1.62 7.27 109.3 107.5 105.7 103.8 101.8
Page 34 of 1334/25/2017 Section 1, Page 28
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
MO-KS-KansasCity Industrial-Warehouse
41 1.25 389.2 Total: 1.65 2.21 1.91 2.32 2.12 1.65 8.34 110.6 108.8 106.5 104.5 102.1Appreciation: 0.01 0.43 0.12 0.43 0.30 0.01 0.99 101.3 101.3 100.9 100.7 100.3
Income: 1.64 1.78 1.79 1.89 1.82 1.64 7.30 109.2 107.5 105.6 103.7 101.8IL-WI-LakeCounty-
KenoshaCounty 60 16.25 1,747.3 Total: 1.55 0.83 0.78 1.56 2.74 1.55 4.80 303.1 298.5 296.0 293.7 289.2
Appreciation: 0.15 -0.63 -0.68 0.13 1.17 0.15 -1.04 101.1 101.0 101.6 102.3 102.2Income: 1.40 1.46 1.47 1.44 1.56 1.40 5.89 299.8 295.7 291.4 287.2 283.2
IL-WI-LakeCounty-KenoshaCounty Industrial
36 10.75 665.5 Total: 2.05 1.58 1.23 2.05 2.77 2.05 7.09 202.4 198.3 195.2 192.9 189.0Appreciation: 0.64 0.21 -0.07 0.77 1.33 0.64 1.54 105.9 105.3 105.0 105.1 104.3
Income: 1.41 1.38 1.30 1.28 1.44 1.41 5.49 191.1 188.4 185.8 183.5 181.1IL-WI-LakeCounty-
KenoshaCounty Industrial-Warehouse
34 9.50 650.3 Total: 2.05 1.65 1.21 2.07 2.87 2.05 7.16 174.8 171.3 168.5 166.5 163.1Appreciation: 0.64 0.27 -0.09 0.78 1.42 0.64 1.60 99.8 99.2 98.9 99.0 98.2
Income: 1.41 1.38 1.30 1.29 1.45 1.41 5.50 175.0 172.6 170.2 168.0 165.9NV-LasVegas-Henderson-
Paradise 75 9.50 6,724.4 Total: 1.65 2.14 4.70 3.34 4.11 1.65 12.34 150.7 148.2 145.1 138.6 134.1
Appreciation: 0.57 0.95 3.44 1.89 2.65 0.57 7.00 85.5 85.0 84.2 81.4 79.9Income: 1.08 1.19 1.27 1.45 1.47 1.08 5.08 175.9 174.0 172.0 169.9 167.4
NV-LasVegas-Henderson-Paradise Industrial
50 5.25 725.6 Total: 3.69 4.75 3.84 2.86 4.13 3.69 16.01 208.7 201.3 192.2 185.1 179.9Appreciation: 2.17 3.14 2.37 1.38 2.56 2.17 9.36 145.8 142.7 138.4 135.2 133.3
Income: 1.52 1.60 1.47 1.49 1.57 1.52 6.22 144.0 141.8 139.6 137.6 135.6NV-LasVegas-Henderson-
Paradise Industrial-Warehouse
46 5.00 700.5 Total: 3.75 4.80 3.72 2.95 4.28 3.75 16.09 211.4 203.8 194.5 187.5 182.1Appreciation: 2.23 3.19 2.25 1.46 2.69 2.23 9.44 150.4 147.1 142.6 139.5 137.5
Income: 1.51 1.61 1.47 1.49 1.59 1.51 6.22 141.5 139.4 137.2 135.2 133.2CA-LosAngeles-LongBeach-
Glendale 480 39.25 41,854.1 Total: 2.12 2.76 2.34 2.49 2.28 2.12 10.06 5,034.7 4,930.4 4,798.2 4,688.3 4,574.6
Appreciation: 1.05 1.71 1.25 1.36 1.17 1.05 5.49 353.7 350.0 344.1 339.8 335.3Income: 1.06 1.04 1.09 1.12 1.12 1.06 4.39 1,452.7 1,437.4 1,422.6 1,407.2 1,391.6
CA-LosAngeles-LongBeach-Glendale Apartment-Garden
22 1.00 1,733.4 Total: 1.29 2.78 1.88 1.94 1.29 8.12 108.1 106.7 103.9 101.9Appreciation: 0.16 1.68 0.75 0.81 0.16 3.43 103.4 103.3 101.6 100.8
Income: 1.13 1.10 1.13 1.13 1.13 4.57 104.6 103.4 102.3 101.1CA-LosAngeles-LongBeach-
Glendale Apartment98 14.00 10,184.3 Total: 1.46 2.73 1.85 2.34 2.13 1.46 8.64 322.2 317.6 309.1 303.5 296.6
Appreciation: 0.49 1.76 0.85 1.31 1.10 0.49 4.48 173.1 172.3 169.3 167.9 165.7Income: 0.97 0.97 1.00 1.03 1.03 0.97 4.03 187.3 185.5 183.7 181.9 180.0
CA-LosAngeles-LongBeach-Glendale Apartment-
HighRise
67 7.50 7,559.4 Total: 1.51 3.01 1.83 2.47 2.06 1.51 9.12 239.8 236.3 229.4 225.2 219.8Appreciation: 0.59 2.04 0.85 1.47 1.06 0.59 5.04 175.0 174.0 170.5 169.1 166.6
Income: 0.93 0.97 0.98 1.00 1.00 0.93 3.93 137.9 136.6 135.3 134.0 132.7
Page 35 of 1334/25/2017 Section 1, Page 29
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
CA-LosAngeles-LongBeach-Glendale Industrial
227 39.25 8,073.2 Total: 2.73 4.10 4.19 2.92 3.21 2.73 14.67 8,451.8 8,227.4 7,903.4 7,585.6 7,370.4Appreciation: 1.62 2.99 3.01 1.72 1.96 1.62 9.67 508.2 500.1 485.6 471.4 463.4
Income: 1.10 1.11 1.18 1.20 1.25 1.10 4.67 1,707.6 1,689.0 1,670.5 1,651.0 1,631.4CA-LosAngeles-LongBeach-
Glendale Industrial-Warehouse
212 39.25 7,805.1 Total: 2.74 4.12 4.20 2.89 3.24 2.74 14.69 8,806.7 8,572.1 8,232.8 7,901.1 7,679.0Appreciation: 1.64 3.02 3.03 1.70 1.99 1.64 9.71 537.9 529.2 513.7 498.6 490.3
Income: 1.09 1.10 1.17 1.19 1.25 1.09 4.64 1,683.2 1,665.0 1,646.9 1,627.8 1,608.6CA-LosAngeles-LongBeach-
Glendale Office89 29.50 15,697.0 Total: 1.89 2.70 1.75 2.27 1.94 1.89 8.88 699.6 686.6 668.6 657.1 642.5
Appreciation: 0.85 1.71 0.67 1.17 0.84 0.85 4.47 107.6 106.7 104.9 104.2 103.0Income: 1.04 0.99 1.07 1.10 1.10 1.04 4.27 649.6 643.0 636.7 629.9 623.1
CA-LosAngeles-LongBeach-Glendale Office-Suburban
81 29.25 13,056.8 Total: 1.67 3.12 1.95 2.22 2.08 1.67 9.26 697.9 686.5 665.7 652.9 638.7Appreciation: 0.62 2.16 0.89 1.12 0.99 0.62 4.87 107.8 107.1 104.8 103.9 102.8
Income: 1.05 0.97 1.06 1.10 1.09 1.05 4.24 647.2 640.5 634.4 627.7 620.9CA-LosAngeles-LongBeach-
Glendale Retail62 12.25 7,641.8 Total: 2.83 1.56 2.45 2.80 2.18 2.83 9.98 266.5 259.1 255.2 249.1 242.3
Appreciation: 1.70 0.42 1.34 1.66 1.09 1.70 5.21 134.4 132.2 131.6 129.9 127.8Income: 1.14 1.13 1.11 1.14 1.09 1.14 4.60 198.9 196.7 194.5 192.3 190.2
CA-LosAngeles-LongBeach-Glendale Retail-
Neighborhood
21 2.25 1,298.3 Total: 2.86 1.69 3.16 5.43 1.64 2.86 13.76 132.1 128.5 126.3 122.5 116.1Appreciation: 1.87 0.60 2.05 4.23 0.36 1.87 9.00 118.8 116.6 115.9 113.6 109.0
Income: 0.99 1.09 1.11 1.20 1.28 0.99 4.47 111.5 110.4 109.2 108.0 106.7KY-IN-
Louisville/JeffersonCounty 42 12.00 759.9 Total: 1.22 1.63 2.41 1.86 2.06 1.22 7.31 286.6 283.2 278.6 272.1 267.1
Appreciation: -0.24 0.17 0.89 0.32 0.56 -0.24 1.14 119.1 119.4 119.2 118.1 117.8Income: 1.45 1.46 1.53 1.54 1.50 1.45 6.12 241.3 237.8 234.4 230.9 227.4
KY-IN-Louisville/JeffersonCounty
Industrial
39 12.00 557.4 Total: 1.49 2.11 2.83 1.99 2.30 1.49 8.69 289.8 285.6 279.7 272.0 266.7Appreciation: 0.00 0.61 1.21 0.40 0.76 0.00 2.24 115.3 115.3 114.6 113.3 112.8
Income: 1.49 1.50 1.62 1.59 1.54 1.49 6.34 251.8 248.1 244.4 240.5 236.7KY-IN-
Louisville/JeffersonCounty Industrial-Warehouse
36 12.00 526.7 Total: 1.48 2.28 2.93 1.88 2.37 1.48 8.84 285.2 281.0 274.8 267.0 262.0Appreciation: -0.04 0.74 1.26 0.25 0.78 -0.04 2.23 112.8 112.8 112.0 110.6 110.3
Income: 1.51 1.54 1.66 1.63 1.59 1.51 6.50 253.3 249.5 245.7 241.7 237.8TN-MS-AR-Memphis 28 22.75 890.5 Total: 2.52 2.80 1.98 1.62 2.56 2.52 9.21 521.6 508.8 494.9 485.3 477.6
Appreciation: 0.99 1.20 0.39 0.09 1.06 0.99 2.70 89.7 88.8 87.8 87.4 87.4Income: 1.53 1.60 1.58 1.53 1.50 1.53 6.39 579.5 570.8 561.8 553.1 544.7
FL-Miami-MiamiBeach-Kendall
160 19.00 11,096.9 Total: 1.37 1.74 1.56 1.68 2.89 1.37 6.50 573.1 565.3 555.7 547.1 538.1Appreciation: 0.26 0.58 0.34 0.45 1.68 0.26 1.63 170.7 170.3 169.3 168.7 167.9
Income: 1.11 1.16 1.22 1.22 1.21 1.11 4.81 338.1 334.4 330.6 326.6 322.6
Page 36 of 1334/25/2017 Section 1, Page 30
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
FL-Miami-MiamiBeach-Kendall Apartment
23 0.50 1,856.5 Total: 1.07 1.45 1.07 102.5 101.4Appreciation: 0.11 0.40 0.11 100.5 100.4
Income: 0.96 1.05 0.96 102.0 101.0FL-Miami-MiamiBeach-
Kendall Industrial84 11.50 2,531.0 Total: 2.04 2.88 0.30 2.47 1.90 2.04 7.90 237.6 232.8 226.3 225.6 220.2
Appreciation: 0.80 1.60 -1.06 1.17 0.56 0.80 2.52 118.5 117.6 115.7 117.0 115.6Income: 1.24 1.28 1.36 1.29 1.34 1.24 5.28 200.8 198.4 195.9 193.2 190.8
FL-Miami-MiamiBeach-Kendall Industrial-
Warehouse
79 10.50 2,482.7 Total: 2.03 2.94 0.21 2.28 1.88 2.03 7.65 195.4 191.6 186.1 185.7 181.6Appreciation: 0.80 1.67 -1.14 1.00 0.54 0.80 2.32 104.2 103.3 101.6 102.8 101.8
Income: 1.23 1.27 1.35 1.29 1.34 1.23 5.24 187.5 185.3 182.9 180.5 178.2FL-Miami-MiamiBeach-
Kendall Office28 4.50 2,415.4 Total: 0.68 0.55 0.21 1.07 3.33 0.68 2.53 166.3 165.2 164.3 163.9 162.2
Appreciation: -0.57 -0.59 -1.04 -0.28 2.06 -0.57 -2.46 132.3 133.0 133.8 135.2 135.6Income: 1.25 1.15 1.25 1.35 1.26 1.25 5.09 126.2 124.6 123.2 121.7 120.1
FL-Miami-MiamiBeach-Kendall Office-Suburban
23 2.25 1,111.1 Total: 1.19 2.75 0.17 1.68 2.49 1.19 5.90 125.8 124.3 121.0 120.8 118.8Appreciation: -0.10 1.77 -1.03 0.23 1.19 -0.10 0.86 112.2 112.3 110.3 111.5 111.2
Income: 1.29 0.98 1.20 1.45 1.30 1.29 5.01 112.3 110.9 109.8 108.5 106.9FL-Miami-MiamiBeach-
Kendall Retail25 5.75 4,294.0 Total: 1.48 1.97 3.43 1.35 3.11 1.48 8.47 219.6 216.4 212.2 205.2 202.5
Appreciation: 0.46 0.81 2.30 0.25 2.02 0.46 3.86 162.6 161.9 160.6 157.0 156.6Income: 1.02 1.16 1.13 1.09 1.09 1.02 4.47 135.9 134.5 133.0 131.5 130.1
MN-WI-Minneapolis-St.Paul-Bloomington
101 36.00 4,991.8 Total: 1.13 1.05 1.22 1.43 1.88 1.13 4.91 1,190.1 1,176.8 1,164.6 1,150.6 1,134.4Appreciation: -0.20 -0.17 -0.02 0.08 0.44 -0.20 -0.31 78.5 78.6 78.8 78.8 78.7
Income: 1.33 1.22 1.24 1.35 1.44 1.33 5.24 1,508.4 1,488.6 1,470.6 1,452.7 1,433.3MN-WI-Minneapolis-St.Paul-
Bloomington Apartment31 11.00 1,710.7 Total: 1.15 1.56 2.18 1.85 0.75 1.15 6.91 231.3 228.7 225.2 220.3 216.3
Appreciation: 0.03 0.54 1.07 0.76 -0.36 0.03 2.42 127.4 127.3 126.7 125.3 124.4Income: 1.13 1.02 1.11 1.09 1.11 1.13 4.42 182.2 180.2 178.3 176.4 174.5
MN-WI-Minneapolis-St.Paul-Bloomington Industrial
31 35.50 329.7 Total: 0.52 -0.32 -0.36 1.54 2.18 0.52 1.38 1,105.0 1,099.3 1,102.8 1,106.8 1,090.0Appreciation: -1.10 -1.92 -1.95 -0.20 0.35 -1.10 -5.08 65.6 66.3 67.6 68.9 69.1
Income: 1.62 1.60 1.59 1.74 1.83 1.62 6.71 1,671.6 1,644.9 1,619.0 1,593.6 1,566.4MN-WI-Minneapolis-St.Paul-
Bloomington Industrial-Warehouse
22 14.25 184.6 Total: 0.36 1.38 -0.13 1.91 3.65 0.36 3.55 257.2 256.2 252.7 253.1 248.3Appreciation: -1.28 -0.35 -1.83 0.01 1.74 -1.28 -3.41 94.2 95.4 95.8 97.6 97.6
Income: 1.64 1.73 1.69 1.90 1.91 1.64 7.15 272.5 268.1 263.6 259.2 254.3MN-WI-Minneapolis-St.Paul-
Bloomington Retail25 12.25 1,446.5 Total: 1.15 0.80 1.03 1.79 2.60 1.15 4.84 235.3 232.7 230.8 228.5 224.5
Appreciation: -0.23 -0.52 -0.30 0.50 1.18 -0.23 -0.55 112.6 112.9 113.5 113.8 113.3Income: 1.37 1.32 1.33 1.29 1.42 1.37 5.41 209.3 206.5 203.8 201.1 198.6
Page 37 of 1334/25/2017 Section 1, Page 31
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
PA-MontgomeryCounty-BucksCounty-ChesterCounty
36 17.00 2,007.6 Total: 0.25 -0.12 0.37 2.01 1.14 0.25 2.52 388.2 387.2 387.7 386.2 378.6Appreciation: -1.15 -1.53 -1.00 0.59 -0.24 -1.15 -3.06 124.7 126.1 128.1 129.4 128.6
Income: 1.39 1.41 1.37 1.42 1.38 1.39 5.71 312.6 308.3 304.0 299.9 295.7TN-Nashville-Davidson--Murfreesboro--Franklin
54 12.25 2,522.6 Total: 2.00 0.88 2.05 2.94 2.37 2.00 8.09 307.2 301.2 298.5 292.5 284.2Appreciation: 0.64 -0.56 0.58 1.42 0.86 0.64 2.07 137.8 137.0 137.7 137.0 135.0
Income: 1.36 1.45 1.47 1.52 1.51 1.36 5.93 224.0 221.0 217.9 214.7 211.5NJ-PA-Newark 47 15.25 3,054.0 Total: 0.39 1.17 1.24 1.45 2.08 0.39 4.31 285.2 284.1 280.8 277.4 273.4
Appreciation: -0.91 -0.16 -0.12 0.16 0.53 -0.91 -1.02 106.7 107.7 107.8 108.0 107.8Income: 1.29 1.33 1.35 1.30 1.55 1.29 5.37 267.4 264.0 260.6 257.1 253.8
NY-NJ-NewYork-JerseyCity-WhitePlains
365 29.00 65,405.4 Total: 0.52 1.54 1.17 1.67 1.44 0.52 4.97 854.8 850.4 837.5 827.9 814.3Appreciation: -0.40 0.62 0.24 0.68 0.50 -0.40 1.14 130.5 131.0 130.2 129.9 129.0
Income: 0.91 0.91 0.93 0.99 0.94 0.91 3.80 656.7 650.7 644.8 638.9 632.6NY-NJ-NewYork-JerseyCity-
WhitePlains Apartment109 13.25 13,950.9 Total: 1.17 0.69 1.43 1.30 1.71 1.17 4.66 228.1 225.5 223.9 220.8 218.0
Appreciation: 0.29 -0.24 0.46 0.35 0.78 0.29 0.87 132.1 131.7 132.0 131.4 131.0Income: 0.87 0.93 0.97 0.95 0.94 0.87 3.77 173.3 171.8 170.3 168.6 167.0
NY-NJ-NewYork-JerseyCity-WhitePlains Apartment-
HighRise
89 12.25 13,282.6 Total: 1.13 0.48 1.34 1.25 1.60 1.13 4.26 212.7 210.4 209.4 206.6 204.1Appreciation: 0.26 -0.46 0.36 0.30 0.66 0.26 0.45 130.5 130.2 130.8 130.3 130.0
Income: 0.87 0.94 0.98 0.95 0.94 0.87 3.80 163.6 162.2 160.7 159.1 157.6NY-NJ-NewYork-JerseyCity-
WhitePlains Industrial116 15.50 3,736.4 Total: 3.75 4.63 2.62 2.36 2.80 3.75 14.04 422.4 407.2 389.2 379.2 370.4
Appreciation: 2.57 3.36 1.43 1.19 1.68 2.57 8.80 156.9 152.9 148.0 145.9 144.2Income: 1.18 1.27 1.20 1.18 1.11 1.18 4.92 271.0 267.8 264.4 261.3 258.3
NY-NJ-NewYork-JerseyCity-WhitePlains Industrial-
Warehouse
115 15.50 3,710.2 Total: 3.77 4.66 2.62 2.37 2.78 3.77 14.10 421.6 406.3 388.2 378.3 369.5Appreciation: 2.59 3.38 1.42 1.19 1.67 2.59 8.85 156.1 152.2 147.2 145.2 143.4
Income: 1.18 1.28 1.20 1.18 1.11 1.18 4.93 271.7 268.5 265.1 262.0 258.9NY-NJ-NewYork-JerseyCity-
WhitePlains Office86 19.50 40,915.6 Total: 0.03 1.53 0.94 1.75 1.23 0.03 4.31 862.1 861.9 848.8 840.9 826.5
Appreciation: -0.87 0.66 0.06 0.76 0.32 -0.87 0.61 273.4 275.8 274.0 273.8 271.7Income: 0.90 0.87 0.88 0.99 0.91 0.90 3.69 320.3 317.4 314.6 311.9 308.8
NY-NJ-NewYork-JerseyCity-WhitePlains Office-CBD
66 15.00 38,577.1 Total: 1.10 1.36 0.87 1.76 1.23 1.10 5.20 482.2 476.9 470.5 466.5 458.4Appreciation: 0.20 0.49 -0.01 0.77 0.31 0.20 1.45 218.7 218.2 217.2 217.2 215.5
Income: 0.90 0.87 0.89 1.00 0.92 0.90 3.71 222.8 220.8 218.9 217.0 214.9NY-NJ-NewYork-JerseyCity-
WhitePlains Office-Suburban20 0.50 2,338.6 Total: -14.30 3.81 -14.30 89.0 103.8
Appreciation: -15.22 2.96 -15.22 87.3 103.0Income: 0.92 0.85 0.92 101.8 100.9
Page 38 of 1334/25/2017 Section 1, Page 32
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
NY-NJ-NewYork-JerseyCity-WhitePlains Retail
48 6.00 6,331.0 Total: 0.65 1.65 1.37 1.94 1.49 0.65 5.73 205.6 204.3 201.0 198.3 194.5Appreciation: -0.34 0.77 0.39 1.00 0.44 -0.34 1.84 155.0 155.5 154.3 153.7 152.2
Income: 0.99 0.87 0.98 0.94 1.05 0.99 3.83 133.4 132.1 130.9 129.7 128.5CA-Oakland-Hayward-
Berkeley 189 34.25 11,799.2 Total: 2.49 2.82 2.19 3.07 3.22 2.49 11.00 1,812.9 1,768.9 1,720.3 1,683.4 1,633.2
Appreciation: 1.31 1.61 0.97 1.85 1.99 1.31 5.87 159.2 157.2 154.7 153.2 150.4Income: 1.17 1.21 1.22 1.22 1.24 1.17 4.92 1,147.1 1,133.8 1,120.2 1,106.6 1,093.2
CA-Oakland-Hayward-Berkeley Apartment
25 1.00 2,476.2 Total: 1.39 3.06 2.39 3.88 1.39 11.14 111.1 109.6 106.4 103.9Appreciation: 0.30 1.99 1.23 2.73 0.30 6.38 106.4 106.1 104.0 102.7
Income: 1.09 1.07 1.16 1.15 1.09 4.54 104.5 103.4 102.3 101.1CA-Oakland-Hayward-
Berkeley Industrial89 28.75 3,016.2 Total: 4.56 4.04 4.25 4.50 4.78 4.56 18.51 1,421.1 1,359.2 1,306.4 1,253.2 1,199.2
Appreciation: 3.43 2.82 3.02 3.26 3.52 3.43 13.12 182.5 176.4 171.6 166.6 161.3Income: 1.13 1.22 1.23 1.24 1.26 1.13 4.91 785.3 776.5 767.1 757.8 748.5
CA-Oakland-Hayward-Berkeley Industrial-
Warehouse
69 16.75 2,540.3 Total: 5.44 3.90 3.80 5.01 4.81 5.44 19.40 583.7 553.6 532.9 513.4 488.9Appreciation: 4.33 2.70 2.64 3.86 3.62 4.33 14.22 208.0 199.4 194.1 189.1 182.1
Income: 1.11 1.20 1.16 1.15 1.18 1.11 4.70 283.2 280.1 276.8 273.6 270.5CA-Oakland-Hayward-
Berkeley Office48 17.00 3,569.4 Total: 2.31 2.85 1.28 2.37 3.58 2.31 9.11 391.1 382.3 371.7 367.0 358.4
Appreciation: 0.98 1.51 -0.05 1.02 2.24 0.98 3.51 129.3 128.0 126.1 126.2 124.9Income: 1.33 1.34 1.33 1.35 1.35 1.33 5.46 303.8 299.8 295.9 292.0 288.1
CA-Oakland-Hayward-Berkeley Office-Suburban
41 17.00 2,785.6 Total: 1.86 2.99 1.26 2.21 4.13 1.86 8.57 375.0 368.2 357.5 353.0 345.4Appreciation: 0.55 1.64 -0.10 0.80 2.66 0.55 2.90 119.3 118.7 116.8 116.9 116.0
Income: 1.31 1.35 1.36 1.41 1.46 1.31 5.55 315.1 311.0 306.9 302.8 298.5CA-Oakland-Hayward-
Berkeley Retail27 3.75 2,737.4 Total: 1.49 1.30 1.10 1.78 2.02 1.49 5.79 152.7 150.4 148.5 146.9 144.3
Appreciation: 0.41 0.11 -0.07 0.66 0.85 0.41 1.11 126.9 126.4 126.3 126.4 125.5Income: 1.09 1.19 1.16 1.12 1.16 1.09 4.64 120.6 119.3 117.9 116.6 115.3
FL-Orlando-Kissimmee-Sanford
77 26.75 5,159.9 Total: 1.80 1.70 2.53 1.64 6.51 1.80 7.89 1,061.4 1,042.6 1,025.2 999.9 983.8Appreciation: 0.46 0.36 1.21 0.31 5.18 0.46 2.36 165.3 164.5 163.9 162.0 161.5
Income: 1.34 1.34 1.32 1.32 1.33 1.34 5.43 647.1 638.5 630.0 621.8 613.7FL-Orlando-Kissimmee-
Sanford Industrial27 5.50 445.4 Total: 6.97 6.60 3.53 3.32 4.40 6.97 21.97 200.8 187.8 176.1 170.1 164.7
Appreciation: 5.51 5.04 1.94 1.81 2.93 5.51 15.02 141.7 134.3 127.9 125.4 123.2Income: 1.46 1.56 1.59 1.51 1.46 1.46 6.26 142.5 140.4 138.3 136.1 134.1
FL-Orlando-Kissimmee-Sanford Industrial-
Warehouse
27 5.50 445.4 Total: 6.97 6.60 3.53 3.38 4.51 6.97 22.04 203.6 190.4 178.6 172.5 166.9Appreciation: 5.51 5.04 1.94 1.87 3.07 5.51 15.08 144.2 136.6 130.1 127.6 125.3
Income: 1.46 1.56 1.59 1.51 1.45 1.46 6.26 142.1 140.0 137.9 135.7 133.7
Page 39 of 1334/25/2017 Section 1, Page 33
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
FL-Orlando-Kissimmee-Sanford Retail
22 9.75 3,191.7 Total: 1.02 1.37 2.55 1.32 9.04 1.02 6.40 255.1 252.6 249.1 242.9 239.8Appreciation: -0.17 0.14 1.36 0.12 7.82 -0.17 1.45 142.8 143.1 142.9 141.0 140.8
Income: 1.19 1.23 1.20 1.20 1.22 1.19 4.90 179.5 177.4 175.2 173.1 171.1PA-Philadelphia 43 5.75 2,367.2 Total: 1.22 1.76 2.63 1.81 1.70 1.22 7.62 172.1 170.0 167.1 162.8 159.9
Appreciation: 0.01 0.53 1.27 0.49 0.44 0.01 2.33 124.5 124.5 123.8 122.3 121.7Income: 1.20 1.23 1.35 1.32 1.26 1.20 5.20 138.7 137.1 135.4 133.6 131.8
AZ-Phoenix-Mesa-Scottsdale 157 37.00 9,340.4 Total: 1.60 1.52 1.97 2.12 4.10 1.60 7.41 2,281.6 2,245.6 2,212.0 2,169.2 2,124.2Appreciation: 0.21 0.34 0.86 0.90 2.78 0.21 2.33 170.9 170.5 169.9 168.5 167.0
Income: 1.39 1.19 1.11 1.22 1.32 1.39 5.00 1,348.6 1,330.1 1,314.5 1,300.1 1,284.4AZ-Phoenix-Mesa-Scottsdale
Apartment-Garden28 18.75 1,599.2 Total: 2.18 1.93 3.50 3.04 3.14 2.18 11.07 447.5 438.0 429.7 415.2 402.9
Appreciation: 0.85 0.64 2.30 1.79 1.90 0.85 5.69 153.7 152.4 151.4 148.0 145.4Income: 1.33 1.29 1.20 1.25 1.25 1.33 5.16 292.8 289.0 285.3 282.0 278.5
AZ-Phoenix-Mesa-Scottsdale Apartment
37 19.25 2,264.0 Total: 2.01 1.42 3.00 2.50 2.93 2.01 9.23 472.8 463.5 457.0 443.7 432.9Appreciation: 0.72 0.18 1.86 1.29 1.69 0.72 4.10 156.0 154.9 154.7 151.8 149.9
Income: 1.29 1.24 1.14 1.21 1.24 1.29 4.97 304.7 300.9 297.2 293.8 290.3AZ-Phoenix-Mesa-Scottsdale
Industrial56 15.75 810.7 Total: 1.45 4.21 0.99 1.47 2.80 1.45 8.34 344.9 340.0 326.2 323.0 318.3
Appreciation: 0.35 3.17 -0.17 0.18 1.46 0.35 3.54 128.2 127.8 123.9 124.1 123.9Income: 1.10 1.04 1.16 1.29 1.34 1.10 4.67 269.8 266.9 264.2 261.1 257.8
AZ-Phoenix-Mesa-Scottsdale Industrial-Warehouse
44 13.50 679.5 Total: 1.37 4.96 0.94 1.79 3.38 1.37 9.33 315.6 311.3 296.6 293.8 288.7Appreciation: 0.30 3.93 -0.18 0.63 2.13 0.30 4.71 148.9 148.4 142.8 143.1 142.2
Income: 1.08 1.02 1.12 1.16 1.25 1.08 4.46 213.2 210.9 208.8 206.5 204.1AZ-Phoenix-Mesa-Scottsdale
Office38 17.00 1,684.4 Total: 3.80 0.76 -0.22 2.10 2.09 3.80 6.55 325.5 313.6 311.3 311.9 305.5
Appreciation: 2.55 -0.55 -1.38 0.83 0.66 2.55 1.41 106.1 103.5 104.1 105.5 104.6Income: 1.25 1.31 1.16 1.27 1.44 1.25 5.08 307.0 303.2 299.3 295.9 292.2
AZ-Phoenix-Mesa-Scottsdale Office-Suburban
35 16.50 1,575.7 Total: 3.94 0.90 1.26 3.16 2.60 3.94 9.55 318.7 306.7 303.9 300.2 291.0Appreciation: 2.70 -0.38 0.10 1.85 1.03 2.70 4.32 107.8 105.0 105.4 105.3 103.4
Income: 1.23 1.28 1.16 1.31 1.57 1.23 5.07 295.8 292.2 288.5 285.2 281.6AZ-Phoenix-Mesa-Scottsdale
Retail23 11.25 4,479.0 Total: 0.61 1.71 2.66 1.77 5.64 0.61 6.90 278.9 277.2 272.5 265.5 260.9
Appreciation: -0.89 0.57 1.55 0.63 4.41 -0.89 1.86 145.8 147.1 146.3 144.1 143.2Income: 1.50 1.14 1.11 1.14 1.23 1.50 4.97 192.3 189.4 187.3 185.2 183.2
OR-WA-Portland-Vancouver-Hillsboro
153 27.00 6,804.6 Total: 2.09 1.97 3.36 3.57 3.11 2.09 11.44 1,043.9 1,022.5 1,002.7 970.1 936.7Appreciation: 0.89 0.74 2.13 2.31 1.79 0.89 6.20 154.7 153.3 152.2 149.0 145.7
Income: 1.20 1.24 1.23 1.26 1.32 1.20 5.01 679.2 671.2 663.0 654.9 646.8
Page 40 of 1334/25/2017 Section 1, Page 34
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
OR-WA-Portland-Vancouver-Hillsboro Apartment
33 5.50 2,463.5 Total: 2.04 1.30 3.38 3.87 3.29 2.04 11.00 193.7 189.8 187.4 181.2 174.5Appreciation: 1.00 0.21 2.29 2.72 2.09 1.00 6.35 149.0 147.6 147.3 144.0 140.2
Income: 1.04 1.10 1.09 1.14 1.19 1.04 4.44 130.6 129.2 127.8 126.4 125.0OR-WA-Portland-Vancouver-
Hillsboro Apartment-HighRise
21 0.50 1,437.8 Total: 1.99 0.61 1.99 102.6 100.6Appreciation: 1.00 -0.35 1.00 100.6 99.7
Income: 0.99 0.96 0.99 102.0 101.0OR-WA-Portland-Vancouver-
Hillsboro Industrial87 16.25 1,228.1 Total: 1.80 2.74 4.85 3.33 4.48 1.80 13.31 434.0 426.3 414.9 395.8 383.0
Appreciation: 0.38 1.34 3.48 1.95 3.11 0.38 7.31 148.9 148.4 146.4 141.5 138.8Income: 1.42 1.41 1.36 1.38 1.37 1.42 5.70 293.0 288.9 284.9 281.0 277.2
OR-WA-Portland-Vancouver-Hillsboro Industrial-Flex
Space
22 4.00 186.9 Total: 0.71 3.29 3.26 1.29 3.44 0.71 8.80 179.5 178.3 172.6 167.1 165.0Appreciation: -0.79 1.87 1.96 -0.07 2.10 -0.79 2.98 140.0 141.1 138.5 135.9 135.9
Income: 1.49 1.42 1.30 1.36 1.34 1.49 5.69 128.9 127.0 125.2 123.6 122.0OR-WA-Portland-Vancouver-
Hillsboro Industrial-Warehouse
51 11.75 962.0 Total: 1.88 2.64 5.14 4.17 4.81 1.88 14.52 296.5 291.1 283.6 269.7 258.9Appreciation: 0.47 1.22 3.82 2.78 3.45 0.47 8.53 147.0 146.3 144.6 139.3 135.5
Income: 1.41 1.41 1.32 1.38 1.36 1.41 5.64 202.8 200.0 197.2 194.6 192.0OR-WA-Portland-Vancouver-
Hillsboro Office20 0.25 1,782.8 Total: 2.49 2.49 102.5
Appreciation: 1.27 1.27 101.3Income: 1.23 1.23 101.2
RI-MA-Providence-Warwick 30 2.25 778.1 Total: 0.98 2.35 6.12 1.80 1.07 0.98 11.65 124.5 123.3 120.5 113.5 111.5Appreciation: -0.55 0.78 4.81 0.25 -0.64 -0.55 5.32 108.1 108.7 107.9 102.9 102.7
Income: 1.53 1.57 1.30 1.55 1.71 1.53 6.08 115.3 113.5 111.8 110.3 108.6RI-MA-Providence-Warwick
Industrial20 0.50 323.5 Total: 1.72 2.97 1.72 104.7 103.0
Appreciation: 0.19 1.37 0.19 101.6 101.4Income: 1.53 1.60 1.53 103.2 101.6
NC-Raleigh 40 17.50 2,156.4 Total: 2.49 2.29 1.94 2.00 1.88 2.49 9.00 369.2 360.2 352.2 345.5 338.7Appreciation: 1.09 0.91 0.54 0.60 0.47 1.09 3.17 115.8 114.6 113.5 112.9 112.2
Income: 1.40 1.38 1.40 1.40 1.41 1.40 5.70 319.6 315.2 310.9 306.6 302.3NV-Reno 20 5.50 856.3 Total: 3.32 2.07 2.23 2.77 2.19 3.32 10.79 187.1 181.1 177.4 173.6 168.9
Appreciation: 1.95 0.81 1.00 1.28 0.82 1.95 5.14 132.2 129.7 128.7 127.4 125.8Income: 1.37 1.26 1.23 1.49 1.37 1.37 5.45 142.1 140.2 138.5 136.8 134.8
CA-Riverside-SanBernardino-Ontario
235 26.25 13,311.2 Total: 2.72 2.21 2.94 2.84 3.15 2.72 11.15 940.2 915.3 895.5 869.9 845.9Appreciation: 1.59 1.14 1.78 1.70 2.00 1.59 6.35 163.5 161.0 159.2 156.4 153.8
Income: 1.13 1.08 1.16 1.14 1.16 1.13 4.58 578.8 572.4 566.2 559.8 553.5
Page 41 of 1334/25/2017 Section 1, Page 35
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
CA-Riverside-SanBernardino-Ontario Apartment-Garden
22 11.25 1,293.0 Total: 2.42 4.35 3.14 5.09 2.25 2.42 15.84 213.2 208.1 199.5 193.4 184.0Appreciation: 1.19 3.05 1.85 3.80 1.00 1.19 10.23 119.3 117.9 114.4 112.4 108.2
Income: 1.23 1.30 1.29 1.30 1.25 1.23 5.22 179.1 176.9 174.6 172.4 170.2CA-Riverside-SanBernardino-
Ontario Apartment22 11.25 1,293.0 Total: 2.42 4.35 3.14 5.09 2.25 2.42 15.84 219.9 214.7 205.8 199.5 189.8
Appreciation: 1.19 3.05 1.85 3.80 1.00 1.19 10.23 123.2 121.7 118.1 116.0 111.8Income: 1.23 1.30 1.29 1.30 1.25 1.23 5.22 179.1 176.9 174.6 172.4 170.2
CA-Riverside-SanBernardino-Ontario Industrial
193 20.75 9,640.5 Total: 2.78 2.09 3.04 2.56 3.34 2.78 10.89 1,123.8 1,093.4 1,071.0 1,039.4 1,013.4Appreciation: 1.73 1.10 1.96 1.49 2.26 1.73 6.43 303.8 298.7 295.4 289.7 285.5
Income: 1.04 0.99 1.08 1.08 1.08 1.04 4.25 376.3 372.4 368.7 364.8 360.9CA-Riverside-SanBernardino-
Ontario Industrial-Warehouse
181 17.25 9,378.1 Total: 2.75 2.12 3.04 2.53 3.31 2.75 10.86 724.7 705.3 690.6 670.3 653.7Appreciation: 1.71 1.13 1.96 1.46 2.22 1.71 6.40 259.0 254.6 251.8 246.9 243.4
Income: 1.04 0.99 1.08 1.08 1.08 1.04 4.25 283.7 280.8 278.0 275.1 272.1CA-Sacramento--Roseville--
Arden-Arcade 28 22.00 1,763.4 Total: 1.08 0.91 1.05 0.97 2.29 1.08 4.07 691.4 684.0 677.9 670.8 664.3
Appreciation: -0.35 -0.49 -0.35 -0.50 0.83 -0.35 -1.67 140.8 141.3 142.0 142.5 143.2Income: 1.43 1.39 1.40 1.47 1.46 1.43 5.82 494.1 487.2 480.5 473.8 467.0
MO-IL-St.Louis 26 33.25 814.6 Total: 1.25 1.52 2.22 1.41 1.17 1.25 6.57 912.5 901.2 887.7 868.4 856.3Appreciation: -0.35 -0.46 0.55 -0.21 -0.43 -0.35 -0.48 70.8 71.1 71.4 71.0 71.1
Income: 1.61 1.99 1.67 1.62 1.60 1.61 7.07 1,279.5 1,259.2 1,234.7 1,214.4 1,195.0TX-SanAntonio-
NewBraunfels 28 18.00 1,378.3 Total: 1.43 0.97 1.15 2.05 1.14 1.43 5.71 494.5 487.5 482.8 477.3 467.7
Appreciation: -0.12 -0.31 -0.53 0.25 -0.48 -0.12 -0.70 138.7 138.9 139.3 140.1 139.7Income: 1.55 1.28 1.67 1.79 1.62 1.55 6.45 358.4 352.9 348.5 342.8 336.7
CA-SanDiego-Carlsbad 166 30.25 14,422.9 Total: 1.85 1.55 1.64 2.46 2.86 1.85 7.72 1,240.3 1,217.8 1,199.2 1,179.8 1,151.5Appreciation: 0.74 0.33 0.51 1.31 1.69 0.74 2.91 155.1 154.0 153.5 152.7 150.7
Income: 1.11 1.22 1.14 1.15 1.17 1.11 4.70 803.6 794.8 785.2 776.4 767.6CA-SanDiego-Carlsbad
Apartment-Garden21 0.50 1,784.0 Total: 1.87 1.92 1.87 103.8 101.9
Appreciation: 0.72 0.71 0.72 101.4 100.7Income: 1.16 1.21 1.16 102.4 101.2
CA-SanDiego-Carlsbad Apartment
33 9.25 3,577.9 Total: 1.99 1.92 2.46 2.11 3.21 1.99 8.75 198.9 195.0 191.4 186.8 182.9Appreciation: 0.86 0.78 1.27 0.92 2.06 0.86 3.89 126.1 125.0 124.0 122.5 121.3
Income: 1.13 1.14 1.19 1.19 1.15 1.13 4.72 158.2 156.4 154.7 152.9 151.1CA-SanDiego-Carlsbad
Industrial53 16.50 1,574.3 Total: 2.88 2.86 4.12 4.81 3.40 2.88 15.48 483.0 469.5 456.4 438.4 418.3
Appreciation: 1.57 1.58 2.83 3.48 2.06 1.57 9.79 165.9 163.3 160.8 156.4 151.1Income: 1.31 1.28 1.29 1.32 1.34 1.31 5.30 293.5 289.7 286.0 282.4 278.7
Page 42 of 1334/25/2017 Section 1, Page 36
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
CA-SanDiego-Carlsbad Industrial-Warehouse
32 2.25 1,015.6 Total: 2.90 3.28 3.63 6.27 3.20 2.90 17.04 142.8 138.8 134.4 129.6 122.0Appreciation: 1.67 2.03 2.36 4.94 1.85 1.67 11.44 127.0 124.9 122.4 119.6 113.9
Income: 1.22 1.25 1.27 1.33 1.35 1.22 5.17 112.8 111.5 110.1 108.7 107.3CA-SanDiego-Carlsbad Office 47 15.50 4,367.3 Total: 1.60 0.62 0.24 1.48 2.22 1.60 4.00 324.3 319.2 317.2 316.5 311.9
Appreciation: 0.52 -0.79 -0.86 0.42 1.08 0.52 -0.72 131.6 130.9 132.0 133.1 132.5Income: 1.08 1.42 1.10 1.07 1.14 1.08 4.74 247.7 245.0 241.6 239.0 236.5
CA-SanDiego-Carlsbad Office-Suburban
40 15.50 3,522.2 Total: 1.61 0.42 0.51 1.54 2.49 1.61 4.13 335.9 330.6 329.2 327.5 322.6Appreciation: 0.58 -0.61 -0.53 0.50 1.36 0.58 -0.07 137.5 136.7 137.6 138.3 137.6
Income: 1.03 1.03 1.04 1.04 1.13 1.03 4.21 245.6 243.1 240.6 238.2 235.7CA-SanDiego-Carlsbad Retail 32 3.50 4,886.1 Total: 1.66 1.58 1.40 2.71 2.92 1.66 7.56 152.5 150.0 147.7 145.6 141.8
Appreciation: 0.59 0.47 0.32 1.58 1.76 0.59 2.98 129.0 128.3 127.7 127.3 125.3Income: 1.07 1.11 1.09 1.13 1.15 1.07 4.48 118.6 117.3 116.0 114.8 113.5
CA-SanFrancisco-RedwoodCity-
SouthSanFrancisco
151 27.00 25,310.4 Total: 1.77 1.91 1.56 2.30 2.64 1.77 7.75 1,103.0 1,083.8 1,063.5 1,047.2 1,023.7Appreciation: 0.78 0.95 0.58 1.34 1.68 0.78 3.70 199.3 197.8 195.9 194.8 192.2
Income: 0.99 0.95 0.98 0.97 0.96 0.99 3.95 558.1 552.6 547.4 542.1 536.9CA-SanFrancisco-
RedwoodCity-SouthSanFrancisco
Industrial
36 3.00 1,010.9 Total: 3.83 5.36 2.53 3.66 4.68 3.83 16.26 156.3 150.5 142.9 139.3 134.4Appreciation: 2.72 4.21 1.24 2.60 3.53 2.72 11.18 134.4 130.9 125.6 124.1 120.9
Income: 1.11 1.15 1.29 1.06 1.15 1.11 4.69 116.7 115.4 114.1 112.6 111.4CA-SanFrancisco-
RedwoodCity-SouthSanFrancisco
Industrial-Warehouse
22 1.50 598.2 Total: 3.70 7.25 2.99 2.39 5.27 3.70 17.29 128.9 124.3 115.9 112.5 109.9Appreciation: 2.54 5.93 1.67 1.19 4.09 2.54 11.75 120.1 117.1 110.5 108.7 107.4
Income: 1.16 1.33 1.31 1.21 1.18 1.16 5.11 107.6 106.3 104.9 103.6 102.3CA-SanFrancisco-
RedwoodCity-SouthSanFrancisco Office
83 17.75 19,469.4 Total: 1.88 1.92 1.61 2.37 2.82 1.88 8.00 545.4 535.3 525.2 516.9 505.0Appreciation: 0.89 0.98 0.63 1.41 1.87 0.89 3.96 194.2 192.5 190.6 189.4 186.8
Income: 0.99 0.94 0.97 0.96 0.95 0.99 3.92 282.7 279.9 277.3 274.7 272.0CA-SanFrancisco-
RedwoodCity-SouthSanFrancisco Office-
CBD
40 6.75 11,032.7 Total: 1.86 2.17 1.49 1.77 3.04 1.86 7.49 286.3 281.0 275.1 271.0 266.3Appreciation: 0.90 1.29 0.56 0.88 2.15 0.90 3.68 217.9 216.0 213.3 212.1 210.2
Income: 0.96 0.88 0.93 0.89 0.90 0.96 3.70 132.4 131.2 130.0 128.8 127.7CA-SanFrancisco-
RedwoodCity-SouthSanFrancisco Office-
Suburban
43 5.75 8,436.8 Total: 1.91 1.57 1.77 3.24 2.50 1.91 8.76 237.9 233.4 229.8 225.8 218.7Appreciation: 0.87 0.54 0.73 2.18 1.48 0.87 4.38 179.7 178.1 177.2 175.9 172.1
Income: 1.04 1.03 1.04 1.06 1.02 1.04 4.24 133.4 132.0 130.7 129.3 128.0CA-SanJose-Sunnyvale-
SantaClara 130 39.00 13,580.6 Total: 1.31 2.94 1.99 2.80 3.01 1.31 9.33 8,236.3 8,130.1 7,898.2 7,743.9 7,533.1
Appreciation: 0.17 1.81 0.89 1.64 1.80 0.17 4.58 503.3 502.5 493.5 489.2 481.3Income: 1.14 1.12 1.10 1.16 1.20 1.14 4.60 1,681.0 1,662.1 1,643.7 1,625.7 1,607.1
Page 43 of 1334/25/2017 Section 1, Page 37
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
CA-SanJose-Sunnyvale-SantaClara Industrial
39 39.00 1,111.0 Total: 3.53 7.45 4.24 4.29 3.59 3.53 20.92 7,419.2 7,166.4 6,669.8 6,398.6 6,135.6Appreciation: 2.33 6.12 3.31 3.17 2.42 2.33 15.74 440.6 430.5 405.7 392.7 380.7
Income: 1.20 1.33 0.93 1.11 1.16 1.20 4.65 1,725.3 1,704.9 1,682.6 1,667.0 1,648.6CA-SanJose-Sunnyvale-
SantaClara Industrial-Warehouse
33 9.50 848.8 Total: 4.16 8.60 4.76 5.15 4.39 4.16 24.60 314.3 301.8 277.9 265.3 252.3Appreciation: 2.92 7.45 3.66 3.93 3.04 2.92 19.14 185.7 180.5 167.9 162.0 155.9
Income: 1.24 1.15 1.10 1.22 1.36 1.24 4.79 170.5 168.5 166.5 164.7 162.7CA-SanJose-Sunnyvale-
SantaClara Office60 11.25 6,942.2 Total: 1.33 2.63 2.04 1.87 3.20 1.33 8.09 296.4 292.5 285.0 279.3 274.2
Appreciation: 0.14 1.46 0.85 0.67 1.94 0.14 3.15 153.5 153.2 151.0 149.8 148.8Income: 1.19 1.17 1.19 1.19 1.26 1.19 4.83 194.1 191.8 189.6 187.4 185.2
CA-SanJose-Sunnyvale-SantaClara Office-Suburban
54 11.00 6,391.9 Total: 1.30 2.28 2.05 1.90 2.82 1.30 7.75 280.0 276.4 270.3 264.8 259.9Appreciation: 0.11 1.11 0.85 0.71 1.56 0.11 2.81 145.7 145.5 143.9 142.7 141.7
Income: 1.19 1.17 1.20 1.19 1.25 1.19 4.84 193.0 190.7 188.5 186.3 184.1WA-Seattle-Bellevue-Everett 327 32.00 21,658.7 Total: 2.12 2.34 2.01 2.11 2.84 2.12 8.87 1,620.4 1,586.7 1,550.5 1,519.9 1,488.4
Appreciation: 0.99 1.18 0.83 0.96 1.69 0.99 4.03 177.6 175.8 173.7 172.3 170.7Income: 1.13 1.15 1.18 1.15 1.14 1.13 4.70 920.7 910.4 900.0 889.4 879.3
WA-Seattle-Bellevue-Everett Apartment-Garden
27 11.75 1,820.7 Total: 2.00 3.99 4.08 2.52 1.99 2.00 13.17 325.6 319.2 307.0 294.9 287.7Appreciation: 0.75 2.74 2.81 1.27 0.74 0.75 7.76 180.9 179.6 174.8 170.0 167.9
Income: 1.25 1.25 1.27 1.25 1.25 1.25 5.12 181.2 179.0 176.8 174.6 172.4WA-Seattle-Bellevue-Everett
Apartment79 16.00 6,587.7 Total: 1.22 2.34 2.64 2.60 1.63 1.22 9.09 404.9 400.0 390.9 380.8 371.1
Appreciation: 0.13 1.25 1.52 1.51 0.52 0.13 4.48 182.2 182.0 179.7 177.0 174.4Income: 1.09 1.08 1.12 1.09 1.11 1.09 4.46 223.8 221.4 219.0 216.6 214.2
WA-Seattle-Bellevue-Everett Apartment-HighRise
45 4.50 4,081.5 Total: 0.83 1.74 2.15 2.53 1.25 0.83 7.44 153.4 152.2 149.6 146.4 142.8Appreciation: -0.22 0.70 1.09 1.51 0.21 -0.22 3.11 126.7 127.0 126.1 124.8 122.9
Income: 1.05 1.04 1.05 1.02 1.04 1.05 4.23 121.4 120.1 118.9 117.6 116.4WA-Seattle-Bellevue-Everett
Industrial144 28.00 3,527.1 Total: 3.51 4.65 3.90 3.99 3.93 3.51 17.04 1,345.0 1,299.4 1,241.8 1,195.1 1,149.2
Appreciation: 2.30 3.39 2.63 2.75 2.64 2.30 11.53 173.3 169.4 163.9 159.7 155.4Income: 1.21 1.26 1.27 1.25 1.29 1.21 5.07 781.6 772.2 762.6 753.1 743.8
WA-Seattle-Bellevue-Everett Industrial-Warehouse
133 18.75 3,260.4 Total: 3.33 4.63 4.27 4.33 3.83 3.33 17.62 676.1 654.3 625.3 599.7 574.8Appreciation: 2.15 3.41 3.02 3.10 2.55 2.15 12.19 194.9 190.8 184.5 179.1 173.8
Income: 1.18 1.22 1.25 1.23 1.27 1.18 4.98 350.1 346.0 341.8 337.5 333.5WA-Seattle-Bellevue-Everett
Office68 17.25 8,835.4 Total: 2.07 1.69 0.96 1.11 2.60 2.07 5.95 402.7 394.5 388.0 384.3 380.0
Appreciation: 0.94 0.54 -0.18 0.00 1.49 0.94 1.31 139.1 137.8 137.1 137.3 137.3Income: 1.12 1.14 1.14 1.11 1.11 1.12 4.60 290.7 287.4 284.2 281.0 277.9
Page 44 of 1334/25/2017 Section 1, Page 38
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
WA-Seattle-Bellevue-Everett Office-CBD
37 9.50 6,311.9 Total: 1.70 1.63 1.32 1.40 3.07 1.70 6.19 160.4 157.7 155.1 153.1 151.0Appreciation: 0.68 0.57 0.25 0.35 2.00 0.68 1.85 97.9 97.2 96.7 96.5 96.1
Income: 1.03 1.06 1.07 1.06 1.06 1.03 4.29 163.5 161.9 160.1 158.5 156.8WA-Seattle-Bellevue-Everett
Office-Suburban31 12.75 2,523.5 Total: 2.98 1.86 -0.14 0.23 1.28 2.98 5.00 251.7 244.4 240.0 240.3 239.7
Appreciation: 1.62 0.47 -1.49 -1.06 0.02 1.62 -0.49 116.3 114.5 113.9 115.7 116.9Income: 1.36 1.39 1.35 1.29 1.26 1.36 5.51 217.0 214.1 211.1 208.3 205.6
WA-Seattle-Bellevue-Everett Retail
35 8.75 2,678.4 Total: 2.78 1.74 1.66 2.23 5.23 2.78 8.68 192.5 187.3 184.1 181.1 177.1Appreciation: 1.61 0.57 0.35 0.97 4.09 1.61 3.55 116.4 114.5 113.9 113.5 112.4
Income: 1.17 1.17 1.31 1.26 1.14 1.17 5.00 165.7 163.7 161.8 159.8 157.8MD-SilverSpring-Frederick-
Rockville 48 33.00 3,315.2 Total: 1.28 -0.80 1.48 0.74 1.35 1.28 2.70 1,090.4 1,076.7 1,085.4 1,069.6 1,061.8
Appreciation: -0.06 -2.00 0.18 -0.62 0.07 -0.06 -2.49 104.5 104.6 106.7 106.5 107.2Income: 1.34 1.20 1.30 1.35 1.28 1.34 5.29 1,045.3 1,031.5 1,019.3 1,006.3 992.8
WA-Tacoma-Lakewood 42 8.25 2,075.7 Total: 4.14 4.09 3.24 3.23 3.01 4.14 15.52 216.3 207.7 199.5 193.3 187.2Appreciation: 2.96 2.88 1.95 1.93 1.82 2.96 10.07 136.6 132.7 129.0 126.5 124.1
Income: 1.18 1.22 1.28 1.30 1.19 1.18 5.08 158.9 157.0 155.1 153.2 151.2WA-Tacoma-Lakewood
Industrial39 6.75 2,004.9 Total: 4.25 4.11 3.32 3.04 3.08 4.25 15.55 253.0 242.7 233.1 225.6 219.0
Appreciation: 3.06 2.90 2.08 1.74 1.90 3.06 10.13 177.9 172.6 167.7 164.3 161.5Income: 1.19 1.22 1.24 1.31 1.18 1.19 5.04 143.4 141.7 140.0 138.3 136.5
WA-Tacoma-Lakewood Industrial-Warehouse
39 6.75 2,004.9 Total: 4.25 4.11 3.32 3.04 3.08 4.25 15.55 253.0 242.7 233.1 225.6 219.0Appreciation: 3.06 2.90 2.08 1.74 1.90 3.06 10.13 177.9 172.6 167.7 164.3 161.5
Income: 1.19 1.22 1.24 1.31 1.18 1.19 5.04 143.4 141.7 140.0 138.3 136.5FL-Tampa-St.Petersburg-
Clearwater 55 22.00 2,553.6 Total: 1.90 2.16 2.45 2.56 2.82 1.90 9.38 644.6 632.6 619.3 604.4 589.3
Appreciation: 0.33 0.72 1.00 1.01 1.24 0.33 3.10 139.7 139.2 138.2 136.8 135.5Income: 1.57 1.44 1.45 1.54 1.58 1.57 6.14 464.4 457.2 450.7 444.3 437.5
FL-Tampa-St.Petersburg-Clearwater Apartment-
Garden
21 11.00 1,078.4 Total: 1.53 3.32 2.48 3.17 3.09 1.53 10.91 217.1 213.8 206.9 201.9 195.7Appreciation: 0.16 1.86 1.08 1.75 1.68 0.16 4.93 115.6 115.4 113.3 112.1 110.2
Income: 1.37 1.46 1.40 1.42 1.41 1.37 5.76 188.2 185.7 183.0 180.5 178.0FL-Tampa-St.Petersburg-
Clearwater Apartment27 12.25 1,497.8 Total: 1.50 2.56 2.33 3.36 2.79 1.50 10.10 304.2 299.7 292.2 285.6 276.3
Appreciation: 0.16 1.21 0.99 1.96 1.42 0.16 4.40 151.1 150.8 149.0 147.5 144.7Income: 1.34 1.35 1.33 1.39 1.37 1.34 5.53 202.7 200.0 197.4 194.8 192.1
DC-VA-MD-WV-Washington-Arlington-Alexandria
334 31.75 40,678.5 Total: 1.05 0.94 1.27 1.42 1.59 1.05 4.77 1,541.5 1,525.4 1,511.3 1,492.3 1,471.4Appreciation: -0.06 -0.15 0.15 0.28 0.52 -0.06 0.22 187.6 187.7 188.0 187.8 187.2
Income: 1.11 1.09 1.12 1.15 1.07 1.11 4.55 830.2 821.0 812.2 803.2 794.1
Page 45 of 1334/25/2017 Section 1, Page 39
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
DC-VA-MD-WV-Washington-Arlington-Alexandria
Apartment
82 17.75 8,246.3 Total: 1.36 1.34 1.34 0.94 1.30 1.36 5.06 631.9 623.4 615.2 607.1 601.5Appreciation: 0.25 0.23 0.25 -0.21 0.23 0.25 0.51 235.6 235.0 234.4 233.9 234.4
Income: 1.11 1.11 1.09 1.14 1.07 1.11 4.53 272.0 269.0 266.1 263.2 260.2DC-VA-MD-WV-Washington-
Arlington-Alexandria Apartment-HighRise
67 10.25 7,265.9 Total: 1.50 1.21 1.27 0.89 1.35 1.50 4.96 178.7 176.1 174.0 171.8 170.3Appreciation: 0.43 0.13 0.20 -0.23 0.29 0.43 0.54 112.7 112.2 112.0 111.8 112.1
Income: 1.07 1.08 1.06 1.12 1.06 1.07 4.41 158.9 157.2 155.5 153.9 152.2DC-VA-MD-WV-Washington-
Arlington-Alexandria Industrial
39 5.50 959.6 Total: 3.26 2.42 0.75 1.91 1.51 3.26 8.59 156.6 151.6 148.0 146.9 144.2Appreciation: 1.87 1.03 -0.67 0.45 0.22 1.87 2.68 112.5 110.5 109.3 110.1 109.6
Income: 1.39 1.40 1.42 1.46 1.29 1.39 5.79 139.4 137.5 135.6 133.7 131.8DC-VA-MD-WV-Washington-
Arlington-Alexandria Industrial-Warehouse
33 4.75 738.8 Total: 4.02 1.53 1.43 1.73 2.11 4.02 8.97 161.4 155.1 152.8 150.7 148.1Appreciation: 2.68 0.20 0.06 0.28 0.84 2.68 3.24 123.8 120.6 120.3 120.3 119.9
Income: 1.34 1.33 1.37 1.45 1.27 1.34 5.59 130.7 129.0 127.3 125.6 123.8DC-VA-MD-WV-Washington-
Arlington-Alexandria Office136 27.50 22,399.1 Total: 0.89 0.63 0.85 1.25 1.31 0.89 3.67 780.4 773.5 768.7 762.1 752.8
Appreciation: -0.22 -0.41 -0.25 0.14 0.26 -0.22 -0.72 117.7 118.0 118.5 118.8 118.6Income: 1.11 1.04 1.10 1.10 1.05 1.11 4.42 664.5 657.2 650.4 643.4 636.3
DC-VA-MD-WV-Washington-Arlington-Alexandria Office-
CBD
70 21.75 16,405.4 Total: 0.93 1.26 1.07 1.48 1.60 0.93 4.83 755.4 748.4 739.1 731.2 720.6Appreciation: -0.07 0.33 0.08 0.48 0.66 -0.07 0.83 186.1 186.2 185.6 185.4 184.5
Income: 1.00 0.93 1.00 1.00 0.94 1.00 3.98 409.9 405.9 402.1 398.1 394.2DC-VA-MD-WV-Washington-Arlington-Alexandria Office-
Suburban
66 25.50 5,993.7 Total: 0.78 -1.11 0.25 0.59 0.53 0.78 0.50 770.0 764.0 772.5 770.6 766.1Appreciation: -0.62 -2.45 -1.13 -0.81 -0.80 -0.62 -4.93 117.6 118.3 121.3 122.7 123.7
Income: 1.40 1.35 1.38 1.40 1.34 1.40 5.64 657.0 647.9 639.3 630.6 621.9DC-VA-MD-WV-Washington-
Arlington-Alexandria Retail70 15.00 8,527.4 Total: 0.96 1.06 2.54 2.31 2.77 0.96 7.04 625.6 619.6 613.1 597.9 584.4
Appreciation: -0.13 -0.07 1.41 1.15 1.65 -0.13 2.37 252.0 252.3 252.5 249.0 246.2Income: 1.09 1.13 1.13 1.16 1.12 1.09 4.59 252.0 249.2 246.5 243.7 240.9
DC-VA-MD-WV-Washington-Arlington-Alexandria Retail-
Neighborhood
35 7.00 1,835.9 Total: 0.95 1.84 2.84 2.96 1.56 0.95 8.86 238.2 235.9 231.7 225.3 218.8Appreciation: -0.31 0.55 1.53 1.63 0.24 -0.31 3.42 155.9 156.4 155.6 153.2 150.8
Income: 1.27 1.29 1.31 1.33 1.32 1.27 5.30 153.8 151.9 149.9 148.0 146.1FL-WestPalmBeach-
BocaRaton-DelrayBeach 56 22.75 3,599.3 Total: 1.80 1.80 1.66 2.16 0.60 1.80 7.64 777.3 763.6 750.1 737.8 722.2
Appreciation: 0.54 0.54 0.41 0.85 -0.65 0.54 2.36 174.5 173.6 172.7 172.0 170.5Income: 1.26 1.26 1.26 1.31 1.25 1.26 5.19 449.6 444.0 438.5 433.0 427.4
FL-WestPalmBeach-BocaRaton-DelrayBeach
Apartment-Garden
20 0.75 1,426.1 Total: 1.79 2.55 1.91 1.79 106.4 104.5 101.9Appreciation: 0.51 1.26 0.67 0.51 102.5 101.9 100.7
Income: 1.28 1.28 1.24 1.28 103.8 102.5 101.2
Page 46 of 1334/25/2017 Section 1, Page 40
NCREIF Property IndexData through March 31, 2017
MSA Detail Market Value Returns (%) Index ValuesProperties Years ($ mil) 2017/1 2016/4 2016/3 2016/2 2016/1 YTD 1 Year 2017/1 2016/4 2016/3 2016/2 2016/1
FL-WestPalmBeach-BocaRaton-DelrayBeach
Apartment
22 10.50 1,595.6 Total: 1.83 2.43 1.77 1.90 3.35 1.83 8.17 175.9 172.7 168.6 165.7 162.6Appreciation: 0.58 1.16 0.56 0.65 2.07 0.58 2.98 102.5 101.9 100.7 100.2 99.5
Income: 1.25 1.27 1.21 1.25 1.28 1.25 5.08 171.8 169.7 167.5 165.5 163.5
Page 47 of 1334/25/2017 Section 1, Page 41
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Market Indexes 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
NCREIF Property Index Total: 7.27 9.53 10.58 10.73 10.69 11.14 11.82 8.89 5.98 6.72 9.01 9.75 9.27 1977/4S&P 500 Index Total: 17.17 9.21 10.37 13.14 13.30 12.49 12.94 16.99 9.01 7.51 7.09 7.87 11.64 1977/4T-Bills (90 day) Total: 0.32 0.88 0.60 0.46 0.38 0.33 0.30 0.28 0.37 0.75 1.33 2.20 4.80 1977/4
NAREIT Equity REIT Index Total: 5.25 4.96 10.56 8.69 10.32 10.48 12.45 21.34 7.80 4.97 10.39 9.77 12.60 1977/4Consumer Price Index Total: 2.38 1.61 1.05 1.13 1.20 1.44 1.62 1.70 1.47 1.72 2.08 2.12 3.54 1977/4
Annualized Returns (%)Total Index 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
NCREIF Property Index Total: 7.27 9.53 10.58 10.73 10.69 11.14 11.82 8.89 5.98 6.72 9.01 9.75 9.27 1977/4Appreciation: 2.45 4.53 5.40 5.40 5.23 5.54 6.02 3.09 0.34 1.07 2.74 2.83 1.86
Income: 4.73 4.84 4.99 5.12 5.26 5.38 5.56 5.67 5.62 5.60 6.14 6.77 7.31Annualized Returns (%)
Property Type Subindexes 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrApartment Total: 6.73 8.81 9.53 9.65 9.92 10.72 12.22 9.28 6.07 6.42 8.70 9.55 8.92 1984/3
Appreciation: 2.10 4.04 4.64 4.68 4.82 5.52 6.85 3.95 0.93 1.31 3.20 3.30 1.96Income: 4.56 4.63 4.72 4.81 4.92 5.00 5.12 5.18 5.11 5.06 5.37 6.11 6.86
Hotel Total: 3.34 7.44 9.25 8.76 8.58 8.72 9.39 6.25 3.21 4.38 7.34 8.28 8.28 1997/1Appreciation: -4.41 -0.55 1.10 0.75 0.71 0.99 1.70 -0.92 -3.59 -2.48 -0.08 0.12 0.12
Income: 8.02 8.03 8.09 7.98 7.84 7.68 7.59 7.24 7.01 7.02 7.44 8.17 8.17Industrial Total: 12.18 13.23 13.56 13.32 12.75 12.95 12.85 9.60 6.68 7.29 9.17 10.13 9.70 1977/4
Appreciation: 6.69 7.61 7.79 7.43 6.75 6.81 6.54 3.29 0.51 1.10 2.41 2.72 1.80Income: 5.23 5.33 5.46 5.59 5.71 5.84 6.01 6.16 6.13 6.13 6.64 7.26 7.79
Office Total: 5.73 8.22 9.68 9.81 9.66 10.18 10.76 7.72 4.74 5.95 8.06 9.38 8.49 1977/4Appreciation: 1.19 3.49 4.73 4.72 4.44 4.80 5.15 2.06 -0.75 0.43 1.83 2.48 1.20
Income: 4.50 4.61 4.79 4.92 5.05 5.19 5.41 5.57 5.51 5.49 6.14 6.77 7.23Retail Total: 7.56 10.30 11.46 11.96 12.09 12.22 12.67 10.16 7.78 8.16 11.24 10.73 9.81 1977/4
Appreciation: 2.64 5.16 6.09 6.40 6.35 6.31 6.55 4.03 1.76 2.13 4.59 3.57 2.38Income: 4.83 4.95 5.14 5.32 5.48 5.65 5.84 5.95 5.94 5.93 6.43 6.97 7.30
Annualized Returns (%)Regional Subindexes 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
East Total: 5.65 7.72 8.59 8.76 8.82 9.41 10.71 8.02 4.90 5.75 8.86 9.77 10.15 1977/4Appreciation: 1.16 3.04 3.74 3.78 3.71 4.15 5.22 2.48 -0.46 0.38 2.73 2.94 2.64
Income: 4.45 4.58 4.72 4.85 4.98 5.10 5.29 5.43 5.38 5.35 6.00 6.69 7.38
Page 48 of 1334/25/2017 Section 2, Page 1
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Regional Subindexes 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
Midwest Total: 6.25 8.47 9.73 9.99 9.93 10.28 10.54 8.14 5.76 6.29 7.69 8.19 8.15 1977/4Appreciation: 1.07 3.10 4.13 4.22 3.99 4.21 4.34 1.93 -0.30 0.21 1.10 1.04 0.61
Income: 5.14 5.25 5.43 5.59 5.77 5.89 6.01 6.11 6.07 6.07 6.54 7.09 7.51South Total: 6.96 9.34 10.89 11.39 11.39 11.59 11.97 9.20 6.70 7.22 8.86 9.23 8.38 1977/4
Appreciation: 1.67 3.88 5.20 5.53 5.41 5.51 5.75 3.00 0.65 1.17 2.35 2.11 0.97Income: 5.23 5.31 5.48 5.63 5.75 5.84 5.97 6.06 6.02 6.00 6.40 7.00 7.36
West Total: 9.13 11.57 12.50 12.41 12.26 12.77 13.18 9.76 6.65 7.48 9.76 10.74 9.83 1977/4Appreciation: 4.36 6.64 7.39 7.18 6.90 7.25 7.44 4.03 1.10 1.91 3.59 3.93 2.50
Income: 4.62 4.71 4.85 4.97 5.10 5.25 5.44 5.55 5.51 5.48 6.00 6.61 7.20Annualized Returns (%)
Divisional Subindexes 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast North Central Total: 6.51 8.80 10.13 10.40 10.32 10.73 10.97 8.48 6.01 6.55 7.91 8.32 8.35 1977/4
Appreciation: 1.42 3.54 4.67 4.77 4.51 4.77 4.86 2.37 0.04 0.54 1.39 1.28 0.88Income: 5.04 5.13 5.28 5.44 5.62 5.76 5.90 6.01 5.96 5.98 6.46 6.97 7.41
Mideast Total: 5.56 7.08 7.22 7.41 7.46 8.13 9.76 7.72 5.40 5.91 9.25 9.96 9.65 1978/2Appreciation: 0.62 2.04 2.05 2.15 2.08 2.63 4.03 1.95 -0.25 0.25 2.90 2.90 2.05
Income: 4.92 4.97 5.09 5.18 5.29 5.40 5.57 5.69 5.66 5.65 6.22 6.92 7.50Mountain Total: 8.12 11.33 12.55 12.85 12.62 12.75 12.95 9.62 6.80 7.29 9.40 9.54 8.69 1977/4
Appreciation: 2.98 5.89 6.89 7.03 6.69 6.70 6.75 3.47 0.83 1.32 2.97 2.54 1.33Income: 5.04 5.21 5.39 5.53 5.64 5.76 5.91 5.99 5.94 5.91 6.29 6.87 7.28
Northeast Total: 5.70 8.11 9.47 9.63 9.73 10.27 11.34 8.22 4.62 5.67 8.59 9.69 9.83 1979/1Appreciation: 1.47 3.64 4.80 4.82 4.78 5.17 6.00 2.84 -0.56 0.49 2.61 3.02 2.56
Income: 4.19 4.35 4.51 4.64 4.78 4.91 5.12 5.26 5.20 5.16 5.87 6.53 7.14Pacific Total: 9.33 11.63 12.50 12.34 12.20 12.79 13.23 9.80 6.63 7.53 9.83 11.07 10.24 1977/4
Appreciation: 4.63 6.78 7.49 7.21 6.94 7.36 7.58 4.15 1.16 2.04 3.71 4.30 2.89Income: 4.55 4.61 4.75 4.87 5.00 5.15 5.35 5.47 5.43 5.40 5.95 6.56 7.19
Southeast Total: 7.92 11.02 12.15 11.98 11.66 11.73 11.91 8.92 6.18 6.54 8.71 9.01 9.11 1977/4Appreciation: 2.47 5.38 6.31 6.01 5.59 5.55 5.58 2.63 0.06 0.46 2.23 1.92 1.57
Income: 5.36 5.42 5.58 5.72 5.83 5.94 6.08 6.17 6.11 6.06 6.37 6.98 7.46Southwest Total: 6.10 7.85 9.77 10.87 11.16 11.50 12.09 9.58 7.43 8.18 9.10 9.55 7.71 1977/4
Appreciation: 0.95 2.53 4.21 5.11 5.27 5.51 5.96 3.48 1.44 2.15 2.53 2.39 0.40Income: 5.11 5.22 5.39 5.55 5.67 5.76 5.87 5.95 5.92 5.94 6.44 7.04 7.29
West North Central Total: 4.85 6.75 7.69 7.94 8.04 8.19 8.52 6.52 4.57 5.08 6.72 7.59 7.47 1978/3Appreciation: -0.79 0.81 1.41 1.53 1.51 1.60 1.89 -0.09 -1.90 -1.38 -0.17 0.04 -0.32
Income: 5.67 5.91 6.22 6.34 6.46 6.51 6.54 6.61 6.56 6.53 6.89 7.55 7.82
Page 49 of 1334/25/2017 Section 2, Page 2
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Apartment by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
East Total: 5.38 6.82 7.16 7.49 7.83 8.81 10.80 7.76 4.03 4.72 7.75 9.32 8.77 1988/2Appreciation: 0.98 2.34 2.64 2.89 3.13 4.01 5.81 2.82 -0.68 0.07 2.56 3.20 2.08
Income: 4.37 4.41 4.44 4.50 4.59 4.66 4.78 4.84 4.74 4.65 5.10 5.99 6.59Midwest Total: 5.42 7.46 8.69 9.10 9.81 10.87 11.80 9.59 7.23 7.46 8.14 9.07 8.73 1989/4
Appreciation: 0.88 2.79 3.82 4.08 4.58 5.46 6.25 4.02 1.77 2.00 2.46 2.70 1.75Income: 4.52 4.57 4.74 4.88 5.07 5.20 5.31 5.40 5.39 5.38 5.58 6.26 6.89
South Total: 5.60 7.77 9.66 10.11 10.39 11.02 12.28 9.54 6.96 7.07 9.08 9.34 8.31 1987/2Appreciation: 0.65 2.66 4.35 4.67 4.81 5.33 6.43 3.74 1.31 1.44 3.17 2.81 1.37
Income: 4.92 5.01 5.15 5.26 5.38 5.48 5.59 5.64 5.60 5.57 5.77 6.40 6.87West Total: 9.15 11.98 12.14 11.73 11.80 12.51 13.88 10.61 7.27 7.47 9.82 10.75 10.07 1988/1
Appreciation: 4.51 7.15 7.20 6.73 6.71 7.32 8.53 5.32 2.16 2.40 4.39 4.57 3.16Income: 4.48 4.58 4.69 4.76 4.85 4.92 5.03 5.09 5.03 4.99 5.26 5.98 6.74
Annualized Returns (%)Apartment by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
East North Central Total: 5.31 7.48 8.79 9.08 9.87 10.91 11.98 9.71 7.19 7.46 8.09 8.99 8.56 1989/4Appreciation: 0.81 2.88 4.01 4.18 4.76 5.64 6.57 4.29 1.88 2.16 2.56 2.76 1.72
Income: 4.48 4.50 4.64 4.76 4.94 5.06 5.16 5.25 5.23 5.21 5.43 6.11 6.75Mideast Total: 5.88 6.05 5.82 6.05 6.39 7.62 10.21 8.46 5.77 5.99 9.10 10.31 9.14 1989/2
Appreciation: 1.07 1.29 1.07 1.22 1.46 2.56 4.90 3.11 0.55 0.83 3.45 3.82 2.23Income: 4.77 4.72 4.72 4.79 4.88 4.97 5.12 5.23 5.20 5.14 5.52 6.31 6.80
Mountain Total: 9.92 13.31 13.31 12.80 12.59 13.28 14.60 11.42 7.96 7.98 9.91 9.80 10.09 1989/4Appreciation: 4.79 7.91 7.79 7.22 6.94 7.52 8.66 5.53 2.29 2.37 3.96 3.19 2.82
Income: 4.95 5.10 5.22 5.30 5.37 5.46 5.59 5.65 5.58 5.51 5.78 6.46 7.12Northeast Total: 5.09 7.29 7.99 8.38 8.72 9.54 11.18 7.54 3.34 4.24 6.95 8.88 9.52 1994/2
Appreciation: 0.93 2.98 3.61 3.93 4.17 4.91 6.39 2.83 -1.10 -0.14 2.04 2.97 3.24Income: 4.13 4.22 4.27 4.32 4.42 4.47 4.58 4.61 4.49 4.40 4.84 5.79 6.15
Pacific Total: 8.92 11.57 11.77 11.39 11.55 12.26 13.64 10.35 7.05 7.32 9.85 11.77 10.29 1989/1Appreciation: 4.43 6.92 7.02 6.58 6.65 7.26 8.50 5.25 2.12 2.43 4.61 5.77 3.65
Income: 4.35 4.43 4.52 4.59 4.68 4.74 4.84 4.90 4.84 4.80 5.07 5.76 6.47Southeast Total: 8.47 10.97 12.09 11.85 11.40 11.76 12.78 9.75 6.62 6.57 9.50 9.74 9.03 1989/1
Appreciation: 3.25 5.55 6.51 6.19 5.66 5.92 6.80 3.85 0.92 0.94 3.55 3.16 2.03Income: 5.10 5.21 5.33 5.42 5.51 5.59 5.70 5.74 5.66 5.60 5.80 6.43 6.90
Southwest Total: 3.27 5.21 7.70 8.70 9.58 10.47 11.93 9.50 7.63 7.95 8.37 8.69 8.53 1992/1Appreciation: -1.45 0.34 2.61 3.44 4.14 4.89 6.20 3.80 2.00 2.29 2.51 2.20 1.53
Income: 4.77 4.86 5.00 5.13 5.28 5.39 5.49 5.55 5.55 5.56 5.76 6.38 6.91
Page 50 of 1334/25/2017 Section 2, Page 3
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Apartment by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
West North Central Total: 5.91 7.35 8.31 9.15 9.61 10.70 11.20 9.15 7.24 7.37 8.24 9.25 9.25 1997/1Appreciation: 1.19 2.40 3.04 3.64 3.87 4.75 5.10 3.06 1.24 1.37 2.10 2.43 2.43
Income: 4.68 4.87 5.16 5.37 5.58 5.75 5.89 5.96 5.94 5.94 6.04 6.70 6.70Annualized Returns (%)
Hotel by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast Total: 0.17 3.71 4.92 4.48 4.44 5.06 6.55 4.50 1.55 2008/2
Appreciation: -6.52 -3.12 -1.94 -2.27 -2.20 -1.57 -0.16 -1.95 -4.65Income: 7.06 7.02 6.98 6.88 6.76 6.71 6.72 6.55 6.45
Midwest Total: -1.39 3.27 6.01 5.67 5.97 6.33 6.53 2010/4Appreciation: -9.45 -5.11 -2.54 -2.52 -2.07 -1.58 -1.19
Income: 8.65 8.70 8.73 8.35 8.18 8.01 7.79South Total: 6.66 9.97 11.71 11.62 11.05 10.78 11.70 2010/3
Appreciation: -1.83 1.13 2.68 2.65 2.29 2.32 3.15Income: 8.61 8.77 8.86 8.80 8.61 8.32 8.36
West Total: 7.68 12.59 14.49 13.22 12.68 12.36 12.38 8.65 5.69 7.19 9.49 2004/4Appreciation: -0.86 3.80 5.47 4.43 4.10 3.97 4.16 1.04 -1.50 -0.11 1.89
Income: 8.59 8.55 8.67 8.51 8.34 8.15 7.98 7.57 7.32 7.35 7.53Annualized Returns (%)
Hotel by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast North Central Total: -2.49 -2.49 2016/1
Appreciation: -10.27 -10.27Income: 8.41 8.41
Annualized Returns (%)Industrial by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
East Total: 11.54 11.79 12.27 12.28 11.67 11.76 11.83 9.11 6.54 6.67 8.71 10.01 9.64 1978/3Appreciation: 5.76 5.90 6.21 6.01 5.30 5.28 5.17 2.43 0.01 0.14 1.66 2.28 1.54
Income: 5.54 5.65 5.79 6.01 6.13 6.24 6.41 6.55 6.52 6.51 6.96 7.60 8.01Midwest Total: 9.36 11.12 11.61 11.59 10.81 11.01 10.98 7.95 5.30 5.73 7.36 8.04 8.01 1977/4
Appreciation: 3.49 5.08 5.35 5.28 4.42 4.52 4.34 1.30 -1.21 -0.79 0.31 0.43 0.03Income: 5.73 5.82 6.03 6.07 6.19 6.28 6.43 6.58 6.56 6.55 7.03 7.59 7.98
South Total: 10.34 11.72 12.53 12.70 12.14 12.20 11.93 8.99 6.42 7.02 8.28 8.72 8.41 1977/4Appreciation: 4.46 5.66 6.30 6.36 5.73 5.71 5.31 2.38 -0.05 0.51 1.31 1.17 0.43
Income: 5.69 5.81 5.95 6.05 6.14 6.23 6.37 6.49 6.46 6.48 6.90 7.48 7.95
Page 51 of 1334/25/2017 Section 2, Page 4
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Industrial by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
West Total: 13.97 14.98 14.97 14.39 13.93 14.26 14.20 10.55 7.22 8.11 10.35 11.52 11.07 1977/4Appreciation: 8.87 9.76 9.64 8.95 8.37 8.53 8.26 4.60 1.44 2.30 3.89 4.37 3.29
Income: 4.79 4.87 4.98 5.10 5.24 5.39 5.59 5.74 5.71 5.71 6.27 6.93 7.60Annualized Returns (%)
Industrial by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast North Central Total: 9.79 11.46 11.88 11.84 11.00 11.26 11.27 8.22 5.45 5.86 7.47 7.98 8.07 1977/4
Appreciation: 4.03 5.55 5.77 5.68 4.73 4.88 4.73 1.65 -0.98 -0.57 0.48 0.47 0.14Income: 5.59 5.68 5.86 5.92 6.05 6.16 6.32 6.48 6.46 6.45 6.96 7.48 7.92
Mideast Total: 8.48 10.08 10.38 10.53 10.07 10.37 10.82 8.25 6.16 6.43 8.98 10.14 9.02 1981/3Appreciation: 2.32 3.85 4.07 4.03 3.46 3.64 3.89 1.34 -0.55 -0.25 1.73 2.28 0.92
Income: 6.06 6.06 6.13 6.31 6.44 6.55 6.74 6.84 6.74 6.69 7.16 7.73 8.05Mountain Total: 11.87 13.61 14.15 14.10 13.83 13.30 11.98 8.53 6.08 6.88 9.04 9.70 8.71 1979/2
Appreciation: 5.90 7.44 7.80 7.57 7.19 6.59 5.25 1.94 -0.34 0.44 2.21 2.22 0.72Income: 5.72 5.85 6.01 6.18 6.30 6.40 6.48 6.49 6.43 6.41 6.72 7.36 7.95
Northeast Total: 13.15 12.70 13.38 13.32 12.63 12.58 12.42 9.62 6.69 6.75 8.45 9.89 9.13 1981/3Appreciation: 7.58 7.00 7.46 7.18 6.39 6.25 5.93 3.08 0.27 0.32 1.53 2.23 1.23
Income: 5.27 5.41 5.60 5.83 5.95 6.05 6.22 6.38 6.40 6.41 6.84 7.54 7.82Pacific Total: 14.16 15.11 15.05 14.42 13.94 14.36 14.41 10.75 7.34 8.23 10.47 11.71 11.44 1977/4
Appreciation: 9.13 9.97 9.80 9.08 8.47 8.72 8.56 4.86 1.61 2.48 4.05 4.59 3.67Income: 4.71 4.79 4.89 5.01 5.14 5.30 5.51 5.67 5.65 5.65 6.23 6.89 7.56
Southeast Total: 10.20 11.68 12.46 12.11 11.53 11.61 10.95 7.83 5.30 6.03 7.96 8.27 8.25 1980/2Appreciation: 4.21 5.56 6.26 5.86 5.23 5.22 4.46 1.35 -1.02 -0.32 1.12 0.88 0.36
Income: 5.81 5.87 5.93 5.98 6.07 6.15 6.28 6.41 6.36 6.36 6.79 7.34 7.87Southwest Total: 10.43 11.74 12.59 13.28 12.74 12.79 12.96 10.26 7.65 8.12 8.65 9.23 8.15 1978/4
Appreciation: 4.65 5.74 6.34 6.85 6.24 6.19 6.21 3.51 1.02 1.44 1.53 1.49 0.12Income: 5.59 5.76 5.98 6.12 6.22 6.31 6.46 6.57 6.57 6.60 7.03 7.65 8.01
West North Central Total: 5.66 8.20 9.34 9.56 9.27 9.07 8.84 6.06 4.18 4.66 6.56 7.92 7.27 1981/2Appreciation: -1.24 1.08 1.86 2.17 1.92 1.75 1.51 -1.21 -2.96 -2.48 -0.89 -0.19 -0.91
Income: 6.96 7.07 7.39 7.28 7.25 7.22 7.25 7.32 7.30 7.27 7.50 8.13 8.23Annualized Returns (%)
Office by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast Total: 4.85 7.17 8.18 8.33 8.23 8.91 10.28 7.60 4.33 5.55 8.57 9.92 8.98 1980/1
Appreciation: 0.73 2.81 3.58 3.60 3.36 3.88 4.96 2.17 -0.94 0.26 2.47 3.08 1.65Income: 4.11 4.28 4.48 4.61 4.76 4.90 5.14 5.34 5.29 5.28 6.00 6.69 7.24
Page 52 of 1334/25/2017 Section 2, Page 5
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Office by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
Midwest Total: 4.76 6.80 8.80 8.14 7.79 7.66 7.65 5.43 3.51 4.25 5.60 6.86 5.96 1980/2Appreciation: -0.60 1.20 2.95 2.12 1.59 1.38 1.31 -0.91 -2.64 -1.97 -1.12 -0.44 -1.46
Income: 5.39 5.54 5.73 5.92 6.12 6.22 6.27 6.38 6.27 6.31 6.78 7.32 7.50South Total: 4.43 7.00 9.12 9.92 9.99 9.95 9.76 7.09 4.93 6.10 7.32 8.36 5.45 1981/1
Appreciation: -1.17 1.31 3.24 3.90 3.91 3.82 3.53 0.89 -1.11 0.02 0.64 1.08 -1.69Income: 5.64 5.64 5.74 5.85 5.92 5.96 6.07 6.15 6.08 6.08 6.64 7.22 7.23
West Total: 7.43 10.18 11.92 11.87 11.59 12.28 12.36 8.63 5.46 6.73 8.50 10.19 8.29 1979/1Appreciation: 2.84 5.46 6.99 6.81 6.41 6.90 6.72 2.97 -0.01 1.25 2.37 3.45 1.27
Income: 4.49 4.54 4.69 4.82 4.94 5.12 5.37 5.53 5.47 5.42 6.02 6.57 6.95Annualized Returns (%)
Office by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast North Central Total: 5.20 7.17 9.51 8.86 8.47 8.53 8.55 6.14 4.03 4.70 5.85 7.14 6.02 1982/2
Appreciation: -0.02 1.80 3.92 3.10 2.49 2.43 2.35 -0.06 -1.96 -1.39 -0.72 0.05 -1.28Income: 5.23 5.30 5.43 5.63 5.86 5.99 6.09 6.20 6.07 6.15 6.61 7.09 7.37
Mideast Total: 3.81 5.15 5.18 5.71 5.59 6.43 8.18 6.19 4.03 4.79 8.21 9.38 8.33 1981/4Appreciation: -0.76 0.43 0.28 0.72 0.50 1.22 2.73 0.65 -1.40 -0.67 1.99 2.34 0.94
Income: 4.60 4.70 4.89 4.96 5.07 5.16 5.35 5.51 5.49 5.49 6.13 6.92 7.34Mountain Total: 4.54 6.77 9.16 10.53 10.58 10.73 10.25 6.72 4.37 5.16 7.16 8.22 5.42 1981/4
Appreciation: -0.44 1.60 3.73 4.89 4.76 4.78 4.12 0.58 -1.62 -0.80 0.68 1.16 -1.66Income: 4.99 5.11 5.29 5.45 5.62 5.75 5.95 6.10 6.05 5.99 6.44 6.99 7.17
Northeast Total: 5.31 8.14 9.71 9.73 9.73 10.36 11.49 8.37 4.47 6.00 8.83 10.35 8.45 1981/3Appreciation: 1.37 3.94 5.26 5.13 4.96 5.41 6.23 2.98 -0.71 0.79 2.78 3.63 1.19
Income: 3.90 4.09 4.28 4.44 4.60 4.76 5.03 5.26 5.20 5.17 5.93 6.54 7.19Pacific Total: 7.70 10.50 12.18 11.98 11.67 12.45 12.61 8.86 5.59 6.92 8.68 10.51 7.80 1981/2
Appreciation: 3.15 5.82 7.30 6.98 6.56 7.13 7.02 3.25 0.17 1.49 2.59 3.82 0.91Income: 4.45 4.48 4.63 4.75 4.87 5.06 5.31 5.46 5.40 5.36 5.97 6.51 6.84
Southeast Total: 5.67 9.73 11.31 11.03 10.43 9.94 9.59 6.67 4.30 5.06 6.94 7.75 5.66 1983/4Appreciation: 0.09 4.00 5.42 5.02 4.34 3.79 3.29 0.38 -1.85 -1.11 0.26 0.46 -1.69
Income: 5.58 5.56 5.67 5.80 5.90 5.98 6.15 6.26 6.23 6.21 6.66 7.26 7.45Southwest Total: 3.52 5.06 7.53 9.09 9.63 9.98 9.93 7.45 5.53 7.16 7.65 8.97 4.68 1981/2
Appreciation: -2.09 -0.62 1.68 3.07 3.55 3.86 3.76 1.35 -0.40 1.16 0.95 1.69 -2.25Income: 5.69 5.71 5.79 5.89 5.93 5.95 6.00 6.05 5.94 5.95 6.65 7.20 7.06
West North Central Total: 2.97 5.27 6.05 5.53 5.46 5.01 5.00 3.33 1.93 2.86 4.77 6.02 4.68 1982/2Appreciation: -2.95 -1.27 -0.84 -1.40 -1.53 -1.94 -1.84 -3.51 -4.77 -3.82 -2.41 -1.84 -3.15
Income: 6.06 6.60 6.94 7.01 7.07 7.06 6.93 7.02 6.95 6.87 7.31 7.97 8.01
Page 53 of 1334/25/2017 Section 2, Page 6
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Retail by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
East Total: 6.34 9.06 10.50 10.66 11.03 11.05 11.82 9.41 7.29 7.69 11.19 10.41 9.95 1981/2Appreciation: 1.39 3.88 5.09 5.11 5.32 5.16 5.72 3.31 1.30 1.70 4.49 3.27 2.71
Income: 4.90 5.04 5.21 5.35 5.50 5.68 5.85 5.95 5.93 5.92 6.49 6.98 7.10Midwest Total: 6.64 9.47 10.51 11.38 11.25 11.40 11.47 9.36 6.94 7.59 9.96 9.32 9.29 1980/4
Appreciation: 1.63 4.21 5.04 5.62 5.31 5.29 5.19 3.06 0.77 1.40 3.18 2.14 1.77Income: 4.95 5.11 5.27 5.53 5.72 5.88 6.05 6.16 6.13 6.13 6.62 7.07 7.42
South Total: 8.46 11.42 12.57 13.14 13.18 13.28 13.59 10.89 8.27 8.55 11.03 10.76 9.13 1981/3Appreciation: 3.49 6.23 7.08 7.42 7.28 7.19 7.30 4.57 2.08 2.38 4.40 3.49 1.83
Income: 4.85 4.96 5.21 5.43 5.60 5.78 5.97 6.10 6.09 6.05 6.42 7.07 7.21West Total: 8.13 10.71 11.70 12.32 12.43 12.68 13.14 10.54 8.10 8.44 11.87 11.58 10.44 1977/4
Appreciation: 3.30 5.68 6.48 6.92 6.88 6.96 7.20 4.58 2.25 2.57 5.33 4.49 3.03Income: 4.72 4.83 4.98 5.13 5.28 5.45 5.65 5.76 5.75 5.76 6.30 6.86 7.25
Annualized Returns (%)Retail by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
East North Central Total: 6.92 9.90 10.93 11.84 11.70 11.90 11.82 9.65 7.31 7.98 10.29 9.46 9.84 1982/4Appreciation: 2.02 4.72 5.56 6.18 5.84 5.86 5.60 3.40 1.17 1.81 3.53 2.32 2.43
Income: 4.82 5.00 5.16 5.42 5.62 5.79 5.97 6.09 6.08 6.08 6.59 7.02 7.29Mideast Total: 7.72 10.73 11.51 11.27 11.61 11.54 12.45 10.21 7.85 8.13 11.65 10.75 8.99 1987/3
Appreciation: 2.53 5.35 5.93 5.56 5.74 5.53 6.24 4.01 1.78 2.07 4.87 3.52 2.05Income: 5.09 5.18 5.35 5.49 5.63 5.77 5.94 6.02 6.00 5.97 6.54 7.04 6.84
Mountain Total: 7.83 11.83 13.83 14.48 14.12 13.95 14.04 10.96 8.25 8.81 11.61 10.85 9.89 1982/4Appreciation: 2.89 6.55 8.30 8.72 8.22 7.89 7.79 4.76 2.19 2.71 4.93 3.71 2.74
Income: 4.84 5.03 5.21 5.41 5.56 5.73 5.91 5.98 5.96 5.97 6.45 6.94 7.00Northeast Total: 5.04 7.43 9.51 10.07 10.45 10.64 11.28 8.74 6.82 7.32 10.78 10.08 8.28 1990/4
Appreciation: 0.32 2.45 4.28 4.68 4.88 4.86 5.28 2.72 0.91 1.39 4.14 3.00 1.27Income: 4.71 4.90 5.07 5.21 5.37 5.58 5.77 5.89 5.87 5.87 6.44 6.92 6.94
Pacific Total: 8.29 10.46 11.18 11.77 12.01 12.37 12.94 10.47 8.12 8.37 11.94 11.85 10.26 1979/3Appreciation: 3.51 5.51 6.05 6.48 6.55 6.74 7.08 4.59 2.32 2.57 5.44 4.78 2.87
Income: 4.66 4.76 4.91 5.05 5.21 5.36 5.57 5.69 5.69 5.69 6.26 6.83 7.23Southeast Total: 7.67 11.40 12.43 12.60 12.80 13.05 13.23 10.32 7.60 7.90 10.00 10.03 9.26 1982/4
Appreciation: 2.46 5.97 6.70 6.66 6.68 6.74 6.73 3.82 1.27 1.62 3.40 2.77 1.99Income: 5.12 5.20 5.46 5.66 5.83 6.02 6.20 6.31 6.27 6.19 6.43 7.10 7.16
Southwest Total: 9.40 11.40 12.69 13.86 13.68 13.53 14.07 11.83 9.50 9.79 12.74 11.97 9.01 1985/1Appreciation: 4.72 6.51 7.52 8.41 8.05 7.77 8.08 5.77 3.49 3.75 6.02 4.66 1.77
Income: 4.53 4.67 4.90 5.14 5.31 5.46 5.65 5.81 5.85 5.87 6.43 7.06 7.14
Page 54 of 1334/25/2017 Section 2, Page 7
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Retail by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
West North Central Total: 4.99 7.03 8.00 8.60 8.58 8.39 9.36 7.69 4.75 5.24 7.94 8.26 7.49 1990/4Appreciation: -0.69 1.23 1.97 2.28 2.12 1.89 2.73 1.09 -1.62 -1.12 1.08 0.88 0.05
Income: 5.71 5.75 5.95 6.21 6.36 6.41 6.50 6.55 6.45 6.41 6.82 7.33 7.44Annualized Returns (%)
Property Subtypes 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrApartment-Garden Total: 8.80 11.33 11.63 11.33 11.22 11.78 13.03 9.82 7.06 7.25 9.21 9.81 9.06 1989/1
Appreciation: 3.43 5.78 5.97 5.61 5.43 5.92 7.04 3.92 1.34 1.59 3.29 3.23 2.05Income: 5.24 5.32 5.42 5.49 5.56 5.62 5.70 5.73 5.66 5.60 5.78 6.42 6.90
Apartment-HighRise Total: 5.54 7.39 8.34 8.67 9.14 10.01 11.72 9.01 4.99 5.57 8.18 10.21 10.41 1996/1Appreciation: 1.31 3.03 3.89 4.13 4.49 5.29 6.85 4.18 0.39 1.02 3.20 4.37 4.42
Income: 4.20 4.26 4.33 4.40 4.50 4.55 4.64 4.69 4.60 4.51 4.87 5.67 5.81Apartment-LowRise Total: 7.21 9.37 9.81 9.99 10.31 11.30 12.88 10.07 6.82 7.04 9.26 9.36 2000/1
Appreciation: 2.59 4.55 4.89 4.95 5.13 5.99 7.42 4.69 1.67 1.93 3.84 3.67Income: 4.53 4.66 4.75 4.86 4.99 5.09 5.18 5.20 5.10 5.05 5.27 5.54
Industrial-R&D Total: 10.87 11.12 10.41 10.81 11.09 11.77 11.87 9.29 5.64 6.56 8.01 10.01 9.64 1978/1Appreciation: 5.29 6.01 5.27 5.22 5.19 5.62 5.51 2.91 -0.49 0.41 1.24 2.51 1.58
Income: 5.37 4.90 4.94 5.38 5.68 5.91 6.11 6.24 6.15 6.13 6.71 7.36 7.97Industrial-Flex Space Total: 8.90 10.25 10.69 10.45 9.61 9.36 9.15 6.63 4.08 5.13 7.57 9.22 7.77 1990/4
Appreciation: 2.88 4.15 4.46 4.14 3.26 2.93 2.59 0.06 -2.33 -1.30 0.63 1.64 -0.29Income: 5.88 5.92 6.04 6.12 6.20 6.29 6.44 6.56 6.52 6.48 6.90 7.49 8.07
Industrial-Other Total: 11.92 11.94 12.27 12.85 12.37 2012/3Appreciation: 5.81 5.89 6.21 6.79 6.33
Income: 5.85 5.80 5.80 5.77 5.77Industrial-Warehouse Total: 12.38 13.53 13.88 13.63 13.07 13.32 13.28 9.93 6.98 7.51 9.41 10.10 9.78 1977/4
Appreciation: 6.93 7.92 8.12 7.77 7.10 7.22 6.99 3.64 0.83 1.34 2.67 2.74 1.95Income: 5.19 5.30 5.43 5.54 5.67 5.79 5.97 6.12 6.10 6.11 6.60 7.21 7.71
Office-CBD Total: 5.69 8.29 9.74 9.81 9.84 10.51 11.61 8.54 5.14 6.71 9.12 10.22 7.83 1981/3Appreciation: 1.55 3.97 5.22 5.17 5.07 5.59 6.43 3.28 0.07 1.60 3.23 3.63 0.87
Income: 4.09 4.19 4.36 4.47 4.60 4.73 4.95 5.13 5.06 5.05 5.75 6.42 6.91Office-Suburban Total: 5.79 8.13 9.58 9.79 9.45 9.85 10.07 7.07 4.36 5.34 7.30 8.82 7.69 1977/4
Appreciation: 0.69 2.83 4.05 4.12 3.68 3.94 3.97 0.98 -1.55 -0.57 0.76 1.66 0.24Income: 5.08 5.19 5.37 5.50 5.62 5.74 5.93 6.05 5.97 5.93 6.50 7.08 7.43
Retail-Community Total: 7.12 9.79 10.61 10.90 10.81 11.16 11.40 9.16 6.59 6.89 10.10 10.19 9.32 1979/2Appreciation: 1.66 4.14 4.80 4.85 4.62 4.85 4.96 2.75 0.33 0.63 3.23 2.73 1.55
Income: 5.39 5.47 5.61 5.84 5.98 6.09 6.21 6.28 6.25 6.22 6.71 7.31 7.68
Page 55 of 1334/25/2017 Section 2, Page 8
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Property Subtypes 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
Retail-Fashion/Specialty Center Total: 6.60 9.12 10.23 9.83 10.04 10.29 10.63 8.79 6.07 6.78 8.94 2005/1Appreciation: 2.07 4.36 5.29 4.76 4.89 4.94 5.09 3.23 0.59 1.22 3.14
Income: 4.46 4.61 4.76 4.89 4.98 5.17 5.34 5.43 5.46 5.50 5.67Retail-Neighborhood Total: 8.89 11.65 12.44 12.25 12.02 11.67 12.22 9.66 7.00 7.15 10.37 10.80 9.66 1977/4
Appreciation: 3.55 6.05 6.63 6.32 5.94 5.46 5.77 3.26 0.77 0.93 3.50 3.29 1.65Income: 5.20 5.37 5.55 5.67 5.82 5.97 6.18 6.25 6.20 6.17 6.70 7.33 7.91
Retail-Power Center Total: 6.85 8.95 9.49 10.18 10.19 10.53 10.83 8.12 5.39 5.59 7.98 2004/1Appreciation: 1.07 3.04 3.43 3.99 3.88 4.10 4.21 1.48 -1.11 -0.84 1.31
Income: 5.74 5.79 5.91 6.01 6.14 6.25 6.42 6.56 6.55 6.47 6.60Retail-Regional Total: 6.31 9.27 11.13 11.70 12.08 12.29 12.80 10.34 8.11 8.74 11.95 11.13 9.52 1983/1
Appreciation: 1.50 4.28 5.85 6.21 6.42 6.43 6.75 4.27 2.17 2.79 5.35 4.09 2.52Income: 4.76 4.84 5.07 5.25 5.41 5.59 5.76 5.88 5.84 5.82 6.35 6.83 6.88
Retail-Super Regional Total: 8.38 10.97 12.31 13.33 13.72 13.87 14.56 11.88 9.87 10.27 13.00 11.65 10.66 1983/1Appreciation: 3.80 6.18 7.28 8.07 8.27 8.23 8.67 5.95 4.01 4.40 6.51 4.70 3.64
Income: 4.45 4.58 4.77 4.96 5.14 5.32 5.53 5.67 5.68 5.68 6.20 6.70 6.83Retail-Single Tenant Total: 4.37 9.38 11.65 13.00 12.95 13.04 12.39 9.55 6.82 6.86 10.22 10.77 10.48 1995/1
Appreciation: 0.94 5.61 7.55 8.57 8.21 7.92 6.96 4.09 1.37 1.31 3.56 2.99 2.36Income: 3.41 3.62 3.89 4.17 4.47 4.84 5.16 5.29 5.38 5.48 6.48 7.60 7.97
Annualized Returns (%)Apartment Subtypes by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
East Apartment-Garden Total: 6.44 7.42 7.35 7.54 7.78 8.65 10.60 7.22 4.58 5.02 7.75 9.12 9.26 1992/3Appreciation: 0.87 1.87 1.82 1.97 2.14 2.94 4.72 1.47 -0.99 -0.51 1.90 2.49 2.26
Income: 5.54 5.48 5.46 5.49 5.55 5.59 5.69 5.69 5.62 5.55 5.77 6.52 6.89East Apartment-HighRise Total: 4.96 6.48 6.97 7.33 7.75 8.76 10.90 8.05 3.52 4.36 7.60 7.87 2000/4
Appreciation: 0.78 2.21 2.65 2.95 3.29 4.24 6.22 3.41 -0.85 0.05 2.72 2.76Income: 4.16 4.20 4.23 4.29 4.35 4.38 4.48 4.53 4.41 4.30 4.78 5.02
East Apartment-LowRise Total: 8.38 10.33 9.56 9.86 9.63 10.48 11.97 9.56 6.98 7.55 7.55 2007/1Appreciation: 4.19 5.94 5.19 5.28 4.87 5.58 6.91 4.59 2.21 2.82 2.82
Income: 4.06 4.20 4.20 4.41 4.59 4.71 4.81 4.81 4.70 4.63 4.63Midwest Apartment-Garden Total: 8.23 9.77 9.99 10.26 10.68 11.36 12.51 9.99 7.75 8.04 8.44 9.18 9.80 1994/1
Appreciation: 2.75 4.09 4.11 4.25 4.54 5.07 6.07 3.61 1.53 1.84 2.19 2.34 2.55Income: 5.37 5.51 5.71 5.82 5.95 6.07 6.16 6.21 6.15 6.11 6.15 6.73 7.12
Midwest Apartment-HighRise Total: 4.41 6.70 8.27 8.71 9.60 10.76 11.30 9.43 6.95 7.13 7.59 2006/3Appreciation: 0.18 2.38 3.79 4.10 4.78 5.82 6.30 4.43 2.05 2.25 2.68
Income: 4.23 4.24 4.36 4.48 4.65 4.74 4.78 4.84 4.83 4.80 4.82
Page 56 of 1334/25/2017 Section 2, Page 9
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Apartment Subtypes by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
South Apartment-Garden Total: 7.19 9.97 11.21 11.27 11.12 11.70 12.77 9.92 7.24 7.29 9.24 9.40 8.97 1990/4Appreciation: 1.70 4.32 5.41 5.39 5.16 5.65 6.58 3.82 1.33 1.43 3.15 2.74 1.90
Income: 5.42 5.47 5.58 5.66 5.75 5.81 5.90 5.93 5.86 5.81 5.94 6.53 6.97South Apartment-HighRise Total: 3.88 5.68 8.28 9.24 9.98 10.32 11.87 9.36 6.76 7.13 8.59 2005/1
Appreciation: -0.57 1.06 3.45 4.25 4.83 5.09 6.53 4.08 1.58 1.94 3.23Income: 4.47 4.59 4.72 4.84 4.97 5.04 5.10 5.13 5.12 5.12 5.23
South Apartment-LowRise Total: 5.51 6.76 8.60 9.00 9.68 10.71 12.19 9.53 7.22 7.29 8.18 2006/1Appreciation: 0.85 1.93 3.55 3.80 4.32 5.19 6.49 3.85 1.65 1.75 2.59
Income: 4.63 4.77 4.92 5.05 5.19 5.32 5.44 5.52 5.50 5.47 5.49West Apartment-Garden Total: 11.03 14.33 14.10 13.19 12.88 13.32 14.44 10.97 7.91 8.12 10.17 10.90 10.01 1990/2
Appreciation: 5.84 8.88 8.54 7.62 7.28 7.69 8.71 5.33 2.46 2.73 4.49 4.54 3.13Income: 4.97 5.12 5.23 5.28 5.32 5.33 5.39 5.43 5.35 5.29 5.49 6.15 6.72
West Apartment-HighRise Total: 7.82 10.14 10.73 10.67 10.98 11.94 13.49 10.61 7.26 7.23 9.87 2003/3Appreciation: 3.62 5.80 6.30 6.16 6.37 7.23 8.59 5.72 2.51 2.53 4.96
Income: 4.09 4.15 4.23 4.31 4.40 4.47 4.61 4.69 4.66 4.61 4.74West Apartment-LowRise Total: 8.13 11.90 11.33 11.18 11.44 12.30 13.96 10.78 6.62 6.74 7.06 2006/2
Appreciation: 3.52 7.03 6.39 6.17 6.32 7.06 8.57 5.47 1.58 1.75 2.11Income: 4.49 4.63 4.72 4.79 4.89 4.98 5.07 5.11 4.99 4.93 4.88
Annualized Returns (%)Apartment Subtypes by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
East North Central Apartment-Garden Total: 8.08 9.29 9.15 9.49 9.98 10.73 12.24 9.54 7.12 7.53 8.07 8.91 9.03 1995/4Appreciation: 2.65 3.80 3.50 3.68 4.03 4.61 5.96 3.32 1.07 1.51 1.94 2.17 2.15
Income: 5.33 5.33 5.50 5.65 5.78 5.92 6.02 6.07 6.00 5.96 6.04 6.63 6.77East North Central Apartment-HighRise Total: 4.66 7.01 8.66 8.96 9.90 11.09 11.67 9.77 7.19 7.13 2007/3
Appreciation: 0.38 2.64 4.13 4.34 5.09 6.16 6.70 4.80 2.34 2.29Income: 4.27 4.29 4.40 4.48 4.64 4.71 4.74 4.80 4.77 4.76
Mideast Apartment-Garden Total: 7.21 8.01 7.34 7.43 7.32 8.36 10.34 8.35 5.85 6.14 8.68 9.66 9.79 1994/2Appreciation: 1.53 2.37 1.71 1.74 1.58 2.55 4.35 2.40 0.07 0.41 2.65 2.91 2.76
Income: 5.62 5.54 5.56 5.62 5.67 5.70 5.81 5.85 5.79 5.72 5.91 6.61 6.89Mideast Apartment-HighRise Total: 5.21 5.24 5.17 5.40 5.95 7.19 10.61 8.97 5.88 5.94 9.12 2003/3
Appreciation: 0.64 0.74 0.67 0.85 1.31 2.44 5.60 3.88 0.97 1.11 3.90Income: 4.54 4.48 4.48 4.53 4.60 4.67 4.82 4.95 4.88 4.79 5.08
Mountain Apartment-Garden Total: 10.39 14.22 14.11 13.37 13.19 13.65 14.64 11.49 8.16 8.19 10.09 9.90 10.67 1993/1Appreciation: 4.89 8.41 8.21 7.46 7.25 7.64 8.49 5.43 2.33 2.42 4.00 3.19 3.43
Income: 5.31 5.47 5.57 5.60 5.64 5.69 5.78 5.82 5.74 5.67 5.91 6.55 7.06
Page 57 of 1334/25/2017 Section 2, Page 10
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Apartment Subtypes by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
Mountain Apartment-HighRise Total: 9.76 12.38 12.36 12.01 11.70 2012/3Appreciation: 5.19 7.55 7.43 6.99 6.63
Income: 4.40 4.57 4.67 4.77 4.84Northeast Apartment-Garden Total: 5.60 6.77 7.40 7.69 8.30 8.97 10.93 6.69 3.78 4.31 7.10 8.18 1998/4
Appreciation: 0.15 1.31 1.98 2.25 2.77 3.37 5.16 1.10 -1.60 -1.03 1.41 1.92Income: 5.44 5.40 5.34 5.35 5.42 5.46 5.56 5.55 5.45 5.38 5.63 6.18
Northeast Apartment-HighRise Total: 4.85 7.14 7.94 8.37 8.69 9.56 11.11 7.81 2.93 3.96 6.72 2003/1Appreciation: 0.87 3.00 3.72 4.08 4.33 5.16 6.59 3.35 -1.24 -0.15 2.22
Income: 3.96 4.05 4.11 4.16 4.23 4.24 4.31 4.34 4.22 4.12 4.43Northeast Apartment-LowRise Total: 7.39 10.50 9.94 10.38 2013/4
Appreciation: 3.24 6.10 5.48 5.90Income: 4.05 4.20 4.28 4.29
Pacific Apartment-Garden Total: 11.31 14.38 14.07 13.08 12.70 13.14 14.33 10.72 7.78 8.09 10.25 12.01 10.52 1990/4Appreciation: 6.26 9.09 8.69 7.68 7.28 7.70 8.80 5.29 2.52 2.88 4.78 5.85 3.91
Income: 4.83 4.95 5.06 5.11 5.15 5.15 5.19 5.23 5.16 5.10 5.28 5.92 6.42Pacific Apartment-HighRise Total: 7.45 9.72 10.43 10.43 10.95 11.76 13.38 10.75 7.21 7.21 9.99 2003/3
Appreciation: 3.32 5.48 6.09 6.01 6.43 7.15 8.58 5.94 2.55 2.59 5.13Income: 4.03 4.07 4.15 4.23 4.31 4.38 4.51 4.60 4.57 4.53 4.68
Pacific Apartment-LowRise Total: 8.22 12.03 11.12 10.87 11.17 12.10 13.56 10.35 6.29 6.51 6.51 2007/1Appreciation: 3.74 7.27 6.33 6.02 6.18 6.99 8.33 5.21 1.43 1.68 1.68
Income: 4.36 4.51 4.58 4.65 4.77 4.86 4.93 4.94 4.82 4.77 4.77Southeast Apartment-Garden Total: 9.53 12.06 13.00 12.37 11.78 12.02 12.94 9.99 6.80 6.70 9.65 9.78 9.35 1991/2
Appreciation: 3.85 6.23 7.04 6.38 5.74 5.92 6.71 3.86 0.91 0.88 3.55 3.08 2.22Income: 5.52 5.58 5.67 5.72 5.79 5.84 5.94 5.96 5.86 5.78 5.95 6.55 7.01
Southeast Apartment-HighRise Total: 7.05 9.42 10.55 11.03 10.82 11.27 12.26 9.19 9.19 2009/1Appreciation: 2.37 4.51 5.48 5.84 5.56 5.92 6.82 3.85 3.85
Income: 4.60 4.76 4.87 4.98 5.05 5.13 5.18 5.20 5.20Southwest Apartment-Garden Total: 4.03 7.12 8.76 9.75 10.21 11.26 12.55 9.84 8.09 8.40 8.61 8.85 8.73 1994/4
Appreciation: -1.20 1.72 3.18 4.02 4.34 5.27 6.42 3.78 2.13 2.44 2.56 2.22 1.91Income: 5.28 5.33 5.45 5.56 5.69 5.77 5.85 5.89 5.87 5.86 5.94 6.52 6.72
Southwest Apartment-HighRise Total: 1.67 3.17 6.72 8.01 9.35 9.63 11.58 9.41 6.96 7.30 7.82 2006/2Appreciation: -2.63 -1.26 2.04 3.15 4.29 4.48 6.30 4.17 1.80 2.09 2.58
Income: 4.38 4.47 4.61 4.75 4.91 4.98 5.05 5.09 5.09 5.13 5.15
Page 58 of 1334/25/2017 Section 2, Page 11
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Apartment Subtypes by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
Southwest Apartment-LowRise Total: 5.29 6.29 8.07 8.50 9.42 10.49 11.68 9.82 7.85 7.88 2007/3Appreciation: 0.53 1.37 2.95 3.25 4.00 4.93 5.96 4.10 2.21 2.24
Income: 4.75 4.87 5.01 5.12 5.26 5.37 5.48 5.55 5.55 5.54West North Central Apartment-HighRise Total: 2.67 3.26 2015/2
Appreciation: -1.19 -0.53Income: 3.89 3.81
Annualized Returns (%)Industrial Subtypes by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
East Industrial-Flex Space Total: 2.49 3.91 5.15 5.15 5.08 5.73 6.04 4.03 1.85 2.46 5.23 2004/3Appreciation: -3.94 -2.62 -1.58 -1.72 -1.83 -1.25 -1.00 -2.94 -4.90 -4.19 -1.46
Income: 6.63 6.66 6.80 6.96 7.01 7.05 7.09 7.13 7.01 6.86 6.76East Industrial-Warehouse Total: 12.12 12.44 12.97 12.99 12.38 12.48 12.58 9.77 7.11 7.13 9.21 10.09 9.50 1979/4
Appreciation: 6.40 6.61 6.97 6.77 6.05 6.04 5.96 3.13 0.61 0.64 2.17 2.39 1.61Income: 5.46 5.56 5.71 5.92 6.06 6.16 6.34 6.48 6.46 6.45 6.93 7.56 7.80
Midwest Industrial-Flex Space Total: 6.32 7.69 6.95 7.53 6.77 7.15 6.76 4.90 2.30 2.83 5.30 5.30 2002/1Appreciation: 0.21 1.30 0.48 1.00 0.18 0.35 -0.17 -2.07 -4.54 -4.01 -2.02 -2.02
Income: 6.10 6.33 6.45 6.49 6.59 6.79 6.94 7.08 7.07 7.04 7.43 7.43Midwest Industrial-Warehouse Total: 9.68 11.28 12.01 11.99 11.18 11.37 11.39 8.24 5.56 5.97 7.56 8.08 8.04 1977/4
Appreciation: 3.79 5.25 5.75 5.70 4.81 4.92 4.79 1.64 -0.91 -0.51 0.55 0.55 0.16Income: 5.73 5.80 6.01 6.04 6.15 6.22 6.37 6.52 6.50 6.49 6.97 7.49 7.87
South Industrial-Flex Space Total: 10.24 13.30 12.72 11.87 11.41 11.45 10.48 7.54 5.34 6.15 7.65 8.33 1998/2Appreciation: 3.40 6.75 6.00 5.18 4.80 4.80 3.75 0.80 -1.33 -0.56 0.41 0.44
Income: 6.67 6.23 6.43 6.44 6.38 6.41 6.55 6.69 6.73 6.73 7.21 7.86South Industrial-Warehouse Total: 10.41 11.69 12.59 12.84 12.25 12.34 12.12 9.19 6.54 7.09 8.34 8.69 8.59 1977/4
Appreciation: 4.58 5.67 6.39 6.53 5.86 5.86 5.51 2.60 0.09 0.59 1.38 1.18 0.63Income: 5.64 5.78 5.92 6.02 6.12 6.21 6.35 6.47 6.44 6.46 6.89 7.44 7.92
West Industrial-Flex Space Total: 11.10 12.15 13.04 12.75 11.42 10.56 10.43 7.70 4.90 6.23 8.57 10.37 10.72 1995/4Appreciation: 5.47 6.40 7.17 6.83 5.42 4.49 4.18 1.42 -1.20 0.08 1.84 3.08 3.20
Income: 5.41 5.50 5.57 5.63 5.77 5.87 6.06 6.20 6.15 6.14 6.64 7.13 7.36West Industrial-Other Total: 13.88 13.50 13.85 13.78 12.98 2012/3
Appreciation: 8.05 7.80 8.12 8.03 7.25Income: 5.50 5.39 5.40 5.42 5.45
West Industrial-R&D Total: 13.71 11.74 10.94 11.69 11.91 12.83 12.93 10.25 6.15 7.11 8.94 11.12 10.84 1978/1Appreciation: 7.99 6.74 5.83 6.04 5.95 6.62 6.58 3.96 0.17 1.13 2.23 3.70 2.85
Income: 5.40 4.78 4.90 5.41 5.72 5.92 6.06 6.12 5.98 5.93 6.61 7.23 7.83
Page 59 of 1334/25/2017 Section 2, Page 12
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Industrial Subtypes by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
West Industrial-Warehouse Total: 14.16 15.44 15.34 14.68 14.27 14.75 14.77 10.91 7.57 8.39 10.78 11.66 11.33 1977/4Appreciation: 9.12 10.24 10.03 9.29 8.77 9.07 8.88 5.01 1.82 2.61 4.38 4.55 3.62
Income: 4.73 4.84 4.94 5.04 5.17 5.32 5.53 5.68 5.66 5.66 6.19 6.87 7.51Annualized Returns (%)
Industrial Subtypes by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast North Central Industrial-Warehouse Total: 9.96 11.53 12.16 12.14 11.24 11.51 11.56 8.39 5.63 6.05 7.61 8.03 8.11 1977/4
Appreciation: 4.18 5.62 6.05 5.98 4.99 5.17 5.05 1.87 -0.75 -0.34 0.65 0.57 0.26Income: 5.60 5.67 5.85 5.90 6.02 6.11 6.27 6.43 6.41 6.40 6.92 7.42 7.83
Mideast Industrial-Flex Space Total: 3.40 4.99 5.52 5.04 5.19 5.94 6.64 4.58 2.73 3.33 4.21 2005/4Appreciation: -3.52 -1.86 -1.51 -2.04 -1.96 -1.24 -0.64 -2.67 -4.29 -3.61 -2.66
Income: 7.10 6.95 7.11 7.19 7.25 7.24 7.32 7.39 7.25 7.12 7.00Mideast Industrial-Warehouse Total: 9.04 10.90 11.23 11.44 10.91 11.25 11.68 8.99 6.85 6.98 9.42 10.15 9.00 1989/1
Appreciation: 2.98 4.75 5.03 5.04 4.40 4.60 4.82 2.17 0.23 0.38 2.20 2.39 1.09Income: 5.93 5.94 5.98 6.17 6.31 6.43 6.63 6.71 6.61 6.57 7.10 7.63 7.85
Mountain Industrial-Warehouse Total: 12.28 14.47 14.98 14.79 14.17 13.70 12.21 8.51 5.86 6.70 9.36 9.47 1998/2Appreciation: 6.31 8.32 8.67 8.31 7.62 7.12 5.65 2.10 -0.42 0.36 2.60 2.21
Income: 5.70 5.79 5.93 6.10 6.19 6.25 6.30 6.31 6.29 6.32 6.63 7.14Northeast Industrial-Warehouse Total: 13.54 13.15 13.85 13.78 13.14 13.11 13.04 10.17 7.16 7.15 9.04 10.05 7.78 1989/1
Appreciation: 7.99 7.48 7.94 7.65 6.91 6.79 6.55 3.62 0.72 0.70 2.11 2.38 0.06Income: 5.25 5.37 5.58 5.80 5.93 6.02 6.19 6.37 6.39 6.41 6.82 7.54 7.72
Pacific Industrial-Flex Space Total: 11.72 12.91 13.64 13.18 11.62 10.75 10.79 8.07 5.09 6.48 8.84 10.52 10.59 1996/4Appreciation: 6.11 7.21 7.87 7.39 5.77 4.83 4.68 1.90 -0.92 0.41 2.14 3.28 3.30
Income: 5.37 5.41 5.45 5.49 5.61 5.71 5.90 6.07 6.04 6.05 6.59 7.07 7.12Pacific Industrial-Other Total: 13.86 13.71 14.27 14.16 13.30 2012/3
Appreciation: 8.05 8.00 8.57 8.41 7.55Income: 5.48 5.39 5.36 5.41 5.45
Pacific Industrial-R&D Total: 13.71 11.69 10.88 11.65 11.39 12.49 12.56 9.77 5.73 6.74 8.72 11.09 11.03 1978/3Appreciation: 7.99 6.70 5.80 6.03 5.50 6.37 6.29 3.55 -0.18 0.83 2.07 3.73 3.11
Income: 5.40 4.76 4.87 5.39 5.67 5.85 5.99 6.05 5.93 5.88 6.56 7.17 7.74Pacific Industrial-Warehouse Total: 14.33 15.53 15.38 14.68 14.29 14.86 15.00 11.12 7.73 8.55 10.90 11.85 11.68 1977/4
Appreciation: 9.36 10.41 10.16 9.38 8.88 9.26 9.17 5.27 2.03 2.82 4.53 4.77 3.97Income: 4.65 4.75 4.86 4.95 5.08 5.24 5.46 5.62 5.60 5.60 6.15 6.83 7.49
Southeast Industrial-Warehouse Total: 10.17 11.43 12.38 12.13 11.54 11.71 11.13 8.14 5.52 6.17 8.02 8.21 8.39 1980/4Appreciation: 4.18 5.32 6.18 5.89 5.24 5.31 4.62 1.63 -0.83 -0.22 1.15 0.84 0.51
Income: 5.80 5.88 5.93 5.99 6.07 6.16 6.30 6.43 6.38 6.39 6.80 7.32 7.85
Page 60 of 1334/25/2017 Section 2, Page 13
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Industrial Subtypes by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
Southwest Industrial-Flex Space Total: 9.67 10.48 11.15 11.26 10.93 11.24 11.32 9.13 6.64 7.38 8.78 2004/3Appreciation: 2.43 3.68 4.10 4.21 3.94 4.26 4.18 1.94 -0.51 0.17 1.43
Income: 7.12 6.62 6.84 6.84 6.78 6.77 6.93 7.09 7.17 7.20 7.27Southwest Industrial-Warehouse Total: 10.59 11.91 12.78 13.55 12.96 12.99 13.19 10.37 7.69 8.14 8.75 9.30 8.38 1978/4
Appreciation: 4.90 5.97 6.59 7.18 6.50 6.43 6.48 3.68 1.14 1.53 1.68 1.62 0.40Income: 5.49 5.69 5.91 6.06 6.16 6.27 6.40 6.50 6.50 6.54 6.98 7.58 7.96
West North Central Industrial-Warehouse Total: 6.94 8.82 10.44 10.56 10.46 10.05 9.86 6.90 4.80 5.20 7.00 8.09 7.11 1982/1Appreciation: -0.17 1.63 2.79 3.00 2.94 2.61 2.42 -0.45 -2.41 -1.99 -0.46 0.04 -0.95
Income: 7.12 7.11 7.50 7.40 7.36 7.30 7.31 7.37 7.34 7.29 7.49 8.04 8.12Annualized Returns (%)
Office Subtypes by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast Office-CBD Total: 5.51 7.73 8.96 9.11 9.02 9.78 11.44 8.56 4.75 6.30 9.84 10.85 7.94 1985/4
Appreciation: 1.71 3.71 4.70 4.70 4.46 5.06 6.43 3.43 -0.19 1.33 4.05 4.30 1.03Income: 3.75 3.92 4.12 4.26 4.42 4.55 4.79 5.00 4.94 4.91 5.62 6.34 6.85
East Office-Suburban Total: 2.48 5.25 5.63 5.99 5.97 6.63 7.61 5.36 3.06 3.83 6.52 8.55 8.20 1981/1Appreciation: -2.79 -0.21 0.02 0.31 0.22 0.76 1.51 -0.80 -2.94 -2.18 -0.17 1.20 0.43
Income: 5.38 5.47 5.62 5.67 5.74 5.84 6.04 6.19 6.14 6.10 6.70 7.29 7.74Midwest Office-CBD Total: 5.18 7.21 9.94 9.17 8.55 8.63 8.83 6.50 4.81 5.94 7.19 7.98 7.84 1995/2
Appreciation: 0.16 2.02 4.44 3.56 2.88 2.84 3.03 0.76 -0.72 0.26 0.76 0.98 0.71Income: 5.02 5.12 5.32 5.46 5.55 5.66 5.68 5.70 5.56 5.67 6.39 6.96 7.09
Midwest Office-Suburban Total: 3.28 5.47 5.94 5.75 5.92 5.74 5.62 3.62 1.68 2.24 3.86 5.64 5.08 1980/3Appreciation: -3.21 -1.34 -0.94 -1.25 -1.32 -1.50 -1.62 -3.59 -5.29 -4.70 -3.29 -2.06 -2.67
Income: 6.66 6.89 6.93 7.06 7.31 7.31 7.33 7.41 7.26 7.19 7.33 7.81 7.91South Office-CBD Total: 4.35 6.37 8.67 9.36 9.90 10.09 9.88 6.98 4.56 6.63 7.55 7.67 1999/1
Appreciation: -1.04 0.92 3.08 3.69 4.15 4.30 3.98 1.09 -1.11 0.89 1.10 0.87Income: 5.43 5.41 5.46 5.52 5.58 5.61 5.74 5.83 5.72 5.71 6.40 6.76
South Office-Suburban Total: 4.44 7.34 9.37 10.22 10.05 9.91 9.73 7.13 5.07 5.92 7.25 8.17 5.44 1981/3Appreciation: -1.27 1.50 3.33 4.00 3.77 3.60 3.33 0.78 -1.13 -0.30 0.47 0.83 -1.73
Income: 5.76 5.78 5.90 6.05 6.11 6.15 6.24 6.31 6.25 6.24 6.75 7.29 7.27West Office-CBD Total: 6.77 10.62 11.93 11.79 12.14 13.06 13.38 9.31 6.74 8.28 9.37 11.06 7.51 1987/1
Appreciation: 2.45 6.22 7.42 7.21 7.48 8.19 8.23 4.10 1.65 3.16 3.63 4.68 0.90Income: 4.24 4.20 4.28 4.35 4.41 4.60 4.86 5.05 5.02 4.99 5.58 6.16 6.56
West Office-Suburban Total: 7.83 9.88 11.89 11.90 11.32 11.93 11.96 8.33 5.07 6.29 8.28 9.93 7.25 1980/4Appreciation: 3.08 4.96 6.69 6.55 5.84 6.26 6.06 2.44 -0.59 0.63 1.97 3.03 0.25
Income: 4.64 4.75 4.95 5.11 5.25 5.42 5.64 5.77 5.69 5.63 6.21 6.75 6.99
Page 61 of 1334/25/2017 Section 2, Page 14
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Office Subtypes by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
East North Central Office-CBD Total: 5.55 7.53 10.19 2014/2Appreciation: 0.57 2.47 5.02
Income: 4.95 4.96 4.99East North Central Office-Suburban Total: 3.14 5.38 5.97 5.66 5.71 5.72 5.82 3.63 1.42 1.77 3.51 5.41 4.40 1982/4
Appreciation: -3.51 -1.48 -0.88 -1.29 -1.54 -1.51 -1.52 -3.64 -5.54 -5.16 -3.58 -2.24 -3.26Income: 6.83 6.94 6.90 7.02 7.32 7.32 7.42 7.47 7.27 7.21 7.28 7.78 7.85
Mideast Office-CBD Total: 4.93 6.07 6.54 6.91 6.65 7.34 9.55 7.75 5.37 6.28 9.76 10.41 8.29 1991/1Appreciation: 0.93 1.95 2.12 2.34 1.93 2.49 4.44 2.52 0.25 1.10 3.83 3.59 1.21
Income: 3.97 4.06 4.36 4.49 4.66 4.77 4.95 5.13 5.11 5.13 5.78 6.64 7.02Mideast Office-Suburban Total: 1.47 3.30 2.60 3.47 3.65 4.77 6.09 4.00 2.14 2.79 6.40 8.29 7.91 1982/3
Appreciation: -4.26 -2.58 -3.20 -2.31 -2.13 -1.07 0.06 -2.05 -3.77 -3.13 -0.21 0.94 0.22Income: 5.92 6.00 5.94 5.88 5.87 5.90 6.04 6.14 6.09 6.05 6.62 7.31 7.68
Mountain Office-Suburban Total: 5.55 7.23 9.51 10.31 10.16 10.40 9.86 6.35 4.04 4.77 6.90 7.73 7.73 1997/1Appreciation: 0.49 1.92 3.86 4.44 4.09 4.21 3.51 0.02 -2.11 -1.34 0.27 0.61 0.61
Income: 5.05 5.23 5.49 5.68 5.89 6.01 6.19 6.32 6.24 6.16 6.60 7.08 7.08Northeast Office-CBD Total: 5.71 8.38 9.95 10.07 10.14 10.97 12.34 8.91 4.57 6.44 10.05 11.30 7.52 1988/1
Appreciation: 1.98 4.38 5.76 5.73 5.65 6.31 7.38 3.83 -0.29 1.56 4.31 4.89 0.81Income: 3.68 3.88 4.03 4.17 4.31 4.45 4.71 4.93 4.86 4.82 5.55 6.18 6.66
Northeast Office-Suburban Total: 3.27 6.90 8.43 8.31 8.18 8.36 9.00 6.62 3.88 4.75 6.72 8.86 8.29 1982/1Appreciation: -1.62 1.79 2.95 2.70 2.42 2.43 2.80 0.32 -2.24 -1.38 -0.07 1.49 0.39
Income: 4.96 5.05 5.36 5.50 5.66 5.83 6.08 6.27 6.22 6.19 6.79 7.30 7.88Pacific Office-CBD Total: 7.17 11.14 12.32 11.88 12.23 13.28 13.62 9.48 6.89 8.44 9.52 11.34 8.37 1990/4
Appreciation: 2.90 6.82 7.89 7.40 7.68 8.50 8.54 4.33 1.85 3.38 3.81 5.02 1.76Income: 4.17 4.12 4.18 4.24 4.30 4.50 4.78 4.97 4.96 4.93 5.53 6.09 6.51
Pacific Office-Suburban Total: 8.03 10.08 12.08 12.03 11.41 12.08 12.21 8.56 5.19 6.46 8.47 10.28 7.25 1982/1Appreciation: 3.31 5.20 6.92 6.72 5.99 6.46 6.36 2.73 -0.42 0.85 2.20 3.40 0.22
Income: 4.61 4.71 4.90 5.06 5.19 5.36 5.59 5.71 5.62 5.57 6.17 6.71 7.02Southeast Office-Suburban Total: 6.42 9.68 10.79 10.25 9.66 9.13 8.91 6.08 3.93 4.54 6.53 7.36 5.72 1985/1
Appreciation: 0.64 3.73 4.70 4.07 3.41 2.86 2.52 -0.27 -2.29 -1.68 -0.21 0.06 -1.66Income: 5.75 5.79 5.89 6.00 6.09 6.14 6.27 6.36 6.32 6.29 6.75 7.29 7.47
Southwest Office-CBD Total: 4.40 2.35 2015/4Appreciation: -1.10 -3.16
Income: 5.56 5.65
Page 62 of 1334/25/2017 Section 2, Page 15
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Office Subtypes by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
Southwest Office-Suburban Total: 2.82 5.56 8.31 10.37 10.51 10.73 10.57 8.22 6.32 7.59 8.10 9.06 4.87 1981/4Appreciation: -2.83 -0.19 2.30 4.09 4.19 4.37 4.17 1.87 0.15 1.34 1.27 1.66 -2.17
Income: 5.77 5.76 5.91 6.09 6.13 6.17 6.22 6.26 6.17 6.19 6.76 7.30 7.16Annualized Returns (%)
Retail Subtypes by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrEast Retail-Community Total: 5.70 8.31 8.66 8.96 9.78 10.08 10.57 8.61 6.28 6.34 9.87 9.63 7.72 1989/4
Appreciation: 0.28 2.70 2.91 2.98 3.66 3.87 4.25 2.31 0.10 0.18 3.03 2.16 0.25Income: 5.41 5.50 5.63 5.84 5.97 6.04 6.13 6.19 6.17 6.15 6.70 7.36 7.45
East Retail-Fashion/Specialty Center Total: 4.92 5.57 2015/2Appreciation: 0.14 0.57
Income: 4.78 4.97East Retail-Neighborhood Total: 8.30 10.95 12.79 12.21 12.15 11.86 12.54 9.93 7.58 7.64 11.03 11.03 2002/1
Appreciation: 2.88 5.34 6.94 6.24 6.01 5.55 5.97 3.41 1.20 1.28 4.02 4.02Income: 5.30 5.39 5.57 5.70 5.88 6.06 6.29 6.35 6.32 6.30 6.81 6.81
East Retail-Power Center Total: 7.78 8.83 8.54 8.65 8.27 8.99 9.85 7.66 5.15 5.32 5.32 2007/1Appreciation: 2.14 3.14 2.70 2.67 2.17 2.67 3.31 1.12 -1.28 -1.02 -1.02
Income: 5.55 5.56 5.72 5.87 6.01 6.21 6.39 6.49 6.49 6.38 6.38East Retail-Single Tenant Total: 4.39 8.91 11.27 12.94 13.26 13.59 2011/4
Appreciation: 1.21 5.27 7.20 8.61 8.59 8.81Income: 3.15 3.51 3.87 4.08 4.40 4.49
Midwest Retail-Community Total: 5.53 7.44 8.78 9.41 9.08 9.05 9.12 7.40 4.70 5.39 8.19 8.43 7.55 1989/4Appreciation: -0.16 1.67 2.88 3.10 2.61 2.45 2.39 0.68 -1.86 -1.19 1.05 0.81 -0.34
Income: 5.70 5.69 5.78 6.16 6.34 6.48 6.61 6.68 6.65 6.65 7.08 7.57 7.91Midwest Retail-Neighborhood Total: 6.90 10.55 10.65 11.07 10.57 9.84 10.94 8.87 5.93 5.93 8.64 8.64 2002/1
Appreciation: 1.62 4.85 4.66 4.86 4.11 3.24 4.07 1.96 -0.72 -0.66 1.47 1.47Income: 5.21 5.51 5.78 6.00 6.27 6.44 6.67 6.80 6.68 6.62 7.09 7.09
South Retail-Community Total: 8.32 11.50 12.91 13.05 12.49 12.57 12.35 9.62 6.79 7.03 10.11 10.38 8.33 1987/2Appreciation: 2.77 5.68 6.89 6.78 6.09 6.03 5.70 3.01 0.37 0.64 3.19 2.84 0.70
Income: 5.43 5.58 5.74 5.97 6.13 6.26 6.38 6.46 6.41 6.35 6.76 7.39 7.59South Retail-Fashion/Specialty Center Total: 5.87 2016/2
Appreciation: 1.23Income: 4.60
South Retail-Neighborhood Total: 9.23 11.98 13.29 13.09 12.36 11.85 12.02 9.39 6.74 6.94 9.97 10.59 9.42 1987/4Appreciation: 3.65 6.15 7.20 6.87 6.07 5.48 5.52 2.94 0.45 0.68 3.15 3.22 1.87
Income: 5.43 5.57 5.79 5.92 6.02 6.12 6.24 6.32 6.27 6.23 6.67 7.20 7.45
Page 63 of 1334/25/2017 Section 2, Page 16
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Retail Subtypes by Region 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
South Retail-Power Center Total: 8.38 9.57 10.41 10.96 11.01 10.79 10.35 7.61 4.77 4.81 5.55 2006/1Appreciation: 2.07 3.13 3.79 4.24 4.17 3.93 3.42 0.69 -1.96 -1.79 -1.09
Income: 6.22 6.29 6.44 6.52 6.64 6.67 6.75 6.87 6.82 6.69 6.69West Retail-Community Total: 8.60 11.40 11.75 11.88 11.26 12.28 12.68 10.22 7.61 8.04 11.30 11.36 9.94 1984/1
Appreciation: 3.31 5.99 6.15 6.15 5.44 6.30 6.54 4.10 1.61 2.03 4.63 4.07 2.51Income: 5.16 5.19 5.35 5.49 5.60 5.71 5.86 5.94 5.92 5.91 6.46 7.08 7.30
West Retail-Fashion/Specialty Center Total: 8.02 11.06 10.85 2014/2Appreciation: 3.82 6.66 6.35
Income: 4.08 4.19 4.30West Retail-Neighborhood Total: 9.81 12.50 11.95 12.03 12.06 11.89 12.39 9.79 7.01 7.24 10.63 10.95 9.79 1979/1
Appreciation: 4.66 7.04 6.38 6.38 6.28 5.97 6.23 3.68 1.06 1.30 3.95 3.53 1.85Income: 4.98 5.19 5.32 5.40 5.52 5.67 5.89 5.95 5.90 5.88 6.50 7.23 7.83
West Retail-Power Center Total: 6.55 9.34 9.98 10.59 10.73 11.10 11.63 8.43 5.82 6.23 6.75 2006/1Appreciation: 0.93 3.66 4.20 4.71 4.74 4.96 5.25 2.02 -0.48 -0.07 0.42
Income: 5.58 5.54 5.60 5.68 5.78 5.92 6.14 6.30 6.32 6.29 6.30West Retail-Regional Total: 6.81 2016/2
Appreciation: 2.01Income: 4.73
West Retail-Single Tenant Total: 2.76 2.76 2016/1Appreciation: -0.83 -0.83
Income: 3.60 3.60West Retail-Super Regional Total: 7.36 2016/3
Appreciation: 2.74Income: 4.53
Annualized Returns (%)Retail Subtypes by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
East North Central Retail-Community Total: 6.09 7.98 9.19 9.87 9.41 9.51 9.32 7.57 4.84 5.49 6.94 2004/4Appreciation: 0.40 2.19 3.29 3.57 2.94 2.86 2.53 0.77 -1.82 -1.19 0.15
Income: 5.67 5.71 5.77 6.14 6.33 6.51 6.66 6.76 6.75 6.74 6.78East North Central Retail-Neighborhood Total: 5.91 10.65 10.51 11.22 10.57 9.69 10.81 8.67 5.69 5.79 8.12 2004/1
Appreciation: 0.99 5.20 4.75 5.18 4.26 3.22 4.05 1.88 -0.83 -0.68 1.35Income: 4.88 5.26 5.57 5.82 6.11 6.31 6.56 6.69 6.56 6.50 6.70
Mideast Retail-Community Total: 6.41 9.13 9.20 9.23 9.98 10.41 11.45 9.40 6.56 6.52 8.52 2004/4Appreciation: 0.82 3.32 3.27 3.15 3.78 4.15 5.04 2.99 0.29 0.29 2.09
Income: 5.56 5.67 5.79 5.93 6.03 6.07 6.18 6.27 6.26 6.22 6.33
Page 64 of 1334/25/2017 Section 2, Page 17
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Retail Subtypes by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
Mideast Retail-Neighborhood Total: 9.68 12.58 13.73 12.32 12.34 12.03 13.03 10.07 7.93 7.95 8.80 2005/3Appreciation: 3.92 6.62 7.55 6.03 5.90 5.45 6.19 3.34 1.33 1.38 2.21
Income: 5.60 5.68 5.86 6.02 6.16 6.32 6.54 6.57 6.53 6.50 6.49Mideast Retail-Power Center Total: 8.47 9.70 2015/2
Appreciation: 2.92 4.17Income: 5.44 5.36
Mountain Retail-Neighborhood Total: 8.00 11.82 11.58 11.79 11.42 10.73 10.49 7.89 5.66 5.97 6.38 2006/2Appreciation: 2.28 5.73 5.40 5.53 5.07 4.32 3.97 1.55 -0.54 -0.24 0.14
Income: 5.63 5.84 5.94 6.02 6.12 6.21 6.33 6.27 6.22 6.22 6.23Northeast Retail-Community Total: 4.64 7.11 7.87 8.57 9.48 9.64 9.81 7.96 5.95 6.11 7.76 2005/1
Appreciation: -0.52 1.79 2.39 2.74 3.46 3.50 3.58 1.76 -0.15 0.02 1.47Income: 5.18 5.26 5.38 5.71 5.87 5.98 6.07 6.12 6.10 6.10 6.22
Northeast Retail-Neighborhood Total: 6.67 9.13 11.85 12.30 11.96 11.69 11.75 9.65 6.94 7.03 9.81 2003/1Appreciation: 1.67 3.94 6.39 6.72 6.19 5.74 5.56 3.44 0.87 0.97 3.31
Income: 4.94 5.05 5.22 5.31 5.52 5.71 5.94 6.05 6.02 6.01 6.35Northeast Retail-Single Tenant Total: 4.40 8.83 8.83 2015/1
Appreciation: 1.25 5.23 5.23Income: 3.12 3.47 3.47
Pacific Retail-Community Total: 8.57 11.02 11.18 11.24 10.67 11.96 12.49 10.16 7.56 8.03 11.47 11.47 10.07 1985/3Appreciation: 3.43 5.84 5.86 5.81 5.15 6.27 6.62 4.29 1.80 2.26 5.01 4.38 2.81
Income: 5.01 4.97 5.10 5.20 5.32 5.44 5.60 5.69 5.68 5.68 6.23 6.86 7.11Pacific Retail-Fashion/Specialty Center Total: 7.59 9.53 2015/3
Appreciation: 3.58 5.38Income: 3.91 3.98
Pacific Retail-Neighborhood Total: 10.15 12.62 12.02 12.07 12.18 12.13 12.84 10.27 7.34 7.55 10.87 10.98 1999/1Appreciation: 5.10 7.28 6.57 6.54 6.52 6.31 6.75 4.19 1.44 1.66 4.23 3.87
Income: 4.86 5.07 5.20 5.27 5.40 5.56 5.81 5.90 5.84 5.82 6.44 6.91Pacific Retail-Power Center Total: 6.97 9.78 10.29 10.79 11.01 11.65 12.03 2010/3
Appreciation: 1.67 4.26 4.62 5.01 5.13 5.64 5.90Income: 5.24 5.35 5.48 5.57 5.67 5.77 5.87
Pacific Retail-Single Tenant Total: 2.64 2.64 2016/1Appreciation: -0.74 -0.74
Income: 3.39 3.39
Page 65 of 1334/25/2017 Section 2, Page 18
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)Retail Subtypes by Division 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
Southeast Retail-Community Total: 7.99 10.89 12.79 12.98 12.29 12.31 11.92 8.94 6.13 6.50 9.64 9.97 8.50 1989/4Appreciation: 2.11 4.99 6.76 6.71 5.89 5.77 5.27 2.34 -0.28 0.14 2.80 2.52 0.81
Income: 5.79 5.70 5.74 5.97 6.14 6.28 6.40 6.48 6.42 6.36 6.71 7.31 7.64Southeast Retail-Neighborhood Total: 10.10 12.26 13.52 12.91 12.11 11.70 11.81 9.04 6.31 6.57 9.81 10.16 10.13 1995/2
Appreciation: 4.56 6.48 7.43 6.71 5.85 5.35 5.35 2.63 0.08 0.37 3.06 2.90 2.71Income: 5.36 5.52 5.77 5.91 6.00 6.11 6.21 6.28 6.22 6.17 6.61 7.11 7.28
Southeast Retail-Power Center Total: 8.26 9.34 9.77 10.35 10.53 10.47 10.60 7.43 4.36 4.42 4.42 2007/1Appreciation: 1.58 2.50 2.81 3.30 3.33 3.10 3.07 0.00 -2.80 -2.53 -2.53
Income: 6.61 6.71 6.82 6.88 7.02 7.20 7.37 7.43 7.31 7.08 7.08Southwest Retail-Community Total: 8.66 12.30 12.95 13.06 12.83 13.06 13.27 11.21 8.39 8.14 2007/4
Appreciation: 3.51 6.54 6.85 6.72 6.38 6.50 6.59 4.56 1.87 1.63Income: 5.03 5.50 5.81 6.04 6.16 6.26 6.37 6.44 6.43 6.43
Southwest Retail-Neighborhood Total: 7.03 11.20 12.68 13.56 13.07 12.28 12.44 2010/2Appreciation: 1.36 5.26 6.56 7.30 6.69 5.87 5.89
Income: 5.62 5.71 5.83 5.94 6.08 6.15 6.27Southwest Retail-Power Center Total: 8.47 9.72 10.91 11.46 11.39 10.77 2011/3
Appreciation: 2.52 3.65 4.62 5.05 4.89 4.39Income: 5.83 5.91 6.08 6.18 6.27 6.18
West North Central Retail-Neighborhood Total: 9.05 10.47 10.47 2015/1Appreciation: 3.03 4.22 4.22
Income: 5.89 6.06 6.06Annualized Returns (%)
MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrCA-Anaheim-SantaAna-Irvine Total: 9.06 11.18 12.09 11.82 11.30 11.61 11.98 8.88 5.16 5.95 9.39 10.90 8.93 1981/1
Appreciation: 4.28 6.28 7.07 6.71 6.08 6.23 6.44 3.39 -0.16 0.62 3.44 4.23 1.77Income: 4.63 4.68 4.77 4.87 4.99 5.14 5.29 5.36 5.32 5.30 5.80 6.46 7.07
CA-Anaheim-SantaAna-Irvine Apartment Total: 10.27 13.10 13.10 2015/1Appreciation: 5.48 8.22 8.22
Income: 4.60 4.60 4.60CA-Anaheim-SantaAna-Irvine Industrial Total: 12.52 13.28 14.08 13.67 13.42 13.64 12.95 9.70 6.41 7.32 10.88 12.07 10.09 1984/1
Appreciation: 7.62 8.25 8.99 8.51 8.11 8.17 7.34 4.12 0.97 1.85 4.66 5.05 2.62Income: 4.64 4.74 4.78 4.86 5.01 5.16 5.32 5.41 5.39 5.39 6.01 6.77 7.33
CA-Anaheim-SantaAna-Irvine Industrial-Warehouse
Total: 12.53 13.20 14.28 13.90 13.57 13.89 13.68 10.68 6.95 7.97 11.33 11.31 2001/3Appreciation: 7.77 8.31 9.32 8.87 8.35 8.43 8.04 5.05 1.50 2.50 5.21 5.10
Income: 4.50 4.61 4.64 4.72 4.92 5.14 5.32 5.41 5.38 5.37 5.89 5.98
Page 66 of 1334/25/2017 Section 2, Page 19
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
CA-Anaheim-SantaAna-Irvine Office Total: 7.32 10.30 11.10 10.42 9.55 10.23 10.55 7.23 3.14 3.96 7.34 7.51 2000/1Appreciation: 2.69 5.50 6.31 5.54 4.59 5.06 5.20 1.89 -2.03 -1.22 1.61 1.56
Income: 4.54 4.62 4.58 4.69 4.79 4.98 5.16 5.27 5.25 5.22 5.66 5.88CA-Anaheim-SantaAna-Irvine Office-Suburban Total: 7.32 10.30 11.10 10.42 9.55 10.23 10.55 7.23 3.14 3.96 7.34 7.51 2000/1
Appreciation: 2.69 5.50 6.31 5.54 4.59 5.06 5.20 1.89 -2.03 -1.22 1.61 1.56Income: 4.54 4.62 4.58 4.69 4.79 4.98 5.16 5.27 5.25 5.22 5.66 5.88
CA-Anaheim-SantaAna-Irvine Retail Total: 7.33 9.00 2015/2Appreciation: 2.62 4.12
Income: 4.62 4.73GA-Atlanta-SandySprings-Roswell Total: 7.84 11.10 12.67 12.31 11.84 11.83 11.78 8.80 6.01 6.29 7.62 8.26 8.01 1981/3
Appreciation: 2.38 5.47 6.79 6.27 5.69 5.57 5.40 2.46 -0.16 0.16 1.11 1.19 0.48Income: 5.37 5.41 5.61 5.77 5.90 6.00 6.13 6.22 6.17 6.12 6.45 7.00 7.50
GA-Atlanta-SandySprings-Roswell Apartment Total: 8.09 10.27 13.50 13.61 13.08 13.30 13.58 10.23 7.10 7.21 7.98 8.69 9.60 1992/2Appreciation: 3.09 5.09 8.01 7.97 7.36 7.50 7.70 4.47 1.52 1.67 2.30 2.30 2.58
Income: 4.88 4.99 5.19 5.33 5.43 5.50 5.56 5.58 5.52 5.47 5.59 6.29 6.88GA-Atlanta-SandySprings-Roswell Apartment-
GardenTotal: 8.65 11.15 14.54 14.32 13.54 13.69 13.68 10.49 7.39 7.35 7.93 8.64 8.75 1995/4
Appreciation: 3.21 5.63 8.72 8.39 7.54 7.64 7.56 4.48 1.57 1.60 2.11 2.15 2.10Income: 5.32 5.31 5.47 5.59 5.69 5.73 5.80 5.82 5.75 5.69 5.73 6.40 6.55
GA-Atlanta-SandySprings-Roswell Apartment-HighRise
Total: 7.88 9.80 12.47 13.03 12.75 13.02 13.02 2011/1Appreciation: 3.16 4.83 7.22 7.61 7.27 7.45 7.45
Income: 4.60 4.80 4.99 5.13 5.21 5.28 5.28GA-Atlanta-SandySprings-Roswell Industrial Total: 10.76 12.65 14.09 13.35 12.55 12.73 12.21 8.99 6.36 6.93 8.24 8.63 8.19 1983/2
Appreciation: 4.45 6.19 7.53 6.74 5.91 5.93 5.29 2.14 -0.27 0.29 1.25 1.12 0.30Income: 6.10 6.18 6.21 6.30 6.36 6.51 6.66 6.73 6.64 6.63 6.92 7.45 7.87
GA-Atlanta-SandySprings-Roswell Industrial-Warehouse
Total: 10.78 12.35 14.05 13.37 12.50 12.79 12.42 9.22 6.50 7.01 8.36 8.26 1999/1Appreciation: 4.47 5.90 7.50 6.76 5.89 6.03 5.52 2.39 -0.11 0.37 1.36 1.07
Income: 6.10 6.18 6.20 6.29 6.33 6.47 6.62 6.71 6.62 6.62 6.92 7.14GA-Atlanta-SandySprings-Roswell Office Total: 5.17 10.75 11.18 10.56 10.28 9.51 9.34 6.84 4.32 4.78 6.14 7.09 7.09 1997/1
Appreciation: -0.03 5.20 5.39 4.63 4.17 3.36 3.05 0.53 -1.87 -1.39 -0.54 -0.08 -0.08Income: 5.20 5.34 5.57 5.73 5.92 6.00 6.14 6.27 6.26 6.23 6.69 7.17 7.17
GA-Atlanta-SandySprings-Roswell Office-Suburban Total: 4.66 10.17 11.20 10.66 10.51 9.64 9.45 6.86 4.37 4.85 6.17 6.85 6.85 1997/1Appreciation: -0.64 4.47 5.28 4.64 4.26 3.35 3.06 0.47 -1.89 -1.39 -0.53 -0.27 -0.27
Income: 5.32 5.52 5.70 5.82 6.05 6.13 6.25 6.36 6.34 6.29 6.72 7.12 7.12
Page 67 of 1334/25/2017 Section 2, Page 20
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
GA-Atlanta-SandySprings-Roswell Retail Total: 8.08 11.33 11.96 11.72 11.48 11.88 11.89 9.05 6.22 6.30 8.96 2003/1Appreciation: 2.41 5.65 6.05 5.59 5.22 5.45 5.24 2.36 -0.31 -0.15 2.19
Income: 5.57 5.45 5.65 5.89 6.02 6.19 6.41 6.57 6.54 6.45 6.65TX-Austin-RoundRock Total: 7.00 10.52 11.43 10.91 11.11 11.66 12.23 9.44 7.21 7.70 8.23 9.28 9.36 1995/1
Appreciation: 1.86 5.15 5.86 5.26 5.32 5.82 6.34 3.63 1.56 2.03 1.92 2.28 2.20Income: 5.07 5.17 5.33 5.43 5.57 5.60 5.62 5.66 5.59 5.59 6.22 6.88 7.04
TX-Austin-RoundRock Apartment Total: 5.43 7.83 9.10 9.15 9.72 10.49 12.24 9.59 7.26 8.00 8.12 8.88 1998/4Appreciation: 0.71 2.98 4.08 4.04 4.47 5.12 6.73 4.12 1.92 2.59 2.53 2.75
Income: 4.70 4.75 4.88 4.96 5.08 5.17 5.25 5.31 5.27 5.31 5.49 6.00TX-Austin-RoundRock Apartment-Garden Total: 6.96 9.62 10.27 10.54 10.64 11.75 13.27 10.34 7.86 8.64 8.43 9.11 1998/4
Appreciation: 1.88 4.42 4.94 5.14 5.13 6.12 7.54 4.69 2.36 3.08 2.75 2.91Income: 5.02 5.04 5.15 5.20 5.31 5.39 5.43 5.46 5.41 5.44 5.57 6.07
TX-Austin-RoundRock Industrial Total: 9.39 16.45 15.93 15.39 14.07 14.05 13.88 10.29 8.28 9.19 8.72 8.43 2001/3Appreciation: 3.04 9.99 9.26 8.56 7.29 7.25 7.02 3.50 1.61 2.43 1.38 0.98
Income: 6.21 6.01 6.24 6.42 6.44 6.44 6.52 6.61 6.58 6.63 7.24 7.38TX-Austin-RoundRock Industrial-Warehouse Total: 9.83 16.27 15.73 15.36 14.52 13.55 2011/3
Appreciation: 3.78 10.13 9.46 8.99 8.07 7.15Income: 5.88 5.71 5.85 5.97 6.08 6.08
TX-Austin-RoundRock Office Total: 8.10 12.25 13.20 11.66 11.46 11.81 11.29 8.34 6.50 7.07 9.09 2005/3Appreciation: 2.77 6.57 7.38 5.87 5.57 5.98 5.56 2.73 1.06 1.63 3.34
Income: 5.22 5.42 5.52 5.56 5.66 5.58 5.51 5.50 5.40 5.38 5.62TX-Austin-RoundRock Office-Suburban Total: 7.02 9.57 11.09 11.09 2014/1
Appreciation: 1.51 3.82 5.16 5.16Income: 5.45 5.60 5.71 5.71
TX-Austin-RoundRock Retail Total: 4.47 2016/4Appreciation: -0.75
Income: 5.25MD-Baltimore-Columbia-Towson Total: 5.88 7.08 7.97 8.41 8.64 9.36 10.79 8.86 5.87 6.17 9.59 10.30 8.58 1989/4
Appreciation: 0.36 1.48 2.25 2.59 2.72 3.34 4.55 2.62 -0.20 0.10 2.76 2.77 0.93Income: 5.50 5.54 5.62 5.71 5.80 5.88 6.04 6.12 6.08 6.06 6.70 7.39 7.60
MD-Baltimore-Columbia-Towson Apartment Total: 5.79 5.13 6.14 6.99 7.30 7.79 2011/3Appreciation: 0.65 -0.02 0.92 1.68 1.91 2.35
Income: 5.12 5.15 5.18 5.24 5.32 5.35
Page 68 of 1334/25/2017 Section 2, Page 21
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
MD-Baltimore-Columbia-Towson Industrial Total: 7.51 8.22 8.57 9.29 8.77 9.71 10.46 8.11 5.44 5.68 9.15 9.34 2001/2Appreciation: 1.58 2.34 2.64 3.16 2.54 3.36 3.91 1.62 -0.87 -0.59 2.19 2.23
Income: 5.86 5.78 5.82 5.98 6.11 6.20 6.37 6.41 6.36 6.30 6.85 7.00MD-Baltimore-Columbia-Towson Industrial-
WarehouseTotal: 8.63 9.30 9.57 10.14 9.43 10.29 11.13 8.70 5.97 6.18 9.52 9.50 2001/4
Appreciation: 2.81 3.53 3.76 4.14 3.32 4.04 4.69 2.32 -0.25 -0.01 2.63 2.58Income: 5.70 5.62 5.66 5.82 5.96 6.07 6.23 6.27 6.23 6.18 6.76 6.80
MA-Boston Total: 6.26 8.74 9.42 9.79 9.26 10.23 10.69 6.81 3.71 5.85 8.06 8.71 1999/4Appreciation: 2.33 4.56 5.02 5.17 4.51 5.33 5.55 1.63 -1.29 0.79 2.25 2.58
Income: 3.87 4.05 4.24 4.45 4.60 4.72 4.94 5.10 5.04 5.02 5.71 6.01MA-Boston Apartment Total: 6.11 7.00 2015/4
Appreciation: 1.81 2.66Income: 4.24 4.26
MA-Boston Office Total: 6.41 8.60 9.38 9.78 9.04 10.23 10.57 6.07 2.72 5.55 8.23 8.23 2002/1Appreciation: 2.68 4.60 5.14 5.31 4.41 5.42 5.46 0.91 -2.24 0.50 2.34 2.34
Income: 3.65 3.88 4.09 4.30 4.48 4.63 4.91 5.11 5.03 5.02 5.79 5.79MA-Boston Office-CBD Total: 6.73 9.00 9.70 10.11 9.25 9.26 2011/4
Appreciation: 3.08 5.06 5.52 5.71 4.71 4.70Income: 3.57 3.80 4.01 4.22 4.39 4.41
MA-Cambridge-Newton-Framingham Total: 9.45 10.36 11.25 11.56 11.86 12.04 12.55 9.86 6.34 7.10 8.24 9.52 8.70 1988/2Appreciation: 4.53 5.16 5.91 6.13 6.30 6.32 6.67 3.95 0.67 1.44 1.93 2.59 1.00
Income: 4.77 5.01 5.11 5.20 5.31 5.47 5.60 5.74 5.64 5.59 6.22 6.79 7.63MA-Cambridge-Newton-Framingham Apartment Total: 7.52 8.31 8.75 9.36 10.56 11.85 13.82 11.22 7.58 7.58 2008/1
Appreciation: 3.21 3.77 4.18 4.66 5.69 6.80 8.53 5.89 2.46 2.46Income: 4.21 4.42 4.43 4.54 4.67 4.81 4.98 5.11 5.02 5.02
MA-Cambridge-Newton-Framingham Office Total: 11.32 12.98 14.02 13.76 13.37 13.24 13.57 10.43 5.74 7.00 7.33 8.48 1999/2Appreciation: 6.15 7.60 8.40 8.11 7.64 7.35 7.55 4.39 0.03 1.30 0.86 1.65
Income: 4.94 5.10 5.30 5.33 5.42 5.59 5.71 5.84 5.70 5.64 6.42 6.74MA-Cambridge-Newton-Framingham Office-
SuburbanTotal: 11.32 12.98 14.02 13.76 13.37 13.24 13.57 10.43 5.74 7.00 7.33 8.48 1999/2
Appreciation: 6.15 7.60 8.40 8.11 7.64 7.35 7.55 4.39 0.03 1.30 0.86 1.65Income: 4.94 5.10 5.30 5.33 5.42 5.59 5.71 5.84 5.70 5.64 6.42 6.74
NJ-Camden Total: 8.52 8.78 8.78 2015/1Appreciation: 3.15 3.36 3.36
Income: 5.25 5.28 5.28
Page 69 of 1334/25/2017 Section 2, Page 22
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
NJ-Camden Industrial Total: 13.79 13.84 2015/4Appreciation: 8.17 8.37
Income: 5.30 5.15NJ-Camden Industrial-Warehouse Total: 13.37 13.60 2015/4
Appreciation: 7.82 8.20Income: 5.25 5.08
NC-SC-Charlotte-Concord-Gastonia Total: 10.70 12.19 12.54 12.32 12.90 12.82 12.82 9.61 6.96 7.54 8.36 9.04 9.21 1995/4Appreciation: 4.52 5.92 6.06 5.70 6.08 5.95 5.78 2.66 0.22 0.83 1.29 1.47 1.55
Income: 5.98 6.01 6.20 6.36 6.52 6.58 6.75 6.81 6.72 6.67 7.00 7.48 7.58NC-SC-Charlotte-Concord-Gastonia Apartment Total: 12.40 12.40 2016/1
Appreciation: 6.61 6.61Income: 5.52 5.52
NC-SC-Charlotte-Concord-Gastonia Industrial Total: 12.35 14.32 14.32 2015/1Appreciation: 5.78 7.42 7.42
Income: 6.31 6.55 6.55NC-SC-Charlotte-Concord-Gastonia Office Total: 9.50 11.95 12.39 12.07 12.37 11.77 10.98 10.98 2010/1
Appreciation: 3.09 5.45 5.66 5.16 5.28 4.61 3.61 3.61Income: 6.27 6.25 6.46 6.66 6.83 6.92 7.18 7.18
IL-Chicago-Naperville-ArlingtonHeights Total: 6.44 8.74 10.27 10.51 10.54 11.06 11.43 8.87 6.23 6.90 8.43 8.98 8.30 1977/4Appreciation: 1.60 3.73 5.06 5.14 5.00 5.38 5.59 3.02 0.55 1.17 2.20 2.17 1.08
Income: 4.79 4.87 5.02 5.17 5.34 5.47 5.61 5.71 5.66 5.68 6.13 6.70 7.16IL-Chicago-Naperville-ArlingtonHeights Apartment Total: 4.85 7.18 8.65 8.90 9.70 10.77 11.97 9.69 7.13 7.55 8.46 8.30 2000/3
Appreciation: 0.51 2.74 4.04 4.18 4.78 5.70 6.78 4.50 2.05 2.47 3.21 2.87Income: 4.33 4.36 4.48 4.58 4.76 4.86 4.94 5.03 5.00 4.99 5.13 5.32
IL-Chicago-Naperville-ArlingtonHeights Apartment-HighRise
Total: 4.54 6.90 8.65 8.96 9.93 11.13 11.80 2010/2Appreciation: 0.32 2.58 4.15 4.37 5.15 6.24 6.88
Income: 4.21 4.24 4.36 4.45 4.61 4.68 4.69IL-Chicago-Naperville-ArlingtonHeights Industrial Total: 10.80 12.13 12.30 12.04 11.12 11.42 11.57 8.64 5.41 5.66 7.60 8.30 8.19 1977/4
Appreciation: 5.14 6.34 6.34 6.03 5.05 5.23 5.15 2.21 -0.84 -0.56 0.93 1.03 0.46Income: 5.46 5.52 5.69 5.75 5.84 5.96 6.18 6.31 6.28 6.24 6.62 7.21 7.70
IL-Chicago-Naperville-ArlingtonHeights Industrial-Warehouse
Total: 11.05 12.00 12.45 12.21 11.22 11.54 11.73 8.76 5.55 5.78 7.60 8.31 8.16 1977/4Appreciation: 5.33 6.21 6.48 6.21 5.18 5.38 5.33 2.36 -0.68 -0.43 0.96 1.07 0.50
Income: 5.50 5.54 5.69 5.74 5.82 5.93 6.15 6.28 6.25 6.22 6.59 7.17 7.63
Page 70 of 1334/25/2017 Section 2, Page 23
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
IL-Chicago-Naperville-ArlingtonHeights Office Total: 5.28 7.10 9.75 9.08 8.74 8.92 8.89 6.18 3.99 4.83 6.03 7.60 5.64 1985/3Appreciation: 0.22 1.89 4.28 3.39 2.87 2.97 2.85 0.16 -1.81 -1.11 -0.34 0.69 -1.37
Income: 5.06 5.13 5.30 5.55 5.75 5.83 5.91 6.00 5.88 6.00 6.38 6.88 7.07IL-Chicago-Naperville-ArlingtonHeights Office-CBD Total: 5.56 7.53 10.24 2014/2
Appreciation: 0.60 2.45 5.01Income: 4.95 4.99 5.04
IL-Chicago-Naperville-ArlingtonHeights Retail Total: 7.41 10.72 11.97 13.09 13.07 13.31 13.27 10.95 8.52 9.50 11.99 11.05 1999/4Appreciation: 2.83 5.89 6.92 7.77 7.55 7.59 7.34 4.97 2.65 3.57 5.40 4.29
Income: 4.48 4.63 4.80 5.03 5.22 5.42 5.62 5.76 5.75 5.77 6.33 6.55IL-Chicago-Naperville-ArlingtonHeights Retail-
NeighborhoodTotal: 5.22 10.25 10.34 11.20 10.69 9.81 10.84 8.62 5.77 5.95 2007/3
Appreciation: 0.29 4.84 4.57 5.15 4.40 3.37 4.10 1.86 -0.74 -0.55Income: 4.91 5.23 5.58 5.83 6.09 6.28 6.54 6.66 6.54 6.53
TX-Dallas-Plano-Irving Total: 9.14 10.44 11.16 11.87 11.49 11.75 12.23 9.57 6.99 7.32 8.27 8.63 7.39 1980/2Appreciation: 4.02 5.13 5.64 6.16 5.67 5.84 6.18 3.53 1.07 1.39 1.88 1.63 0.09
Income: 4.97 5.12 5.30 5.47 5.58 5.66 5.79 5.89 5.86 5.87 6.30 6.92 7.29TX-Dallas-Plano-Irving Apartment Total: 7.25 8.31 9.66 10.29 10.84 11.80 13.23 10.48 8.24 8.33 8.84 8.86 8.79 1996/1
Appreciation: 2.30 3.23 4.42 4.92 5.32 6.13 7.41 4.70 2.57 2.67 2.99 2.40 2.23Income: 4.87 4.96 5.08 5.18 5.31 5.42 5.52 5.58 5.57 5.55 5.72 6.34 6.45
TX-Dallas-Plano-Irving Apartment-Garden Total: 8.37 11.08 11.20 11.93 11.75 12.98 13.83 11.06 9.16 9.29 9.32 9.20 9.10 1996/1Appreciation: 2.77 5.24 5.20 5.84 5.62 6.74 7.50 4.79 3.01 3.18 3.17 2.53 2.34
Income: 5.49 5.62 5.77 5.84 5.89 5.94 6.00 6.05 6.02 5.97 6.01 6.55 6.64TX-Dallas-Plano-Irving Apartment-HighRise Total: 6.25 6.76 8.55 9.55 10.64 10.69 2011/2
Appreciation: 1.85 2.24 3.89 4.77 5.64 5.57Income: 4.34 4.45 4.53 4.62 4.80 4.91
TX-Dallas-Plano-Irving Industrial Total: 11.16 12.48 13.24 13.43 12.84 13.01 13.22 10.24 7.50 8.02 8.53 8.99 7.77 1980/4Appreciation: 5.41 6.56 7.10 7.14 6.47 6.57 6.61 3.62 0.99 1.46 1.56 1.43 -0.17
Income: 5.53 5.65 5.84 5.98 6.08 6.15 6.31 6.44 6.45 6.49 6.87 7.46 7.94TX-Dallas-Plano-Irving Industrial-Warehouse Total: 11.68 12.98 13.58 13.83 13.19 13.30 13.54 10.45 7.77 8.31 8.77 9.16 8.24 1980/4
Appreciation: 5.93 7.03 7.42 7.50 6.79 6.85 6.92 3.85 1.28 1.75 1.81 1.62 0.27Income: 5.51 5.65 5.84 5.99 6.09 6.15 6.30 6.42 6.42 6.47 6.86 7.44 7.94
TX-Dallas-Plano-Irving Office Total: 10.85 10.73 11.73 12.63 11.97 11.85 11.88 9.47 6.35 6.83 7.32 8.01 8.68 1994/3Appreciation: 5.46 5.04 5.79 6.50 5.84 5.70 5.62 3.25 0.38 0.81 0.81 0.92 1.32
Income: 5.18 5.48 5.69 5.85 5.88 5.91 6.00 6.07 5.96 5.98 6.47 7.04 7.28
Page 71 of 1334/25/2017 Section 2, Page 24
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
TX-Dallas-Plano-Irving Office-Suburban Total: 7.82 10.32 11.64 13.01 12.44 12.44 12.27 9.81 6.65 7.35 7.77 7.64 1997/4Appreciation: 2.48 4.67 5.68 6.78 6.22 6.19 5.93 3.51 0.60 1.25 1.21 0.66
Income: 5.25 5.47 5.72 5.94 5.95 5.98 6.08 6.14 6.02 6.05 6.49 6.95TX-Dallas-Plano-Irving Retail Total: 8.83 11.42 10.82 12.11 10.72 10.36 10.28 7.99 5.71 5.97 6.31 2006/3
Appreciation: 4.26 6.65 5.86 6.87 5.37 4.92 4.68 2.33 0.08 0.30 0.60Income: 4.42 4.54 4.75 4.99 5.15 5.24 5.41 5.56 5.62 5.65 5.67
CO-Denver-Aurora-Lakewood Total: 7.93 11.29 12.51 13.15 13.18 13.41 14.20 11.17 8.38 8.81 9.30 10.07 7.62 1981/1Appreciation: 2.79 5.86 6.89 7.38 7.30 7.43 8.01 4.98 2.35 2.80 2.97 3.10 0.53
Income: 5.03 5.21 5.34 5.47 5.58 5.67 5.85 5.96 5.92 5.88 6.19 6.82 7.06CO-Denver-Aurora-Lakewood Apartment Total: 9.74 13.86 14.43 14.10 13.88 14.77 16.72 13.61 10.05 10.06 9.84 2002/4
Appreciation: 4.71 8.47 8.87 8.47 8.17 8.95 10.67 7.57 4.21 4.28 4.19Income: 4.86 5.07 5.22 5.31 5.38 5.46 5.61 5.72 5.66 5.60 5.48
CO-Denver-Aurora-Lakewood Apartment-Garden Total: 9.31 14.77 15.83 15.31 15.07 15.83 17.30 14.62 11.34 11.33 10.65 2002/4Appreciation: 3.87 8.89 9.76 9.20 8.92 9.61 10.91 8.22 5.13 5.19 4.74
Income: 5.29 5.51 5.67 5.72 5.77 5.81 5.92 6.03 5.98 5.91 5.70CO-Denver-Aurora-Lakewood Apartment-HighRise Total: 10.98 13.60 13.43 13.10 2013/4
Appreciation: 6.40 8.70 8.42 8.08Income: 4.38 4.60 4.71 4.73
CO-Denver-Aurora-Lakewood Industrial Total: 13.02 15.25 16.01 14.88 15.32 14.44 14.06 11.68 9.66 9.73 10.39 10.34 2001/3Appreciation: 6.67 8.74 9.29 8.04 8.30 7.39 6.90 4.61 2.75 2.81 3.25 3.13
Income: 6.04 6.12 6.29 6.46 6.61 6.69 6.81 6.83 6.77 6.78 6.97 7.04CO-Denver-Aurora-Lakewood Industrial-
WarehouseTotal: 13.22 15.32 16.39 15.07 14.37 13.66 13.09 10.47 8.17 2008/3
Appreciation: 6.89 8.84 9.70 8.25 7.49 6.78 6.13 3.58 1.38Income: 6.03 6.08 6.25 6.43 6.52 6.54 6.65 6.71 6.71
CO-Denver-Aurora-Lakewood Office Total: 4.20 6.67 9.20 11.17 11.22 11.50 11.77 8.23 5.70 6.67 7.23 8.85 8.85 1997/1Appreciation: -0.70 1.61 3.94 5.69 5.58 5.75 5.75 2.14 -0.20 0.81 0.91 1.88 1.88
Income: 4.93 5.01 5.11 5.27 5.42 5.52 5.78 5.98 5.90 5.82 6.27 6.86 6.86CO-Denver-Aurora-Lakewood Office-Suburban Total: 3.49 6.06 8.37 10.43 10.09 10.92 11.37 7.89 5.41 6.30 6.79 6.86 1999/4
Appreciation: -1.47 0.99 3.06 4.78 4.24 4.98 5.16 1.64 -0.63 0.32 0.33 0.10Income: 5.02 5.03 5.19 5.46 5.68 5.74 5.98 6.16 6.06 5.97 6.44 6.75
CO-Denver-Aurora-Lakewood Retail Total: 7.73 11.10 12.10 13.63 14.12 13.64 13.47 11.36 9.38 9.24 2007/4Appreciation: 2.59 5.70 6.57 7.89 8.22 7.62 7.33 5.24 3.33 3.20
Income: 5.04 5.18 5.28 5.42 5.56 5.70 5.83 5.89 5.90 5.90
Page 72 of 1334/25/2017 Section 2, Page 25
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
NC-Durham-ChapelHill Total: 10.17 11.71 12.00 12.43 2013/3Appreciation: 4.30 5.75 5.92 6.26
Income: 5.69 5.72 5.83 5.90IL-Elgin Total: 8.32 8.77 9.08 8.88 8.40 8.65 2011/2
Appreciation: 2.85 3.29 3.39 3.14 2.53 2.80Income: 5.36 5.35 5.54 5.60 5.75 5.73
IL-Elgin Industrial Total: 10.65 11.40 10.95 10.15 9.34 9.80 2011/2Appreciation: 5.32 6.05 5.36 4.49 3.54 4.01
Income: 5.12 5.12 5.38 5.47 5.65 5.61IL-Elgin Industrial-Warehouse Total: 10.85 11.59 11.09 10.26 9.41 9.86 2011/2
Appreciation: 5.52 6.23 5.48 4.58 3.59 4.06Income: 5.12 5.12 5.39 5.49 5.66 5.62
FL-FortLauderdale-PompanoBeach-DeerfieldBeach Total: 9.74 11.23 12.16 11.63 10.82 11.18 11.62 8.63 5.63 6.21 9.75 9.79 8.88 1991/4Appreciation: 4.07 5.52 6.42 5.86 5.03 5.30 5.60 2.64 -0.19 0.40 3.47 2.96 1.80
Income: 5.51 5.48 5.48 5.53 5.58 5.66 5.79 5.87 5.82 5.79 6.13 6.68 6.99FL-FortLauderdale-PompanoBeach-DeerfieldBeach
ApartmentTotal: 9.85 11.19 11.51 10.82 10.27 11.27 12.74 10.23 6.78 6.76 10.85 10.67 1997/4
Appreciation: 4.53 5.80 6.09 5.39 4.80 5.67 6.92 4.39 1.16 1.20 4.86 4.20Income: 5.15 5.16 5.18 5.22 5.28 5.37 5.54 5.65 5.57 5.51 5.78 6.27
FL-FortLauderdale-PompanoBeach-DeerfieldBeach Apartment-Garden
Total: 11.42 12.02 12.27 11.08 10.40 11.19 12.93 10.47 6.78 6.79 10.84 10.72 1998/1Appreciation: 5.62 6.22 6.45 5.31 4.64 5.34 6.85 4.38 0.96 1.04 4.66 4.11
Income: 5.57 5.54 5.56 5.55 5.57 5.63 5.79 5.89 5.78 5.71 5.98 6.41FL-FortLauderdale-PompanoBeach-DeerfieldBeach
IndustrialTotal: 11.58 12.33 12.26 12.33 11.49 11.69 10.43 6.52 3.71 3.83 2007/4
Appreciation: 6.06 6.66 6.68 6.75 5.87 5.98 4.66 0.79 -1.84 -1.72Income: 5.28 5.41 5.32 5.31 5.38 5.47 5.58 5.68 5.62 5.62
FL-FortLauderdale-PompanoBeach-DeerfieldBeach Industrial-Warehouse
Total: 11.39 11.16 11.42 11.80 11.18 11.66 10.58 6.80 3.60 2008/2Appreciation: 5.85 5.41 5.76 6.09 5.37 5.71 4.50 0.76 -2.23
Income: 5.31 5.52 5.43 5.46 5.58 5.71 5.88 6.00 5.93FL-FortLauderdale-PompanoBeach-DeerfieldBeach
RetailTotal: 8.41 2016/4
Appreciation: 2.44Income: 5.86
TX-FortWorth-Arlington Total: 11.07 12.32 12.89 13.16 12.63 12.75 13.07 10.66 8.40 8.75 9.44 10.02 9.78 1996/1Appreciation: 5.15 6.07 6.35 6.54 5.98 6.02 6.19 3.80 1.67 2.01 2.46 2.46 2.15
Income: 5.70 5.98 6.25 6.32 6.37 6.45 6.58 6.66 6.64 6.64 6.85 7.43 7.51
Page 73 of 1334/25/2017 Section 2, Page 26
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
TX-FortWorth-Arlington Industrial Total: 12.35 12.47 13.30 14.30 13.32 12.75 12.46 10.03 7.17 7.59 8.96 2003/3Appreciation: 6.49 6.30 6.71 7.61 6.63 5.97 5.54 3.14 0.41 0.80 1.99
Income: 5.59 5.89 6.28 6.33 6.38 6.50 6.65 6.73 6.73 6.74 6.86TX-FortWorth-Arlington Industrial-Warehouse Total: 12.24 12.48 13.45 14.49 13.41 12.80 2011/2
Appreciation: 6.50 6.42 6.94 7.87 6.78 6.07Income: 5.48 5.79 6.19 6.26 6.32 6.44
PA-Harrisburg-Carlisle Total: 10.83 9.49 2015/3Appreciation: 4.85 3.55
Income: 5.77 5.78TX-Houston-TheWoodlands-SugarLand Total: 2.20 3.94 7.40 9.56 10.59 11.02 11.85 9.47 7.71 9.26 10.22 10.81 6.07 1981/2
Appreciation: -2.76 -1.11 2.08 4.00 4.87 5.18 5.84 3.46 1.80 3.25 3.59 3.60 -0.72Income: 5.07 5.10 5.24 5.41 5.53 5.63 5.77 5.86 5.83 5.87 6.46 7.02 6.83
TX-Houston-TheWoodlands-SugarLand Apartment Total: -3.13 -0.66 4.04 6.34 7.96 8.84 10.28 8.26 6.85 7.09 7.97 8.17 1999/4Appreciation: -7.52 -5.20 -0.82 1.21 2.59 3.33 4.62 2.62 1.22 1.43 2.07 1.98
Income: 4.65 4.73 4.89 5.09 5.27 5.38 5.48 5.54 5.58 5.61 5.82 6.10TX-Houston-TheWoodlands-SugarLand Apartment-
GardenTotal: -2.48 0.96 4.93 7.12 8.49 9.47 10.97 8.35 7.08 7.25 8.22 8.38 1999/4
Appreciation: -7.45 -4.10 -0.40 1.52 2.66 3.49 4.82 2.28 1.06 1.23 2.01 1.94Income: 5.27 5.22 5.35 5.54 5.72 5.83 5.94 5.98 5.97 5.97 6.11 6.36
TX-Houston-TheWoodlands-SugarLand Apartment-HighRise
Total: -3.38 -1.39 4.19 6.45 7.75 2012/2Appreciation: -7.56 -5.71 -0.49 1.51 2.63
Income: 4.43 4.51 4.70 4.89 5.02TX-Houston-TheWoodlands-SugarLand Industrial Total: 7.06 8.39 9.77 11.69 12.03 12.51 13.30 11.21 9.05 9.31 9.60 9.81 1998/2
Appreciation: 1.60 2.66 3.92 5.63 5.83 6.14 6.71 4.63 2.58 2.75 2.47 2.15Income: 5.40 5.62 5.69 5.82 5.94 6.10 6.29 6.36 6.35 6.43 7.00 7.54
TX-Houston-TheWoodlands-SugarLand Industrial-Warehouse
Total: 6.93 8.34 9.80 11.77 12.00 12.56 13.49 11.16 8.83 9.07 9.30 9.33 1999/3Appreciation: 1.57 2.67 4.01 5.76 5.85 6.23 6.95 4.66 2.44 2.57 2.23 1.93
Income: 5.29 5.56 5.63 5.77 5.90 6.06 6.22 6.29 6.28 6.38 6.96 7.30TX-Houston-TheWoodlands-SugarLand Office Total: -2.21 -0.20 3.46 6.35 7.77 8.37 8.39 6.04 4.74 7.97 8.21 9.81 6.62 1990/3
Appreciation: -7.93 -5.80 -2.28 0.39 1.73 2.25 2.20 -0.11 -1.28 1.78 1.30 2.39 -0.64Income: 6.09 5.85 5.85 5.94 5.97 6.02 6.09 6.16 6.07 6.11 6.85 7.30 7.30
TX-Houston-TheWoodlands-SugarLand Office-Suburban
Total: -1.81 1.21 5.19 7.95 8.64 8.76 8.78 6.61 6.07 8.23 8.70 2005/4Appreciation: -7.59 -4.49 -0.76 1.74 2.37 2.43 2.41 0.31 -0.14 1.88 2.19
Income: 6.14 5.90 5.98 6.13 6.16 6.22 6.26 6.29 6.22 6.26 6.41
Page 74 of 1334/25/2017 Section 2, Page 27
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
TX-Houston-TheWoodlands-SugarLand Retail Total: 10.07 11.48 14.49 15.79 16.01 16.02 17.56 17.56 2010/1Appreciation: 5.58 6.81 9.44 10.47 10.52 10.37 11.61 11.61
Income: 4.31 4.45 4.72 4.94 5.10 5.24 5.48 5.48IN-Indianapolis-Carmel-Anderson Total: 8.13 11.39 10.88 12.07 11.17 11.18 11.21 7.82 5.78 6.43 7.71 8.11 8.01 1992/4
Appreciation: 1.96 4.93 4.38 5.31 4.30 4.18 4.10 0.66 -1.23 -0.62 0.19 0.21 -0.10Income: 6.08 6.23 6.30 6.51 6.66 6.79 6.91 7.11 7.07 7.07 7.51 7.88 8.11
IN-Indianapolis-Carmel-Anderson Industrial Total: 7.44 8.86 9.03 2014/4Appreciation: 1.74 3.05 3.30
Income: 5.62 5.68 5.59IN-Indianapolis-Carmel-Anderson Industrial-
WarehouseTotal: 7.61 9.75 9.79 2014/4
Appreciation: 1.96 3.95 4.08Income: 5.57 5.63 5.54
MO-KS-KansasCity Total: 6.21 8.34 9.05 8.86 8.87 8.85 9.05 7.27 5.21 5.78 6.39 7.16 7.36 1996/1Appreciation: -0.18 1.82 2.32 1.97 1.87 1.83 1.96 0.22 -1.67 -1.08 -0.75 -0.31 -0.18
Income: 6.39 6.43 6.61 6.79 6.90 6.92 6.99 7.03 6.96 6.91 7.18 7.49 7.55MO-KS-KansasCity Industrial Total: 8.56 8.62 2015/4
Appreciation: 1.22 1.22Income: 7.27 7.33
MO-KS-KansasCity Industrial-Warehouse Total: 8.34 8.42 2015/4Appreciation: 0.99 1.04
Income: 7.30 7.33IL-WI-LakeCounty-KenoshaCounty Total: 4.80 8.23 9.09 8.83 8.55 9.01 9.14 6.74 4.45 4.80 6.80 7.06 2000/4
Appreciation: -1.04 1.96 2.80 2.52 2.07 2.47 2.56 0.22 -1.94 -1.56 -0.05 0.07Income: 5.89 6.18 6.16 6.20 6.39 6.42 6.46 6.50 6.48 6.43 6.85 6.99
IL-WI-LakeCounty-KenoshaCounty Industrial Total: 7.09 10.98 12.99 13.29 12.26 11.89 12.24 8.64 6.36 6.51 6.78 2006/2Appreciation: 1.54 5.07 6.72 6.97 5.83 5.56 5.90 2.31 0.14 0.30 0.54
Income: 5.49 5.70 5.97 6.01 6.16 6.08 6.07 6.21 6.20 6.19 6.21IL-WI-LakeCounty-KenoshaCounty Industrial-
WarehouseTotal: 7.16 11.28 13.43 13.85 12.73 12.12 12.60 8.69 6.25 6.06 2007/3
Appreciation: 1.60 5.33 7.11 7.51 6.27 5.87 6.36 2.48 0.16 -0.02Income: 5.50 5.73 6.01 6.01 6.18 6.00 5.95 6.09 6.07 6.07
NV-LasVegas-Henderson-Paradise Total: 12.34 16.83 16.09 14.42 12.89 11.86 10.81 6.42 4.22 4.41 2007/3Appreciation: 7.00 10.85 9.79 8.01 6.38 5.31 4.26 0.11 -1.86 -1.64
Income: 5.08 5.54 5.88 6.05 6.22 6.30 6.35 6.31 6.16 6.13
Page 75 of 1334/25/2017 Section 2, Page 28
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
NV-LasVegas-Henderson-Paradise Industrial Total: 16.01 20.71 20.67 19.26 15.71 15.05 2011/4Appreciation: 9.36 13.82 13.44 11.67 8.10 7.45
Income: 6.22 6.26 6.58 6.99 7.17 7.19NV-LasVegas-Henderson-Paradise Industrial-
WarehouseTotal: 16.09 21.02 21.12 19.72 16.16 16.16 2012/1
Appreciation: 9.44 14.09 13.88 12.11 8.51 8.51Income: 6.22 6.29 6.58 6.99 7.18 7.18
CA-LosAngeles-LongBeach-Glendale Total: 10.06 10.95 12.03 12.02 11.33 11.70 12.16 9.13 6.04 7.14 10.15 11.03 10.50 1977/4Appreciation: 5.49 6.29 7.19 7.04 6.25 6.46 6.71 3.66 0.72 1.80 4.19 4.37 3.27
Income: 4.39 4.46 4.60 4.73 4.85 5.00 5.19 5.32 5.29 5.26 5.78 6.45 7.06CA-LosAngeles-LongBeach-Glendale Apartment Total: 8.64 9.87 9.92 9.63 10.42 11.19 12.58 9.56 5.66 5.57 8.72 2003/1
Appreciation: 4.48 5.59 5.58 5.25 5.94 6.61 7.86 4.86 1.17 1.13 4.00Income: 4.03 4.11 4.17 4.21 4.29 4.36 4.47 4.53 4.45 4.40 4.58
CA-LosAngeles-LongBeach-Glendale Apartment-Garden
Total: 8.12 8.12 2016/1Appreciation: 3.43 3.43
Income: 4.57 4.57CA-LosAngeles-LongBeach-Glendale Apartment-
HighRiseTotal: 9.12 9.76 10.04 9.74 10.94 11.44 12.78 12.37 2009/3
Appreciation: 5.04 5.59 5.77 5.43 6.53 6.98 8.21 7.75Income: 3.93 4.00 4.10 4.14 4.21 4.23 4.31 4.37
CA-LosAngeles-LongBeach-Glendale Industrial Total: 14.67 15.43 15.28 13.98 13.48 13.69 13.59 10.34 7.22 7.90 11.08 11.98 11.97 1977/4Appreciation: 9.67 10.25 10.04 8.77 8.17 8.21 7.90 4.56 1.55 2.19 4.63 4.79 4.23
Income: 4.67 4.82 4.88 4.90 5.01 5.16 5.38 5.58 5.59 5.61 6.22 6.94 7.50CA-LosAngeles-LongBeach-Glendale Industrial-
WarehouseTotal: 14.69 15.48 15.25 13.95 13.51 13.76 13.68 10.36 7.26 7.87 10.99 11.90 12.09 1977/4
Appreciation: 9.71 10.32 10.02 8.74 8.21 8.29 7.99 4.59 1.59 2.16 4.60 4.78 4.38Income: 4.64 4.80 4.87 4.89 5.00 5.15 5.37 5.57 5.58 5.60 6.18 6.88 7.46
CA-LosAngeles-LongBeach-Glendale Office Total: 8.88 10.02 12.14 12.47 11.16 11.41 11.60 8.45 5.49 7.49 9.94 10.81 6.82 1987/3Appreciation: 4.47 5.48 7.31 7.43 6.03 6.12 6.10 2.95 0.17 2.16 4.07 4.31 0.25
Income: 4.27 4.36 4.59 4.78 4.91 5.07 5.27 5.38 5.31 5.24 5.69 6.29 6.55CA-LosAngeles-LongBeach-Glendale Office-
SuburbanTotal: 9.26 10.35 12.91 13.21 11.74 11.99 12.22 8.96 5.76 7.63 9.97 10.79 6.87 1987/4
Appreciation: 4.87 5.82 8.03 8.13 6.55 6.61 6.61 3.36 0.36 2.22 4.02 4.24 0.26Income: 4.24 4.34 4.61 4.79 4.95 5.12 5.34 5.46 5.39 5.32 5.77 6.35 6.59
CA-LosAngeles-LongBeach-Glendale Retail Total: 9.98 9.93 10.80 11.54 10.65 11.19 12.16 9.90 7.13 7.04 8.33 2004/4Appreciation: 5.21 5.23 5.96 6.50 5.49 5.80 6.47 4.10 1.38 1.29 2.44
Income: 4.60 4.53 4.64 4.82 4.97 5.17 5.43 5.62 5.68 5.68 5.77
Page 76 of 1334/25/2017 Section 2, Page 29
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
CA-LosAngeles-LongBeach-Glendale Retail-Neighborhood
Total: 13.76 13.36 13.18 2014/4Appreciation: 9.00 8.22 7.96
Income: 4.47 4.85 4.94KY-IN-Louisville/JeffersonCounty Total: 7.31 10.19 10.22 10.86 11.30 11.84 12.12 9.97 7.62 7.62 9.17 2005/1
Appreciation: 1.14 3.70 3.64 4.11 4.24 4.53 4.52 2.23 0.03 0.07 1.47Income: 6.12 6.31 6.41 6.56 6.85 7.08 7.36 7.61 7.58 7.54 7.62
KY-IN-Louisville/JeffersonCounty Industrial Total: 8.69 12.02 11.67 12.36 12.18 11.44 11.88 9.57 7.46 7.54 9.27 2005/1Appreciation: 2.24 5.26 4.97 5.27 4.66 3.76 3.97 1.56 -0.40 -0.33 1.20
Income: 6.34 6.50 6.46 6.83 7.27 7.47 7.68 7.91 7.87 7.87 8.00KY-IN-Louisville/JeffersonCounty Industrial-
WarehouseTotal: 8.84 12.34 11.93 12.61 12.47 11.68 12.08 9.75 7.62 7.55 9.13 2005/1
Appreciation: 2.23 5.41 5.11 5.40 4.84 3.91 4.10 1.67 -0.30 -0.36 1.01Income: 6.50 6.66 6.57 6.93 7.37 7.55 7.75 7.97 7.93 7.93 8.05
TN-MS-AR-Memphis Total: 9.21 10.54 11.91 11.09 10.10 10.40 10.36 8.03 6.15 6.48 7.46 6.94 7.53 1994/2Appreciation: 2.70 4.15 5.59 4.77 3.75 3.87 3.60 1.23 -0.58 -0.26 0.24 -0.75 -0.48
Income: 6.39 6.20 6.06 6.10 6.18 6.35 6.58 6.73 6.75 6.75 7.20 7.73 8.03FL-Miami-MiamiBeach-Kendall Total: 6.50 10.83 12.04 12.49 12.65 13.01 13.28 10.54 7.75 8.52 10.03 9.62 1998/1
Appreciation: 1.63 5.70 6.73 7.01 7.01 7.18 7.21 4.40 1.76 2.51 3.68 2.85Income: 4.81 4.92 5.05 5.21 5.36 5.54 5.76 5.93 5.90 5.89 6.18 6.62
FL-Miami-MiamiBeach-Kendall Apartment Total: 5.13 2016/3Appreciation: 1.03
Income: 4.07FL-Miami-MiamiBeach-Kendall Industrial Total: 7.90 9.01 9.42 9.99 10.38 11.00 11.17 8.23 5.35 6.01 7.81 2005/3
Appreciation: 2.52 3.47 3.85 4.36 4.65 5.16 5.12 2.05 -0.70 -0.08 1.49Income: 5.28 5.41 5.41 5.46 5.53 5.63 5.83 6.08 6.07 6.08 6.25
FL-Miami-MiamiBeach-Kendall Industrial-Warehouse
Total: 7.65 8.87 9.33 9.90 10.30 11.02 11.19 8.60 5.53 6.08 6.59 2006/3Appreciation: 2.32 3.36 3.79 4.30 4.61 5.21 5.17 2.39 -0.55 -0.08 0.39
Income: 5.24 5.38 5.38 5.43 5.50 5.59 5.81 6.08 6.09 6.14 6.17FL-Miami-MiamiBeach-Kendall Office Total: 2.53 9.10 11.94 12.55 11.97 2012/3
Appreciation: -2.46 3.90 6.60 7.02 6.41Income: 5.09 5.05 5.09 5.26 5.30
FL-Miami-MiamiBeach-Kendall Office-Suburban Total: 5.90 10.15 10.73 2014/4Appreciation: 0.86 4.74 5.23
Income: 5.01 5.22 5.29
Page 77 of 1334/25/2017 Section 2, Page 30
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
FL-Miami-MiamiBeach-Kendall Retail Total: 8.47 12.99 13.67 13.81 14.20 14.66 2011/2Appreciation: 3.86 8.09 8.47 8.40 8.57 8.83
Income: 4.47 4.63 4.90 5.09 5.30 5.48MN-WI-Minneapolis-St.Paul-Bloomington Total: 4.91 6.60 7.61 7.90 7.97 8.46 8.99 6.86 4.76 5.25 7.03 7.90 7.12 1981/1
Appreciation: -0.31 0.99 1.62 1.78 1.74 2.14 2.61 0.50 -1.47 -0.97 0.28 0.31 -0.67Income: 5.24 5.56 5.91 6.04 6.15 6.22 6.26 6.33 6.29 6.27 6.73 7.57 7.83
MN-WI-Minneapolis-St.Paul-Bloomington Apartment
Total: 6.91 7.90 8.69 9.29 9.73 11.20 11.98 9.73 7.60 7.72 7.92 2006/1Appreciation: 2.42 3.21 3.71 4.09 4.30 5.53 6.11 3.86 1.85 2.00 2.22
Income: 4.42 4.58 4.85 5.05 5.27 5.45 5.62 5.71 5.67 5.64 5.61MN-WI-Minneapolis-St.Paul-Bloomington Industrial Total: 1.38 5.95 7.31 7.84 8.17 8.49 8.50 5.55 3.78 4.20 6.12 7.58 7.00 1981/3
Appreciation: -5.08 -1.09 -0.10 0.54 0.90 1.23 1.23 -1.61 -3.25 -2.82 -1.23 -0.48 -1.18Income: 6.71 7.10 7.42 7.28 7.22 7.19 7.20 7.25 7.20 7.18 7.42 8.10 8.26
MN-WI-Minneapolis-St.Paul-Bloomington Industrial-Warehouse
Total: 3.55 7.15 9.36 9.29 10.18 10.19 10.40 7.03 4.74 4.92 6.85 2002/4Appreciation: -3.41 -0.39 1.32 1.41 2.41 2.55 2.79 -0.39 -2.47 -2.24 -0.42
Income: 7.15 7.57 7.96 7.79 7.63 7.49 7.45 7.44 7.34 7.28 7.29MN-WI-Minneapolis-St.Paul-Bloomington Retail Total: 4.84 7.20 8.34 8.77 8.59 8.62 9.68 8.09 5.08 5.58 7.24 2004/4
Appreciation: -0.55 1.70 2.59 2.78 2.48 2.47 3.39 1.82 -1.02 -0.54 0.98Income: 5.41 5.43 5.64 5.87 5.99 6.05 6.14 6.19 6.15 6.14 6.22
PA-MontgomeryCounty-BucksCounty-ChesterCounty
Total: 2.52 4.73 5.96 6.52 6.75 7.40 8.57 6.07 4.33 4.75 7.98 8.30 2000/1Appreciation: -3.06 -1.05 0.03 0.49 0.67 1.21 2.22 -0.26 -1.79 -1.32 1.32 1.31
Income: 5.71 5.83 5.94 6.01 6.04 6.14 6.26 6.35 6.21 6.14 6.59 6.93TN-Nashville-Davidson--Murfreesboro--Franklin Total: 8.09 10.33 12.52 12.36 12.79 12.62 12.22 9.44 7.77 8.15 9.59 2004/4
Appreciation: 2.07 4.17 5.90 5.54 5.81 5.67 5.22 2.55 0.97 1.34 2.65Income: 5.93 5.97 6.35 6.56 6.69 6.67 6.74 6.77 6.75 6.74 6.81
NJ-PA-Newark Total: 4.31 6.15 7.40 7.62 7.50 7.98 9.13 6.43 3.79 4.25 7.11 7.11 2001/4Appreciation: -1.02 0.66 1.78 1.98 1.81 2.26 3.14 0.35 -2.17 -1.73 0.48 0.43
Income: 5.37 5.46 5.54 5.55 5.62 5.63 5.86 6.06 6.05 6.04 6.61 6.66NY-NJ-NewYork-JerseyCity-WhitePlains Total: 4.97 7.95 9.69 9.84 10.10 10.73 12.18 8.86 4.52 5.68 9.46 10.63 7.68 1988/1
Appreciation: 1.14 3.88 5.42 5.45 5.56 6.06 7.25 3.91 -0.21 0.96 3.86 4.29 0.92Income: 3.80 3.96 4.10 4.23 4.36 4.47 4.68 4.80 4.73 4.69 5.45 6.15 6.70
NY-NJ-NewYork-JerseyCity-WhitePlains Apartment Total: 4.66 7.25 8.30 8.80 9.02 9.68 11.06 6.87 2.13 3.27 6.42 2003/4Appreciation: 0.87 3.27 4.23 4.67 4.81 5.43 6.64 2.57 -1.90 -0.70 2.12
Income: 3.77 3.88 3.94 3.99 4.07 4.09 4.21 4.22 4.10 4.00 4.24
Page 78 of 1334/25/2017 Section 2, Page 31
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
NY-NJ-NewYork-JerseyCity-WhitePlains Apartment-HighRise
Total: 4.26 6.94 8.10 8.64 8.93 9.64 11.27 7.79 2.54 3.65 6.36 2004/4Appreciation: 0.45 2.96 4.01 4.50 4.73 5.41 6.91 3.52 -1.45 -0.28 2.20
Income: 3.80 3.90 3.96 4.01 4.06 4.07 4.15 4.17 4.05 3.94 4.10NY-NJ-NewYork-JerseyCity-WhitePlains Industrial Total: 14.04 13.59 14.09 14.54 13.73 13.55 13.70 10.72 7.68 7.65 9.82 9.74 2001/3
Appreciation: 8.80 8.31 8.65 8.85 7.89 7.56 7.52 4.44 1.46 1.42 3.06 2.95Income: 4.92 4.98 5.12 5.34 5.52 5.67 5.86 6.07 6.14 6.16 6.60 6.64
NY-NJ-NewYork-JerseyCity-WhitePlains Industrial-Warehouse
Total: 14.10 13.65 14.18 14.66 13.83 13.68 13.88 10.88 7.70 7.65 9.80 9.73 2001/3Appreciation: 8.85 8.35 8.70 8.93 7.95 7.66 7.67 4.57 1.46 1.40 3.03 2.92
Income: 4.93 5.00 5.15 5.37 5.56 5.69 5.88 6.10 6.16 6.17 6.61 6.66NY-NJ-NewYork-JerseyCity-WhitePlains Office Total: 4.31 7.71 9.70 9.74 10.17 10.92 12.64 9.75 5.17 6.61 10.65 11.68 1997/3
Appreciation: 0.61 3.73 5.50 5.39 5.65 6.24 7.64 4.60 0.24 1.69 4.84 5.29Income: 3.69 3.87 4.04 4.19 4.34 4.48 4.74 4.97 4.91 4.86 5.61 6.15
NY-NJ-NewYork-JerseyCity-WhitePlains Office-CBD Total: 5.20 8.09 10.06 10.07 10.50 11.28 13.02 10.05 5.25 6.82 11.06 11.06 2002/1Appreciation: 1.45 4.09 5.86 5.76 6.04 6.66 8.10 4.97 0.41 1.98 5.35 5.35
Income: 3.71 3.89 4.02 4.14 4.28 4.40 4.66 4.89 4.82 4.76 5.49 5.49NY-NJ-NewYork-JerseyCity-WhitePlains Office-
SuburbanTotal: -20.84 2016/3
Appreciation: -23.80Income: 3.60
NY-NJ-NewYork-JerseyCity-WhitePlains Retail Total: 5.73 8.79 11.64 11.83 12.12 12.77 12.77 2011/1Appreciation: 1.84 4.63 7.15 7.15 7.23 7.58 7.58
Income: 3.83 4.03 4.27 4.44 4.64 4.92 4.92CA-Oakland-Hayward-Berkeley Total: 11.00 14.60 15.21 14.34 13.87 13.91 13.95 10.45 7.05 7.89 9.00 10.64 8.83 1982/4
Appreciation: 5.87 9.25 9.69 8.81 8.26 8.21 8.04 4.59 1.37 2.20 2.67 3.75 1.37Income: 4.92 5.01 5.16 5.20 5.29 5.37 5.58 5.67 5.61 5.59 6.20 6.70 7.38
CA-Oakland-Hayward-Berkeley Apartment Total: 11.14 11.14 2016/1Appreciation: 6.38 6.38
Income: 4.54 4.54CA-Oakland-Hayward-Berkeley Industrial Total: 18.51 21.20 20.62 19.02 17.33 16.78 16.59 12.65 8.69 9.65 9.79 11.38 9.67 1988/2
Appreciation: 13.12 15.72 14.93 13.23 11.47 10.81 10.42 6.50 2.73 3.66 3.14 4.29 2.11Income: 4.91 4.91 5.13 5.28 5.40 5.53 5.72 5.85 5.83 5.82 6.48 6.86 7.43
CA-Oakland-Hayward-Berkeley Industrial-Warehouse
Total: 19.40 22.45 21.74 19.79 17.86 17.59 17.34 13.12 9.22 9.88 10.47 11.11 2000/2Appreciation: 14.22 17.20 16.31 14.29 12.31 11.91 11.42 7.21 3.48 4.12 4.12 4.47
Income: 4.70 4.66 4.86 4.98 5.08 5.22 5.46 5.60 5.58 5.58 6.15 6.41
Page 79 of 1334/25/2017 Section 2, Page 32
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
CA-Oakland-Hayward-Berkeley Office Total: 9.11 13.07 13.59 11.64 11.36 11.61 11.57 7.97 4.68 5.98 7.27 8.35 2000/1Appreciation: 3.51 7.31 7.69 5.94 5.66 5.78 5.38 1.87 -1.18 0.12 0.69 1.52
Income: 5.46 5.46 5.58 5.46 5.47 5.58 5.94 6.00 5.91 5.85 6.55 6.75CA-Oakland-Hayward-Berkeley Office-Suburban Total: 8.57 11.72 12.26 11.35 11.14 11.44 11.48 7.95 4.21 5.59 6.91 8.09 2000/1
Appreciation: 2.90 5.85 6.24 5.51 5.33 5.56 5.24 1.79 -1.68 -0.30 0.13 1.05Income: 5.55 5.63 5.76 5.62 5.59 5.65 6.00 6.06 5.96 5.91 6.77 6.98
CA-Oakland-Hayward-Berkeley Retail Total: 5.79 9.98 11.71 11.94 2013/2Appreciation: 1.11 4.98 6.47 6.57
Income: 4.64 4.82 5.00 5.13FL-Orlando-Kissimmee-Sanford Total: 7.89 12.55 13.14 13.56 13.29 13.15 13.46 10.01 7.62 8.09 10.58 10.73 9.23 1990/2
Appreciation: 2.36 6.74 7.04 7.30 6.99 6.75 6.92 3.57 1.36 1.87 3.92 3.49 1.90Income: 5.43 5.54 5.80 5.94 5.99 6.10 6.22 6.27 6.20 6.13 6.48 7.06 7.23
FL-Orlando-Kissimmee-Sanford Industrial Total: 21.97 19.93 17.63 15.60 14.07 13.52 2011/3Appreciation: 15.02 13.12 10.68 8.58 7.13 6.54
Income: 6.26 6.21 6.45 6.59 6.58 6.65FL-Orlando-Kissimmee-Sanford Industrial-
WarehouseTotal: 22.04 20.49 18.01 16.15 14.37 13.80 2011/3
Appreciation: 15.08 13.68 11.07 9.15 7.47 6.88Income: 6.26 6.19 6.41 6.55 6.53 6.59
FL-Orlando-Kissimmee-Sanford Retail Total: 6.40 11.90 13.51 14.81 15.05 15.64 16.14 12.36 10.03 10.08 2007/2Appreciation: 1.45 6.55 7.73 8.79 8.91 9.25 9.53 5.83 3.63 3.73
Income: 4.90 5.10 5.46 5.65 5.77 5.99 6.18 6.25 6.23 6.18PA-Philadelphia Total: 7.62 8.46 8.82 8.87 8.99 9.90 2011/2
Appreciation: 2.33 3.05 3.28 3.25 3.19 3.88Income: 5.20 5.29 5.40 5.49 5.67 5.85
AZ-Phoenix-Mesa-Scottsdale Total: 7.41 10.89 12.70 12.88 12.57 12.78 12.53 8.61 5.48 6.10 9.56 9.76 8.82 1980/1Appreciation: 2.33 5.54 7.09 7.14 6.74 6.83 6.45 2.64 -0.31 0.30 3.13 2.80 1.46
Income: 5.00 5.14 5.33 5.46 5.55 5.67 5.81 5.85 5.80 5.78 6.29 6.81 7.28AZ-Phoenix-Mesa-Scottsdale Apartment Total: 9.23 10.74 10.14 9.70 9.80 10.73 11.57 8.27 4.22 4.19 8.41 8.40 1997/4
Appreciation: 4.10 5.52 4.86 4.39 4.44 5.29 6.02 2.82 -0.97 -0.91 2.90 2.34Income: 4.97 5.02 5.10 5.15 5.18 5.24 5.32 5.34 5.22 5.15 5.39 5.96
AZ-Phoenix-Mesa-Scottsdale Apartment-Garden Total: 11.07 11.75 10.60 9.96 10.43 11.07 11.97 8.58 4.49 4.44 8.40 8.32 1998/2Appreciation: 5.69 6.29 5.13 4.51 4.93 5.51 6.33 3.08 -0.74 -0.72 2.86 2.32
Income: 5.16 5.21 5.27 5.28 5.31 5.34 5.39 5.38 5.27 5.19 5.43 5.90
Page 80 of 1334/25/2017 Section 2, Page 33
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
AZ-Phoenix-Mesa-Scottsdale Industrial Total: 8.34 9.40 10.40 11.47 12.15 12.33 11.04 7.06 4.23 5.51 8.34 8.18 2001/2Appreciation: 3.54 4.13 4.88 5.78 6.36 6.41 5.06 1.24 -1.50 -0.32 1.87 1.59
Income: 4.67 5.11 5.33 5.46 5.53 5.66 5.76 5.77 5.79 5.84 6.38 6.51AZ-Phoenix-Mesa-Scottsdale Industrial-Warehouse Total: 9.33 10.83 11.46 12.53 13.33 13.35 12.16 7.64 4.56 5.65 8.89 2003/3
Appreciation: 4.71 5.82 6.24 7.19 7.89 7.82 6.58 2.26 -0.77 0.19 2.99Income: 4.46 4.80 4.99 5.08 5.14 5.23 5.32 5.29 5.36 5.45 5.77
AZ-Phoenix-Mesa-Scottsdale Office Total: 6.55 8.40 10.59 10.83 10.78 10.39 8.76 4.82 2.25 2.85 7.44 7.19 2000/1Appreciation: 1.41 3.02 4.87 4.96 4.77 4.25 2.53 -1.32 -3.73 -3.09 0.86 0.35
Income: 5.08 5.26 5.53 5.66 5.80 5.95 6.11 6.19 6.14 6.06 6.54 6.82AZ-Phoenix-Mesa-Scottsdale Office-Suburban Total: 9.55 10.36 12.51 12.34 12.01 11.38 9.57 5.43 2.79 3.33 7.60 7.28 2000/3
Appreciation: 4.32 4.78 6.59 6.32 5.88 5.14 3.26 -0.77 -3.24 -2.65 0.98 0.46Income: 5.07 5.39 5.64 5.74 5.87 6.00 6.15 6.23 6.17 6.09 6.57 6.79
AZ-Phoenix-Mesa-Scottsdale Retail Total: 6.90 12.31 15.47 16.03 15.24 15.32 15.55 11.39 8.34 9.19 9.54 2005/4Appreciation: 1.86 6.97 9.82 10.17 9.27 9.19 9.24 5.20 2.33 3.13 3.41
Income: 4.97 5.07 5.27 5.45 5.58 5.74 5.90 5.96 5.91 5.92 5.98OR-WA-Portland-Vancouver-Hillsboro Total: 11.44 13.49 13.45 13.11 12.45 12.39 12.22 9.08 7.10 8.13 9.69 10.50 9.08 1990/1
Appreciation: 6.20 7.97 7.73 7.23 6.48 6.29 5.97 2.90 1.03 2.04 3.10 3.21 1.63Income: 5.01 5.22 5.41 5.57 5.70 5.82 5.99 6.04 6.02 6.00 6.44 7.12 7.35
OR-WA-Portland-Vancouver-Hillsboro Apartment Total: 11.00 14.42 13.77 13.18 12.69 12.77 2011/3Appreciation: 6.35 9.37 8.63 7.96 7.47 7.53
Income: 4.44 4.73 4.84 4.93 4.95 4.97OR-WA-Portland-Vancouver-Hillsboro Apartment-
HighRiseTotal: 5.30 2016/3
Appreciation: 1.30Income: 3.96
OR-WA-Portland-Vancouver-Hillsboro Industrial Total: 13.31 16.74 16.04 15.82 14.49 13.49 12.48 9.40 6.91 8.00 9.40 9.45 2000/4Appreciation: 7.31 10.53 9.65 9.31 7.91 6.90 5.90 2.98 0.61 1.67 2.64 2.48
Income: 5.70 5.76 5.97 6.08 6.21 6.26 6.30 6.28 6.27 6.25 6.62 6.84OR-WA-Portland-Vancouver-Hillsboro Industrial-
Flex SpaceTotal: 8.80 14.07 16.81 15.75 15.75 2013/1
Appreciation: 2.98 7.98 10.05 8.78 8.78Income: 5.69 5.74 6.30 6.55 6.55
OR-WA-Portland-Vancouver-Hillsboro Industrial-Warehouse
Total: 14.52 17.55 15.22 15.28 14.60 14.03 12.90 9.82 7.30 8.28 9.69 2005/2Appreciation: 8.53 11.32 8.95 8.91 8.11 7.49 6.40 3.47 1.09 2.06 3.34
Income: 5.64 5.75 5.88 5.98 6.12 6.20 6.21 6.19 6.16 6.12 6.20
Page 81 of 1334/25/2017 Section 2, Page 34
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
OR-WA-Portland-Vancouver-Hillsboro Office Total: 10.35 2016/4Appreciation: 5.16
Income: 5.00RI-MA-Providence-Warwick Total: 11.65 10.25 10.23 2014/4
Appreciation: 5.32 3.58 3.54Income: 6.08 6.48 6.51
RI-MA-Providence-Warwick Industrial Total: 9.72 2016/3Appreciation: 3.15
Income: 6.42NC-Raleigh Total: 9.00 10.19 10.25 10.40 10.89 10.74 11.24 8.68 6.51 6.85 7.71 7.75 1999/3
Appreciation: 3.17 4.21 4.21 4.22 4.57 4.39 4.77 2.31 0.30 0.62 1.05 0.84Income: 5.70 5.80 5.86 6.00 6.11 6.16 6.26 6.26 6.19 6.21 6.61 6.86
NV-Reno Total: 10.79 13.90 14.14 13.77 12.14 12.07 2011/3Appreciation: 5.14 7.82 7.82 7.13 5.39 5.21
Income: 5.45 5.76 5.97 6.31 6.49 6.60CA-Riverside-SanBernardino-Ontario Total: 11.15 13.51 14.29 13.81 13.83 14.98 15.87 11.33 7.37 7.76 11.41 11.75 8.91 1990/4
Appreciation: 6.35 8.54 9.17 8.57 8.47 9.43 10.07 5.57 1.85 2.27 5.28 4.92 1.89Income: 4.58 4.68 4.80 4.93 5.05 5.19 5.41 5.53 5.44 5.40 5.90 6.59 6.92
CA-Riverside-SanBernardino-Ontario Apartment Total: 15.84 16.59 14.90 13.44 13.28 13.54 14.40 10.88 6.66 6.61 7.26 2005/4Appreciation: 10.23 10.87 9.13 7.68 7.49 7.65 8.38 4.96 1.07 1.16 1.87
Income: 5.22 5.29 5.40 5.45 5.49 5.57 5.67 5.70 5.55 5.41 5.31CA-Riverside-SanBernardino-Ontario Apartment-
GardenTotal: 15.84 16.68 14.70 13.21 12.66 12.99 13.32 9.86 6.13 6.21 6.96 2005/4
Appreciation: 10.23 10.97 8.96 7.48 6.91 7.16 7.39 4.05 0.58 0.78 1.58Income: 5.22 5.29 5.39 5.43 5.47 5.54 5.62 5.63 5.52 5.40 5.31
CA-Riverside-SanBernardino-Ontario Industrial Total: 10.89 13.22 14.33 14.00 13.97 15.72 16.98 11.67 7.33 8.18 12.14 12.45 12.37 1996/2Appreciation: 6.43 8.57 9.54 9.09 8.93 10.45 11.37 6.07 1.96 2.81 5.98 5.63 5.50
Income: 4.25 4.38 4.48 4.60 4.73 4.89 5.18 5.35 5.29 5.26 5.90 6.55 6.59CA-Riverside-SanBernardino-Ontario Industrial-
WarehouseTotal: 10.86 13.19 14.31 13.97 14.05 15.90 17.12 11.74 7.41 8.27 12.25 12.17 1999/4
Appreciation: 6.40 8.54 9.52 9.05 8.98 10.58 11.46 6.09 1.99 2.86 6.08 5.67Income: 4.25 4.38 4.48 4.61 4.76 4.93 5.22 5.40 5.33 5.30 5.90 6.23
CA-Sacramento--Roseville--Arden-Arcade Total: 4.07 7.11 8.58 9.45 9.15 9.21 9.56 6.85 4.40 5.07 8.55 9.37 9.19 1995/1Appreciation: -1.67 1.06 2.45 3.23 2.93 2.92 3.15 0.45 -1.86 -1.20 1.66 1.83 1.57
Income: 5.82 6.00 6.02 6.07 6.09 6.16 6.26 6.37 6.34 6.32 6.81 7.44 7.53
Page 82 of 1334/25/2017 Section 2, Page 35
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
MO-IL-St.Louis Total: 6.57 7.88 8.40 8.51 8.72 7.30 6.92 5.34 3.88 4.35 6.39 7.57 6.88 1983/4Appreciation: -0.48 0.88 1.30 1.38 1.48 0.12 -0.23 -1.77 -3.12 -2.64 -0.80 -0.17 -1.03
Income: 7.07 6.95 7.03 7.05 7.16 7.17 7.16 7.20 7.17 7.13 7.23 7.75 7.97TX-SanAntonio-NewBraunfels Total: 5.71 7.91 9.31 10.14 10.18 10.13 10.26 8.07 6.27 6.50 9.65 9.29 1999/1
Appreciation: -0.70 1.29 2.42 3.12 3.20 3.24 3.36 1.23 -0.45 -0.22 2.43 1.84Income: 6.45 6.56 6.77 6.86 6.81 6.73 6.73 6.77 6.73 6.74 7.09 7.35
CA-SanDiego-Carlsbad Total: 7.72 10.30 10.73 10.96 10.64 11.12 11.92 9.51 6.72 7.20 10.81 11.79 8.68 1986/4Appreciation: 2.91 5.26 5.59 5.68 5.23 5.56 6.13 3.67 1.04 1.53 4.56 4.92 1.46
Income: 4.70 4.85 4.94 5.07 5.20 5.34 5.54 5.68 5.63 5.60 6.04 6.63 7.13CA-SanDiego-Carlsbad Apartment Total: 8.75 10.84 10.79 10.46 10.07 10.70 12.52 10.39 7.76 7.72 2007/4
Appreciation: 3.89 5.88 5.78 5.45 5.04 5.59 7.23 5.06 2.56 2.54Income: 4.72 4.76 4.81 4.82 4.85 4.90 5.02 5.14 5.10 5.08
CA-SanDiego-Carlsbad Apartment-Garden Total: 7.80 2016/3Appreciation: 2.89
Income: 4.81CA-SanDiego-Carlsbad Industrial Total: 15.48 15.42 14.62 13.78 12.04 11.73 10.98 7.97 5.58 6.71 9.83 10.01 2000/3
Appreciation: 9.79 9.60 8.64 7.66 5.76 5.33 4.47 1.39 -0.74 0.40 3.08 3.11Income: 5.30 5.44 5.62 5.79 6.02 6.15 6.29 6.50 6.36 6.29 6.60 6.74
CA-SanDiego-Carlsbad Industrial-Warehouse Total: 17.04 17.84 17.15 2014/4Appreciation: 11.44 11.92 11.19
Income: 5.17 5.44 5.51CA-SanDiego-Carlsbad Office Total: 4.00 6.51 7.02 7.79 7.95 8.25 8.24 5.34 2.11 2.84 7.76 7.89 2001/3
Appreciation: -0.72 1.56 2.09 2.73 2.70 2.80 2.63 -0.20 -3.24 -2.48 1.74 1.79Income: 4.74 4.90 4.86 4.96 5.14 5.34 5.50 5.55 5.48 5.43 5.94 6.03
CA-SanDiego-Carlsbad Office-Suburban Total: 4.13 6.95 7.45 8.42 8.62 9.12 9.22 6.11 2.79 3.59 7.98 8.13 2001/3Appreciation: -0.07 2.17 2.59 3.36 3.35 3.60 3.55 0.52 -2.60 -1.78 2.01 2.08
Income: 4.21 4.71 4.77 4.93 5.15 5.38 5.52 5.57 5.50 5.45 5.90 5.97CA-SanDiego-Carlsbad Retail Total: 7.56 11.32 12.41 12.81 2013/3
Appreciation: 2.98 6.40 7.28 7.55Income: 4.48 4.70 4.87 4.98
CA-SanFrancisco-RedwoodCity-SouthSanFrancisco Total: 7.75 11.83 14.25 14.00 14.74 16.28 16.79 11.71 8.18 9.24 9.97 11.89 9.30 1990/1Appreciation: 3.70 7.70 9.92 9.55 10.10 11.38 11.58 6.45 3.11 4.17 4.15 5.50 2.59
Income: 3.95 3.91 4.03 4.16 4.32 4.53 4.80 5.01 4.94 4.91 5.63 6.14 6.57
Page 83 of 1334/25/2017 Section 2, Page 36
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg QtrCA-SanFrancisco-RedwoodCity-SouthSanFrancisco
IndustrialTotal: 16.26 16.49 16.04 16.04 2014/1
Appreciation: 11.18 11.23 10.37 10.37Income: 4.69 4.86 5.27 5.27
CA-SanFrancisco-RedwoodCity-SouthSanFrancisco Industrial-Warehouse
Total: 17.29 18.43 2015/3Appreciation: 11.75 12.97
Income: 5.11 4.99CA-SanFrancisco-RedwoodCity-SouthSanFrancisco
OfficeTotal: 8.00 11.99 14.78 14.31 15.02 16.81 17.19 11.82 8.10 9.28 9.37 10.03 1999/2
Appreciation: 3.96 7.89 10.50 9.95 10.47 11.98 12.02 6.56 3.05 4.24 3.45 3.81Income: 3.92 3.87 3.98 4.07 4.22 4.45 4.76 5.00 4.93 4.88 5.75 6.03
CA-SanFrancisco-RedwoodCity-SouthSanFrancisco Office-CBD
Total: 7.49 12.24 14.70 14.26 15.02 16.53 16.86 2010/2Appreciation: 3.68 8.38 10.73 10.27 10.90 12.13 12.23
Income: 3.70 3.63 3.68 3.71 3.82 4.04 4.25CA-SanFrancisco-RedwoodCity-SouthSanFrancisco
Office-SuburbanTotal: 8.76 11.49 14.97 14.43 15.01 16.27 2011/2
Appreciation: 4.38 7.03 10.12 9.40 9.68 10.73Income: 4.24 4.24 4.51 4.71 4.98 5.14
CA-SanJose-Sunnyvale-SantaClara Total: 9.33 11.92 13.43 13.55 14.36 15.13 14.94 11.77 8.27 9.36 9.82 12.06 11.98 1978/1Appreciation: 4.58 7.00 8.21 8.12 8.74 9.35 8.92 5.73 2.41 3.49 3.37 4.97 4.23
Income: 4.60 4.68 4.92 5.13 5.28 5.42 5.64 5.79 5.74 5.71 6.28 6.83 7.50CA-SanJose-Sunnyvale-SantaClara Industrial Total: 20.92 16.86 17.33 17.02 16.63 16.61 16.03 12.56 8.46 9.69 8.39 11.67 11.68 1978/1
Appreciation: 15.74 12.15 12.44 11.72 11.04 10.86 10.17 6.74 2.85 4.05 2.07 4.57 3.88Income: 4.65 4.33 4.48 4.89 5.17 5.33 5.45 5.54 5.49 5.47 6.20 6.87 7.58
CA-SanJose-Sunnyvale-SantaClara Industrial-Warehouse
Total: 24.60 24.02 25.30 23.71 22.72 21.78 20.38 15.76 12.72 12.81 2007/3Appreciation: 19.14 18.62 19.62 17.86 16.61 15.53 14.05 9.54 6.66 6.73
Income: 4.79 4.75 4.97 5.17 5.45 5.61 5.73 5.79 5.76 5.78CA-SanJose-Sunnyvale-SantaClara Office Total: 8.09 12.29 14.31 14.22 14.35 15.64 15.10 11.69 7.67 9.17 10.14 2005/4
Appreciation: 3.15 7.07 8.75 8.48 8.54 9.64 8.79 5.30 1.51 2.98 3.88Income: 4.83 4.96 5.23 5.41 5.47 5.60 5.93 6.13 6.07 6.03 6.07
CA-SanJose-Sunnyvale-SantaClara Office-Suburban Total: 7.75 11.63 13.97 13.96 14.18 15.48 14.99 11.61 7.23 8.90 9.81 2006/1Appreciation: 2.81 6.44 8.45 8.27 8.40 9.51 8.68 5.16 1.00 2.61 3.48
Income: 4.84 4.95 5.20 5.37 5.44 5.58 5.92 6.19 6.16 6.15 6.16WA-Seattle-Bellevue-Everett Total: 8.87 10.92 10.68 10.37 10.78 11.67 12.36 8.80 6.10 7.13 9.00 10.31 9.09 1985/1
Appreciation: 4.03 5.96 5.62 5.25 5.53 6.21 6.67 3.09 0.53 1.52 2.83 3.48 1.81Income: 4.70 4.75 4.86 4.93 5.04 5.22 5.43 5.57 5.55 5.54 6.04 6.65 7.18
Page 84 of 1334/25/2017 Section 2, Page 37
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
WA-Seattle-Bellevue-Everett Apartment Total: 9.09 11.03 11.36 10.69 11.07 12.22 13.84 9.44 6.95 7.70 9.34 9.13 2001/1Appreciation: 4.48 6.31 6.56 5.88 6.15 7.16 8.65 4.38 2.03 2.78 4.15 3.82
Income: 4.46 4.51 4.58 4.61 4.71 4.81 4.88 4.90 4.85 4.82 5.03 5.16WA-Seattle-Bellevue-Everett Apartment-Garden Total: 13.17 16.22 16.22 14.39 13.61 14.17 16.03 11.44 8.71 9.30 10.57 2005/2
Appreciation: 7.76 10.68 10.59 8.82 8.07 8.59 10.32 5.83 3.29 3.92 5.18Income: 5.12 5.14 5.22 5.23 5.23 5.25 5.30 5.37 5.29 5.22 5.19
WA-Seattle-Bellevue-Everett Apartment-HighRise Total: 7.44 8.83 9.44 9.34 9.98 2012/3Appreciation: 3.11 4.43 4.98 4.86 5.41
Income: 4.23 4.26 4.30 4.32 4.40WA-Seattle-Bellevue-Everett Industrial Total: 17.04 16.33 14.89 14.48 13.93 13.65 13.69 11.06 7.98 8.90 10.06 10.65 9.73 1989/1
Appreciation: 11.53 10.64 9.18 8.68 8.10 7.64 7.45 4.72 1.77 2.65 3.42 3.37 1.98Income: 5.07 5.27 5.35 5.45 5.50 5.68 5.91 6.11 6.12 6.12 6.47 7.10 7.62
WA-Seattle-Bellevue-Everett Industrial-Warehouse Total: 17.62 16.93 15.18 14.89 14.71 14.60 14.54 11.61 8.46 9.46 10.54 10.73 1998/2Appreciation: 12.19 11.31 9.55 9.16 8.97 8.66 8.38 5.35 2.32 3.28 3.92 3.62
Income: 4.98 5.18 5.26 5.37 5.39 5.58 5.80 6.01 6.02 6.03 6.43 6.91WA-Seattle-Bellevue-Everett Office Total: 5.95 8.97 8.76 8.85 9.28 10.75 11.14 7.15 4.46 5.77 8.02 8.41 1999/4
Appreciation: 1.31 4.22 3.89 3.90 4.22 5.41 5.50 1.49 -1.06 0.23 1.81 1.93Income: 4.60 4.61 4.74 4.81 4.91 5.14 5.41 5.59 5.55 5.52 6.12 6.38
WA-Seattle-Bellevue-Everett Office-CBD Total: 6.19 10.23 9.85 9.84 10.22 11.60 12.43 8.24 4.89 5.10 2007/3Appreciation: 1.85 5.73 5.23 5.19 5.53 6.63 7.06 2.77 -0.45 -0.22
Income: 4.29 4.31 4.45 4.48 4.50 4.74 5.11 5.35 5.34 5.31WA-Seattle-Bellevue-Everett Office-Suburban Total: 5.00 5.40 5.81 6.30 6.99 8.77 8.81 5.11 3.35 4.63 7.51 2004/2
Appreciation: -0.49 -0.07 0.28 0.65 1.14 2.70 2.63 -0.98 -2.55 -1.27 1.19Income: 5.51 5.46 5.51 5.62 5.80 5.95 6.06 6.13 6.02 5.95 6.26
WA-Seattle-Bellevue-Everett Retail Total: 8.68 11.03 11.00 10.29 11.58 11.92 12.48 10.51 7.77 2008/2Appreciation: 3.55 5.80 5.65 4.89 5.98 6.15 6.47 4.38 1.75
Income: 5.00 5.01 5.13 5.21 5.36 5.53 5.74 5.93 5.94MD-SilverSpring-Frederick-Rockville Total: 2.70 4.14 3.69 3.38 3.56 4.11 5.65 4.04 1.95 2.57 7.17 8.46 7.51 1984/1
Appreciation: -2.49 -1.11 -1.58 -1.99 -1.90 -1.55 -0.26 -1.95 -3.91 -3.28 0.76 1.38 0.13Income: 5.29 5.29 5.33 5.45 5.54 5.73 5.93 6.07 6.04 6.00 6.38 7.02 7.37
WA-Tacoma-Lakewood Total: 15.52 14.10 11.09 11.49 11.69 13.44 14.26 10.94 9.80 2008/4Appreciation: 10.07 8.84 5.88 6.19 6.27 7.80 8.37 4.97 3.85
Income: 5.08 4.93 4.99 5.07 5.18 5.34 5.55 5.75 5.77
Page 85 of 1334/25/2017 Section 2, Page 38
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
WA-Tacoma-Lakewood Industrial Total: 15.55 14.22 11.23 11.73 12.03 13.75 14.74 2010/2Appreciation: 10.13 9.00 6.02 6.42 6.60 8.09 8.90
Income: 5.04 4.90 4.98 5.07 5.18 5.34 5.48WA-Tacoma-Lakewood Industrial-Warehouse Total: 15.55 14.22 11.23 11.73 12.03 13.75 14.74 2010/2
Appreciation: 10.13 9.00 6.02 6.42 6.60 8.09 8.90Income: 5.04 4.90 4.98 5.07 5.18 5.34 5.48
FL-Tampa-St.Petersburg-Clearwater Total: 9.38 11.10 11.31 10.83 10.35 10.56 11.04 7.63 4.76 5.01 8.43 8.81 8.84 1995/1Appreciation: 3.10 4.70 4.84 4.38 3.84 4.02 4.38 1.12 -1.50 -1.16 1.79 1.60 1.53
Income: 6.14 6.19 6.24 6.25 6.32 6.35 6.45 6.45 6.34 6.22 6.56 7.13 7.23FL-Tampa-St.Petersburg-Clearwater Apartment Total: 10.10 11.21 11.36 11.39 11.17 11.48 12.66 10.03 6.43 6.26 9.51 2004/4
Appreciation: 4.40 5.44 5.56 5.49 5.18 5.37 6.35 3.77 0.46 0.39 3.42Income: 5.53 5.55 5.57 5.67 5.77 5.87 6.03 6.09 5.96 5.86 5.94
FL-Tampa-St.Petersburg-Clearwater Apartment-Garden
Total: 10.91 12.15 12.31 12.23 11.81 12.07 13.19 10.51 6.82 6.60 7.30 2006/1Appreciation: 4.93 6.10 6.25 6.12 5.66 5.82 6.74 4.13 0.76 0.64 1.33
Income: 5.76 5.79 5.80 5.84 5.91 5.99 6.14 6.19 6.03 5.93 5.92DC-VA-MD-WV-Washington-Arlington-Alexandria Total: 4.77 6.31 6.39 6.65 6.59 7.44 9.53 7.57 5.30 5.88 9.73 10.54 9.00 1985/2
Appreciation: 0.22 1.66 1.60 1.77 1.60 2.33 4.16 2.13 -0.02 0.55 3.65 3.68 2.00Income: 4.55 4.60 4.73 4.82 4.93 5.03 5.21 5.35 5.32 5.31 5.93 6.69 6.89
DC-VA-MD-WV-Washington-Arlington-Alexandria Apartment
Total: 5.06 5.11 4.60 4.91 5.25 6.68 9.58 8.21 5.32 5.51 9.67 10.94 1999/2Appreciation: 0.51 0.66 0.20 0.44 0.68 1.98 4.63 3.21 0.48 0.73 4.25 4.95
Income: 4.53 4.43 4.40 4.46 4.55 4.64 4.79 4.89 4.83 4.76 5.27 5.80DC-VA-MD-WV-Washington-Arlington-Alexandria
Apartment-HighRiseTotal: 4.96 4.95 4.47 4.72 5.22 6.59 10.15 8.64 5.74 5.72 5.83 2006/4
Appreciation: 0.54 0.60 0.14 0.33 0.74 2.00 5.31 3.73 1.01 1.07 1.17Income: 4.41 4.33 4.33 4.38 4.45 4.52 4.67 4.78 4.70 4.62 4.62
DC-VA-MD-WV-Washington-Arlington-Alexandria Industrial
Total: 8.59 8.97 9.00 9.22 8.98 8.49 2011/3Appreciation: 2.68 3.04 3.03 3.08 2.69 2.17
Income: 5.79 5.80 5.84 6.01 6.16 6.22DC-VA-MD-WV-Washington-Arlington-Alexandria
Industrial-WarehouseTotal: 8.97 10.23 10.84 11.11 10.60 2012/2
Appreciation: 3.24 4.53 5.16 5.25 4.60Income: 5.59 5.52 5.47 5.65 5.80
DC-VA-MD-WV-Washington-Arlington-Alexandria Office
Total: 3.67 5.13 5.15 5.69 5.52 6.48 8.50 6.56 4.35 5.09 8.81 9.83 7.76 1989/3Appreciation: -0.72 0.60 0.42 0.87 0.59 1.44 3.22 1.19 -0.92 -0.21 2.74 2.95 0.60
Income: 4.42 4.52 4.71 4.79 4.90 4.98 5.16 5.32 5.30 5.31 5.96 6.73 7.13
Page 86 of 1334/25/2017 Section 2, Page 39
NCREIF Property IndexData through March 31, 2017
Annualized Returns (%)MSA Detail 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 6 Yrs 7 Yrs 8 Yrs 9 Yrs 10 Yrs 15 Yrs 20 Yrs Incept Beg Qtr
DC-VA-MD-WV-Washington-Arlington-Alexandria Office-CBD
Total: 4.83 5.97 6.42 6.79 6.51 7.23 9.51 7.71 5.38 6.19 9.83 10.35 9.74 1995/2Appreciation: 0.83 1.87 2.02 2.25 1.83 2.42 4.44 2.52 0.29 1.06 3.95 3.64 2.90
Income: 3.98 4.05 4.34 4.46 4.62 4.73 4.91 5.09 5.07 5.09 5.71 6.53 6.70DC-VA-MD-WV-Washington-Arlington-Alexandria
Office-SuburbanTotal: 0.50 2.90 1.96 2.94 3.09 4.56 6.28 4.23 2.29 2.96 6.98 8.94 8.33 1991/3
Appreciation: -4.93 -2.74 -3.58 -2.58 -2.43 -1.02 0.51 -1.56 -3.38 -2.71 0.55 1.76 0.64Income: 5.64 5.76 5.70 5.63 5.62 5.62 5.75 5.86 5.81 5.78 6.40 7.10 7.66
DC-VA-MD-WV-Washington-Arlington-Alexandria Retail
Total: 7.04 10.56 11.79 11.44 11.48 11.28 12.90 10.46 8.43 9.04 13.00 13.00 2002/1Appreciation: 2.37 5.69 6.68 6.19 6.09 5.72 7.07 4.61 2.68 3.26 6.36 6.36
Income: 4.59 4.67 4.87 5.02 5.15 5.33 5.55 5.65 5.64 5.64 6.35 6.35DC-VA-MD-WV-Washington-Arlington-Alexandria
Retail-NeighborhoodTotal: 8.86 12.24 13.33 11.54 11.92 11.27 13.20 13.20 2010/1
Appreciation: 3.42 6.53 7.39 5.57 5.80 5.00 6.55 6.55Income: 5.30 5.44 5.63 5.74 5.87 6.05 6.34 6.34
FL-WestPalmBeach-BocaRaton-DelrayBeach Total: 7.64 10.02 11.15 10.51 9.77 10.07 10.95 7.81 4.31 4.25 8.63 9.51 9.43 1994/2Appreciation: 2.36 4.63 5.61 4.90 4.15 4.35 5.04 1.95 -1.29 -1.26 2.72 2.81 2.48
Income: 5.19 5.21 5.32 5.42 5.45 5.54 5.70 5.78 5.66 5.57 5.79 6.58 6.83FL-WestPalmBeach-BocaRaton-DelrayBeach
ApartmentTotal: 8.17 11.92 12.42 11.21 10.36 11.20 13.32 9.99 6.10 5.58 5.52 2006/3
Appreciation: 2.98 6.47 6.85 5.72 4.88 5.63 7.49 4.23 0.63 0.26 0.24Income: 5.08 5.20 5.31 5.28 5.29 5.35 5.53 5.58 5.45 5.33 5.29
FL-WestPalmBeach-BocaRaton-DelrayBeach Apartment-Garden
Total: 8.59 2016/2Appreciation: 3.30
Income: 5.16
Page 87 of 1334/25/2017 Section 2, Page 40
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Market Indexes 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
NCREIF Property Index Total: 7.97 13.33 11.82 10.98 10.54 14.26 13.11 -16.85 -6.46 15.85 16.60 20.06 14.49 9.00 6.75S&P 500 Index Total: 11.96 1.38 13.69 32.39 16.00 2.11 15.06 26.46 -37.00 5.49 15.78 4.93 10.86 28.71 -22.10T-Bills (90 day) Total: 1.06 0.57 0.04 0.05 0.07 0.08 0.13 0.16 1.80 4.74 4.76 3.00 1.24 1.07 1.70
NAREIT Equity REIT Index Total: 8.63 2.83 28.03 2.86 19.70 8.28 27.95 27.99 -37.73 -15.69 35.05 12.17 31.57 37.14 3.81Consumer Price Index Total: 2.07 0.73 0.76 1.38 1.74 2.96 1.50 2.72 0.09 4.08 2.54 3.42 3.26 1.88 2.38
Calendar Year Returns (%)Total Index 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
NCREIF Property Index Total: 7.97 13.33 11.82 10.98 10.54 14.26 13.11 -16.85 -6.46 15.85 16.60 20.06 14.49 9.00 6.75Appreciation: 3.10 8.03 6.21 5.16 4.51 7.80 6.05 -21.98 -11.15 9.88 9.92 12.68 6.66 0.97 -1.58
Income: 4.76 5.01 5.36 5.61 5.84 6.11 6.76 6.17 5.13 5.56 6.22 6.75 7.46 7.97 8.42Calendar Year Returns (%)
Property Type Subindexes 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002Apartment Total: 7.33 11.99 10.29 10.42 11.23 15.45 18.21 -17.51 -7.29 11.36 14.63 21.15 13.04 8.90 8.76
Appreciation: 2.64 6.99 5.17 5.06 5.64 9.60 11.77 -21.94 -11.37 6.42 8.89 14.85 6.66 2.44 1.57Income: 4.60 4.75 4.94 5.16 5.36 5.47 5.93 5.33 4.45 4.71 5.39 5.69 6.08 6.35 7.11
Hotel Total: 4.71 13.20 11.06 7.68 8.23 11.79 8.97 -20.40 -9.35 18.10 23.57 18.99 10.16 6.05 7.57Appreciation: -3.13 4.71 2.75 0.07 0.88 4.62 2.23 -24.01 -14.35 9.93 14.04 9.49 1.99 -1.68 -0.34
Income: 8.03 8.20 8.16 7.61 7.31 6.94 6.64 4.44 5.63 7.61 8.65 8.89 8.05 7.85 7.93Industrial Total: 12.31 14.87 13.42 12.32 10.71 14.59 9.37 -17.85 -5.76 14.95 16.96 20.31 12.07 8.23 6.70
Appreciation: 6.76 9.03 7.29 6.02 4.26 7.66 1.99 -23.47 -11.13 8.30 9.85 12.32 3.94 -0.16 -1.84Income: 5.28 5.48 5.81 6.03 6.26 6.56 7.27 6.86 5.85 6.26 6.64 7.32 7.90 8.40 8.65
Office Total: 6.20 12.50 11.50 9.86 9.49 13.76 11.74 -19.10 -7.29 20.51 19.16 19.46 12.02 5.67 2.78Appreciation: 1.63 7.45 6.05 4.30 3.66 7.41 4.59 -24.26 -11.77 14.42 12.27 11.96 4.03 -2.50 -5.61
Income: 4.52 4.78 5.22 5.39 5.67 6.02 6.92 6.35 4.91 5.51 6.32 6.89 7.76 8.33 8.77Retail Total: 9.04 15.28 13.12 12.87 11.61 13.77 12.62 -10.95 -4.11 13.51 13.35 19.98 22.95 17.15 13.74
Appreciation: 4.04 9.72 7.25 6.62 5.16 6.83 5.28 -16.61 -9.46 7.33 6.77 12.55 14.43 8.17 4.66Income: 4.85 5.19 5.58 5.97 6.21 6.60 7.06 6.49 5.75 5.86 6.27 6.80 7.71 8.47 8.78
Calendar Year Returns (%)Regional Subindexes 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
East Total: 6.38 11.28 9.34 9.36 9.05 14.16 15.17 -17.17 -7.93 16.03 17.74 21.58 15.75 10.92 8.94Appreciation: 1.86 6.31 4.09 3.90 3.34 8.03 8.13 -22.20 -12.29 10.33 11.05 14.12 7.70 2.60 0.17
Income: 4.46 4.75 5.09 5.30 5.57 5.79 6.65 6.08 4.80 5.30 6.19 6.76 7.62 8.16 8.76
Page 88 of 1334/25/2017 Section 3, Page 1
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Regional Subindexes 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
Midwest Total: 6.99 12.13 11.44 10.66 9.76 12.20 9.75 -12.94 -5.21 13.52 11.45 14.09 12.50 6.86 6.14Appreciation: 1.76 6.43 5.38 4.22 3.14 5.44 2.71 -18.57 -10.41 6.90 4.74 6.65 4.61 -1.21 -2.30
Income: 5.16 5.44 5.82 6.24 6.46 6.51 6.90 6.56 5.64 6.30 6.48 7.10 7.64 8.14 8.58South Total: 7.36 13.97 13.17 12.40 11.06 12.80 12.05 -14.41 -3.82 12.79 14.72 19.84 12.50 7.79 5.34
Appreciation: 2.02 8.15 6.98 5.97 4.62 6.13 4.90 -19.82 -9.06 6.60 7.97 12.33 4.87 0.00 -2.73Income: 5.26 5.49 5.89 6.16 6.22 6.38 6.89 6.38 5.62 5.90 6.37 6.88 7.37 7.78 8.23
West Total: 9.98 15.25 13.57 11.82 11.95 15.96 12.80 -19.06 -6.87 18.28 18.45 21.04 15.34 9.02 6.12Appreciation: 5.14 10.02 8.06 6.16 6.02 9.41 5.77 -23.97 -11.45 12.39 11.84 13.84 7.63 1.10 -1.96
Income: 4.66 4.87 5.20 5.41 5.68 6.12 6.74 6.03 5.01 5.40 6.08 6.54 7.30 7.85 8.20Calendar Year Returns (%)
Divisional Subindexes 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002East North Central Total: 7.32 12.72 11.88 11.00 10.13 12.96 9.99 -13.14 -5.73 14.00 11.33 13.67 13.12 6.84 6.67
Appreciation: 2.18 7.17 6.00 4.70 3.59 6.21 2.95 -18.71 -10.82 7.38 4.70 6.30 5.18 -1.21 -1.64Income: 5.05 5.28 5.63 6.09 6.37 6.46 6.89 6.50 5.54 6.29 6.41 7.04 7.65 8.13 8.41
Mideast Total: 6.09 8.80 7.37 8.11 7.67 14.27 16.93 -12.99 -4.45 13.54 15.97 23.10 17.73 11.91 11.02Appreciation: 1.16 3.57 1.92 2.44 1.80 7.95 9.71 -18.43 -9.37 7.56 9.37 15.52 9.48 3.54 2.12
Income: 4.88 5.09 5.38 5.57 5.79 5.97 6.74 6.34 5.29 5.66 6.17 6.80 7.71 8.16 8.77Mountain Total: 9.67 16.41 13.95 12.85 11.73 12.96 12.51 -17.93 -5.86 14.19 17.15 21.97 12.68 8.40 8.02
Appreciation: 4.42 10.48 7.84 6.57 5.30 6.21 5.33 -23.05 -10.85 8.07 10.44 14.51 5.06 0.72 -0.01Income: 5.08 5.51 5.78 5.99 6.19 6.45 6.90 6.22 5.44 5.78 6.23 6.74 7.34 7.64 8.03
Northeast Total: 6.55 12.82 10.65 10.23 10.07 14.07 14.03 -19.73 -9.94 17.66 19.03 20.43 14.36 10.13 7.40Appreciation: 2.25 8.01 5.54 4.93 4.48 8.07 7.10 -24.52 -13.99 12.12 12.26 13.06 6.45 1.86 -1.27
Income: 4.22 4.54 4.91 5.11 5.41 5.66 6.58 5.92 4.52 5.08 6.21 6.73 7.55 8.16 8.75Pacific Total: 10.05 15.04 13.49 11.62 12.00 16.60 12.86 -19.28 -7.06 19.12 18.71 20.85 15.93 9.16 5.56
Appreciation: 5.29 9.94 8.10 6.08 6.17 10.10 5.86 -24.15 -11.57 13.27 12.12 13.70 8.20 1.19 -2.52Income: 4.58 4.75 5.09 5.30 5.58 6.05 6.70 5.99 4.93 5.33 6.05 6.50 7.29 7.91 8.24
Southeast Total: 9.07 15.60 13.07 10.97 10.58 12.26 10.91 -16.23 -6.20 11.36 15.43 22.36 14.17 7.64 5.93Appreciation: 3.54 9.63 6.78 4.56 4.10 5.43 3.67 -21.61 -11.32 5.44 8.84 14.94 6.65 0.02 -1.97
Income: 5.38 5.58 5.98 6.20 6.30 6.57 7.05 6.45 5.60 5.69 6.18 6.69 7.17 7.62 8.02Southwest Total: 5.84 12.51 13.28 13.78 11.53 13.39 13.33 -12.05 -0.34 14.94 13.70 16.60 10.48 7.97 4.60
Appreciation: 0.65 6.83 7.16 7.33 5.15 6.90 6.30 -17.50 -5.74 8.35 6.73 9.00 2.72 -0.02 -3.67Income: 5.16 5.41 5.81 6.12 6.15 6.18 6.72 6.30 5.64 6.21 6.64 7.13 7.61 7.99 8.51
West North Central Total: 5.26 9.18 9.32 9.14 8.13 9.05 8.79 -12.13 -3.11 11.60 11.87 15.66 10.49 6.92 4.24Appreciation: -0.48 2.77 2.45 2.11 1.20 2.23 1.75 -17.99 -8.75 5.02 4.88 7.91 2.73 -1.18 -4.60
Income: 5.77 6.28 6.75 6.93 6.87 6.71 6.95 6.80 6.03 6.34 6.74 7.32 7.61 8.17 9.16
Page 89 of 1334/25/2017 Section 3, Page 2
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Apartment by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
East Total: 5.78 8.91 7.89 8.60 9.64 14.69 17.03 -20.93 -9.09 12.03 13.67 22.77 12.92 10.54 11.48Appreciation: 1.33 4.32 3.25 3.69 4.53 9.31 10.91 -24.86 -12.53 7.78 8.15 16.46 6.55 3.85 3.75
Income: 4.41 4.44 4.53 4.77 4.95 5.03 5.66 4.88 3.80 4.02 5.21 5.64 6.08 6.50 7.53Midwest Total: 6.06 10.91 10.19 11.16 12.65 16.61 16.78 -11.31 -3.67 10.23 11.81 11.06 10.68 6.67 6.66
Appreciation: 1.48 5.97 4.90 5.49 6.54 10.38 10.13 -16.43 -8.52 4.67 6.01 5.09 4.55 0.43 -0.15Income: 4.53 4.73 5.11 5.45 5.83 5.79 6.19 5.85 5.17 5.37 5.55 5.75 5.93 6.22 6.82
South Total: 6.10 12.14 11.65 12.16 11.01 15.44 17.75 -13.89 -5.30 9.32 14.69 24.21 12.78 7.33 7.11Appreciation: 1.09 6.70 5.95 6.19 4.90 9.07 10.93 -18.87 -10.04 3.79 8.53 17.39 6.38 0.89 0.04
Income: 4.97 5.18 5.45 5.71 5.90 5.98 6.31 5.82 5.13 5.38 5.80 6.05 6.12 6.40 7.07West Total: 10.05 15.49 11.99 10.88 12.85 16.01 20.71 -18.42 -7.96 12.87 16.43 20.71 14.32 10.14 9.34
Appreciation: 5.34 10.38 6.83 5.61 7.37 10.25 14.31 -22.77 -12.00 7.93 10.95 14.75 7.85 3.75 2.30Income: 4.53 4.74 4.92 5.06 5.20 5.36 5.78 5.27 4.43 4.67 5.08 5.37 6.11 6.21 6.93
Calendar Year Returns (%)Apartment by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
East North Central Total: 6.16 11.08 10.08 11.11 12.85 16.38 18.05 -11.95 -4.47 10.62 12.78 10.77 10.52 5.86 5.98Appreciation: 1.60 6.27 4.94 5.61 6.92 10.39 11.53 -16.89 -9.09 5.24 7.00 4.81 4.50 -0.17 -0.65
Income: 4.50 4.60 4.96 5.28 5.64 5.57 6.01 5.68 4.95 5.18 5.49 5.75 5.83 6.04 6.66Mideast Total: 5.69 6.51 5.20 7.32 8.00 16.45 24.92 -11.69 -6.17 9.98 15.39 23.66 13.31 11.37 14.27
Appreciation: 0.89 1.80 0.42 2.10 2.67 10.53 17.88 -16.71 -10.51 5.04 9.44 16.95 6.64 4.51 6.38Income: 4.77 4.65 4.77 5.14 5.23 5.49 6.22 5.76 4.71 4.76 5.56 5.98 6.37 6.65 7.54
Mountain Total: 11.25 16.65 12.72 11.11 12.48 17.28 21.27 -17.83 -7.53 10.77 18.90 21.92 12.75 8.52 6.77Appreciation: 6.04 10.87 6.97 5.32 6.51 10.80 14.16 -22.64 -11.96 5.51 12.64 15.46 5.84 1.75 -0.65
Income: 4.99 5.35 5.47 5.57 5.70 6.00 6.44 5.82 4.86 5.05 5.73 5.80 6.63 6.68 7.46Northeast Total: 5.85 10.38 9.60 9.36 10.67 13.57 13.43 -24.69 -10.40 13.03 12.33 22.02 12.47 9.59 7.68
Appreciation: 1.61 5.88 5.05 4.65 5.70 8.53 7.74 -28.19 -13.45 9.12 7.15 16.11 6.44 3.12 0.17Income: 4.19 4.31 4.38 4.56 4.77 4.75 5.39 4.49 3.39 3.67 4.92 5.28 5.75 6.33 7.51
Pacific Total: 9.69 15.13 11.75 10.79 12.99 15.58 20.49 -18.61 -8.11 13.80 15.48 20.27 15.01 10.93 10.61Appreciation: 5.13 10.24 6.78 5.71 7.69 10.07 14.35 -22.80 -11.99 9.00 10.28 14.50 8.75 4.73 3.77
Income: 4.39 4.55 4.73 4.88 5.01 5.13 5.56 5.08 4.26 4.50 4.83 5.22 5.88 5.99 6.65Southeast Total: 9.34 15.12 12.43 11.16 9.65 14.23 17.55 -16.41 -8.54 7.21 16.21 31.30 15.74 8.37 7.78
Appreciation: 4.05 9.35 6.55 5.20 3.59 7.87 10.58 -21.22 -13.00 2.02 10.00 24.06 9.09 1.86 0.74Income: 5.14 5.40 5.61 5.74 5.90 6.01 6.47 5.74 4.94 5.11 5.79 6.16 6.23 6.42 7.00
Southwest Total: 3.53 9.75 11.02 13.00 12.24 16.71 17.90 -10.70 -0.62 12.43 12.50 11.85 8.20 5.79 6.14Appreciation: -1.26 4.58 5.48 7.02 6.09 10.32 11.26 -15.90 -5.78 6.40 6.43 5.74 2.16 -0.56 -0.97
Income: 4.84 5.00 5.33 5.68 5.89 5.94 6.13 5.91 5.40 5.76 5.80 5.86 5.95 6.37 7.16
Page 90 of 1334/25/2017 Section 3, Page 3
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Apartment by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
West North Central Total: 5.66 10.19 10.68 11.40 11.89 17.39 12.77 -9.65 -1.62 9.36 9.64 11.81 11.05 8.81 8.73Appreciation: 0.96 4.70 4.72 5.02 5.12 10.30 5.73 -15.23 -7.04 3.36 3.79 5.80 4.66 1.95 1.34
Income: 4.67 5.31 5.75 6.15 6.52 6.59 6.76 6.30 5.72 5.85 5.69 5.75 6.17 6.76 7.32Calendar Year Returns (%)
Hotel by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002East Total: 3.00 7.97 5.71 4.39 4.17 12.54 10.97 -18.79
Appreciation: -3.84 0.94 -1.12 -2.26 -1.99 5.68 4.43 -23.20Income: 7.04 6.99 6.92 6.77 6.27 6.56 6.37 5.43
Midwest Total: -0.53 7.85 11.32 4.42 8.77 10.43Appreciation: -8.68 -0.73 2.29 -2.73 1.27 3.16
Income: 8.69 8.64 8.93 7.31 7.43 7.09South Total: 6.02 15.10 14.03 11.99 8.95 11.43
Appreciation: -2.50 5.85 4.78 3.16 1.08 4.22Income: 8.68 8.88 8.92 8.62 7.80 7.01
West Total: 8.83 20.86 14.30 8.94 11.10 11.79 8.35 -20.11 -6.23 23.85 23.31 17.82Appreciation: 0.25 11.04 5.54 1.15 3.12 4.38 1.58 -23.58 -11.52 14.79 14.09 8.95
Income: 8.56 9.09 8.41 7.72 7.80 7.18 6.69 4.25 5.85 8.18 8.36 8.31Calendar Year Returns (%)
Hotel by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002East North Central Total:
Appreciation:Income:
Mideast Total:Appreciation:
Income:Calendar Year Returns (%)
Industrial by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002East Total: 11.27 12.91 12.44 11.85 9.48 13.20 8.97 -14.23 -4.98 9.38 15.52 18.99 13.18 8.99 8.10
Appreciation: 5.52 6.89 5.83 4.90 2.64 6.14 1.25 -20.42 -10.66 2.73 8.20 11.05 4.81 0.27 -0.82Income: 5.53 5.73 6.34 6.71 6.71 6.75 7.65 7.34 6.18 6.51 6.91 7.35 8.08 8.70 8.98
Midwest Total: 9.21 14.59 11.33 11.21 8.07 12.72 6.48 -17.73 -5.48 12.07 11.98 15.97 9.65 7.16 7.63Appreciation: 3.33 8.17 4.74 4.59 1.36 5.65 -0.98 -23.76 -11.23 5.21 4.64 7.58 1.43 -1.23 -1.23
Income: 5.74 6.05 6.37 6.41 6.64 6.79 7.51 7.38 6.27 6.61 7.10 7.96 8.13 8.47 8.93
Page 91 of 1334/25/2017 Section 3, Page 4
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Industrial by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
South Total: 10.26 14.08 13.57 12.66 10.20 12.50 8.74 -16.66 -3.91 13.59 14.63 17.73 9.55 6.82 4.75Appreciation: 4.31 7.69 6.98 5.96 3.58 5.45 1.31 -22.49 -9.68 6.48 7.20 9.76 1.76 -1.42 -3.77
Income: 5.76 6.05 6.26 6.42 6.45 6.78 7.35 7.05 6.22 6.79 7.05 7.43 7.69 8.33 8.77West Total: 14.46 15.97 14.18 12.61 12.28 16.79 10.92 -19.84 -7.12 18.91 20.32 23.65 13.75 9.04 6.82
Appreciation: 9.28 10.60 8.55 6.81 6.14 10.03 3.72 -25.00 -12.01 12.59 13.53 15.78 5.57 0.70 -1.48Income: 4.85 4.99 5.29 5.52 5.87 6.30 7.00 6.40 5.38 5.79 6.18 7.05 7.85 8.30 8.39
Calendar Year Returns (%)Industrial by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
East North Central Total: 9.54 14.99 11.32 11.38 8.06 13.48 6.84 -18.23 -5.65 12.37 11.62 15.08 9.59 7.79 8.41Appreciation: 3.79 8.77 4.89 4.84 1.45 6.38 -0.62 -24.17 -11.29 5.56 4.36 6.72 1.20 -0.70 -0.36
Income: 5.59 5.84 6.21 6.32 6.55 6.78 7.49 7.30 6.16 6.54 7.04 7.96 8.32 8.54 8.79Mideast Total: 8.00 11.97 11.25 10.86 8.09 14.56 8.53 -13.38 -3.14 12.05 17.51 20.84 12.87 10.21 9.30
Appreciation: 1.92 5.72 4.56 3.67 1.02 7.01 0.66 -19.68 -8.51 5.31 10.16 12.52 4.38 1.09 -0.05Income: 5.99 6.00 6.47 7.00 7.02 7.18 7.83 7.42 5.75 6.49 6.84 7.62 8.22 9.05 9.35
Mountain Total: 12.43 15.78 14.71 13.76 12.87 9.87 2.70 -17.92 -4.88 15.43 18.01 22.77 10.71 6.67 9.10Appreciation: 6.41 9.32 7.85 6.76 5.75 2.80 -4.13 -23.08 -10.34 8.68 11.08 14.77 2.78 -0.95 0.88
Income: 5.75 6.05 6.48 6.66 6.83 6.92 7.05 6.29 5.91 6.34 6.41 7.21 7.76 7.68 8.17Northeast Total: 13.02 13.65 13.18 12.47 10.35 12.36 9.23 -14.77 -6.45 7.86 14.18 17.50 13.54 8.07 7.04
Appreciation: 7.45 7.78 6.61 5.67 3.64 5.61 1.60 -20.88 -12.37 1.27 6.87 9.86 5.27 -0.35 -1.51Income: 5.28 5.55 6.26 6.53 6.53 6.48 7.54 7.28 6.52 6.53 6.95 7.13 7.96 8.43 8.66
Pacific Total: 14.64 15.99 14.14 12.51 12.22 17.52 11.72 -20.01 -7.28 19.17 20.49 23.72 14.00 9.30 6.58Appreciation: 9.53 10.72 8.61 6.82 6.18 10.80 4.49 -25.17 -12.13 12.88 13.71 15.86 5.80 0.88 -1.73
Income: 4.78 4.89 5.19 5.41 5.77 6.23 7.00 6.41 5.34 5.75 6.16 7.04 7.86 8.36 8.42Southeast Total: 10.34 14.67 12.94 10.10 9.70 11.98 5.23 -18.71 -4.53 14.38 15.74 19.27 10.44 7.47 6.11
Appreciation: 4.32 8.31 6.57 3.70 3.18 5.00 -1.81 -24.39 -10.06 7.43 8.28 11.14 2.80 -0.71 -2.24Income: 5.83 5.99 6.07 6.23 6.38 6.73 7.14 6.99 5.99 6.59 7.03 7.51 7.48 8.23 8.49
Southwest Total: 10.16 13.60 14.11 15.25 10.71 13.04 12.69 -14.08 -3.13 12.72 13.54 16.10 8.65 6.13 3.21Appreciation: 4.27 7.19 7.34 8.23 3.98 5.91 4.83 -20.10 -9.21 5.43 6.13 8.29 0.70 -2.17 -5.51
Income: 5.71 6.09 6.42 6.62 6.53 6.83 7.59 7.12 6.52 7.01 7.09 7.35 7.90 8.43 9.09West North Central Total: 6.29 11.43 11.47 10.10 8.07 7.89 4.26 -14.58 -4.46 10.51 13.70 20.66 9.96 4.29 3.70
Appreciation: -0.80 3.59 3.73 2.92 0.80 0.99 -3.17 -21.20 -10.86 3.34 5.99 12.00 2.60 -3.67 -5.53Income: 7.13 7.64 7.53 7.03 7.23 6.85 7.60 7.89 6.96 7.00 7.38 7.97 7.22 8.18 9.63
Page 92 of 1334/25/2017 Section 3, Page 5
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Office by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
East Total: 5.53 11.51 8.39 8.95 8.04 14.40 16.65 -18.18 -9.64 20.81 21.52 21.01 13.96 7.77 7.07Appreciation: 1.39 6.77 3.32 3.71 2.49 8.35 9.34 -23.45 -13.86 14.86 14.71 13.51 5.79 -0.54 -1.76
Income: 4.10 4.52 4.95 5.10 5.45 5.70 6.84 6.44 4.71 5.37 6.14 6.82 7.83 8.35 8.95Midwest Total: 5.22 10.55 10.98 6.90 6.03 6.56 6.39 -13.62 -4.81 13.52 11.62 14.27 7.45 4.04 2.83
Appreciation: -0.21 4.69 4.59 0.29 -0.92 -0.03 -0.45 -19.32 -9.81 6.35 4.81 6.58 -0.46 -4.10 -5.91Income: 5.43 5.67 6.19 6.60 7.00 6.60 6.85 6.68 5.39 6.84 6.58 7.33 7.94 8.40 9.15
South Total: 3.48 11.89 14.27 10.99 10.79 9.28 6.26 -16.72 0.12 16.81 15.03 16.47 9.11 4.54 1.80Appreciation: -2.08 6.00 7.89 4.56 4.39 2.88 -0.56 -22.01 -5.25 10.22 8.06 8.65 0.89 -3.84 -6.66
Income: 5.65 5.64 6.03 6.22 6.20 6.27 6.84 6.36 5.59 6.13 6.58 7.35 8.16 8.63 8.90West Total: 8.09 14.28 14.58 10.96 11.38 16.25 9.58 -21.73 -7.89 22.96 20.29 21.05 13.01 4.47 -1.50
Appreciation: 3.46 9.31 9.15 5.49 5.61 9.60 2.40 -26.66 -12.25 17.11 13.33 13.77 5.29 -3.43 -9.24Income: 4.52 4.65 5.09 5.26 5.54 6.22 7.05 6.21 4.81 5.20 6.33 6.61 7.42 8.10 8.32
Calendar Year Returns (%)Office by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
East North Central Total: 5.55 11.53 12.13 7.43 6.98 8.70 6.64 -14.25 -5.18 13.18 10.74 13.95 6.56 4.28 3.74Appreciation: 0.32 5.94 6.12 1.00 0.11 2.07 -0.23 -19.79 -9.95 5.90 4.30 6.52 -1.10 -3.86 -4.93
Income: 5.22 5.35 5.75 6.38 6.86 6.54 6.88 6.53 5.16 6.97 6.24 7.08 7.73 8.38 9.00Mideast Total: 4.18 6.43 5.65 6.92 5.68 13.38 16.71 -14.84 -4.12 15.41 16.60 21.09 18.39 9.99 8.37
Appreciation: -0.34 1.47 0.34 1.58 0.08 7.38 9.55 -20.21 -8.94 9.31 10.13 13.65 9.79 1.64 -0.55Income: 4.53 4.91 5.30 5.28 5.60 5.69 6.69 6.35 5.16 5.70 6.02 6.77 8.02 8.25 8.95
Mountain Total: 4.01 10.72 14.33 14.79 10.17 9.74 5.66 -20.99 -4.55 16.19 18.36 27.43 8.09 4.11 -2.77Appreciation: -1.06 5.22 8.25 8.38 3.64 3.15 -1.70 -26.36 -9.59 10.19 11.71 18.99 0.34 -3.72 -10.21
Income: 5.11 5.30 5.73 6.04 6.36 6.44 7.45 6.74 5.44 5.59 6.13 7.42 7.74 8.05 8.05Northeast Total: 6.12 14.03 9.96 10.28 9.70 15.11 16.62 -20.35 -12.45 24.45 25.11 20.92 11.63 6.53 6.35
Appreciation: 2.15 9.40 5.02 5.11 4.18 9.02 9.20 -25.57 -16.37 18.59 18.05 13.39 3.70 -1.76 -2.43Income: 3.92 4.33 4.76 4.98 5.35 5.71 6.95 6.51 4.47 5.16 6.23 6.85 7.73 8.40 8.95
Pacific Total: 8.48 14.62 14.60 10.54 11.53 17.13 10.11 -21.83 -8.27 23.80 20.52 20.11 13.88 4.54 -1.24Appreciation: 3.89 9.70 9.24 5.17 5.86 10.46 2.95 -26.70 -12.55 17.97 13.54 12.99 6.17 -3.36 -9.04
Income: 4.46 4.59 5.02 5.18 5.44 6.19 7.00 6.14 4.74 5.16 6.35 6.50 7.37 8.11 8.37Southeast Total: 5.86 16.35 13.73 8.46 8.22 7.56 5.87 -18.69 -3.76 14.21 15.49 17.35 10.84 5.56 2.68
Appreciation: 0.27 10.33 7.43 2.11 1.83 0.95 -1.40 -24.14 -9.28 7.86 8.81 9.86 2.77 -2.94 -5.75Income: 5.58 5.59 5.97 6.25 6.30 6.56 7.34 6.69 5.92 6.01 6.27 6.98 7.90 8.69 8.82
Southwest Total: 1.72 8.81 14.62 12.81 12.88 10.71 6.58 -14.98 4.50 19.51 14.26 15.63 7.17 3.42 0.85Appreciation: -3.82 3.02 8.19 6.32 6.46 4.49 0.15 -20.10 -0.70 12.64 6.91 7.46 -1.22 -4.85 -7.65
Income: 5.71 5.67 6.07 6.20 6.12 6.02 6.42 6.06 5.23 6.29 7.00 7.74 8.46 8.57 9.02
Page 93 of 1334/25/2017 Section 3, Page 6
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Office by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
West North Central Total: 3.83 6.71 6.92 5.50 3.63 1.66 5.75 -11.97 -3.94 14.42 13.88 15.03 9.90 3.39 0.31Appreciation: -2.39 -0.27 -0.75 -1.60 -3.54 -4.85 -1.02 -18.04 -9.52 7.48 6.12 6.66 1.26 -4.77 -8.63
Income: 6.34 6.99 7.72 7.18 7.37 6.75 6.81 7.05 6.01 6.57 7.42 7.98 8.56 8.45 9.56Calendar Year Returns (%)
Retail by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002East Total: 7.84 13.38 13.14 11.09 11.27 13.34 13.01 -10.64 -3.19 13.49 13.37 22.76 22.32 19.95 11.80
Appreciation: 2.80 7.84 7.22 5.01 4.80 6.43 5.72 -16.26 -8.51 7.28 6.69 15.06 13.62 10.50 2.63Income: 4.93 5.24 5.62 5.87 6.25 6.59 7.00 6.42 5.69 5.89 6.37 6.94 7.91 8.78 8.99
Midwest Total: 8.25 13.58 12.73 12.80 10.83 12.07 9.20 -8.86 -5.71 16.82 10.02 14.44 25.26 11.96 10.31Appreciation: 3.14 7.89 6.77 6.01 4.17 5.02 1.98 -14.80 -11.02 10.08 3.43 7.21 16.37 2.97 1.74
Income: 4.99 5.38 5.68 6.50 6.46 6.80 7.11 6.70 5.78 6.27 6.42 6.87 7.94 8.80 8.46South Total: 10.11 17.43 13.72 13.81 12.15 13.26 13.48 -10.69 -5.70 12.47 14.10 21.37 20.39 14.57 10.16
Appreciation: 5.06 11.73 7.60 7.28 5.58 6.22 5.83 -16.55 -11.11 6.50 7.62 14.06 12.25 6.35 1.56Income: 4.86 5.25 5.79 6.20 6.31 6.73 7.33 6.71 5.90 5.70 6.13 6.62 7.47 7.86 8.50
West Total: 9.44 15.77 12.82 13.71 11.81 15.22 13.27 -12.50 -2.95 12.83 14.45 18.59 24.32 18.77 19.37Appreciation: 4.56 10.35 7.20 7.73 5.57 8.39 6.06 -17.91 -8.26 6.77 7.91 11.31 15.91 9.72 9.77
Income: 4.73 5.04 5.34 5.66 6.00 6.43 6.89 6.28 5.66 5.78 6.18 6.72 7.53 8.45 8.96Calendar Year Returns (%)
Retail by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002East North Central Total: 8.67 14.20 13.20 13.18 11.27 12.72 8.91 -8.01 -6.12 17.47 10.04 13.89 28.19 10.79 10.49
Appreciation: 3.68 8.56 7.32 6.55 4.62 5.62 1.71 -14.02 -11.41 10.67 3.43 6.72 19.10 1.90 2.04Income: 4.86 5.31 5.58 6.33 6.43 6.82 7.12 6.73 5.79 6.30 6.45 6.84 7.98 8.77 8.33
Mideast Total: 9.19 14.31 12.39 11.09 11.63 14.07 14.15 -9.91 -3.83 13.50 13.14 27.01 23.31 17.65 12.41Appreciation: 3.96 8.59 6.36 4.84 5.13 7.22 6.90 -15.61 -9.20 7.38 6.50 19.12 14.41 8.17 3.22
Income: 5.08 5.38 5.75 6.03 6.26 6.50 6.90 6.46 5.77 5.81 6.34 6.93 8.05 8.94 8.98Mountain Total: 11.11 20.87 14.98 13.99 12.07 12.60 13.20 -14.47 -5.01 15.23 13.26 18.16 19.41 17.13 21.08
Appreciation: 6.06 14.96 8.97 7.62 5.53 5.59 5.93 -19.81 -10.26 8.75 6.54 11.00 11.21 8.17 11.43Income: 4.83 5.32 5.64 6.03 6.29 6.73 6.97 6.29 5.68 6.09 6.42 6.63 7.58 8.45 8.90
Northeast Total: 6.54 12.45 13.89 11.10 10.89 12.99 12.06 -11.16 -2.64 13.51 13.54 19.81 21.58 20.78 11.36Appreciation: 1.69 7.09 8.07 5.16 4.44 6.01 4.74 -16.74 -7.93 7.23 6.82 12.24 13.02 11.39 2.20
Income: 4.79 5.10 5.49 5.72 6.24 6.68 7.07 6.39 5.62 5.95 6.40 6.94 7.82 8.67 9.01Pacific Total: 8.96 14.48 12.24 13.63 11.74 16.05 13.30 -11.86 -2.23 12.06 14.78 18.78 25.96 19.35 17.70
Appreciation: 4.12 9.18 6.72 7.75 5.58 9.28 6.12 -17.30 -7.57 6.12 8.30 11.46 17.50 10.26 8.18Income: 4.70 4.97 5.26 5.56 5.91 6.34 6.87 6.27 5.65 5.67 6.11 6.75 7.51 8.45 8.97
Page 94 of 1334/25/2017 Section 3, Page 7
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Retail by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
Southeast Total: 10.10 15.85 13.18 13.18 13.87 14.02 11.56 -12.63 -6.34 11.88 14.29 19.02 20.24 9.94 8.23Appreciation: 4.77 10.03 6.82 6.48 7.01 6.59 3.93 -18.42 -11.66 6.07 8.00 12.03 12.29 2.35 0.05
Income: 5.15 5.42 6.06 6.39 6.52 7.08 7.42 6.73 5.83 5.56 5.94 6.42 7.30 7.46 8.17Southwest Total: 10.13 19.43 14.70 14.73 9.58 12.03 16.70 -6.42 -4.28 14.19 13.72 25.78 20.68 20.68 13.10
Appreciation: 5.43 13.90 8.90 8.43 3.43 5.61 9.02 -12.44 -9.89 7.76 6.87 17.88 12.31 11.60 3.86Income: 4.52 5.03 5.44 5.94 6.00 6.16 7.19 6.65 6.05 6.08 6.52 6.98 7.68 8.37 8.98
West North Central Total: 5.84 9.93 9.89 10.35 8.24 8.38 11.00 -13.80 -3.13 12.35 9.84 18.15 9.89 17.34 9.48Appreciation: 0.05 3.94 3.41 2.63 1.56 1.62 3.73 -19.33 -8.50 5.98 3.38 10.56 1.99 7.87 0.45
Income: 5.78 5.83 6.32 7.57 6.61 6.69 7.08 6.50 5.73 6.10 6.30 7.05 7.78 8.95 9.00Calendar Year Returns (%)
Property Subtypes 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002Apartment-Garden Total: 9.50 14.63 11.34 10.68 10.94 15.59 16.84 -15.75 -5.66 10.75 14.17 20.95 12.51 9.08 8.75
Appreciation: 4.08 8.79 5.47 4.69 4.90 9.29 10.06 -20.57 -10.27 5.42 8.33 14.48 6.03 2.50 1.49Income: 5.26 5.48 5.64 5.78 5.83 5.90 6.30 5.72 5.00 5.13 5.50 5.84 6.21 6.46 7.18
Apartment-HighRise Total: 6.08 10.63 9.57 10.20 11.09 14.92 19.71 -20.54 -9.81 12.59 15.85 21.52 14.52 7.26 8.51Appreciation: 1.77 6.09 4.92 5.31 6.04 9.75 13.89 -24.41 -13.16 8.43 10.36 15.58 8.39 1.38 1.81
Income: 4.25 4.35 4.49 4.71 4.83 4.82 5.28 4.78 3.71 3.91 5.10 5.33 5.78 5.82 6.61Apartment-LowRise Total: 7.96 11.74 10.87 10.69 12.71 16.37 20.58 -16.81 -7.31 10.49 15.11 21.51 13.57 9.40 9.88
Appreciation: 3.26 6.69 5.66 5.19 6.94 10.36 14.18 -21.00 -11.14 5.45 9.49 15.60 7.66 3.22 2.69Income: 4.58 4.81 4.99 5.29 5.49 5.58 5.80 5.00 4.17 4.85 5.25 5.30 5.59 6.04 7.05
Industrial-R&D Total: 12.48 9.72 12.11 9.59 12.37 16.11 11.93 -16.91 -11.91 18.40 17.39 20.31 9.67 4.00 2.87Appreciation: 6.95 5.19 6.19 2.85 5.23 8.55 4.37 -22.45 -16.84 11.90 10.11 12.29 1.46 -4.58 -5.71
Income: 5.27 4.36 5.66 6.60 6.88 7.11 7.32 6.71 5.66 5.97 6.77 7.35 8.12 8.88 8.97Industrial-Flex Space Total: 9.91 11.25 12.06 8.70 6.19 9.28 5.91 -16.35 -7.10 16.33 15.78 23.03 11.14 6.96 6.59
Appreciation: 3.85 5.05 5.46 2.17 -0.38 2.39 -1.52 -22.30 -12.53 9.67 9.08 14.94 2.86 -1.72 -2.41Income: 5.89 5.98 6.34 6.42 6.59 6.77 7.51 7.18 5.99 6.23 6.28 7.30 8.11 8.79 9.17
Industrial-Other Total: 11.72 12.71 12.75 13.60Appreciation: 5.76 6.55 6.69 7.61
Income: 5.72 5.87 5.77 5.67Industrial-Warehouse Total: 12.45 15.40 13.55 12.75 11.18 15.21 9.78 -18.11 -5.39 14.47 17.11 19.78 12.62 8.80 7.08
Appreciation: 6.94 9.56 7.47 6.49 4.76 8.29 2.41 -23.71 -10.78 7.82 9.96 11.85 4.51 0.48 -1.35Income: 5.24 5.46 5.77 5.97 6.21 6.52 7.23 6.86 5.86 6.29 6.66 7.29 7.85 8.29 8.52
Office-CBD Total: 5.89 13.13 10.87 10.00 10.37 15.37 16.07 -19.49 -8.42 24.30 23.83 18.02 13.53 6.86 5.16Appreciation: 1.75 8.49 5.91 4.96 5.00 9.47 9.12 -24.38 -12.37 18.52 17.18 10.84 5.69 -1.16 -3.13
Income: 4.09 4.36 4.76 4.86 5.18 5.52 6.51 6.04 4.36 5.09 5.91 6.65 7.52 8.09 8.48
Page 95 of 1334/25/2017 Section 3, Page 8
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Property Subtypes 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
Office-Suburban Total: 6.65 11.61 12.28 9.69 8.58 12.36 8.79 -18.89 -6.60 18.00 16.23 20.50 11.04 4.93 1.30Appreciation: 1.48 6.02 6.21 3.55 2.32 5.64 1.49 -24.20 -11.40 11.71 9.20 12.77 2.94 -3.33 -7.16
Income: 5.11 5.36 5.80 5.99 6.16 6.45 7.21 6.54 5.25 5.79 6.58 7.07 7.93 8.47 8.94Retail-Community Total: 8.20 12.95 11.54 11.86 10.25 12.98 11.02 -11.86 -4.98 11.78 13.68 21.03 20.29 16.21 11.82
Appreciation: 2.70 7.02 5.33 4.87 3.61 6.00 3.82 -17.49 -10.51 5.49 6.84 13.23 11.67 7.12 2.70Income: 5.39 5.63 5.98 6.75 6.47 6.69 7.00 6.50 6.01 6.05 6.51 7.11 7.94 8.64 8.93
Retail-Fashion/Specialty Center Total: 6.44 13.64 10.41 10.92 11.03 13.29 8.06 -7.16 -8.53 14.30 14.39Appreciation: 1.86 8.48 5.09 5.52 5.21 6.72 1.67 -12.67 -13.49 7.94 7.97
Income: 4.52 4.85 5.13 5.19 5.60 6.26 6.31 6.10 5.53 6.02 6.06Retail-Neighborhood Total: 9.22 14.96 13.44 11.52 11.37 14.66 9.88 -12.87 -5.85 10.15 13.07 24.52 18.58 16.11 13.19
Appreciation: 3.78 8.96 7.19 5.13 4.61 7.47 2.30 -18.45 -11.05 3.99 6.40 16.50 9.67 6.85 3.95Income: 5.29 5.63 5.93 6.16 6.53 6.82 7.45 6.49 5.67 5.98 6.37 7.16 8.32 8.81 8.98
Retail-Power Center Total: 7.75 12.41 9.03 12.02 10.51 12.68 10.94 -15.47 -7.81 9.33 11.21 17.30Appreciation: 2.01 6.21 2.84 5.22 3.66 5.52 3.09 -21.48 -13.55 3.40 4.45 9.49
Income: 5.65 5.93 6.06 6.55 6.67 6.88 7.68 7.20 6.38 5.79 6.54 7.30Retail-Regional Total: 9.49 16.43 13.40 13.62 10.41 13.33 14.49 -10.57 -2.91 16.84 14.12 17.99 24.11 18.37 16.57
Appreciation: 4.59 10.96 7.47 7.40 4.13 6.42 7.16 -16.20 -7.91 10.54 7.39 10.59 15.64 9.48 7.39Income: 4.74 5.06 5.62 5.90 6.09 6.59 6.96 6.42 5.31 5.85 6.39 6.86 7.60 8.31 8.71
Retail-Super Regional Total: 10.35 16.77 15.21 14.17 14.14 14.65 15.99 -8.00 -1.49 15.40 13.35 18.80 26.92 18.39 14.64Appreciation: 5.69 11.52 9.59 8.25 7.86 7.91 8.62 -13.72 -6.87 9.29 7.03 11.90 18.47 9.32 5.63
Income: 4.47 4.84 5.25 5.58 5.94 6.37 6.93 6.38 5.66 5.71 6.01 6.35 7.45 8.50 8.65Retail-Single Tenant Total: 5.14 14.47 18.43 15.82 14.02 12.10 4.24 -13.32 -4.80 16.50 11.89 21.52 21.70 15.40 6.58
Appreciation: 1.65 10.27 13.47 10.17 7.75 5.11 -2.61 -18.71 -10.41 9.53 5.04 12.33 12.05 5.45 -3.46Income: 3.45 3.90 4.51 5.26 5.93 6.74 6.98 6.29 6.09 6.52 6.62 8.43 8.87 9.58 10.31
Calendar Year Returns (%)Apartment Subtypes by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
East Apartment-Garden Total: 6.62 8.73 6.93 8.64 9.02 14.98 12.93 -16.32 -6.27 10.90 13.40 19.48 10.05 11.95 11.79Appreciation: 1.07 3.20 1.41 2.83 3.09 8.83 6.32 -20.96 -10.81 5.75 7.71 12.99 3.70 5.03 3.89
Income: 5.51 5.40 5.46 5.69 5.79 5.78 6.32 5.53 4.94 4.94 5.38 5.93 6.17 6.67 7.68East Apartment-HighRise Total: 5.37 8.79 8.02 8.49 9.91 14.34 20.61 -24.42 -11.16 12.43 14.24 25.39 15.68 7.91 11.14
Appreciation: 1.13 4.39 3.59 3.85 5.17 9.42 14.88 -27.97 -14.11 8.70 8.84 19.23 9.27 1.63 3.90Income: 4.21 4.26 4.31 4.51 4.56 4.60 5.17 4.56 3.29 3.51 5.07 5.40 6.01 6.21 7.04
East Apartment-LowRise Total: 9.57 11.51 9.40 10.29 9.27 15.49 18.33 -12.24 -5.18Appreciation: 5.31 7.07 4.83 4.96 3.80 9.77 12.44 -16.09 -8.49
Income: 4.09 4.22 4.40 5.14 5.32 5.33 5.40 4.40 3.54
Page 96 of 1334/25/2017 Section 3, Page 9
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Apartment Subtypes by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
Midwest Apartment-Garden Total: 7.81 11.54 10.94 10.83 12.95 15.52 18.71 -12.58 -1.99 10.77 9.75 10.21 11.05 7.56 7.45Appreciation: 2.30 5.51 4.65 4.31 6.17 8.62 11.17 -18.01 -7.29 4.83 3.95 4.11 4.57 0.87 0.26
Income: 5.43 5.80 6.08 6.31 6.49 6.49 6.97 6.31 5.60 5.74 5.64 5.92 6.26 6.64 7.17Midwest Apartment-HighRise Total: 5.31 10.85 9.87 11.61 12.62 16.62 14.03 -9.12 -5.39 9.86
Appreciation: 1.04 6.32 5.04 6.41 7.05 11.14 8.57 -13.78 -9.65 4.96Income: 4.23 4.33 4.65 4.96 5.30 5.07 5.14 5.20 4.59 4.72
South Apartment-Garden Total: 7.95 14.09 12.39 11.53 10.38 15.33 17.80 -14.18 -5.78 9.10 14.38 24.61 12.65 7.42 7.13Appreciation: 2.43 8.15 6.31 5.29 4.11 8.74 10.79 -19.23 -10.53 3.56 8.23 17.78 6.24 0.89 -0.01
Income: 5.42 5.61 5.81 6.00 6.08 6.19 6.49 5.92 5.16 5.39 5.80 6.05 6.13 6.49 7.14South Apartment-HighRise Total: 4.29 11.09 10.59 13.61 11.39 14.14 19.24 -12.41 -6.62 11.63 15.44
Appreciation: -0.26 6.11 5.39 7.97 5.65 8.49 13.20 -17.01 -11.11 6.16 9.35Income: 4.56 4.77 5.00 5.32 5.51 5.31 5.51 5.29 4.90 5.24 5.69
South Apartment-LowRise Total: 5.45 9.28 11.59 11.24 12.83 18.28 15.06 -13.72 -1.10 8.30Appreciation: 0.69 4.19 6.01 5.50 6.71 11.84 8.30 -18.70 -6.04 2.85
Income: 4.73 4.93 5.34 5.52 5.83 5.92 6.36 5.81 5.17 5.33West Apartment-Garden Total: 12.10 18.28 12.60 10.88 12.11 16.37 18.71 -17.95 -6.28 12.57 15.83 21.47 14.15 9.74 9.32
Appreciation: 6.82 12.45 6.86 5.20 6.44 10.48 12.34 -22.48 -10.57 7.57 10.26 15.29 7.53 3.36 2.29Income: 5.03 5.34 5.46 5.47 5.41 5.47 5.84 5.47 4.66 4.74 5.18 5.55 6.28 6.22 6.91
West Apartment-HighRise Total: 8.51 13.38 11.73 11.02 13.09 16.36 22.21 -16.36 -8.77 15.54 18.31 17.91 13.97Appreciation: 4.24 8.85 7.09 6.20 8.06 11.03 15.95 -20.57 -12.57 10.77 13.01 12.50 8.16
Income: 4.13 4.25 4.42 4.61 4.75 4.93 5.60 5.00 4.20 4.42 4.84 4.96 5.48West Apartment-LowRise Total: 9.55 15.05 10.82 10.45 14.27 15.00 24.62 -20.66 -11.78 9.49
Appreciation: 4.85 9.86 5.74 5.17 8.62 9.17 18.11 -24.65 -15.32 4.88Income: 4.54 4.83 4.88 5.09 5.31 5.47 5.75 4.94 4.01 4.45
Calendar Year Returns (%)Apartment Subtypes by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
East North Central Apartment-Garden Total: 6.99 10.88 9.60 10.27 12.69 15.19 20.96 -14.87 -2.84 11.31 9.98 10.07 11.32 6.95 6.89Appreciation: 1.56 5.22 3.57 3.85 6.05 8.46 13.32 -20.08 -7.87 5.51 4.17 3.85 4.82 0.38 -0.17
Income: 5.36 5.45 5.87 6.25 6.35 6.34 6.96 6.16 5.34 5.58 5.64 6.05 6.28 6.56 7.07East North Central Apartment-HighRise Total: 5.90 11.06 10.14 11.70 13.06 16.79 14.90 -9.09 -5.72
Appreciation: 1.55 6.49 5.30 6.61 7.57 11.39 9.50 -13.67 -9.86Income: 4.30 4.36 4.66 4.86 5.20 4.99 5.04 5.11 4.46
Mideast Apartment-Garden Total: 7.49 9.28 5.41 8.15 7.66 15.48 20.31 -11.55 -5.27 10.61 15.93 19.11 9.86 11.10 12.70Appreciation: 1.83 3.64 -0.22 2.16 1.73 9.16 13.16 -16.71 -10.04 5.31 9.94 12.45 3.38 4.26 4.88
Income: 5.59 5.49 5.64 5.89 5.85 5.92 6.52 5.92 5.16 5.10 5.58 6.10 6.32 6.63 7.55
Page 97 of 1334/25/2017 Section 3, Page 10
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Apartment Subtypes by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
Mideast Apartment-HighRise Total: 4.86 5.50 4.96 6.78 7.97 16.79 31.69 -11.98 -8.73 8.56 14.98 28.50 17.67Appreciation: 0.30 1.06 0.47 1.87 3.06 11.23 24.67 -16.82 -12.37 4.13 9.06 21.74 10.70
Income: 4.55 4.41 4.48 4.84 4.80 5.14 5.95 5.56 4.01 4.29 5.55 5.83 6.46Mountain Apartment-Garden Total: 11.98 17.78 12.87 11.46 12.65 16.95 19.02 -17.47 -6.51 10.79 19.53 22.03 12.47 8.61 6.82
Appreciation: 6.39 11.60 6.84 5.46 6.58 10.42 12.09 -22.30 -11.05 5.44 13.07 15.46 5.50 1.83 -0.61Income: 5.33 5.69 5.74 5.77 5.79 6.07 6.37 5.84 4.95 5.14 5.90 5.90 6.70 6.69 7.47
Mountain Apartment-HighRise Total: 10.63 15.34 12.02 10.36Appreciation: 5.94 10.17 6.88 5.08
Income: 4.49 4.81 4.89 5.09Northeast Apartment-Garden Total: 5.61 8.09 8.78 9.11 10.47 14.40 9.25 -20.03 -7.55 11.21 10.54 20.20 10.34 13.46 9.86
Appreciation: 0.19 2.69 3.40 3.47 4.55 8.42 2.93 -24.28 -11.80 6.26 5.19 13.93 4.20 6.40 1.76Income: 5.41 5.30 5.24 5.50 5.72 5.62 6.19 5.23 4.67 4.74 5.16 5.69 5.96 6.74 8.00
Northeast Apartment-HighRise Total: 5.66 10.55 9.69 9.38 10.70 13.20 16.14 -27.61 -11.72 13.53 13.87 23.12 13.97Appreciation: 1.59 6.19 5.30 4.88 6.05 8.57 10.91 -30.82 -14.51 9.98 8.78 17.41 8.01
Income: 4.02 4.17 4.22 4.34 4.46 4.35 4.84 4.26 3.12 3.30 4.78 5.07 5.62Northeast Apartment-LowRise Total: 8.87 12.80 10.48
Appreciation: 4.61 8.21 5.74Income: 4.12 4.32 4.55
Pacific Apartment-Garden Total: 12.12 18.55 12.45 10.53 11.80 16.10 18.59 -18.14 -6.15 13.49 14.17 21.21 15.07 10.41 10.84Appreciation: 6.98 12.90 6.88 5.05 6.34 10.52 12.47 -22.53 -10.31 8.66 9.00 15.22 8.63 4.29 4.08
Income: 4.88 5.16 5.30 5.29 5.21 5.18 5.60 5.31 4.51 4.54 4.85 5.39 6.05 5.94 6.56Pacific Apartment-HighRise Total: 8.10 13.02 11.67 11.15 13.16 16.08 22.91 -15.86 -9.09 16.24 18.93 18.14 14.00
Appreciation: 3.92 8.61 7.12 6.41 8.26 10.88 16.70 -20.07 -12.83 11.46 13.55 12.74 8.27Income: 4.07 4.15 4.33 4.53 4.62 4.81 5.54 4.98 4.13 4.41 4.89 4.94 5.40
Pacific Apartment-LowRise Total: 9.62 15.15 9.87 10.48 14.64 14.17 23.04 -21.04 -11.73Appreciation: 5.02 10.14 4.97 5.28 9.12 8.52 16.86 -24.80 -15.11
Income: 4.43 4.67 4.73 5.01 5.18 5.32 5.49 4.66 3.82Southeast Apartment-Garden Total: 10.41 16.13 13.02 10.19 9.39 13.83 17.46 -15.97 -8.59 6.85 16.13 32.34 15.84 8.54 7.91
Appreciation: 4.71 9.98 6.85 4.07 3.20 7.36 10.36 -20.84 -13.08 1.65 9.86 25.01 9.16 1.88 0.76Income: 5.50 5.73 5.87 5.94 6.05 6.14 6.60 5.81 4.98 5.14 5.85 6.21 6.26 6.57 7.12
Southeast Apartment-HighRise Total: 7.93 13.78 10.58 13.18 9.41 15.43 15.37Appreciation: 3.14 8.48 5.24 7.57 3.81 9.60 9.51
Income: 4.68 4.99 5.14 5.32 5.45 5.44 5.47
Page 98 of 1334/25/2017 Section 3, Page 11
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Apartment Subtypes by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
Southwest Apartment-Garden Total: 4.70 11.26 11.52 13.42 11.74 17.55 18.25 -11.19 -0.16 12.95 11.59 11.54 8.03 5.91 6.04Appreciation: -0.59 5.59 5.56 7.02 5.38 10.79 11.38 -16.54 -5.43 6.84 5.66 5.54 1.98 -0.46 -1.06
Income: 5.32 5.44 5.73 6.09 6.12 6.26 6.33 6.11 5.50 5.82 5.70 5.76 5.96 6.39 7.15Southwest Apartment-HighRise Total: 1.78 9.32 10.57 13.85 12.67 13.30 21.99 -10.30 -5.53 10.88
Appreciation: -2.60 4.55 5.46 8.20 6.83 7.77 15.82 -15.05 -10.16 5.14Income: 4.47 4.62 4.91 5.32 5.55 5.23 5.53 5.36 5.01 5.53
Southwest Apartment-LowRise Total: 5.16 8.64 10.89 10.95 12.82 19.23 11.78 -9.20 2.76Appreciation: 0.35 3.47 5.29 5.18 6.68 12.71 5.33 -14.36 -2.60
Income: 4.80 5.05 5.39 5.55 5.85 5.96 6.20 5.80 5.45West North Central Apartment-Garden Total: 9.20 12.50 13.18 11.90 13.57 16.26 14.39 -8.76 -0.66 9.90 9.41 10.56 10.45 8.73 8.70
Appreciation: 3.52 5.90 6.46 5.22 6.44 8.99 7.02 -14.57 -6.38 3.73 3.61 4.69 4.03 1.79 1.20Income: 5.54 6.33 6.42 6.43 6.80 6.83 7.00 6.53 6.01 6.01 5.64 5.67 6.24 6.84 7.43
West North Central Apartment-HighRise Total: 1.33Appreciation: -2.39
Income: 3.79Calendar Year Returns (%)
Industrial Subtypes by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002East Industrial-Flex Space Total: 4.25 4.60 8.01 5.82 3.86 10.63 6.32 -16.00 -7.40 7.42 11.52 31.91
Appreciation: -2.17 -2.00 0.81 -1.77 -3.14 3.48 -1.08 -21.97 -12.76 1.98 5.62 23.14Income: 6.54 6.70 7.15 7.69 7.17 6.98 7.46 7.19 5.92 5.37 5.67 7.55
East Industrial-Warehouse Total: 11.75 13.84 13.08 12.48 10.45 13.88 9.59 -14.22 -4.75 9.04 16.34 18.41 14.64 9.99 8.18Appreciation: 6.06 7.88 6.52 5.57 3.61 6.87 1.88 -20.37 -10.43 2.38 8.89 10.48 6.05 1.30 -0.61
Income: 5.44 5.63 6.26 6.63 6.66 6.68 7.61 7.29 6.17 6.54 6.99 7.36 8.22 8.61 8.82Midwest Industrial-Flex Space Total: 5.65 9.77 7.44 7.25 4.64 8.12 3.53 -17.53 -5.38 9.01 10.77 19.38 9.97 3.78
Appreciation: -0.62 3.17 0.70 0.56 -2.33 0.31 -4.20 -24.05 -11.61 2.14 3.55 10.53 1.48 -4.78Income: 6.29 6.45 6.70 6.67 7.10 7.79 7.99 8.00 6.82 6.76 7.03 8.23 8.40 8.86
Midwest Industrial-Warehouse Total: 9.47 14.84 11.88 11.76 8.30 13.23 6.77 -17.90 -5.58 12.26 12.03 15.10 10.37 7.75 7.65Appreciation: 3.56 8.47 5.30 5.17 1.66 6.26 -0.62 -23.85 -11.27 5.39 4.71 6.86 2.05 -0.65 -1.10
Income: 5.76 6.00 6.34 6.34 6.56 6.67 7.43 7.29 6.21 6.62 7.07 7.85 8.20 8.44 8.82South Industrial-Flex Space Total: 11.07 16.79 12.15 8.15 10.36 9.32 5.03 -14.52 -6.23 14.68 12.45 21.48 7.93 6.85 3.21
Appreciation: 4.35 10.34 5.03 1.68 3.98 2.47 -2.49 -20.80 -12.36 7.38 4.90 12.80 -0.04 -1.82 -6.25Income: 6.51 5.98 6.87 6.39 6.20 6.73 7.66 7.46 6.75 6.92 7.28 7.95 7.98 8.79 9.92
South Industrial-Warehouse Total: 10.30 13.98 13.74 13.06 10.16 12.93 9.07 -16.91 -3.71 13.10 14.57 17.13 10.00 6.90 5.15Appreciation: 4.39 7.61 7.20 6.35 3.55 5.87 1.64 -22.71 -9.46 5.98 7.16 9.19 2.17 -1.34 -3.30
Income: 5.72 6.03 6.21 6.41 6.44 6.77 7.34 7.03 6.19 6.82 7.04 7.43 7.70 8.32 8.66
Page 99 of 1334/25/2017 Section 3, Page 12
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Industrial Subtypes by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
West Industrial-Flex Space Total: 12.28 12.74 14.83 10.48 5.97 8.79 6.59 -16.82 -7.69 21.14 18.44 22.68 12.27 7.93 5.85Appreciation: 6.56 6.86 8.67 4.42 -0.38 2.16 -0.74 -22.51 -12.71 14.31 11.79 14.88 3.80 -0.82 -2.86
Income: 5.46 5.59 5.79 5.86 6.37 6.53 7.37 6.88 5.55 6.20 6.12 7.03 8.24 8.81 8.90West Industrial-Other Total: 13.04 14.72 13.89 12.41
Appreciation: 7.49 8.86 8.19 6.59Income: 5.26 5.50 5.38 5.55
West Industrial-R&D Total: 15.76 7.29 13.95 10.46 13.74 18.84 13.36 -18.59 -13.10 19.14 19.72 24.11 11.70 4.00 3.86Appreciation: 10.00 3.14 7.88 3.30 6.56 11.35 6.18 -23.44 -17.67 13.18 12.60 15.34 2.82 -4.59 -4.54
Income: 5.37 4.06 5.74 6.99 6.85 6.92 6.87 5.94 5.30 5.43 6.51 7.88 8.70 8.90 8.70West Industrial-Warehouse Total: 14.60 16.83 14.05 12.97 13.03 17.82 11.53 -20.40 -6.59 18.66 20.95 24.13 14.29 9.93 7.49
Appreciation: 9.47 11.44 8.50 7.28 6.95 11.06 4.37 -25.54 -11.50 12.38 14.18 16.34 6.32 1.75 -0.67Income: 4.80 4.97 5.22 5.40 5.78 6.26 6.93 6.41 5.38 5.76 6.14 6.96 7.62 8.07 8.20
Calendar Year Returns (%)Industrial Subtypes by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
East North Central Industrial-Warehouse Total: 9.62 15.14 11.81 11.85 8.13 13.84 6.97 -18.26 -5.73 12.60 11.75 14.27 10.23 8.21 8.26Appreciation: 3.84 8.93 5.38 5.35 1.58 6.85 -0.43 -24.13 -11.32 5.75 4.49 6.07 1.75 -0.25 -0.45
Income: 5.61 5.83 6.18 6.25 6.47 6.66 7.42 7.22 6.11 6.57 7.03 7.86 8.37 8.48 8.74Mideast Industrial-Flex Space Total: 3.53 6.40 6.85 4.57 5.22 11.72 8.97 -15.40 -5.51 10.13 13.02
Appreciation: -3.09 -0.48 -0.57 -2.97 -2.08 4.42 1.10 -21.70 -11.14 4.00 6.61Income: 6.77 6.90 7.45 7.71 7.42 7.07 7.81 7.57 6.13 5.96 6.11
Mideast Industrial-Warehouse Total: 8.54 12.99 12.21 11.75 9.00 15.84 7.86 -12.82 -2.33 11.20 19.06 19.13 13.63 11.58 8.18Appreciation: 2.55 6.85 5.63 4.63 2.00 8.27 0.15 -19.02 -7.61 4.54 11.52 10.86 4.90 2.33 -1.01
Income: 5.88 5.85 6.32 6.88 6.90 7.14 7.71 7.26 5.61 6.45 6.95 7.67 8.43 9.09 9.25Mountain Industrial-Warehouse Total: 13.07 17.23 15.01 14.29 12.17 9.71 0.82 -18.32 -5.44 14.94 18.60 22.70 12.82 8.19 11.49
Appreciation: 7.06 10.82 8.28 7.34 5.34 2.98 -5.56 -23.43 -11.11 8.00 11.54 14.84 4.80 0.69 3.35Income: 5.71 5.94 6.34 6.59 6.57 6.58 6.65 6.23 6.19 6.56 6.51 7.10 7.74 7.46 7.94
Northeast Industrial-Warehouse Total: 13.24 14.41 13.53 12.89 11.25 12.86 10.45 -14.93 -6.46 7.94 14.71 17.91 15.55 8.81 8.14Appreciation: 7.70 8.56 6.97 6.10 4.50 6.14 2.73 -21.05 -12.43 1.30 7.32 10.23 7.08 0.53 -0.31
Income: 5.24 5.51 6.23 6.50 6.54 6.43 7.56 7.31 6.58 6.58 7.01 7.14 8.05 8.25 8.47Pacific Industrial-Flex Space Total: 13.13 13.60 14.84 10.35 5.50 9.07 7.52 -16.86 -8.06 22.02 18.67 22.34 12.94 8.57 6.19
Appreciation: 7.44 7.84 8.90 4.50 -0.63 2.61 0.20 -22.58 -13.09 15.07 12.00 14.56 4.33 -0.34 -2.63Income: 5.40 5.44 5.58 5.65 6.16 6.34 7.30 6.93 5.57 6.27 6.14 7.03 8.35 8.93 9.00
Pacific Industrial-Other Total: 13.00 15.35 14.51 12.83Appreciation: 7.47 9.48 8.90 6.88
Income: 5.25 5.49 5.27 5.66
Page 100 of 1334/25/2017 Section 3, Page 13
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Industrial Subtypes by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
Pacific Industrial-R&D Total: 15.76 7.18 13.95 10.45 11.39 19.19 11.70 -18.72 -13.10 19.28 19.62 24.74 12.01 3.92 3.55Appreciation: 10.00 3.08 7.92 3.31 4.51 11.84 4.65 -23.54 -17.67 13.32 12.48 16.00 3.18 -4.59 -4.72
Income: 5.37 4.02 5.70 6.97 6.66 6.77 6.82 5.90 5.30 5.43 6.54 7.83 8.63 8.82 8.58Pacific Industrial-Warehouse Total: 14.74 16.81 13.97 12.86 13.12 18.60 12.48 -20.56 -6.66 18.91 21.10 24.23 14.41 10.12 7.08
Appreciation: 9.68 11.51 8.52 7.28 7.13 11.84 5.25 -25.71 -11.52 12.67 14.35 16.44 6.44 1.87 -1.08Income: 4.72 4.89 5.13 5.30 5.70 6.22 6.96 6.43 5.33 5.71 6.11 6.95 7.60 8.14 8.23
Southeast Industrial-Flex Space Total: 14.65Appreciation: 8.71
Income: 5.58Southeast Industrial-Warehouse Total: 10.23 14.32 13.15 10.36 9.77 12.75 5.65 -18.36 -4.28 13.78 15.62 18.50 11.06 7.23 5.95
Appreciation: 4.21 7.96 6.79 3.95 3.24 5.70 -1.49 -24.11 -9.85 6.79 8.18 10.43 3.36 -0.90 -2.35Income: 5.83 6.00 6.06 6.23 6.38 6.76 7.22 7.07 6.01 6.66 7.01 7.50 7.51 8.18 8.45
Southwest Industrial-Flex Space Total: 8.97 13.36 13.06 10.11 11.14 11.72 11.28 -9.49 -6.86 15.80 12.75 18.94Appreciation: 1.82 6.74 5.49 3.23 4.34 4.56 2.87 -16.57 -13.53 7.70 5.04 11.01
Income: 7.06 6.30 7.28 6.72 6.59 6.93 8.23 8.11 7.41 7.66 7.43 7.34Southwest Industrial-Warehouse Total: 10.33 13.71 14.28 15.90 10.58 13.14 13.06 -15.03 -2.98 12.41 13.61 15.72 9.01 6.57 4.23
Appreciation: 4.52 7.33 7.58 8.88 3.88 6.05 5.30 -20.90 -8.97 5.15 6.22 7.93 1.06 -1.78 -4.39Income: 5.62 6.05 6.34 6.60 6.52 6.78 7.47 6.99 6.41 6.99 7.07 7.37 7.89 8.46 8.92
West North Central Industrial-Warehouse Total: 7.84 11.91 12.63 10.97 9.71 8.17 5.11 -15.02 -4.43 9.90 13.74 20.32 11.19 5.00 3.35Appreciation: 0.53 4.01 4.65 3.66 2.34 1.31 -2.28 -21.61 -10.86 2.85 6.08 11.84 3.81 -3.03 -5.65
Income: 7.29 7.68 7.72 7.12 7.25 6.79 7.52 7.88 6.99 6.91 7.33 7.81 7.18 8.21 9.40Calendar Year Returns (%)
Office Subtypes by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002East Office-CBD Total: 5.77 12.67 8.71 9.73 9.16 15.73 19.87 -19.38 -11.52 25.64 26.60 20.17 15.43 9.76 10.02
Appreciation: 1.97 8.24 3.98 4.80 3.84 10.05 12.75 -24.34 -15.24 19.98 19.81 13.11 7.60 1.78 1.55Income: 3.75 4.18 4.59 4.76 5.17 5.29 6.51 6.11 4.20 4.94 5.92 6.43 7.41 7.87 8.37
East Office-Suburban Total: 4.72 7.86 7.36 7.07 5.55 11.93 11.32 -16.31 -6.21 13.60 15.18 22.06 12.27 5.78 4.17Appreciation: -0.60 2.17 1.35 1.11 -0.52 5.22 3.69 -22.10 -11.33 7.27 8.35 14.02 3.74 -2.85 -4.98
Income: 5.34 5.60 5.95 5.91 6.10 6.46 7.42 6.97 5.60 6.01 6.43 7.29 8.30 8.82 9.50Midwest Office-CBD Total: 5.26 11.75 12.93 8.23 5.64 8.55 10.44 -13.63 -1.52 17.10 13.14 14.89 9.69 3.63 6.23
Appreciation: 0.24 6.29 6.74 2.27 -0.36 2.56 4.16 -18.27 -6.00 9.94 6.28 6.71 1.78 -4.68 -3.00Income: 5.01 5.22 5.89 5.86 6.02 5.87 6.09 5.38 4.70 6.67 6.55 7.80 7.81 8.62 9.44
Midwest Office-Suburban Total: 4.88 7.24 6.62 4.93 6.45 4.36 2.81 -13.69 -7.14 11.07 10.63 13.84 5.44 4.40 -0.30Appreciation: -1.84 0.26 -0.24 -2.62 -1.75 -2.93 -4.48 -20.05 -12.45 3.88 3.84 6.60 -2.45 -3.59 -8.61
Income: 6.81 6.96 6.87 7.70 8.31 7.46 7.54 7.52 5.86 6.98 6.60 6.90 8.04 8.21 8.87
Page 101 of 1334/25/2017 Section 3, Page 14
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Office Subtypes by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
South Office-CBD Total: 2.19 11.30 15.27 9.49 12.39 10.59 6.16 -20.36 2.89 22.75 16.70 15.67 6.51 5.13 2.23Appreciation: -3.14 5.74 9.21 3.65 6.37 4.36 -0.47 -25.16 -1.96 16.21 9.84 7.46 -1.68 -3.45 -5.52
Income: 5.46 5.33 5.67 5.69 5.75 6.04 6.65 5.97 4.93 5.85 6.40 7.77 8.30 8.80 8.09South Office-Suburban Total: 4.22 12.21 13.68 11.87 10.04 8.78 6.27 -15.40 -0.67 14.65 14.59 16.80 9.93 4.37 1.66
Appreciation: -1.48 6.14 7.10 5.10 3.48 2.31 -0.61 -20.86 -6.18 8.03 7.58 9.13 1.68 -3.95 -7.00Income: 5.76 5.81 6.26 6.53 6.39 6.36 6.92 6.50 5.78 6.25 6.64 7.19 8.15 8.57 9.14
West Office-CBD Total: 7.53 15.24 13.94 11.25 14.48 18.74 11.13 -21.33 -2.37 23.54 24.54 16.36 14.81 3.94 -3.33Appreciation: 3.19 10.68 9.14 6.48 9.39 12.39 4.28 -26.15 -6.78 18.15 18.37 9.94 7.13 -3.67 -10.81
Income: 4.24 4.22 4.50 4.55 4.76 5.82 6.63 6.04 4.64 4.76 5.44 5.98 7.29 7.82 8.15West Office-Suburban Total: 8.44 13.66 14.96 10.81 9.98 15.24 9.28 -21.81 -8.84 22.80 18.78 23.09 12.30 4.68 -0.69
Appreciation: 3.62 8.41 9.13 4.94 3.91 8.46 2.00 -26.75 -13.20 16.81 11.55 15.44 4.57 -3.32 -8.55Income: 4.69 4.94 5.46 5.66 5.90 6.38 7.18 6.24 4.84 5.34 6.66 6.88 7.48 8.21 8.39
Calendar Year Returns (%)Office Subtypes by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
East North Central Office-CBD Total: 5.60 12.49Appreciation: 0.69 7.21
Income: 4.89 5.01East North Central Office-Suburban Total: 4.88 7.65 6.20 4.62 6.77 5.39 3.28 -15.24 -8.90 8.70 10.43 14.62 4.52 3.87 0.37
Appreciation: -1.94 0.81 -0.42 -2.97 -1.63 -2.03 -4.39 -21.43 -13.96 1.72 4.12 7.73 -3.32 -4.13 -7.96Income: 6.93 6.80 6.64 7.75 8.50 7.54 7.93 7.40 5.64 6.89 6.12 6.52 8.03 8.26 8.86
Mideast Office-CBD Total: 5.60 8.02 6.76 7.60 6.26 13.77 21.34 -13.62 -2.97 18.33 16.01 20.40 21.51 12.64 12.29Appreciation: 1.65 3.63 1.66 2.52 0.77 8.13 14.34 -18.84 -7.46 12.32 10.08 13.51 12.94 4.24 3.66
Income: 3.91 4.27 5.05 4.98 5.45 5.32 6.33 6.11 4.75 5.51 5.52 6.27 7.83 8.15 8.40Mideast Office-Suburban Total: 1.24 3.56 3.68 5.77 4.80 12.89 11.75 -16.16 -5.14 12.16 17.19 21.75 15.99 7.74 5.06
Appreciation: -4.41 -2.46 -1.98 0.00 -0.97 6.42 4.43 -21.66 -10.25 5.98 10.18 13.77 7.38 -0.57 -4.08Income: 5.84 6.13 5.74 5.78 5.82 6.17 7.09 6.60 5.53 5.92 6.53 7.25 8.17 8.34 9.42
Mountain Office-CBD Total: 3.02 11.76 14.03Appreciation: -1.91 6.46 8.40
Income: 5.01 5.06 5.31Mountain Office-Suburban Total: 4.77 9.71 14.69 12.81 9.73 9.16 5.39 -21.21 -4.59 14.64 17.19 26.43 9.66 4.52 -2.12
Appreciation: -0.40 4.01 8.22 6.14 2.82 2.42 -2.04 -26.56 -9.65 8.63 10.51 18.06 1.64 -3.56 -9.67Income: 5.19 5.54 6.10 6.37 6.77 6.62 7.55 6.73 5.46 5.65 6.20 7.42 7.92 8.29 8.15
Northeast Office-CBD Total: 5.84 14.52 9.59 10.89 10.81 16.78 19.11 -22.12 -14.31 29.73 33.09 19.98 13.09 8.29 8.83Appreciation: 2.09 10.07 5.05 6.04 5.59 11.08 11.94 -26.96 -17.79 24.24 25.79 12.84 5.56 0.53 0.45
Income: 3.69 4.14 4.38 4.64 5.01 5.28 6.60 6.12 4.01 4.67 6.15 6.52 7.24 7.73 8.36
Page 102 of 1334/25/2017 Section 3, Page 15
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Office Subtypes by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
Northeast Office-Suburban Total: 7.49 11.81 11.04 8.42 6.37 10.92 10.87 -16.46 -7.29 14.83 13.48 22.28 9.63 4.54 3.62Appreciation: 2.45 6.43 4.67 2.28 -0.03 3.94 2.89 -22.54 -12.43 8.37 6.81 14.18 1.17 -4.31 -5.54
Income: 4.95 5.13 6.16 6.04 6.40 6.78 7.80 7.36 5.67 6.09 6.36 7.33 8.38 9.14 9.55Pacific Office-CBD Total: 8.03 15.66 13.92 10.44 14.98 19.61 11.30 -21.50 -2.36 23.55 24.68 14.90 16.51 4.14 -3.06
Appreciation: 3.76 11.20 9.23 5.83 10.01 13.24 4.45 -26.30 -6.77 18.20 18.54 8.70 8.72 -3.57 -10.61Income: 4.16 4.12 4.39 4.42 4.63 5.81 6.63 6.03 4.64 4.72 5.40 5.82 7.31 7.91 8.21
Pacific Office-Suburban Total: 8.75 13.96 14.98 10.61 10.02 16.10 9.89 -21.89 -9.40 23.91 19.01 22.48 12.81 4.72 -0.33Appreciation: 3.97 8.76 9.22 4.82 4.04 9.32 2.62 -26.78 -13.66 17.92 11.72 14.94 5.13 -3.27 -8.25
Income: 4.65 4.89 5.40 5.59 5.80 6.35 7.12 6.16 4.76 5.30 6.71 6.79 7.40 8.19 8.44Southeast Office-Suburban Total: 6.22 15.59 12.04 7.51 7.47 6.46 6.24 -18.04 -3.46 12.20 13.73 17.32 12.00 5.21 2.63
Appreciation: 0.40 9.33 5.64 1.04 0.97 0.01 -0.90 -23.52 -9.04 5.87 7.08 9.74 3.64 -3.18 -6.11Income: 5.79 5.86 6.14 6.42 6.45 6.45 7.19 6.69 5.98 6.07 6.32 7.07 8.13 8.59 9.16
Southwest Office-CBD Total: 0.19Appreciation: -5.26
Income: 5.67Southwest Office-Suburban Total: 2.56 9.77 15.12 16.00 12.33 11.04 6.29 -12.62 3.43 18.34 15.76 16.23 7.45 3.32 0.43
Appreciation: -3.04 3.84 8.37 8.94 5.71 4.56 -0.34 -18.04 -1.97 11.28 8.21 8.42 -0.66 -4.91 -8.13Income: 5.73 5.77 6.35 6.63 6.35 6.27 6.65 6.30 5.49 6.53 7.12 7.34 8.16 8.54 9.12
Calendar Year Returns (%)Retail Subtypes by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
East Retail-Community Total: 6.96 10.66 9.59 10.37 11.90 11.72 12.88 -10.44 -4.71 11.80 12.98 20.31 20.97 14.83 13.43Appreciation: 1.53 4.83 3.43 3.51 5.28 5.09 5.73 -16.09 -10.29 5.56 6.10 12.39 12.09 5.71 4.14
Income: 5.37 5.63 6.00 6.68 6.37 6.39 6.86 6.44 6.05 5.99 6.58 7.26 8.15 8.75 9.01East Retail-Fashion/Specialty Center Total: 3.94
Appreciation: -0.88Income: 4.84
East Retail-Neighborhood Total: 8.98 13.67 15.89 10.61 12.08 16.68 10.09 -12.74 -3.59 8.81 13.87 32.51 18.52 14.84Appreciation: 3.55 7.78 9.51 4.16 5.07 9.22 2.30 -18.44 -9.16 2.56 7.27 24.03 9.46 5.60
Income: 5.29 5.56 5.97 6.25 6.76 6.98 7.67 6.63 5.98 6.13 6.26 7.24 8.47 8.88East Retail-Power Center Total: 8.22 9.85 7.50 8.31 7.32 15.29 11.70 -12.66 -7.05
Appreciation: 2.50 4.01 1.56 1.60 0.56 7.61 4.03 -18.66 -12.87Income: 5.62 5.67 5.87 6.63 6.73 7.27 7.45 7.00 6.44
East Retail-Single Tenant Total: 4.93 13.45 15.69 19.72 16.68Appreciation: 1.54 9.26 10.88 14.10 10.25
Income: 3.35 3.92 4.46 5.10 5.98
Page 103 of 1334/25/2017 Section 3, Page 16
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Retail Subtypes by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
Midwest Retail-Community Total: 7.25 9.64 10.77 11.03 8.28 8.59 7.54 -13.08 -4.77 12.16 11.90 20.24 16.80 11.86 9.07Appreciation: 1.55 3.71 4.61 2.88 1.48 1.34 0.06 -18.91 -10.65 5.25 4.91 12.21 8.04 2.47 0.47
Income: 5.64 5.77 5.95 7.98 6.72 7.18 7.48 6.82 6.39 6.65 6.75 7.38 8.27 9.23 8.57Midwest Retail-Neighborhood Total: 6.95 15.92 11.03 11.38 8.87 10.59 11.97 -11.26 -8.82 8.83 9.10 21.34 18.38 10.06
Appreciation: 1.50 9.49 4.54 4.28 1.39 3.07 3.64 -17.59 -13.93 2.58 2.56 13.41 9.02 0.57Income: 5.39 6.01 6.28 6.88 7.40 7.35 8.11 7.33 5.70 6.13 6.41 7.23 8.77 9.46
South Retail-Community Total: 8.33 16.95 14.29 13.44 9.67 13.05 8.58 -13.53 -6.72 11.29 14.26 20.96 21.95 15.41 9.93Appreciation: 2.77 10.66 7.77 6.29 2.84 5.79 1.32 -19.20 -12.21 5.14 7.27 13.23 13.27 6.80 0.89
Income: 5.46 5.84 6.17 6.83 6.69 6.96 7.19 6.65 6.05 5.93 6.64 7.04 7.91 8.19 8.98South Retail-Fashion/Specialty Center Total:
Appreciation:Income:
South Retail-Neighborhood Total: 9.39 15.96 14.93 11.94 9.57 11.37 9.46 -12.02 -7.20 11.27 15.52 19.06 17.98 14.42 13.61Appreciation: 3.68 9.75 8.29 5.24 3.06 4.47 2.27 -17.76 -12.41 5.23 8.66 11.50 9.33 5.61 4.65
Income: 5.55 5.79 6.26 6.45 6.36 6.68 7.06 6.65 5.75 5.81 6.45 6.97 8.09 8.45 8.66South Retail-Power Center Total: 8.99 13.38 9.61 13.07 10.54 8.57 7.19 -14.45 -10.74 8.67
Appreciation: 2.58 6.60 2.84 5.78 3.36 1.80 -0.57 -20.57 -16.26 2.91Income: 6.28 6.47 6.63 6.99 7.01 6.68 7.79 7.27 6.28 5.64
West Retail-Community Total: 10.39 13.77 11.18 12.22 10.01 17.82 12.66 -12.34 -4.09 12.57 14.84 22.15 19.95 20.21 13.89Appreciation: 4.98 8.13 5.25 6.05 3.67 10.82 5.67 -17.74 -9.40 6.37 8.25 14.50 11.62 10.82 4.54
Income: 5.21 5.32 5.71 5.91 6.17 6.48 6.70 6.25 5.72 5.92 6.21 6.91 7.67 8.70 9.05West Retail-Fashion/Specialty Center Total: 8.69 15.63
Appreciation: 4.42 10.87Income: 4.14 4.41
West Retail-Neighborhood Total: 10.03 15.44 10.40 12.25 12.67 16.34 9.29 -14.09 -5.51 10.70 12.19 22.83 19.32 20.55 13.83Appreciation: 4.74 9.56 4.62 6.33 6.22 9.29 1.93 -19.19 -10.45 4.60 5.57 14.88 10.52 11.00 4.45
Income: 5.11 5.49 5.59 5.66 6.17 6.60 7.26 5.99 5.37 5.90 6.36 7.17 8.16 8.84 9.09West Retail-Power Center Total: 7.91 13.54 9.45 11.99 12.26 13.31 13.45 -18.79 -5.57 11.27
Appreciation: 2.54 7.64 3.62 5.69 5.65 6.16 5.58 -24.55 -11.46 5.08Income: 5.27 5.59 5.68 6.04 6.34 6.84 7.56 7.11 6.44 5.97
West Retail-Regional Total:Appreciation:
Income:
Page 104 of 1334/25/2017 Section 3, Page 17
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Retail Subtypes by Region 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
West Retail-Single Tenant Total:Appreciation:
Income:West Retail-Super Regional Total:
Appreciation:Income:
Calendar Year Returns (%)Retail Subtypes by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
East North Central Retail-Community Total: 8.12 9.90 11.03 11.68 7.85 9.06 7.46 -12.42 -6.26 12.32 11.82 17.26Appreciation: 2.40 3.92 4.94 3.66 0.90 1.56 -0.21 -18.57 -12.20 5.37 4.89 9.27
Income: 5.61 5.82 5.87 7.81 6.90 7.41 7.69 7.17 6.54 6.69 6.69 7.48East North Central Retail-Neighborhood Total: 5.81 17.14 10.89 11.60 8.47 10.31 11.61 -11.36 -9.94 8.68 9.21 22.83
Appreciation: 0.66 10.79 4.55 4.51 1.12 2.74 3.36 -17.61 -14.82 2.56 2.53 14.73Income: 5.13 5.89 6.13 6.86 7.29 7.42 8.05 7.23 5.49 6.01 6.56 7.32
Mideast Retail-Community Total: 8.03 10.95 9.50 9.49 12.43 13.24 16.20 -12.99 -4.83 9.72 13.90 22.21Appreciation: 2.39 4.88 3.19 2.88 5.83 6.69 8.73 -18.73 -10.53 3.67 7.05 14.20
Income: 5.54 5.86 6.17 6.47 6.33 6.25 7.02 6.70 6.19 5.90 6.50 7.26Mideast Retail-Neighborhood Total: 10.28 15.24 15.55 8.55 12.69 19.23 9.81 -14.44 -1.37 8.74 13.30
Appreciation: 4.50 8.99 8.86 1.82 5.55 11.48 1.90 -20.02 -7.26 2.40 6.54Income: 5.59 5.87 6.28 6.64 6.86 7.15 7.80 6.60 6.22 6.23 6.46
Mideast Retail-Power Center Total: 9.54Appreciation: 3.96
Income: 5.41Mountain Retail-Neighborhood Total: 8.04 16.09 10.78 12.85 9.97 9.22 5.01 -14.94 -2.90 10.60
Appreciation: 2.17 9.60 4.43 6.22 3.28 2.15 -1.69 -19.77 -8.50 4.31Income: 5.77 6.06 6.15 6.34 6.53 6.96 6.79 5.69 5.98 6.10
Northeast Retail-Community Total: 5.44 10.31 9.59 11.67 11.04 10.06 11.08 -8.90 -4.62 13.59 12.06Appreciation: 0.31 4.86 3.68 4.43 4.40 3.34 4.11 -14.50 -10.13 7.18 5.15
Income: 5.11 5.26 5.76 7.01 6.43 6.55 6.77 6.29 5.96 6.10 6.65Northeast Retail-Neighborhood Total: 7.43 12.07 16.58 13.51 10.55 12.05 10.51 -10.09 -7.47 8.72 14.36 24.21 16.60
Appreciation: 2.40 6.61 10.55 7.45 3.78 5.16 2.94 -15.96 -12.49 2.63 7.97 16.48 8.03Income: 4.94 5.20 5.60 5.74 6.58 6.64 7.40 6.69 5.54 5.97 6.03 6.92 8.09
Northeast Retail-Single Tenant Total: 4.82Appreciation: 1.48
Income: 3.30
Page 105 of 1334/25/2017 Section 3, Page 18
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Retail Subtypes by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
Pacific Retail-Community Total: 9.48 14.07 9.83 11.53 9.48 19.28 12.94 -10.87 -4.86 12.67 16.45 20.78 22.87 20.18 13.39Appreciation: 4.30 8.68 4.31 5.75 3.41 12.40 6.14 -16.19 -9.98 6.68 9.95 13.31 14.49 11.26 4.19
Income: 5.02 5.07 5.35 5.54 5.91 6.31 6.50 6.07 5.53 5.71 6.05 6.80 7.58 8.24 8.92Pacific Retail-Fashion/Specialty Center Total: 7.79
Appreciation: 3.71Income: 3.97
Pacific Retail-Neighborhood Total: 10.40 15.32 10.32 12.12 13.24 18.06 10.58 -13.82 -6.21 10.73 12.93 23.25 21.14 19.95 11.20Appreciation: 5.22 9.56 4.66 6.36 6.83 11.01 3.01 -19.01 -10.99 4.69 6.31 15.40 12.33 10.45 2.02
Income: 4.99 5.38 5.47 5.51 6.10 6.53 7.40 6.08 5.20 5.84 6.33 7.06 8.07 8.82 9.05Pacific Retail-Power Center Total: 8.69 13.89 9.19 11.84 12.72 15.59
Appreciation: 3.27 8.01 3.36 5.62 6.34 8.58Income: 5.29 5.55 5.69 5.97 6.09 6.59
Pacific Retail-Single Tenant Total:Appreciation:
Income:Southeast Retail-Community Total: 7.81 17.72 13.73 14.59 8.26 13.02 6.12 -15.42 -6.46 12.27 14.83 19.00 20.42 16.11 9.91
Appreciation: 1.99 11.62 7.41 7.34 1.49 5.67 -1.08 -20.99 -11.88 6.12 7.88 11.60 12.01 7.77 0.94Income: 5.73 5.62 6.00 6.88 6.70 7.06 7.26 6.64 5.96 5.88 6.57 6.82 7.73 7.89 8.91
Southeast Retail-Neighborhood Total: 10.08 15.67 14.91 10.36 9.32 11.19 8.93 -13.78 -7.13 11.48 16.55 19.93 17.71 13.80 14.12Appreciation: 4.38 9.53 8.19 3.72 2.92 4.24 1.94 -19.35 -12.27 5.64 10.10 12.30 9.08 5.05 4.84
Income: 5.53 5.74 6.34 6.46 6.26 6.74 6.89 6.54 5.67 5.61 6.01 7.00 8.08 8.44 8.95Southeast Retail-Power Center Total: 10.34 11.17 8.52 11.80 12.20 10.17 9.15 -17.15 -12.27
Appreciation: 3.49 4.06 1.53 4.22 4.34 1.89 0.52 -23.07 -17.74Income: 6.68 6.90 6.91 7.35 7.61 8.17 8.59 7.20 6.31
Southwest Retail-Community Total: 9.07 15.53 15.33 11.33 12.73 13.15 14.57 -8.01 -7.73Appreciation: 3.79 8.91 8.44 4.36 5.78 6.08 7.11 -14.03 -13.41
Income: 5.14 6.21 6.48 6.75 6.66 6.76 7.08 6.73 6.32Southwest Retail-Neighborhood Total: 7.63 16.58 15.03 16.35 10.36 11.70
Appreciation: 1.93 10.22 8.61 9.47 3.52 4.93Income: 5.62 5.92 6.04 6.42 6.66 6.53
Southwest Retail-Power Center Total: 7.72 15.24 10.63 14.39 8.71Appreciation: 1.75 8.75 4.08 7.42 2.24
Income: 5.89 6.10 6.36 6.61 6.37
Page 106 of 1334/25/2017 Section 3, Page 19
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)Retail Subtypes by Division 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
West North Central Retail-Neighborhood Total: 9.43Appreciation: 3.33
Income: 5.95Calendar Year Returns (%)
MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002CA-Anaheim-SantaAna-Irvine Total: 9.85 15.25 12.12 9.78 9.99 14.29 11.12 -19.97 -11.91 18.15 18.01 27.36 16.94 11.17 8.13
Appreciation: 5.02 10.07 6.89 4.38 4.29 7.89 4.70 -24.50 -16.21 12.42 11.65 19.83 9.60 3.43 0.13Income: 4.66 4.83 4.98 5.23 5.52 6.05 6.21 5.59 4.91 5.25 5.86 6.58 6.85 7.55 8.00
CA-Anaheim-SantaAna-Irvine Apartment Total: 9.42Appreciation: 4.70
Income: 4.56CA-Anaheim-SantaAna-Irvine Industrial Total: 12.76 14.24 14.47 12.42 10.85 15.41 8.34 -19.62 -6.99 20.74 24.81 23.92 15.71 13.13 11.64
Appreciation: 7.84 9.02 9.21 6.98 4.95 8.99 1.96 -24.38 -11.66 14.53 17.74 16.16 8.13 4.79 2.77Income: 4.65 4.90 4.93 5.17 5.69 6.01 6.28 5.87 5.11 5.61 6.27 6.95 7.15 8.05 8.69
CA-Anaheim-SantaAna-Irvine Industrial-Warehouse
Total: 12.67 14.57 14.77 12.81 13.03 16.69 7.94 -18.76 -6.50 22.81 25.69 24.20 15.31 11.88 11.42Appreciation: 7.91 9.49 9.64 7.43 6.89 9.91 1.53 -23.58 -11.09 16.68 18.89 16.49 8.11 4.19 2.88
Income: 4.50 4.75 4.79 5.11 5.85 6.32 6.34 5.89 5.01 5.47 5.98 6.88 6.80 7.45 8.36CA-Anaheim-SantaAna-Irvine Office Total: 8.84 14.98 11.17 7.33 8.38 12.94 8.48 -21.98 -17.62 19.11 15.59 28.40 16.80 6.81 2.06
Appreciation: 4.08 9.98 6.35 2.17 2.98 6.50 2.12 -26.49 -21.74 13.39 9.43 21.05 9.85 -0.42 -5.01Income: 4.63 4.65 4.61 5.08 5.29 6.16 6.26 5.68 4.93 5.21 5.76 6.36 6.48 7.25 7.34
CA-Anaheim-SantaAna-Irvine Office-Suburban
Total: 8.84 14.98 11.17 7.33 8.38 12.94 8.48 -21.98 -17.62 19.11 15.59 28.40 16.80 6.81 2.06Appreciation: 4.08 9.98 6.35 2.17 2.98 6.50 2.12 -26.49 -21.74 13.39 9.43 21.05 9.85 -0.42 -5.01
Income: 4.63 4.65 4.61 5.08 5.29 6.16 6.26 5.68 4.93 5.21 5.76 6.36 6.48 7.25 7.34CA-Anaheim-SantaAna-Irvine Retail Total: 9.17
Appreciation: 4.36Income: 4.67
GA-Atlanta-SandySprings-Roswell Total: 8.48 16.53 14.01 11.01 9.98 12.33 9.53 -17.42 -5.50 9.94 14.48 16.29 11.20 4.87 3.99Appreciation: 3.03 10.50 7.59 4.43 3.41 5.46 2.42 -22.78 -10.79 4.01 7.99 9.25 3.58 -2.75 -3.99
Income: 5.34 5.60 6.08 6.37 6.41 6.60 6.98 6.49 5.77 5.76 6.13 6.59 7.42 7.77 8.22GA-Atlanta-SandySprings-Roswell
ApartmentTotal: 8.57 16.54 16.47 14.10 11.48 14.02 13.57 -18.11 -6.73 9.30 15.48 15.12 7.78 4.89 3.87
Appreciation: 3.59 10.88 10.38 8.00 5.37 7.84 7.25 -22.60 -11.36 4.03 9.52 9.00 2.01 -1.16 -2.48Income: 4.85 5.24 5.66 5.77 5.88 5.84 6.00 5.43 5.06 5.11 5.56 5.73 5.69 6.10 6.47
GA-Atlanta-SandySprings-Roswell Apartment-Garden
Total: 9.63 17.47 17.92 13.15 10.61 14.75 12.40 -17.72 -5.85 8.21 15.62 14.06 6.26 5.02 3.90Appreciation: 4.23 11.57 11.56 6.85 4.35 8.39 5.82 -22.35 -10.64 2.95 9.52 7.94 0.71 -0.96 -2.47
Income: 5.23 5.44 5.86 5.99 6.06 5.99 6.31 5.59 5.21 5.15 5.70 5.78 5.52 6.03 6.49
Page 107 of 1334/25/2017 Section 3, Page 20
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
GA-Atlanta-SandySprings-Roswell Apartment-HighRise
Total: 8.01 16.33 13.98 15.69 12.21Appreciation: 3.29 10.77 8.23 9.75 6.30
Income: 4.61 5.15 5.42 5.55 5.64GA-Atlanta-SandySprings-Roswell
IndustrialTotal: 11.87 16.53 14.67 10.29 8.75 15.12 6.17 -16.88 -5.02 13.06 13.65 18.77 10.89 5.06 5.96
Appreciation: 5.55 9.76 7.97 3.43 2.07 7.24 -1.12 -22.68 -10.42 6.00 6.48 10.88 3.08 -2.69 -2.25Income: 6.07 6.32 6.33 6.69 6.58 7.48 7.35 7.02 5.86 6.77 6.85 7.31 7.63 7.91 8.35
GA-Atlanta-SandySprings-Roswell Industrial-Warehouse
Total: 11.83 16.19 15.03 10.17 8.85 16.01 6.75 -16.87 -5.18 12.55 13.95 19.13 11.44 4.66 6.32Appreciation: 5.53 9.42 8.34 3.35 2.29 8.14 -0.60 -22.72 -10.57 5.48 6.81 11.12 3.47 -2.99 -1.92
Income: 6.05 6.33 6.30 6.66 6.45 7.42 7.38 7.08 5.85 6.80 6.81 7.40 7.76 7.82 8.36GA-Atlanta-SandySprings-Roswell Office Total: 6.42 17.41 11.77 8.07 9.27 5.90 6.29 -18.37 -2.13 9.73 13.49 13.70 12.58 1.56 1.61
Appreciation: 1.18 11.34 5.37 1.61 2.54 -0.52 -0.87 -23.98 -7.86 3.70 7.18 6.81 3.83 -6.73 -7.16Income: 5.20 5.60 6.15 6.38 6.60 6.45 7.21 6.88 6.09 5.87 6.00 6.56 8.49 8.74 9.27
GA-Atlanta-SandySprings-Roswell Office-Suburban
Total: 6.34 17.05 12.59 8.43 9.98 5.43 6.23 -18.73 -1.84 10.03 12.33 14.14 13.46 1.20 1.47Appreciation: 0.88 10.80 6.19 1.90 2.93 -1.03 -0.87 -24.29 -7.60 4.03 6.20 7.23 4.74 -7.02 -7.26
Income: 5.42 5.78 6.11 6.43 6.90 6.51 7.14 6.84 6.11 5.83 5.86 6.56 8.41 8.68 9.23GA-Atlanta-SandySprings-Roswell Retail Total: 8.17 15.44 12.54 11.13 10.10 15.66 10.63 -15.89 -7.92 8.04 15.16 19.73 14.39
Appreciation: 2.56 9.49 6.15 4.26 3.38 8.00 2.54 -21.86 -13.56 2.20 8.30 12.16 6.64Income: 5.51 5.56 6.11 6.66 6.55 7.23 7.94 7.17 6.28 5.75 6.46 6.95 7.39
TX-Austin-RoundRock Total: 7.98 15.15 11.90 11.23 11.83 14.48 13.40 -14.08 -3.07 14.75 19.46 18.01 7.96 3.30 -3.49Appreciation: 2.82 9.46 5.92 5.15 5.51 8.40 7.22 -18.87 -7.88 8.61 12.20 10.67 0.17 -5.08 -10.95
Income: 5.05 5.32 5.73 5.86 6.06 5.73 5.86 5.61 5.11 5.78 6.66 6.81 7.78 8.71 8.13TX-Austin-RoundRock Apartment Total: 6.31 12.10 9.47 10.85 11.64 14.71 22.00 -12.78 -3.92 15.47 14.81 15.45 8.61 2.39 -0.40
Appreciation: 1.56 6.97 4.14 5.33 5.75 8.76 15.52 -17.59 -8.50 9.40 9.01 9.43 2.61 -3.67 -6.37Income: 4.69 4.88 5.16 5.31 5.64 5.59 5.81 5.57 4.90 5.67 5.44 5.63 5.89 6.23 6.26
TX-Austin-RoundRock Apartment-Garden Total: 8.05 12.37 10.48 12.17 12.00 16.75 21.72 -14.18 -3.34 16.20 13.75 14.51 8.74 2.60 -0.50Appreciation: 2.91 7.00 4.92 6.37 5.96 10.61 15.34 -18.96 -8.01 10.05 8.13 8.55 2.71 -3.49 -6.45
Income: 5.02 5.11 5.37 5.55 5.79 5.70 5.73 5.60 4.97 5.73 5.31 5.61 5.91 6.25 6.25TX-Austin-RoundRock Industrial Total: 10.79 24.15 14.86 12.38 8.97 14.93 9.97 -15.46 -0.06 18.62 22.80 19.65 1.63 2.60 -8.25
Appreciation: 4.48 17.53 7.55 5.22 2.42 7.98 2.53 -21.18 -6.09 10.61 15.07 10.88 -6.76 -6.77 -16.91Income: 6.11 5.87 6.92 6.90 6.44 6.55 7.29 6.82 6.31 7.43 6.96 8.11 8.84 9.86 9.95
TX-Austin-RoundRock Industrial-Warehouse
Total: 11.30 22.82 14.65 13.15 10.75Appreciation: 5.35 16.59 7.96 6.40 4.23
Income: 5.73 5.56 6.31 6.45 6.32
Page 108 of 1334/25/2017 Section 3, Page 21
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
TX-Austin-RoundRock Office Total: 8.68 17.11 14.74 9.84 10.92 13.72 4.24 -16.92 -0.21 18.91 22.97Appreciation: 3.31 11.02 8.65 3.90 4.89 8.17 -0.84 -21.20 -4.84 12.76 14.84
Income: 5.24 5.63 5.72 5.78 5.79 5.24 5.12 5.11 4.81 5.65 7.34TX-Austin-RoundRock Office-Suburban Total: 7.83 13.08
Appreciation: 2.29 7.03Income: 5.45 5.75
MD-Baltimore-Columbia-Towson Total: 6.90 8.71 9.72 9.91 10.11 15.65 15.25 -13.48 -5.59 10.64 16.11 21.76 19.71 12.23 14.60Appreciation: 1.39 3.06 3.67 3.68 3.71 8.93 7.85 -19.12 -10.86 4.49 9.13 13.71 10.80 3.16 4.57
Income: 5.45 5.53 5.89 6.06 6.22 6.30 7.00 6.61 5.74 5.95 6.54 7.33 8.26 8.87 9.71MD-Baltimore-Columbia-Towson Apartment Total: 5.86 6.02 8.18 10.19 8.91
Appreciation: 0.66 0.81 2.82 4.43 3.19Income: 5.17 5.18 5.25 5.57 5.59
MD-Baltimore-Columbia-Towson Industrial Total: 6.51 8.88 10.24 10.80 7.81 17.93 8.85 -12.69 -7.43 10.95 16.33 23.84 18.60 11.71 10.70Appreciation: 0.79 3.17 3.90 4.06 1.06 10.69 1.62 -18.50 -12.70 4.85 9.60 15.95 9.28 2.49 1.13
Income: 5.69 5.59 6.17 6.54 6.69 6.72 7.16 6.78 5.84 5.88 6.29 7.08 8.72 9.06 9.49MD-Baltimore-Columbia-Towson Industrial-
WarehouseTotal: 7.28 10.24 10.91 11.17 7.91 18.51 8.82 -11.38 -7.91 11.37 17.93 23.41 18.84 11.42 9.63
Appreciation: 1.68 4.61 4.71 4.55 1.26 11.25 1.77 -17.19 -13.07 5.25 10.97 15.51 9.58 2.35 0.42Income: 5.53 5.45 5.99 6.41 6.58 6.71 6.97 6.69 5.73 5.89 6.44 7.11 8.65 8.92 9.19
MA-Boston Total: 6.76 12.82 10.58 9.71 7.48 16.50 10.60 -23.12 -9.01 35.40 15.90 14.42 14.77 1.65 5.67Appreciation: 2.82 8.17 5.68 4.39 2.20 10.64 3.82 -27.71 -12.94 28.96 9.65 7.45 6.55 -5.68 -2.34
Income: 3.85 4.39 4.70 5.15 5.19 5.43 6.58 5.85 4.34 5.34 5.83 6.61 7.84 7.65 8.15MA-Boston Apartment Total: 7.68
Appreciation: 3.26Income: 4.32
MA-Boston Office Total: 6.58 12.90 10.49 9.44 6.79 17.78 9.23 -26.78 -10.75 46.61 19.51 13.99 15.92 0.15Appreciation: 2.89 8.32 5.70 4.27 1.57 11.67 2.16 -31.36 -14.44 39.53 12.97 6.64 7.35 -7.28
Income: 3.61 4.32 4.59 5.01 5.16 5.63 6.95 6.07 4.12 5.54 5.98 7.00 8.12 7.85MA-Boston Office-CBD Total: 6.81 13.38 10.71 9.80 6.61
Appreciation: 3.17 8.87 6.02 4.71 1.49Income: 3.56 4.23 4.49 4.92 5.06
MA-Boston Retail Total: 5.11Appreciation: 0.29
Income: 4.81
Page 109 of 1334/25/2017 Section 3, Page 22
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
MA-Cambridge-Newton-Framingham Total: 9.03 12.66 13.20 12.10 13.06 12.42 14.39 -16.72 -7.15 13.42 11.97 21.60 12.88 6.07 0.27Appreciation: 4.07 7.18 7.45 6.37 6.77 5.92 7.38 -21.91 -11.56 7.76 5.63 14.22 4.81 -2.40 -8.29
Income: 4.82 5.20 5.45 5.47 5.98 6.22 6.65 6.26 4.83 5.36 6.08 6.68 7.78 8.62 9.13MA-Cambridge-Newton-Framingham
ApartmentTotal: 8.90 9.11 10.44 11.74 14.63 21.07 23.89 -19.12
Appreciation: 4.45 4.38 5.75 6.52 8.95 14.95 16.93 -23.69Income: 4.30 4.58 4.51 4.97 5.33 5.51 6.19 5.61
MA-Cambridge-Newton-Framingham Office Total: 10.28 15.87 16.19 13.63 10.89 11.89 15.03 -21.49 -10.80 17.45 16.09 24.80 5.85 -0.77 -5.75Appreciation: 5.14 10.23 9.93 7.92 4.61 5.39 7.86 -26.51 -14.82 11.78 9.38 16.77 -2.71 -9.45 -14.33
Income: 4.95 5.25 5.83 5.40 6.08 6.25 6.77 6.34 4.53 5.22 6.28 7.15 8.73 9.35 9.62MA-Cambridge-Newton-Framingham Office-
SuburbanTotal: 10.28 15.87 16.19 13.63 10.89 11.89 15.03 -21.49 -10.80 17.45 16.09 24.80 5.85 -0.77 -5.75
Appreciation: 5.14 10.23 9.93 7.92 4.61 5.39 7.86 -26.51 -14.82 11.78 9.38 16.77 -2.71 -9.45 -14.33Income: 4.95 5.25 5.83 5.40 6.08 6.25 6.77 6.34 4.53 5.22 6.28 7.15 8.73 9.35 9.62
NJ-Camden Total: 8.53Appreciation: 3.16
Income: 5.25NJ-Camden Industrial Total: 15.84
Appreciation: 10.25Income: 5.19
NJ-Camden Industrial-Warehouse Total: 15.55Appreciation: 10.05
Income: 5.12NC-SC-Charlotte-Concord-Gastonia Total: 11.50 13.27 12.61 13.10 15.01 13.05 10.30 -19.28 -1.87 15.87 17.55 11.85 8.38 4.58 5.05
Appreciation: 5.27 6.80 5.64 5.82 7.52 5.68 2.26 -24.74 -7.50 8.95 9.90 4.21 0.60 -3.23 -3.00Income: 5.99 6.16 6.69 6.98 7.10 7.08 7.90 6.74 5.97 6.49 7.13 7.40 7.75 8.01 8.23
NC-SC-Charlotte-Concord-Gastonia Apartment
Total:Appreciation:
Income:NC-SC-Charlotte-Concord-Gastonia
IndustrialTotal: 14.79
Appreciation: 8.04Income: 6.38
NC-SC-Charlotte-Concord-Gastonia Office Total: 9.58 15.93 12.42 14.37 10.86 9.34Appreciation: 3.20 9.08 5.14 6.71 3.22 1.47
Income: 6.24 6.41 7.02 7.31 7.46 7.79
Page 110 of 1334/25/2017 Section 3, Page 23
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
NC-SC-Charlotte-Concord-Gastonia Office-Suburban
Total:Appreciation:
Income:IL-Chicago-Naperville-ArlingtonHeights Total: 7.31 13.03 12.25 10.96 10.78 13.49 11.90 -13.73 -6.12 16.08 12.86 15.14 13.14 7.69 6.29
Appreciation: 2.43 7.72 6.61 5.04 4.52 7.05 5.03 -18.96 -10.89 9.48 6.42 8.07 5.60 0.01 -1.52Income: 4.79 5.02 5.38 5.71 6.05 6.12 6.62 6.12 5.19 6.17 6.15 6.67 7.25 7.68 7.89
IL-Chicago-Naperville-ArlingtonHeights Apartment
Total: 5.88 11.03 9.99 10.96 12.54 16.22 19.19 -12.10 -4.21 11.63 15.99 11.53 10.95 5.29 7.26Appreciation: 1.49 6.37 5.05 5.70 6.87 10.57 12.93 -16.84 -8.57 6.41 10.30 6.00 5.40 -0.13 1.04
Income: 4.35 4.45 4.77 5.05 5.39 5.24 5.72 5.44 4.65 4.98 5.29 5.29 5.34 5.42 6.16IL-Chicago-Naperville-ArlingtonHeights
Apartment-HighRiseTotal: 5.77 11.02 10.27 11.81 13.01 16.99
Appreciation: 1.48 6.49 5.44 6.74 7.55 11.65Income: 4.24 4.32 4.64 4.83 5.17 4.92
IL-Chicago-Naperville-ArlingtonHeights Industrial
Total: 10.11 14.90 11.39 11.04 8.25 13.63 8.57 -19.30 -7.51 11.75 11.12 17.55 11.09 8.34 7.76Appreciation: 4.47 8.92 5.11 4.81 1.88 6.55 0.99 -24.95 -12.80 5.41 4.55 9.52 3.11 0.33 -0.01
Income: 5.46 5.61 6.05 6.02 6.28 6.76 7.52 7.00 5.85 6.09 6.36 7.51 7.80 7.98 7.77IL-Chicago-Naperville-ArlingtonHeights
Industrial-WarehouseTotal: 10.16 14.56 11.80 11.52 8.10 13.98 8.66 -18.93 -7.72 11.84 10.72 16.16 11.42 8.61 7.38
Appreciation: 4.46 8.62 5.52 5.34 1.83 6.90 1.12 -24.56 -13.05 5.46 4.18 8.39 3.43 0.55 -0.24Income: 5.52 5.59 6.03 5.94 6.19 6.73 7.48 6.96 5.90 6.13 6.34 7.32 7.79 8.03 7.63
IL-Chicago-Naperville-ArlingtonHeights Office
Total: 5.44 11.69 12.81 7.67 7.70 9.41 6.54 -16.13 -5.03 15.08 12.32 15.20 5.73 4.35 2.56Appreciation: 0.42 6.18 6.82 1.23 1.05 3.16 -0.10 -21.31 -9.74 7.49 5.99 8.09 -1.41 -3.37 -5.62
Income: 5.01 5.27 5.71 6.38 6.60 6.11 6.64 6.19 5.08 7.17 6.07 6.71 7.22 7.92 8.54IL-Chicago-Naperville-ArlingtonHeights
Office-CBDTotal: 5.60 12.56
Appreciation: 0.72 7.18Income: 4.86 5.11
IL-Chicago-Naperville-ArlingtonHeights Retail
Total: 9.70 16.51 14.63 14.00 12.88 13.61 11.80 -7.07 -6.32 23.40 11.31 15.60 27.51 14.67 12.35Appreciation: 5.03 11.16 9.03 7.93 6.49 6.72 4.66 -13.00 -11.33 16.42 4.74 8.52 18.54 5.82 4.11
Income: 4.49 4.95 5.26 5.73 6.09 6.56 6.90 6.58 5.47 6.24 6.35 6.66 7.91 8.48 8.01IL-Chicago-Naperville-ArlingtonHeights
Retail-NeighborhoodTotal: 5.20 16.73 10.86 13.59 8.54 9.73 11.08 -11.69 -8.03
Appreciation: 0.13 10.46 4.39 6.50 1.28 2.29 2.88 -17.89 -13.10Income: 5.07 5.82 6.26 6.77 7.20 7.31 8.02 7.19 5.62
OH-KY-IN-Cincinnati Total: 6.93 9.06 12.12 15.78 7.06 12.53 6.21 -9.19 1.73 13.57 8.89 16.29 6.44 2.20 6.05Appreciation: 1.09 3.54 6.04 8.84 0.37 5.39 -0.83 -14.83 -4.24 7.11 2.43 7.58 -1.99 -6.79 -2.89
Income: 5.79 5.39 5.82 6.52 6.67 6.87 7.08 6.36 6.17 6.13 6.34 8.24 8.55 9.47 9.13
Page 111 of 1334/25/2017 Section 3, Page 24
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
TX-Dallas-Plano-Irving Total: 9.16 12.68 11.93 13.26 10.23 13.72 12.87 -14.77 -2.85 11.98 14.09 15.06 9.07 6.24 3.40Appreciation: 3.95 7.06 5.94 6.94 4.00 7.31 5.82 -20.12 -8.10 5.65 7.37 7.84 1.91 -1.45 -4.69
Income: 5.07 5.35 5.74 6.01 6.05 6.08 6.75 6.32 5.59 6.08 6.38 6.82 7.06 7.78 8.38TX-Dallas-Plano-Irving Apartment Total: 7.99 10.80 10.74 12.81 13.17 18.97 16.82 -11.29 -2.24 12.97 13.54 11.97 7.96 5.74 6.47
Appreciation: 2.89 5.50 5.23 6.89 7.01 12.41 10.24 -16.43 -7.24 7.21 7.51 6.09 2.00 -0.62 -0.49Income: 4.99 5.10 5.31 5.63 5.86 6.01 6.12 5.88 5.28 5.47 5.72 5.63 5.88 6.39 6.99
TX-Dallas-Plano-Irving Apartment-Garden Total: 9.06 14.43 10.69 13.93 12.04 20.30 16.28 -9.82 -0.83 14.80 11.23 11.17 7.42 5.89 6.47Appreciation: 3.33 8.24 4.45 7.40 5.79 13.32 9.46 -15.36 -6.15 8.83 5.23 5.32 1.48 -0.47 -0.49
Income: 5.60 5.83 6.04 6.19 5.99 6.36 6.37 6.28 5.58 5.61 5.77 5.62 5.87 6.39 6.99TX-Dallas-Plano-Irving Apartment-HighRise Total: 7.37 9.78 9.16 13.56 14.75
Appreciation: 2.77 5.04 4.39 8.13 8.73Income: 4.51 4.58 4.62 5.12 5.65
TX-Dallas-Plano-Irving Industrial Total: 11.94 14.00 14.20 13.74 10.79 13.68 12.99 -16.42 -2.75 13.22 11.95 15.73 7.92 6.54 3.99Appreciation: 6.09 7.76 7.54 6.98 4.14 6.80 5.17 -22.34 -8.81 6.05 5.13 8.05 0.37 -1.79 -4.73
Income: 5.60 5.90 6.30 6.43 6.45 6.54 7.53 7.15 6.48 6.86 6.57 7.25 7.53 8.44 9.04TX-Dallas-Plano-Irving Industrial-
WarehouseTotal: 12.49 14.37 14.08 14.40 10.79 13.82 13.32 -16.91 -1.48 13.55 12.38 15.59 8.00 6.82 4.12
Appreciation: 6.63 8.09 7.41 7.57 4.16 7.04 5.59 -22.75 -7.58 6.29 5.55 7.94 0.48 -1.59 -4.57Income: 5.58 5.92 6.32 6.47 6.44 6.45 7.42 7.08 6.47 6.93 6.57 7.22 7.49 8.51 9.00
TX-Dallas-Plano-Irving Office Total: 8.41 11.96 13.53 14.38 9.87 12.10 10.88 -17.80 -2.46 10.81 14.67 16.16 6.44 2.51 -1.77Appreciation: 2.89 5.96 7.01 7.72 3.59 5.80 3.96 -22.92 -7.27 4.35 7.80 8.64 -0.97 -5.26 -9.93
Income: 5.41 5.75 6.20 6.30 6.12 6.04 6.72 6.22 5.10 6.26 6.49 7.07 7.46 8.09 8.82TX-Dallas-Plano-Irving Office-Suburban Total: 8.19 13.03 14.51 16.58 10.95 13.25 9.96 -17.80 -2.46 13.92 16.86 16.08 7.13 1.57 -1.55
Appreciation: 2.74 7.02 7.83 9.49 4.67 6.86 2.98 -22.92 -7.27 7.20 9.87 8.97 -0.16 -6.20 -9.91Income: 5.34 5.71 6.32 6.62 6.07 6.08 6.83 6.22 5.10 6.39 6.52 6.67 7.29 8.14 9.04
TX-Dallas-Plano-Irving Retail Total: 9.08 14.91 10.53 12.48 5.49 7.20 9.54 -12.86 -3.61 11.10Appreciation: 4.51 9.72 5.08 6.47 -0.23 1.60 2.43 -18.29 -9.24 4.89
Income: 4.43 4.85 5.26 5.73 5.72 5.54 6.99 6.30 6.04 5.99CO-Denver-Aurora-Lakewood Total: 8.98 15.63 14.65 14.88 13.41 15.40 16.07 -15.79 -3.14 15.22 14.76 18.51 8.41 5.83 3.58
Appreciation: 3.77 9.79 8.64 8.63 7.00 8.75 8.53 -21.14 -8.22 9.18 8.62 11.58 1.39 -1.74 -4.10Income: 5.07 5.45 5.65 5.87 6.09 6.24 7.09 6.40 5.42 5.66 5.77 6.39 6.95 7.67 7.93
CO-Denver-Aurora-Lakewood Apartment Total: 10.98 18.38 15.12 12.76 13.82 20.27 26.82 -15.68 -5.67 11.70 11.77 12.66 7.41 5.33Appreciation: 5.83 12.52 9.23 6.86 7.76 13.71 19.19 -20.86 -10.30 6.42 6.48 7.53 2.07 -0.33
Income: 4.94 5.36 5.51 5.62 5.73 5.96 6.69 6.16 5.01 5.03 5.05 4.87 5.26 5.67
Page 112 of 1334/25/2017 Section 3, Page 25
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
CO-Denver-Aurora-Lakewood Apartment-Garden
Total: 10.65 20.99 16.80 14.20 15.10 20.60 23.82 -12.61 -2.62 12.50 11.34 12.33 7.26 5.26Appreciation: 5.09 14.58 10.40 7.86 8.79 13.88 16.29 -18.25 -7.68 6.94 5.88 7.22 2.02 -0.33
Income: 5.36 5.80 5.95 6.00 5.93 6.09 6.72 6.56 5.37 5.29 5.24 4.85 5.16 5.61CO-Denver-Aurora-Lakewood Apartment-
HighRiseTotal: 11.85 16.35 13.02
Appreciation: 7.12 11.04 7.80Income: 4.49 4.91 4.94
CO-Denver-Aurora-Lakewood Industrial Total: 13.86 18.55 15.46 12.36 17.54 9.38 13.48 -10.68 -0.61 12.22 15.94 15.98 11.57 5.27 9.86Appreciation: 7.57 11.75 8.18 5.22 9.73 2.21 5.29 -16.48 -6.48 5.12 9.19 8.48 3.87 -1.98 0.50
Income: 5.96 6.26 6.86 6.88 7.30 7.05 7.88 6.64 6.17 6.85 6.32 7.05 7.49 7.36 9.33CO-Denver-Aurora-Lakewood Industrial-
WarehouseTotal: 13.93 18.95 15.77 12.28 12.77 7.85 9.87 -10.62
Appreciation: 7.65 12.21 8.51 5.16 5.58 1.04 2.10 -16.61Income: 5.94 6.19 6.82 6.85 6.90 6.76 7.64 6.86
CO-Denver-Aurora-Lakewood Office Total: 4.59 10.94 14.65 17.68 10.87 14.07 8.16 -20.57 -3.29 19.49 16.34 21.16 7.21 3.21 -7.30Appreciation: -0.47 5.62 8.96 11.26 4.61 7.57 0.33 -25.91 -8.00 13.64 10.20 13.50 -0.45 -4.73 -14.28
Income: 5.08 5.11 5.34 5.92 6.06 6.16 7.80 6.67 5.01 5.32 5.71 6.97 7.70 8.21 7.82CO-Denver-Aurora-Lakewood Office-
SuburbanTotal: 4.41 8.99 15.28 15.77 9.95 15.83 8.15 -20.57 -3.23 17.05 14.82 16.80 9.96 3.97 -6.50
Appreciation: -0.70 3.68 9.32 8.82 3.28 9.33 0.24 -25.91 -7.96 11.16 8.57 9.35 1.88 -4.45 -13.58Income: 5.15 5.17 5.58 6.52 6.51 6.09 7.88 6.67 5.03 5.44 5.88 6.97 7.98 8.71 7.88
CO-Denver-Aurora-Lakewood Retail Total: 9.29 15.69 13.82 17.53 15.12 12.09 10.58 -10.08 3.15Appreciation: 4.19 9.96 7.98 11.19 8.45 5.35 3.83 -15.55 -2.64
Income: 4.95 5.33 5.52 5.86 6.28 6.49 6.56 6.20 5.91NC-Durham-ChapelHill Total: 10.02 12.58 13.17
Appreciation: 4.30 6.41 6.76Income: 5.54 5.89 6.10
IL-Elgin Total: 7.06 11.16 9.07 7.60 6.43Appreciation: 1.69 5.42 3.08 1.52 0.09
Income: 5.31 5.52 5.86 6.01 6.34IL-Elgin Industrial Total: 9.03 14.41 9.61 6.67 6.41
Appreciation: 3.80 8.68 3.61 0.68 0.08Income: 5.08 5.39 5.84 5.96 6.32
IL-Elgin Industrial-Warehouse Total: 9.32 14.49 9.69 6.59 6.35Appreciation: 4.08 8.73 3.67 0.59 0.02
Income: 5.08 5.41 5.87 5.97 6.33
Page 113 of 1334/25/2017 Section 3, Page 26
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
FL-FortLauderdale-PompanoBeach-DeerfieldBeach
Total: 9.61 14.65 12.82 8.99 7.70 13.16 12.93 -17.65 -7.20 13.87 21.56 26.99 18.17 10.52 8.37Appreciation: 3.97 8.84 7.00 3.09 1.85 6.69 5.92 -22.72 -12.02 7.90 14.19 19.45 10.90 3.44 0.64
Income: 5.48 5.46 5.53 5.76 5.77 6.17 6.72 6.15 5.30 5.65 6.67 6.61 6.73 6.90 7.69FL-FortLauderdale-PompanoBeach-
DeerfieldBeach ApartmentTotal: 10.17 13.38 11.45 8.61 7.71 17.02 21.43 -12.50 -11.77 8.40 21.22 38.38 20.35 10.93 9.95
Appreciation: 4.82 7.87 6.02 3.08 2.04 10.66 13.91 -17.76 -15.80 3.21 14.46 30.38 13.36 4.56 2.60Income: 5.16 5.21 5.20 5.41 5.58 5.90 6.83 6.09 4.57 5.07 6.12 6.57 6.37 6.16 7.22
FL-FortLauderdale-PompanoBeach-DeerfieldBeach Apartment-Garden
Total: 11.55 13.73 12.12 7.29 7.22 15.70 23.54 -12.67 -12.57 8.73 20.41 37.21 18.98 12.70 10.57Appreciation: 5.79 7.85 6.27 1.67 1.44 9.25 15.71 -18.03 -16.54 3.51 13.72 29.25 11.97 5.63 2.90
Income: 5.53 5.56 5.59 5.56 5.71 6.04 7.02 6.22 4.53 5.10 6.08 6.57 6.45 6.79 7.50FL-FortLauderdale-PompanoBeach-
DeerfieldBeach IndustrialTotal: 12.07 14.23 12.21 9.84 9.33 11.33 2.17 -27.20 -2.86
Appreciation: 6.58 8.35 6.73 4.24 3.57 5.10 -4.18 -31.60 -7.78Income: 5.24 5.54 5.23 5.42 5.61 6.00 6.55 5.84 5.24
FL-FortLauderdale-PompanoBeach-DeerfieldBeach Industrial-Warehouse
Total: 11.16 12.55 12.16 10.36 9.20 12.80 3.89 -29.45Appreciation: 5.61 6.56 6.53 4.47 3.00 6.12 -3.23 -33.93
Income: 5.33 5.71 5.36 5.69 6.06 6.40 7.29 6.13TX-FortWorth-Arlington Total: 9.40 15.01 13.13 14.22 8.92 15.76 14.12 -9.91 -3.57 11.00 12.36 12.75 14.12 8.95 8.30
Appreciation: 3.34 8.08 6.24 7.26 2.35 8.37 6.28 -16.17 -9.48 4.15 5.04 6.37 6.30 1.13 0.31Income: 5.92 6.54 6.59 6.60 6.46 6.96 7.50 7.14 6.35 6.64 7.06 6.09 7.46 7.76 7.96
TX-FortWorth-Arlington Industrial Total: 9.32 13.88 14.04 17.84 8.53 10.92 10.89 -11.95 -8.12 10.74 14.40 13.45 14.93Appreciation: 3.37 6.89 7.00 10.70 2.14 3.49 2.92 -18.18 -14.03 3.66 6.26 6.99 6.87
Income: 5.80 6.65 6.70 6.62 6.29 7.25 7.78 7.23 6.59 6.89 7.77 6.14 7.63TX-FortWorth-Arlington Industrial-
WarehouseTotal: 8.99 14.21 14.43 18.13 8.21
Appreciation: 3.15 7.27 7.43 11.00 1.81Income: 5.70 6.58 6.64 6.60 6.32
PA-Harrisburg-Carlisle Total: 9.83Appreciation: 3.85
Income: 5.81TX-Houston-TheWoodlands-SugarLand Total: 1.49 10.90 14.89 15.09 13.39 12.45 14.09 -10.24 4.87 20.23 11.34 19.60 11.14 10.24 8.76
Appreciation: -3.43 5.48 8.86 8.70 7.09 6.02 6.96 -15.74 -0.70 13.29 4.50 11.34 2.97 2.35 0.03Income: 5.05 5.20 5.65 6.01 5.99 6.15 6.78 6.26 5.60 6.32 6.62 7.63 7.99 7.75 8.73
TX-Houston-TheWoodlands-SugarLand Apartment
Total: -3.72 6.38 12.17 15.20 12.79 14.88 16.61 -9.53 1.85 9.99 10.89 9.67 7.52 8.55 13.18Appreciation: -8.13 1.47 6.55 8.97 6.57 8.56 10.00 -14.82 -3.72 3.92 4.95 3.61 1.70 2.07 4.66
Income: 4.70 4.85 5.36 5.84 5.93 5.94 6.15 5.96 5.73 5.90 5.73 5.90 5.75 6.38 8.23
Page 114 of 1334/25/2017 Section 3, Page 27
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
TX-Houston-TheWoodlands-SugarLand Apartment-Garden
Total: -2.31 6.98 13.10 14.76 13.14 14.84 17.55 -11.07 1.75 9.75 11.22 10.15 8.09 8.93 13.18Appreciation: -7.25 1.71 7.06 8.05 6.52 7.93 10.51 -16.51 -3.83 3.62 5.13 3.89 1.96 2.37 4.66
Income: 5.22 5.21 5.74 6.33 6.32 6.52 6.54 6.22 5.75 5.98 5.87 6.08 6.04 6.45 8.23TX-Houston-TheWoodlands-SugarLand
Apartment-HighRiseTotal: -4.48 7.36 12.27 15.88
Appreciation: -8.68 2.60 6.81 9.88Income: 4.50 4.67 5.20 5.59
TX-Houston-TheWoodlands-SugarLand Industrial
Total: 7.03 10.22 13.82 17.44 14.34 14.46 15.67 -10.73 2.85 13.08 12.17 17.21 10.65 4.90 4.73Appreciation: 1.39 4.21 7.64 10.57 7.48 7.22 7.68 -16.52 -3.38 5.50 4.34 8.66 1.89 -2.40 -4.15
Income: 5.58 5.83 5.85 6.38 6.51 6.88 7.56 6.63 6.38 7.29 7.59 8.04 8.62 7.44 9.16TX-Houston-TheWoodlands-SugarLand
Industrial-WarehouseTotal: 6.91 10.22 14.16 17.87 13.81 14.67 16.52 -13.93 3.79 12.13 12.03 17.36 9.24 4.51 4.72
Appreciation: 1.36 4.22 8.03 11.00 6.98 7.53 8.69 -19.42 -2.54 4.49 4.27 8.92 0.48 -2.98 -3.97Income: 5.49 5.82 5.79 6.37 6.49 6.77 7.36 6.45 6.44 7.40 7.52 7.92 8.72 7.66 8.96
TX-Houston-TheWoodlands-SugarLand Office
Total: -3.97 4.94 15.04 13.12 15.87 8.11 4.72 -12.69 12.49 30.63 11.84 15.16 6.73 4.64 4.78Appreciation: -9.47 -0.57 8.63 6.62 9.29 1.82 -1.86 -18.14 6.71 22.78 4.21 6.33 -2.23 -3.41 -3.79
Income: 5.92 5.54 6.03 6.20 6.16 6.21 6.67 6.34 5.52 6.73 7.40 8.43 9.11 8.26 8.82TX-Houston-TheWoodlands-SugarLand
Office-SuburbanTotal: -2.73 6.47 15.38 15.43 13.61 7.71 2.87 -6.34 13.24 22.91 11.95
Appreciation: -8.30 0.78 8.62 8.58 6.83 1.25 -3.57 -12.08 7.17 15.31 4.00Income: 5.94 5.66 6.35 6.45 6.45 6.40 6.62 6.33 5.76 6.84 7.72
TX-Houston-TheWoodlands-SugarLand Retail
Total: 11.01 24.15 17.61 16.83 11.75 15.26Appreciation: 6.54 18.62 11.83 10.64 5.83 8.81
Income: 4.26 4.87 5.32 5.74 5.67 6.06IN-Indianapolis-Carmel-Anderson Total: 7.78 15.83 10.64 14.65 8.58 12.55 4.92 -17.64 -1.73 14.01 14.23 13.40 9.22 7.00 7.25
Appreciation: 1.86 8.89 4.03 6.79 1.33 4.73 -2.91 -24.12 -8.06 6.44 6.07 4.82 0.58 -1.66 -1.69Income: 5.84 6.51 6.42 7.50 7.18 7.56 7.98 7.96 6.74 7.23 7.81 8.29 8.60 8.76 9.05
IN-Indianapolis-Carmel-Anderson Industrial Total: 7.78 10.30Appreciation: 2.32 4.39
Income: 5.37 5.72IN-Indianapolis-Carmel-Anderson
Industrial-WarehouseTotal: 7.92 11.89
Appreciation: 2.49 5.98Income: 5.32 5.66
MO-KS-KansasCity Total: 6.56 11.34 8.44 9.68 8.85 10.93 6.89 -9.61 -2.71 11.12 10.88 12.48 8.69 5.86 -0.18Appreciation: 0.11 4.49 1.43 2.11 1.38 3.87 -0.55 -15.98 -8.53 4.37 3.32 4.54 1.19 -2.22 -7.95
Income: 6.44 6.64 6.94 7.46 7.39 6.86 7.46 7.25 6.22 6.54 7.38 7.68 7.43 8.22 8.26
Page 115 of 1334/25/2017 Section 3, Page 28
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
MO-KS-KansasCity Industrial Total: 9.05Appreciation: 1.46
Income: 7.51MO-KS-KansasCity Industrial-Warehouse Total: 8.83
Appreciation: 1.29Income: 7.48
IL-WI-LakeCounty-KenoshaCounty Total: 6.03 13.33 8.86 7.07 8.20 12.83 3.40 -12.95 -4.63 10.73 9.85 15.78 14.35 7.27 6.30Appreciation: -0.02 6.77 2.52 0.45 1.17 5.92 -3.27 -18.66 -10.28 4.45 2.84 7.74 6.02 -1.05 -1.80
Income: 6.06 6.24 6.22 6.60 6.96 6.62 6.83 6.66 6.12 6.08 6.86 7.61 7.98 8.38 8.21IL-WI-LakeCounty-KenoshaCounty
IndustrialTotal: 7.85 22.99 10.64 13.19 7.29 11.73 5.86 -17.08 -2.27 11.58
Appreciation: 2.25 16.20 3.96 6.05 1.38 5.88 -0.60 -22.77 -7.97 5.19Income: 5.51 6.08 6.49 6.83 5.85 5.61 6.48 6.90 6.06 6.16
IL-WI-LakeCounty-KenoshaCounty Industrial-Warehouse
Total: 8.03 24.01 10.88 14.33 6.94 10.93 5.71 -18.32 -2.90Appreciation: 2.40 17.11 4.18 7.15 1.12 5.79 -0.54 -23.83 -8.46
Income: 5.54 6.15 6.50 6.81 5.77 4.93 6.26 6.76 5.94NV-LasVegas-Henderson-Paradise Total: 15.06 19.11 14.80 9.61 5.39 7.35 2.69 -26.07 -1.66
Appreciation: 9.21 12.42 7.80 2.92 -1.41 0.38 -3.50 -30.39 -6.54Income: 5.48 6.13 6.62 6.55 6.88 6.95 6.36 5.66 5.14
NV-LasVegas-Henderson-Paradise Industrial
Total: 16.51 24.39 22.15 12.08 1.46Appreciation: 9.79 17.16 13.67 3.82 -5.99
Income: 6.27 6.43 7.71 8.03 7.77NV-LasVegas-Henderson-Paradise
Industrial-WarehouseTotal: 16.69 24.52 23.23 12.85
Appreciation: 9.93 17.25 14.73 4.53Income: 6.30 6.46 7.67 8.04
CA-LosAngeles-LongBeach-Glendale Total: 10.24 13.80 13.30 10.66 8.60 14.84 13.35 -18.76 -6.40 21.26 20.25 20.90 16.16 11.99 9.23Appreciation: 5.61 8.91 8.07 5.27 3.07 8.54 6.56 -23.61 -10.86 15.55 14.15 13.90 8.56 4.02 1.01
Income: 4.44 4.59 4.94 5.19 5.41 5.92 6.48 5.93 4.85 5.12 5.52 6.36 7.15 7.73 8.16CA-LosAngeles-LongBeach-Glendale
ApartmentTotal: 9.36 11.45 9.67 10.28 13.40 14.64 21.38 -19.69 -12.92 13.31 18.09 18.33 14.13
Appreciation: 5.12 7.05 5.18 5.68 8.49 9.54 15.48 -23.46 -16.20 8.89 13.08 13.05 8.34Income: 4.09 4.17 4.33 4.41 4.62 4.77 5.30 4.60 3.74 4.15 4.58 4.82 5.45
CA-LosAngeles-LongBeach-Glendale Apartment-Garden
Total:Appreciation:
Income:
Page 116 of 1334/25/2017 Section 3, Page 29
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
CA-LosAngeles-LongBeach-Glendale Apartment-HighRise
Total: 9.70 10.84 10.45 10.72 14.64 13.40 22.48Appreciation: 5.54 6.58 5.94 6.16 9.87 8.76 16.68
Income: 4.00 4.07 4.32 4.36 4.45 4.36 5.17CA-LosAngeles-LongBeach-Glendale
IndustrialTotal: 15.21 16.43 13.44 10.40 11.42 16.30 10.27 -17.83 -5.33 15.84 22.19 23.31 18.02 15.24 8.34
Appreciation: 10.03 11.07 8.19 5.15 5.62 9.75 3.22 -23.34 -10.42 9.63 15.14 15.33 9.57 6.31 0.19Income: 4.83 4.96 4.95 5.05 5.58 6.11 6.88 6.72 5.52 5.79 6.35 7.18 7.90 8.53 8.14
CA-LosAngeles-LongBeach-Glendale Industrial-Warehouse
Total: 15.25 16.46 13.30 10.27 11.70 16.62 10.59 -18.21 -5.51 15.28 22.79 24.00 16.81 14.57 8.05Appreciation: 10.09 11.09 8.04 5.05 5.90 10.06 3.49 -23.70 -10.58 9.10 15.82 16.02 8.54 5.90 0.10
Income: 4.80 4.96 4.96 5.03 5.55 6.11 6.92 6.72 5.50 5.79 6.25 7.14 7.78 8.31 7.95CA-LosAngeles-LongBeach-Glendale Office Total: 8.93 14.09 15.16 11.25 5.98 14.29 11.17 -19.96 -5.16 31.14 22.28 21.99 14.07 6.89 5.17
Appreciation: 4.46 9.20 9.68 5.61 0.52 7.84 4.41 -24.68 -9.39 25.56 16.63 15.24 6.84 -0.72 -2.87Income: 4.33 4.58 5.11 5.41 5.44 6.10 6.55 5.84 4.55 4.70 5.03 6.07 6.88 7.65 8.22
CA-LosAngeles-LongBeach-Glendale Office-Suburban
Total: 9.70 14.85 16.45 11.92 5.70 14.98 11.81 -20.50 -6.35 30.79 19.59 23.49 14.16 6.67 5.09Appreciation: 5.25 9.93 10.83 6.26 0.13 8.34 4.84 -25.29 -10.56 24.97 13.71 16.45 6.92 -0.81 -2.89
Income: 4.28 4.59 5.21 5.42 5.57 6.26 6.73 5.95 4.57 4.93 5.34 6.28 6.88 7.52 8.15CA-LosAngeles-LongBeach-Glendale Retail Total: 9.28 13.17 12.73 9.84 8.07 15.78 16.64 -14.43 -5.47 9.17 13.36 15.83
Appreciation: 4.58 8.32 7.48 4.30 2.17 8.89 9.12 -20.12 -10.98 3.45 7.14 8.78Income: 4.54 4.57 4.98 5.37 5.80 6.47 7.05 6.71 6.01 5.58 5.91 6.62
CA-LosAngeles-LongBeach-Glendale Retail-Neighborhood
Total: 12.42 14.27Appreciation: 7.39 8.59
Income: 4.77 5.34KY-IN-Louisville/JeffersonCounty Total: 8.21 13.15 11.13 17.37 6.29 16.10 13.83 -12.25 -1.17 10.00 18.85
Appreciation: 1.95 6.25 4.21 9.46 -1.44 7.25 4.20 -19.88 -7.99 2.53 10.47Income: 6.17 6.59 6.72 7.40 7.82 8.40 9.35 8.99 7.26 7.34 7.77
KY-IN-Louisville/JeffersonCounty Industrial Total: 9.55 15.67 12.67 15.48 5.66 11.02 14.37 -13.08 -0.14 12.29 21.54Appreciation: 3.02 8.55 5.73 6.52 -2.91 2.56 4.71 -20.74 -7.40 4.04 12.19
Income: 6.39 6.69 6.65 8.55 8.76 8.30 9.34 9.10 7.71 8.01 8.57KY-IN-Louisville/JeffersonCounty
Industrial-WarehouseTotal: 9.79 16.12 12.83 15.61 6.10 11.02 14.37 -13.08 -0.14 8.51 23.44
Appreciation: 3.06 8.88 5.87 6.55 -2.52 2.56 4.71 -20.74 -7.40 0.40 13.84Income: 6.58 6.80 6.68 8.65 8.79 8.30 9.34 9.10 7.71 8.08 8.70
TN-MS-AR-Memphis Total: 9.25 13.87 12.98 8.31 6.89 12.26 7.51 -12.56 -1.04 10.34 8.84 17.14 12.11 3.83 5.50Appreciation: 2.77 7.65 6.76 1.93 0.32 4.49 -0.54 -18.86 -7.58 3.36 1.46 8.55 3.63 -4.56 -2.98
Income: 6.35 5.89 5.92 6.30 6.56 7.52 8.08 7.36 6.94 6.81 7.30 8.08 8.26 8.69 8.68
Page 117 of 1334/25/2017 Section 3, Page 30
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
FL-Miami-MiamiBeach-Kendall Total: 8.10 15.65 15.10 13.21 13.95 14.58 12.52 -14.70 -3.85 19.10 18.74 15.93 13.52 8.00 7.26Appreciation: 3.07 10.17 9.30 7.18 7.59 7.59 4.89 -20.34 -9.09 12.60 11.97 8.94 6.44 0.80 -0.55
Income: 4.91 5.09 5.44 5.73 6.03 6.62 7.36 6.69 5.62 5.95 6.23 6.56 6.76 7.15 7.84FL-Miami-MiamiBeach-Kendall Apartment Total:
Appreciation:Income:
FL-Miami-MiamiBeach-Kendall Industrial Total: 7.75 10.02 10.28 11.58 14.07 13.60 11.19 -21.04 -4.11 14.18 22.83Appreciation: 2.28 4.26 4.71 5.67 7.96 6.98 3.47 -26.83 -9.72 7.49 14.53
Income: 5.38 5.58 5.39 5.68 5.77 6.30 7.52 7.33 6.06 6.33 7.52FL-Miami-MiamiBeach-Kendall Industrial-
WarehouseTotal: 7.49 10.02 10.31 11.48 14.22 13.85 11.42 -19.99 -4.13 12.89
Appreciation: 2.06 4.28 4.76 5.59 8.16 7.25 3.60 -25.99 -9.84 5.92Income: 5.35 5.56 5.36 5.65 5.72 6.27 7.62 7.52 6.17 6.68
FL-Miami-MiamiBeach-Kendall Office Total: 5.22 17.78 17.63 11.60Appreciation: 0.12 12.29 11.84 5.61
Income: 5.10 5.05 5.33 5.74FL-Miami-MiamiBeach-Kendall Office-
SuburbanTotal: 7.26 15.87
Appreciation: 2.15 9.90Income: 5.03 5.57
FL-Miami-MiamiBeach-Kendall Retail Total: 10.20 16.98 16.98 14.65 16.08Appreciation: 5.47 11.65 10.96 8.53 9.43
Income: 4.55 4.91 5.57 5.76 6.22MN-WI-Minneapolis-St.Paul-Bloomington Total: 5.69 8.43 9.57 8.98 8.30 10.84 10.34 -12.91 -3.86 12.31 12.52 17.33 10.88 5.65 5.65
Appreciation: 0.33 2.35 2.84 2.28 1.71 4.05 3.44 -18.48 -9.29 5.81 5.76 9.69 2.99 -2.48 -3.81Income: 5.35 5.98 6.59 6.59 6.51 6.59 6.72 6.50 5.84 6.22 6.49 7.13 7.71 8.29 9.73
MN-WI-Minneapolis-St.Paul-Bloomington Apartment
Total: 6.49 10.34 10.43 11.11 11.86 19.55 15.61 -11.03 -2.57 10.23Appreciation: 2.02 5.23 4.80 5.08 5.42 12.49 8.55 -16.35 -7.46 4.61
Income: 4.40 4.92 5.44 5.81 6.20 6.47 6.65 6.08 5.18 5.43MN-WI-Minneapolis-St.Paul-Bloomington
IndustrialTotal: 3.05 11.25 10.19 9.06 9.68 9.23 5.26 -15.05 -5.78 10.40 13.04 17.93 11.08 3.44 4.39
Appreciation: -3.69 3.43 2.33 1.88 2.60 2.27 -2.18 -21.32 -11.87 3.17 5.38 9.82 3.61 -4.78 -4.52Income: 6.93 7.62 7.72 7.08 6.94 6.84 7.56 7.49 6.68 7.06 7.36 7.57 7.28 8.53 9.22
MN-WI-Minneapolis-St.Paul-Bloomington Industrial-Warehouse
Total: 6.94 12.58 10.73 10.06 12.61 10.01 7.91 -16.35 -6.95 8.21 11.19 17.23 13.33 5.00Appreciation: -0.46 4.16 2.15 2.56 5.52 3.19 0.41 -22.41 -12.83 1.40 3.92 9.84 6.16 -3.30
Income: 7.43 8.17 8.44 7.37 6.81 6.66 7.47 7.30 6.52 6.74 7.06 6.89 6.86 8.50
Page 118 of 1334/25/2017 Section 3, Page 31
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
MN-WI-Minneapolis-St.Paul-Bloomington Retail
Total: 6.35 9.59 11.12 9.43 7.75 9.60 11.41 -11.81 -3.91 12.99 9.64 18.88Appreciation: 0.86 3.89 4.88 2.35 1.44 3.15 4.46 -17.35 -9.33 6.59 3.29 11.31
Income: 5.46 5.54 6.02 6.96 6.24 6.31 6.72 6.38 5.83 6.10 6.20 6.99PA-MontgomeryCounty-BucksCounty-
ChesterCounty Total: 3.44 8.42 7.39 8.60 8.49 11.69 12.46 -14.40 -3.06 14.87 16.34 18.41 15.99 10.06 7.12
Appreciation: -2.17 2.36 1.13 2.13 2.08 5.04 4.96 -20.00 -7.83 8.88 9.87 10.77 7.49 1.68 -1.67Income: 5.70 5.96 6.20 6.37 6.32 6.41 7.23 6.61 5.06 5.63 6.03 7.08 8.06 8.28 8.90
TN-Nashville-Davidson--Murfreesboro--Franklin
Total: 8.49 14.97 15.91 11.10 14.23 11.04 9.03 -11.73 0.19 12.70 16.30 16.96Appreciation: 2.30 8.46 8.18 3.74 6.77 4.23 1.75 -17.68 -6.05 5.79 8.93 9.02
Income: 6.08 6.13 7.29 7.16 7.11 6.60 7.20 6.88 6.53 6.63 6.92 7.45TN-Nashville-Davidson--Murfreesboro--
Franklin IndustrialTotal: 5.77 24.06 17.74 9.02 9.53
Appreciation: -0.52 16.78 8.72 1.23 2.57Income: 6.31 6.50 8.47 7.71 6.82
TN-Nashville-Davidson--Murfreesboro--Franklin Industrial-Warehouse
Total: 7.75Appreciation: 1.39
Income: 6.29NJ-PA-Newark Total: 6.07 8.14 9.85 8.48 5.22 12.34 13.30 -16.02 -9.20 10.92 14.98 18.61 13.22 10.22 7.80
Appreciation: 0.41 2.88 3.90 2.60 -0.63 6.32 5.49 -22.12 -14.34 4.67 8.35 11.23 5.35 1.24 -2.26Income: 5.64 5.15 5.78 5.77 5.89 5.76 7.50 7.35 5.77 6.04 6.24 6.82 7.57 8.90 10.23
NY-NJ-NewYork-JerseyCity-WhitePlains Total: 5.94 13.99 10.74 10.53 11.22 15.12 16.08 -21.54 -12.60 18.38 26.48 22.70 14.75 12.20 10.34Appreciation: 2.06 9.55 6.07 5.70 6.02 9.61 9.54 -25.81 -16.11 13.46 19.45 15.54 7.28 4.09 1.89
Income: 3.82 4.14 4.46 4.64 4.98 5.14 6.11 5.35 3.98 4.48 6.17 6.43 7.09 7.87 8.33NY-NJ-NewYork-JerseyCity-WhitePlains
ApartmentTotal: 5.22 11.26 10.58 9.74 10.81 11.97 8.65 -27.95 -12.15 14.16 14.45 27.32 11.81
Appreciation: 1.35 7.03 6.33 5.40 6.27 7.48 3.52 -30.97 -14.77 10.65 9.30 21.47 6.04Income: 3.83 4.02 4.07 4.17 4.33 4.26 5.01 4.00 2.95 3.26 4.82 5.06 5.53
NY-NJ-NewYork-JerseyCity-WhitePlains Apartment-HighRise
Total: 4.75 11.21 10.55 9.75 10.60 12.28 15.98 -29.39 -12.46 13.91 16.96 25.48Appreciation: 0.86 6.96 6.28 5.42 6.17 7.85 10.94 -32.36 -15.10 10.54 11.73 19.56
Income: 3.87 4.05 4.08 4.16 4.23 4.18 4.67 4.01 2.97 3.13 4.82 5.18NY-NJ-NewYork-JerseyCity-WhitePlains
Apartment-LowRiseTotal: 15.05 15.45 11.37
Appreciation: 12.15 12.38 8.03Income: 2.66 2.81 3.15
NY-NJ-NewYork-JerseyCity-WhitePlains Industrial
Total: 12.99 15.42 12.54 15.20 10.86 13.14 13.34 -15.91 -5.87 8.22 17.41 21.49 15.02 9.13 8.54Appreciation: 7.86 9.93 6.71 8.67 4.32 6.47 5.51 -21.91 -11.90 1.81 9.94 13.39 6.53 1.06 1.07
Income: 4.84 5.12 5.56 6.13 6.34 6.37 7.51 7.21 6.63 6.32 6.97 7.38 8.11 8.00 7.41
Page 119 of 1334/25/2017 Section 3, Page 32
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
NY-NJ-NewYork-JerseyCity-WhitePlains Industrial-Warehouse
Total: 13.01 15.52 12.80 15.31 10.86 13.49 13.84 -16.25 -6.58 7.99 17.42 21.75 14.96 8.81 8.60Appreciation: 7.87 9.98 6.90 8.75 4.32 6.82 5.94 -22.27 -12.56 1.65 9.93 13.61 6.32 0.88 1.13
Income: 4.86 5.15 5.62 6.17 6.34 6.35 7.57 7.26 6.61 6.26 6.99 7.40 8.26 7.88 7.41NY-NJ-NewYork-JerseyCity-WhitePlains
OfficeTotal: 5.57 14.93 9.47 10.97 11.92 16.60 22.04 -19.47 -15.51 23.78 36.64 24.56 12.04 11.44 10.83
Appreciation: 1.82 10.54 4.85 6.08 6.60 10.88 14.72 -24.54 -19.05 18.53 29.10 17.29 4.65 3.14 2.08Income: 3.70 4.08 4.46 4.68 5.07 5.30 6.61 6.26 4.13 4.62 6.23 6.45 7.15 8.11 8.63
NY-NJ-NewYork-JerseyCity-WhitePlains Office-CBD
Total: 5.32 15.03 9.43 11.23 12.50 16.84 22.78 -20.25 -15.85 24.61 40.79 24.65 11.60 12.46Appreciation: 1.56 10.61 4.93 6.48 7.25 11.27 15.56 -25.20 -19.26 19.62 33.13 17.55 4.51 4.28
Income: 3.73 4.10 4.34 4.53 4.98 5.15 6.49 6.16 3.98 4.36 6.18 6.30 6.86 7.93NY-NJ-NewYork-JerseyCity-WhitePlains
Office-SuburbanTotal:
Appreciation:Income:
NY-NJ-NewYork-JerseyCity-WhitePlains Retail
Total: 6.60 15.48 18.80 9.33 11.70Appreciation: 2.63 10.80 13.49 4.28 5.63
Income: 3.90 4.33 4.84 4.89 5.83CA-Oakland-Hayward-Berkeley Total: 11.80 19.50 14.97 11.73 12.84 14.17 11.69 -18.95 -9.01 18.97 15.12 16.43 14.13 4.72 3.51
Appreciation: 6.57 13.85 9.06 6.17 6.79 8.00 4.38 -23.80 -13.55 12.89 8.58 9.14 5.75 -3.67 -4.52Income: 4.99 5.12 5.55 5.32 5.76 5.83 7.08 5.94 5.06 5.56 6.15 6.83 8.03 8.63 8.30
CA-Oakland-Hayward-Berkeley Apartment Total:Appreciation:
Income:CA-Oakland-Hayward-Berkeley Industrial Total: 18.76 23.43 17.80 15.03 10.81 13.82 11.87 -18.81 -10.96 23.12 18.10 20.98 8.20 -1.23 3.08
Appreciation: 13.22 17.77 11.68 9.01 4.46 7.34 4.53 -24.11 -15.78 16.56 11.72 13.18 -0.53 -9.95 -5.51Income: 5.05 5.00 5.63 5.65 6.14 6.16 7.10 6.51 5.47 5.86 5.87 7.11 8.76 9.43 8.96
CA-Oakland-Hayward-Berkeley Industrial-Warehouse
Total: 18.69 25.47 18.48 14.53 10.19 16.28 12.18 -20.56 -9.01 21.95 20.14 22.64 6.17 2.47 2.95Appreciation: 13.44 20.12 12.67 8.91 4.28 9.87 4.80 -25.57 -13.79 15.69 13.82 15.09 -1.56 -6.00 -4.83
Income: 4.78 4.67 5.31 5.28 5.74 5.98 7.12 6.24 5.33 5.62 5.74 6.80 7.81 8.87 8.07CA-Oakland-Hayward-Berkeley Office Total: 10.47 18.00 11.58 5.76 11.64 15.79 7.40 -22.91 -8.91 22.05 16.27 16.24 9.90 3.88 0.21
Appreciation: 4.79 12.17 5.37 0.64 5.63 9.21 -0.92 -27.59 -13.46 15.72 8.59 7.99 1.41 -4.43 -7.46Income: 5.48 5.35 5.97 5.09 5.77 6.17 8.38 5.95 5.07 5.67 7.22 7.80 8.41 8.60 8.13
CA-Oakland-Hayward-Berkeley Office-Suburban
Total: 10.99 14.30 11.42 8.36 11.82 16.48 6.81 -23.97 -10.69 23.38 16.62 16.98 7.76 2.67 0.47Appreciation: 5.07 8.48 5.02 3.04 5.85 10.17 -1.51 -28.67 -15.14 16.73 8.72 8.05 -1.19 -6.18 -7.85
Income: 5.70 5.48 6.17 5.20 5.72 5.87 8.39 6.05 5.03 5.93 7.42 8.43 9.03 9.27 8.85
Page 120 of 1334/25/2017 Section 3, Page 33
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
CA-Oakland-Hayward-Berkeley Retail Total: 6.34 15.90 14.64Appreciation: 1.56 10.37 8.87
Income: 4.72 5.14 5.42FL-Orlando-Kissimmee-Sanford Total: 12.88 17.23 10.91 13.83 13.26 12.38 12.40 -16.00 -3.57 13.24 14.85 32.87 17.94 9.18 5.24
Appreciation: 7.17 10.98 4.36 7.16 6.62 5.38 5.13 -21.30 -8.74 7.40 8.67 25.04 10.05 0.40 -2.58Income: 5.42 5.79 6.35 6.34 6.32 6.73 7.00 6.34 5.54 5.53 5.81 6.64 7.35 8.76 7.97
FL-Orlando-Kissimmee-Sanford Industrial Total: 19.03 18.07 12.93 7.49 8.75Appreciation: 12.21 11.15 5.64 0.61 1.98
Income: 6.26 6.40 7.01 6.84 6.67FL-Orlando-Kissimmee-Sanford Industrial-
WarehouseTotal: 19.24 18.90 13.19 8.22 8.30
Appreciation: 12.42 12.01 5.93 1.41 1.62Income: 6.25 6.34 6.96 6.75 6.60
FL-Orlando-Kissimmee-Sanford Retail Total: 14.85 17.16 11.47 17.24 20.26 16.52 13.78 -12.24 -3.21Appreciation: 9.57 11.27 5.02 10.51 13.19 8.87 6.11 -17.92 -8.73
Income: 4.93 5.44 6.22 6.26 6.45 7.17 7.34 6.57 5.90PA-Philadelphia Total: 8.13 9.87 8.56 10.30 11.68
Appreciation: 2.76 4.21 2.91 4.13 5.05Income: 5.27 5.49 5.54 5.99 6.39
AZ-Phoenix-Mesa-Scottsdale Total: 10.05 18.24 13.75 11.70 11.10 11.75 10.68 -20.91 -10.87 14.79 18.44 29.70 13.49 10.23 12.48Appreciation: 4.95 12.32 7.66 5.60 4.93 5.12 3.82 -25.64 -15.55 8.68 11.44 21.58 5.56 2.21 3.98
Income: 4.92 5.44 5.76 5.86 5.96 6.39 6.67 5.91 5.30 5.75 6.45 7.03 7.62 7.89 8.26AZ-Phoenix-Mesa-Scottsdale Apartment Total: 10.20 11.49 8.62 8.48 11.34 15.40 16.61 -21.68 -17.42 9.44 22.90 39.28 12.26 7.57 5.56
Appreciation: 5.10 6.05 3.26 3.05 5.78 9.38 10.41 -25.92 -20.91 4.67 16.46 33.40 5.67 1.23 -1.34Income: 4.92 5.20 5.23 5.31 5.34 5.63 5.76 5.30 4.15 4.62 5.76 4.72 6.32 6.28 6.98
AZ-Phoenix-Mesa-Scottsdale Apartment-Garden
Total: 12.12 11.70 7.70 8.35 11.73 16.16 17.22 -22.04 -16.88 8.94 23.14 35.49 12.02 7.65 5.72Appreciation: 6.79 6.05 2.27 2.86 6.13 10.13 11.14 -26.22 -20.40 4.17 16.70 29.80 5.35 1.28 -1.22
Income: 5.08 5.41 5.34 5.38 5.36 5.61 5.62 5.24 4.16 4.64 5.75 4.66 6.41 6.31 7.00AZ-Phoenix-Mesa-Scottsdale Industrial Total: 9.78 10.76 12.37 15.29 14.84 11.58 -0.23 -20.84 -8.72 19.31 17.79 29.64 11.05 4.09 8.28
Appreciation: 4.68 4.87 6.29 9.16 8.55 5.06 -6.38 -25.45 -14.06 12.32 10.81 21.29 3.78 -3.87 -0.63Income: 4.92 5.69 5.82 5.75 5.91 6.28 6.46 5.74 5.96 6.41 6.46 7.23 7.07 8.20 8.95
AZ-Phoenix-Mesa-Scottsdale Industrial-Warehouse
Total: 11.49 12.62 11.92 16.97 16.58 11.06 -0.53 -22.80 -8.44 18.07 19.09 32.27 12.65Appreciation: 6.62 7.06 6.34 11.23 10.68 5.23 -6.17 -26.88 -13.81 11.16 11.98 24.34 5.82
Income: 4.64 5.29 5.33 5.30 5.48 5.61 5.92 5.15 6.00 6.38 6.53 6.76 6.55
Page 121 of 1334/25/2017 Section 3, Page 34
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
AZ-Phoenix-Mesa-Scottsdale Office Total: 4.80 11.48 13.60 12.45 9.95 2.51 2.61 -23.89 -9.83 12.86 24.50 41.54 9.85 6.33 3.23Appreciation: -0.46 5.77 7.12 6.09 3.36 -4.13 -4.24 -28.97 -14.78 7.10 17.47 31.77 1.92 -1.45 -4.65
Income: 5.28 5.48 6.15 6.09 6.43 6.84 7.07 6.55 5.56 5.48 6.24 8.01 7.82 7.87 8.16AZ-Phoenix-Mesa-Scottsdale Office-
SuburbanTotal: 8.13 11.46 15.78 12.80 9.95 2.21 2.59 -24.25 -9.79 12.86 22.64 38.36 10.50 7.03 3.21
Appreciation: 2.61 5.59 9.15 6.44 3.35 -4.39 -4.28 -29.27 -14.71 7.10 15.72 28.84 2.37 -0.88 -4.74Income: 5.42 5.63 6.21 6.07 6.44 6.81 7.09 6.50 5.54 5.48 6.20 7.94 7.99 7.96 8.24
AZ-Phoenix-Mesa-Scottsdale Retail Total: 12.25 26.96 17.16 13.28 10.88 14.51 15.62 -18.51 -8.37 17.95 13.35Appreciation: 7.30 20.81 10.95 6.96 4.54 7.51 8.19 -23.43 -13.30 11.32 6.44
Income: 4.70 5.34 5.75 6.01 6.13 6.63 7.01 6.01 5.48 6.12 6.60OR-WA-Portland-Vancouver-Hillsboro Total: 12.56 15.54 12.87 12.56 8.84 13.95 7.79 -15.59 -1.39 20.08 17.23 21.54 9.84 7.41 7.79
Appreciation: 7.15 9.65 6.72 6.20 2.53 6.94 0.91 -20.82 -6.86 13.50 10.27 14.08 2.25 -0.62 -0.77Income: 5.14 5.51 5.86 6.09 6.20 6.66 6.84 6.22 5.76 5.99 6.47 6.76 7.47 8.06 8.61
OR-WA-Portland-Vancouver-Hillsboro Apartment
Total: 12.35 16.96 13.00 10.92 10.93Appreciation: 7.50 11.51 7.60 5.54 5.69
Income: 4.60 5.02 5.12 5.16 5.03OR-WA-Portland-Vancouver-Hillsboro
Apartment-HighRiseTotal:
Appreciation:Income:
OR-WA-Portland-Vancouver-Hillsboro Industrial
Total: 16.29 19.11 13.43 15.56 8.91 7.67 5.20 -16.80 -1.75 20.66 17.66 21.49 5.03 8.27 7.36Appreciation: 10.23 12.48 6.84 8.51 2.20 1.04 -1.15 -21.92 -7.62 14.06 10.69 14.27 -2.51 0.00 -1.20
Income: 5.64 6.07 6.27 6.63 6.60 6.58 6.41 6.15 6.23 5.99 6.47 6.53 7.69 8.27 8.63OR-WA-Portland-Vancouver-Hillsboro
Industrial-Flex SpaceTotal: 11.75 22.03 19.61
Appreciation: 5.98 14.99 11.82Income: 5.53 6.34 7.17
OR-WA-Portland-Vancouver-Hillsboro Industrial-Warehouse
Total: 17.82 18.09 9.84 16.67 11.82 9.36 6.06 -16.03 -1.97 20.30 17.38Appreciation: 11.74 11.54 3.57 9.70 4.97 2.64 -0.05 -21.09 -7.44 13.80 10.10
Income: 5.59 6.03 6.11 6.50 6.60 6.60 6.11 6.04 5.79 5.91 6.78RI-MA-Providence-Warwick Total: 11.75 10.32
Appreciation: 5.22 3.33Income: 6.28 6.82
RI-MA-Providence-Warwick Industrial Total:Appreciation:
Income:
Page 122 of 1334/25/2017 Section 3, Page 35
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
NC-Raleigh Total: 8.35 11.19 10.56 11.75 12.06 11.71 10.82 -13.97 -1.26 20.92 9.66 10.35 5.73 4.50 6.31Appreciation: 2.53 5.03 4.34 5.01 5.24 5.02 3.66 -19.02 -6.83 13.79 2.64 2.91 -1.54 -3.08 -1.83
Income: 5.71 5.94 6.02 6.49 6.57 6.45 6.96 5.91 5.87 6.48 6.88 7.28 7.35 7.76 8.25NV-Reno Total: 9.58 18.35 13.78 10.84 6.39
Appreciation: 3.97 11.64 6.95 3.12 -0.80Income: 5.45 6.18 6.49 7.55 7.22
CA-Riverside-SanBernardino-Ontario Total: 11.61 16.94 14.40 13.64 14.02 22.34 16.47 -24.31 -10.54 14.65 18.62 23.75 22.76 16.34 12.93Appreciation: 6.78 11.71 8.88 7.97 8.11 15.51 9.17 -28.86 -14.70 9.27 12.61 16.75 14.59 7.94 4.15
Income: 4.60 4.82 5.18 5.36 5.58 6.14 6.84 5.88 4.68 5.04 5.49 6.23 7.38 7.93 8.52CA-Riverside-SanBernardino-Ontario
ApartmentTotal: 15.65 16.27 12.73 8.66 14.20 14.75 17.93 -20.60 -13.82 9.07 13.02
Appreciation: 10.02 10.37 6.82 2.92 8.18 8.37 10.99 -25.04 -17.45 4.81 8.07Income: 5.24 5.48 5.63 5.62 5.68 6.01 6.43 5.51 4.17 4.12 4.67
CA-Riverside-SanBernardino-Ontario Apartment-Garden
Total: 15.65 16.39 11.91 8.50 10.55 15.80 14.42 -19.72 -13.12 9.73 13.58Appreciation: 10.02 10.49 6.07 2.82 4.71 9.48 7.78 -24.18 -16.90 5.21 8.60
Income: 5.24 5.48 5.58 5.57 5.65 5.91 6.28 5.48 4.34 4.36 4.68CA-Riverside-SanBernardino-Ontario
IndustrialTotal: 11.50 16.41 15.40 14.12 13.18 27.90 19.04 -28.54 -11.13 20.74 21.34 29.64 24.31 15.04 10.27
Appreciation: 6.98 11.52 10.20 8.78 7.58 20.90 11.34 -32.92 -15.27 14.96 15.17 21.97 15.45 6.58 1.54Income: 4.30 4.50 4.84 5.02 5.30 6.08 7.10 5.91 4.68 5.21 5.55 6.61 7.96 8.07 8.63
CA-Riverside-SanBernardino-Ontario Industrial-Warehouse
Total: 11.45 16.57 15.01 14.50 13.65 27.86 19.64 -28.69 -11.01 21.14 21.02 29.69 24.83 15.19 8.90Appreciation: 6.94 11.67 9.82 9.10 7.94 20.73 11.88 -33.13 -15.15 15.37 14.93 22.18 16.04 6.76 0.31
Income: 4.29 4.51 4.84 5.06 5.40 6.20 7.14 6.00 4.68 5.19 5.50 6.46 7.87 8.03 8.57CA-Sacramento--Roseville--Arden-Arcade Total: 5.32 10.08 12.61 11.09 7.81 10.69 9.37 -16.52 -6.57 14.88 12.54 17.03 18.90 17.37 11.33
Appreciation: -0.50 3.75 6.18 4.62 1.54 3.90 2.24 -22.27 -11.94 8.19 5.45 9.56 10.33 8.31 1.88Income: 5.85 6.16 6.15 6.25 6.19 6.60 7.02 6.93 5.90 6.31 6.82 6.97 7.97 8.53 9.33
MO-IL-St.Louis Total: 6.48 10.16 9.43 9.62 6.95 1.35 4.75 -10.56 -1.02 8.86 11.10 13.74 10.29 11.71 6.38Appreciation: -0.55 2.86 2.45 2.22 -0.74 -5.29 -2.46 -16.97 -7.53 2.00 4.00 5.85 2.92 3.82 -2.08
Income: 7.06 7.14 6.86 7.29 7.74 6.91 7.34 7.36 6.90 6.75 6.89 7.56 7.21 7.67 8.60TX-SanAntonio-NewBraunfels Total: 5.41 11.67 11.27 13.27 10.06 8.94 9.12 -8.02 -4.38 10.40 16.57 13.18 26.29 16.80 7.80
Appreciation: -1.06 4.51 4.13 5.82 3.22 2.60 2.02 -14.04 -10.32 3.26 8.95 6.11 17.10 7.98 -1.15Income: 6.52 6.94 6.92 7.14 6.67 6.22 6.98 6.74 6.43 6.97 7.14 6.76 8.17 8.33 9.02
TX-SanAntonio-NewBraunfels Industrial Total: 7.07 11.57 13.37 10.39 4.89Appreciation: -0.10 4.39 5.61 3.01 -1.87
Income: 7.17 6.95 7.46 7.22 6.86
Page 123 of 1334/25/2017 Section 3, Page 36
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
TX-SanAntonio-NewBraunfels Industrial-Warehouse
Total: 9.08 14.22 15.29 10.84 3.08Appreciation: 2.10 6.96 7.34 3.48 -3.41
Income: 6.87 6.91 7.55 7.18 6.67CA-SanDiego-Carlsbad Total: 8.78 13.56 11.68 10.35 9.81 14.47 14.82 -13.94 -5.39 13.15 20.17 26.16 18.33 13.39 14.24
Appreciation: 3.88 8.16 6.25 4.69 3.82 7.86 7.46 -19.22 -10.10 7.45 13.70 18.82 10.67 5.29 5.74Income: 4.76 5.10 5.19 5.46 5.83 6.25 6.98 6.19 5.11 5.41 5.89 6.45 7.10 7.79 8.15
CA-SanDiego-Carlsbad Apartment Total: 10.05 12.58 10.29 8.72 9.31 13.56 25.56 -13.65 -2.45Appreciation: 5.12 7.52 5.15 3.75 4.16 7.93 18.92 -18.57 -6.88
Income: 4.75 4.79 4.95 4.84 5.00 5.33 5.84 5.74 4.67CA-SanDiego-Carlsbad Apartment-Garden Total:
Appreciation:Income:
CA-SanDiego-Carlsbad Industrial Total: 16.06 15.14 13.57 9.14 4.83 11.50 5.78 -19.16 -3.19 17.85 23.98 33.63 8.03 10.64 8.24Appreciation: 10.32 9.08 7.15 2.64 -2.00 4.44 -2.39 -24.33 -8.18 11.60 16.60 25.25 0.58 2.60 0.49
Income: 5.33 5.69 6.10 6.38 6.92 6.84 8.31 6.38 5.34 5.77 6.59 7.07 7.41 7.88 7.72CA-SanDiego-Carlsbad Industrial-
WarehouseTotal: 17.38 18.22
Appreciation: 11.63 11.86Income: 5.30 5.85
CA-SanDiego-Carlsbad Office Total: 4.63 9.24 8.19 9.69 10.01 8.33 5.78 -18.52 -15.02 13.22 21.95 25.17 21.03 10.05 15.15Appreciation: -0.17 3.89 3.23 4.14 3.88 1.76 -0.50 -23.22 -19.08 7.79 15.88 17.69 12.77 2.00 6.63
Income: 4.80 5.20 4.84 5.39 5.96 6.48 6.31 5.72 4.75 5.13 5.44 6.63 7.55 7.93 8.12CA-SanDiego-Carlsbad Office-Suburban Total: 5.04 10.18 8.45 10.79 11.04 10.40 6.78 -18.80 -14.62 14.50 24.21 20.81 19.33 8.72 15.49
Appreciation: 0.70 4.62 3.38 5.07 4.70 3.61 0.47 -23.50 -18.70 8.98 17.94 13.66 11.24 1.20 7.41Income: 4.31 5.38 4.95 5.51 6.13 6.61 6.29 5.75 4.76 5.17 5.54 6.51 7.47 7.45 7.67
CA-SanDiego-Carlsbad Retail Total: 8.89 17.33 14.64Appreciation: 4.18 11.85 8.97
Income: 4.56 5.04 5.32CA-SanFrancisco-RedwoodCity-
SouthSanFrancisco Total: 8.68 17.38 18.32 13.06 20.38 23.89 14.74 -24.61 -7.70 24.45 21.41 16.81 16.27 1.21 -3.63
Appreciation: 4.62 13.09 13.48 8.16 14.82 17.33 7.50 -29.15 -11.53 18.94 12.91 10.41 8.98 -6.14 -10.86Income: 3.92 3.91 4.41 4.62 5.02 5.83 6.85 5.86 4.20 4.85 7.76 5.94 6.84 7.70 7.88
CA-SanFrancisco-RedwoodCity-SouthSanFrancisco Industrial
Total: 17.21 15.93Appreciation: 12.06 10.10
Income: 4.73 5.43
Page 124 of 1334/25/2017 Section 3, Page 37
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
CA-SanFrancisco-RedwoodCity-SouthSanFrancisco Industrial-Warehouse
Total: 19.06Appreciation: 13.44
Income: 5.12CA-SanFrancisco-RedwoodCity-
SouthSanFrancisco OfficeTotal: 9.00 17.31 19.60 12.67 20.73 25.29 14.45 -26.23 -8.35 25.54 22.35 15.56 14.50 -1.68 -7.96
Appreciation: 4.98 13.10 14.81 7.98 15.29 18.64 6.98 -30.82 -12.05 20.11 13.21 9.31 6.84 -9.46 -15.51Income: 3.88 3.85 4.32 4.43 4.90 5.86 7.10 6.04 4.07 4.75 8.34 5.85 7.28 8.37 8.56
CA-SanFrancisco-RedwoodCity-SouthSanFrancisco Office-CBD
Total: 8.74 18.37 18.52 12.95 20.18 24.35Appreciation: 4.96 14.40 14.27 8.87 15.35 18.10
Income: 3.64 3.59 3.85 3.83 4.35 5.52CA-SanFrancisco-RedwoodCity-
SouthSanFrancisco Office-SuburbanTotal: 9.39 15.41 21.80 12.10 21.74
Appreciation: 5.02 10.76 15.95 6.25 15.05Income: 4.22 4.31 5.24 5.58 6.02
CA-SanJose-Sunnyvale-SantaClara Total: 11.17 14.89 16.69 17.02 14.61 19.49 10.86 -17.33 -5.73 21.20 17.02 18.96 14.03 5.74 -4.45Appreciation: 6.29 9.70 10.75 10.71 8.26 12.77 3.53 -22.72 -10.53 15.09 10.51 11.37 5.93 -2.54 -12.51
Income: 4.67 4.84 5.51 5.84 5.99 6.15 7.14 6.54 5.21 5.50 6.04 7.01 7.75 8.43 8.91CA-SanJose-Sunnyvale-SantaClara
IndustrialTotal: 20.99 12.11 19.81 14.70 16.59 16.19 11.92 -16.91 -13.22 22.34 17.70 14.08 8.39 -3.43 -6.89
Appreciation: 15.84 7.94 14.12 8.09 9.82 9.72 5.37 -21.89 -17.50 16.26 11.11 6.59 -0.26 -11.22 -14.84Income: 4.62 3.94 5.15 6.24 6.32 6.03 6.30 5.99 4.93 5.44 6.08 7.16 8.66 8.50 8.97
CA-SanJose-Sunnyvale-SantaClara Industrial-Warehouse
Total: 24.88 24.03 24.94 18.88 21.37 16.75 9.44 -11.81 -7.76Appreciation: 19.28 18.63 18.70 12.45 13.95 9.96 2.82 -17.17 -12.64
Income: 4.91 4.75 5.48 5.89 6.74 6.33 6.49 6.16 5.40CA-SanJose-Sunnyvale-SantaClara Office Total: 10.09 16.99 17.65 14.14 15.70 23.27 6.54 -19.79 -6.80 27.18 17.09
Appreciation: 5.02 11.38 11.28 7.79 9.36 16.30 -1.54 -25.59 -11.71 20.54 10.14Income: 4.90 5.17 5.88 6.00 5.93 6.23 8.16 7.24 5.38 5.78 6.48
CA-SanJose-Sunnyvale-SantaClara Office-Suburban
Total: 9.37 16.54 17.99 13.92 16.14 23.10 7.06 -21.00 -7.97 28.39Appreciation: 4.30 11.00 11.66 7.64 9.78 16.09 -1.20 -27.06 -13.19 21.36
Income: 4.91 5.12 5.82 5.95 5.93 6.28 8.33 7.68 5.79 6.10WA-Seattle-Bellevue-Everett Total: 9.63 12.78 9.72 9.67 14.23 16.61 12.46 -19.75 -4.78 19.96 18.39 18.57 11.76 8.95 3.41
Appreciation: 4.75 7.61 4.48 4.26 8.27 9.93 5.37 -24.83 -9.62 13.77 11.76 11.47 4.18 1.09 -4.37Income: 4.71 4.90 5.06 5.24 5.62 6.23 6.81 6.29 5.21 5.62 6.10 6.55 7.36 7.80 8.05
WA-Seattle-Bellevue-Everett Apartment Total: 9.52 14.27 10.92 10.51 15.82 15.58 20.43 -22.45 -3.37 21.15 17.34 16.28 12.44 7.23 3.25Appreciation: 4.88 9.33 6.03 5.46 10.23 10.00 14.45 -26.31 -7.56 15.95 11.86 11.12 6.49 1.21 -2.88
Income: 4.48 4.62 4.68 4.85 5.21 5.20 5.40 4.85 4.45 4.66 5.04 4.77 5.68 5.96 6.26
Page 125 of 1334/25/2017 Section 3, Page 38
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
WA-Seattle-Bellevue-Everett Apartment-Garden
Total: 13.16 21.44 14.35 9.79 13.16 16.65 22.37 -20.52 -3.59 20.78 16.21Appreciation: 7.75 15.63 8.55 4.39 7.54 10.97 15.76 -24.94 -7.92 15.64 10.76
Income: 5.12 5.21 5.45 5.23 5.32 5.25 5.91 5.48 4.61 4.61 5.05WA-Seattle-Bellevue-Everett Apartment-
HighRiseTotal: 7.89 11.62 9.66 12.19
Appreciation: 3.55 7.05 5.18 7.33Income: 4.22 4.35 4.32 4.61
WA-Seattle-Bellevue-Everett Industrial Total: 17.52 14.52 12.98 10.72 14.45 12.51 10.63 -13.79 -4.31 17.44 15.38 23.21 9.29 7.81 6.48Appreciation: 11.90 8.68 7.11 4.73 8.17 5.61 2.99 -20.02 -9.80 10.73 8.84 15.23 1.78 0.15 -1.48
Income: 5.16 5.49 5.58 5.78 5.92 6.62 7.47 7.36 5.93 6.22 6.15 7.18 7.41 7.65 8.05WA-Seattle-Bellevue-Everett Industrial-
WarehouseTotal: 18.18 14.92 13.08 11.65 17.04 12.95 11.80 -15.66 -3.87 19.03 16.76 23.06 9.38 7.89 6.99
Appreciation: 12.63 9.17 7.28 5.72 10.82 6.16 4.15 -21.67 -9.35 12.26 9.96 15.07 1.88 0.19 -1.05Income: 5.07 5.39 5.51 5.69 5.76 6.49 7.43 7.21 5.88 6.21 6.34 7.19 7.39 7.68 8.10
WA-Seattle-Bellevue-Everett Office Total: 6.50 11.55 8.40 9.19 12.08 19.79 9.06 -23.49 -6.63 22.14 22.83 16.15 13.28 9.42 -1.58Appreciation: 1.85 6.57 3.29 3.95 6.39 12.66 1.85 -28.60 -11.22 15.96 15.68 9.27 5.31 0.99 -9.38
Income: 4.59 4.75 4.98 5.08 5.44 6.52 7.11 6.56 5.02 5.53 6.42 6.45 7.66 8.37 8.41WA-Seattle-Bellevue-Everett Office-CBD Total: 7.62 13.62 8.89 10.36 12.57 23.09 11.50 -26.26 -8.83
Appreciation: 3.19 8.90 4.02 5.64 7.67 16.00 3.91 -31.39 -13.41Income: 4.32 4.43 4.73 4.53 4.64 6.35 7.37 6.80 5.09
WA-Seattle-Bellevue-Everett Office-Suburban
Total: 3.26 6.11 7.31 7.06 11.32 16.40 5.60 -19.90 -3.50 19.66 21.99 19.44Appreciation: -2.05 0.50 1.71 0.89 4.40 9.21 -1.15 -24.96 -8.12 13.48 14.13 11.00
Income: 5.40 5.58 5.52 6.13 6.70 6.73 6.80 6.25 4.92 5.63 7.12 7.81WA-Seattle-Bellevue-Everett Retail Total: 11.27 11.86 8.44 9.29 17.35 16.40 10.75 -10.14
Appreciation: 6.07 6.39 3.02 3.58 10.69 9.49 3.06 -15.95Income: 4.97 5.22 5.30 5.56 6.17 6.46 7.51 6.61
MD-SilverSpring-Frederick-Rockville Total: 2.77 4.41 3.24 3.12 4.44 8.81 14.27 -14.22 -6.57 9.81 15.35 22.54 15.30 15.34 15.34Appreciation: -2.36 -0.88 -2.09 -2.75 -1.47 1.93 6.68 -20.03 -11.65 3.92 8.56 15.14 7.83 7.12 6.35
Income: 5.23 5.32 5.41 6.00 5.98 6.79 7.24 6.87 5.57 5.73 6.39 6.66 7.06 7.81 8.58WA-Tacoma-Lakewood Total: 14.27 12.10 4.72 13.75 15.23 22.13 14.47 -15.51
Appreciation: 8.86 7.05 -0.44 7.97 9.13 15.32 6.93 -21.30Income: 5.08 4.80 5.18 5.46 5.72 6.12 7.16 6.92
WA-Tacoma-Lakewood Industrial Total: 14.26 12.31 4.79 14.42 16.39 22.13Appreciation: 8.89 7.26 -0.40 8.59 10.24 15.32
Income: 5.03 4.78 5.21 5.48 5.72 6.12
Page 126 of 1334/25/2017 Section 3, Page 39
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
WA-Tacoma-Lakewood Industrial-Warehouse
Total: 14.26 12.31 4.79 14.42 16.39 22.13Appreciation: 8.89 7.26 -0.40 8.59 10.24 15.32
Income: 5.03 4.78 5.21 5.48 5.72 6.12FL-Tampa-St.Petersburg-Clearwater Total: 10.37 13.08 11.07 8.82 9.32 11.74 11.31 -18.54 -10.17 9.31 19.92 29.72 14.65 7.22 7.19
Appreciation: 4.03 6.55 4.48 2.41 2.52 4.95 4.21 -23.70 -14.89 3.71 12.88 21.07 6.79 -0.34 -0.58Income: 6.16 6.23 6.38 6.30 6.67 6.56 6.89 6.32 5.32 5.45 6.43 7.49 7.49 7.57 7.80
FL-Tampa-St.Petersburg-Clearwater Apartment
Total: 11.50 12.48 12.15 10.99 10.46 13.99 17.89 -15.10 -11.87 5.87 19.19 36.99Appreciation: 5.70 6.64 6.15 4.76 4.07 7.25 10.41 -20.40 -16.08 0.74 12.60 28.85
Income: 5.56 5.56 5.74 6.01 6.21 6.40 6.95 6.29 4.79 5.10 6.04 6.74FL-Tampa-St.Petersburg-Clearwater
Apartment-GardenTotal: 12.61 14.17 12.62 10.86 9.71 15.20 17.94 -15.66 -11.37 5.89
Appreciation: 6.53 8.00 6.49 4.60 3.38 8.33 10.40 -20.91 -15.52 0.76Income: 5.80 5.83 5.86 6.06 6.18 6.48 7.02 6.27 4.71 5.10
DC-VA-MD-WV-Washington-Arlington-Alexandria
Total: 5.33 8.31 6.32 7.17 6.63 14.86 19.79 -12.37 -4.85 14.54 16.29 25.85 20.98 12.99 12.15Appreciation: 0.79 3.46 1.23 1.93 1.16 8.91 12.70 -17.66 -9.39 8.80 10.03 18.42 12.54 4.67 3.28
Income: 4.51 4.73 5.05 5.17 5.43 5.58 6.48 6.11 4.89 5.40 5.83 6.54 7.73 8.05 8.66DC-VA-MD-WV-Washington-Arlington-
Alexandria ApartmentTotal: 5.01 5.03 3.48 6.48 6.76 16.84 28.18 -10.20 -8.93 9.60 17.40 28.24 18.21 12.79 17.21
Appreciation: 0.50 0.70 -0.86 1.68 1.77 11.26 21.41 -15.02 -12.54 5.06 11.50 21.48 11.23 5.66 9.01Income: 4.49 4.31 4.37 4.74 4.93 5.15 5.86 5.45 3.98 4.38 5.44 5.84 6.46 6.84 7.69
DC-VA-MD-WV-Washington-Arlington-Alexandria Apartment-HighRise
Total: 4.80 4.71 3.51 6.11 7.35 16.75 33.42 -11.53 -8.48 7.90Appreciation: 0.40 0.43 -0.80 1.42 2.56 11.36 26.54 -16.16 -11.85 3.55
Income: 4.39 4.27 4.33 4.64 4.70 4.97 5.77 5.28 3.70 4.25DC-VA-MD-WV-Washington-Arlington-
Alexandria IndustrialTotal: 6.75 10.83 8.02 10.74 6.47
Appreciation: 1.02 4.73 1.93 3.79 -0.40Income: 5.69 5.89 6.00 6.76 6.88
DC-VA-MD-WV-Washington-Arlington-Alexandria Industrial-Warehouse
Total: 6.97 13.02 10.56 12.76Appreciation: 1.39 7.32 4.82 5.96
Income: 5.52 5.41 5.55 6.51DC-VA-MD-WV-Washington-Arlington-
Alexandria OfficeTotal: 4.10 6.59 5.57 6.71 5.55 14.26 18.62 -14.07 -4.38 15.19 16.73 21.91 22.16 11.40 9.56
Appreciation: -0.25 1.81 0.40 1.54 0.12 8.48 11.61 -19.34 -9.03 9.29 10.52 14.70 13.26 3.14 0.82Income: 4.36 4.72 5.15 5.11 5.43 5.44 6.46 6.18 4.99 5.53 5.77 6.51 8.11 8.07 8.68
DC-VA-MD-WV-Washington-Arlington-Alexandria Office-CBD
Total: 5.53 7.89 6.62 7.35 6.16 13.92 21.63 -13.23 -3.15 16.72 15.79 20.57 22.98 13.33 13.12Appreciation: 1.56 3.54 1.56 2.34 0.74 8.35 14.70 -18.44 -7.61 10.82 10.03 13.83 14.35 4.99 4.57
Income: 3.92 4.24 5.00 4.93 5.39 5.25 6.26 6.07 4.72 5.46 5.37 6.11 7.81 8.05 8.27
Page 127 of 1334/25/2017 Section 3, Page 40
NCREIF Property IndexData through March 31, 2017
Calendar Year Returns (%)MSA Detail 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002
DC-VA-MD-WV-Washington-Arlington-Alexandria Office-Suburban
Total: 0.26 3.42 3.09 5.26 4.33 14.85 14.03 -15.38 -5.95 12.60 18.07 23.66 21.34 8.60 4.84Appreciation: -5.11 -2.39 -2.32 -0.27 -1.13 8.71 6.91 -20.73 -10.85 6.70 11.21 15.80 12.10 0.46 -4.11
Income: 5.58 5.92 5.50 5.53 5.50 5.77 6.77 6.36 5.34 5.62 6.34 7.04 8.49 8.11 9.23DC-VA-MD-WV-Washington-Arlington-
Alexandria RetailTotal: 8.95 16.59 12.78 9.73 10.64 14.33 17.59 -8.33 -3.24 19.30 13.02 33.41 23.45 22.06
Appreciation: 4.19 11.31 7.16 4.05 4.68 7.66 10.19 -13.90 -8.34 12.91 6.62 25.40 14.49 11.86Income: 4.62 4.88 5.34 5.52 5.76 6.31 6.88 6.24 5.44 5.84 6.10 6.77 8.10 9.39
DC-VA-MD-WV-Washington-Arlington-Alexandria Retail-Neighborhood
Total: 9.51 16.28 15.16 6.36 13.59 20.27Appreciation: 4.00 10.15 8.71 0.28 6.67 12.53
Income: 5.36 5.70 6.06 6.06 6.59 7.09FL-WestPalmBeach-BocaRaton-DelrayBeach Total: 6.37 15.83 11.92 8.07 7.23 12.11 14.31 -17.08 -15.02 5.36 11.29 41.00 20.72 12.75 7.14
Appreciation: 1.15 10.06 6.14 2.23 1.52 5.81 7.02 -21.96 -18.90 0.58 5.69 33.79 13.87 5.47 -0.50Income: 5.18 5.37 5.53 5.74 5.65 6.04 6.93 5.88 4.53 4.76 5.37 5.82 6.22 7.00 7.68
FL-WestPalmBeach-BocaRaton-DelrayBeach Apartment
Total: 9.78 15.73 11.01 7.07 8.69 16.43 25.55 -17.02 -16.07 1.36Appreciation: 4.50 9.88 5.34 1.83 3.16 10.26 17.84 -21.65 -19.65 -2.80
Income: 5.11 5.45 5.45 5.17 5.40 5.73 6.83 5.56 4.21 4.25FL-WestPalmBeach-BocaRaton-DelrayBeach
Apartment-GardenTotal:
Appreciation:Income:
FL-WestPalmBeach-BocaRaton-DelrayBeach Retail
Total:Appreciation:
Income:
Page 128 of 1334/25/2017 Section 3, Page 41
NCREIF Property IndexData through March 31, 2017
Total Index - NCREIF Property Index
Returns (%) Index Values
Quarter Properties Market Value Total Apprec Income Total Apprec Income Begin Mkt Value Income Capital Imp Partial Sales
1978-1 233 580,990,824 2.90 0.73 2.18 102.90 100.73 102.18 575,792,295 12,460,361 1,045,924 0
1978-2 259 618,339,141 3.07 0.83 2.23 106.06 101.56 104.46 609,771,269 13,549,340 3,512,157 0
1978-3 283 688,675,929 3.39 1.27 2.12 109.66 102.86 106.67 678,802,395 14,311,574 1,283,255 0
1978-4 291 729,986,518 5.89 3.85 2.04 116.11 106.81 108.85 700,435,921 14,228,940 2,744,192 0
1979-1 309 817,048,986 3.81 1.70 2.12 120.54 108.62 111.16 800,677,850 16,853,367 2,865,251 0
1979-2 331 933,456,479 4.32 2.03 2.29 125.75 110.83 113.70 913,108,775 20,769,432 1,935,049 0
1979-3 356 1,070,684,326 4.75 2.65 2.10 131.72 113.77 116.09 1,040,414,815 21,710,589 3,759,226 956,820
1979-4 370 1,231,133,627 6.19 4.03 2.16 139.87 118.35 118.59 1,176,664,071 25,295,067 8,943,206 1,676,393
1980-1 405 1,430,115,931 5.54 3.46 2.07 147.61 122.45 121.05 1,378,295,675 28,406,387 4,335,061 0
1980-2 428 1,582,310,228 2.36 0.28 2.07 151.09 122.80 123.56 1,570,794,466 32,426,249 7,085,424 0
1980-3 465 1,775,851,147 3.79 1.77 2.02 156.81 124.97 126.05 1,735,900,359 34,872,795 9,615,441 247,327
1980-4 493 1,976,014,374 5.32 3.33 1.99 165.15 129.14 128.56 1,904,991,793 37,664,990 8,149,203 286,173
1981-1 526 2,290,643,221 2.96 1.02 1.94 170.03 130.45 131.05 2,257,880,610 43,628,932 11,446,531 1,532,335
1981-2 569 2,689,864,442 4.23 2.16 2.07 177.23 133.27 133.76 2,616,246,739 53,952,894 17,209,245 0
1981-3 621 3,061,085,019 3.21 1.31 1.91 182.93 135.01 136.31 2,979,954,557 56,865,487 42,431,687 271,510
1981-4 681 3,668,148,597 5.29 3.38 1.91 192.61 139.57 138.92 3,516,152,346 67,199,895 33,896,827 529,000
1982-1 724 4,123,217,680 2.49 0.63 1.87 197.41 140.45 141.51 4,066,607,270 75,669,048 31,389,241 212,899
1982-2 757 4,538,598,298 2.07 0.13 1.94 201.50 140.64 144.25 4,474,840,662 86,665,484 57,804,140 0
1982-3 776 4,716,148,768 1.52 -0.36 1.88 204.56 140.13 146.97 4,697,159,565 88,183,225 35,872,735 0
1982-4 781 4,893,870,665 3.04 1.06 1.98 210.79 141.61 149.89 4,810,425,624 95,173,478 32,758,399 0
1983-1 941 7,459,641,924 1.75 -0.25 2.00 214.48 141.25 152.89 7,423,637,732 148,382,445 55,042,322 199,800
1983-2 978 8,293,800,809 2.54 0.59 1.95 219.92 142.08 155.87 8,215,379,482 159,595,101 31,289,032 905,773
1983-3 991 8,588,079,126 2.96 1.08 1.87 226.42 143.62 158.79 8,459,624,903 157,695,720 39,760,295 2,677,278
1983-4 989 9,025,037,692 5.31 3.47 1.84 238.45 148.61 161.71 8,656,471,634 158,989,316 68,954,177 180,000
1984-1 995 9,447,719,891 3.35 1.51 1.84 246.44 150.84 164.70 9,271,017,709 170,313,749 37,752,822 126,986
1984-2 1,057 10,561,489,204 3.16 1.27 1.88 254.21 152.77 167.79 10,362,821,011 194,268,879 75,880,187 8,920,778
1984-3 1,065 10,852,025,073 2.46 0.64 1.82 260.46 153.74 170.85 10,718,142,164 194,555,409 65,880,363 0
1984-4 1,060 11,476,035,737 4.21 2.35 1.86 271.44 157.36 174.03 11,109,752,265 206,525,668 105,357,637 1,500
1985-1 1,065 12,307,773,373 2.08 0.31 1.77 277.09 157.85 177.11 12,215,368,715 215,681,100 55,518,665 1,149,000
1985-2 1,125 13,282,140,026 2.60 0.68 1.92 284.29 158.92 180.51 13,124,456,388 250,822,794 71,969,506 2,937,781
1985-3 1,142 14,113,493,808 2.39 0.53 1.86 291.07 159.75 183.87 13,960,762,103 258,660,070 85,652,517 6,290,979
1985-4 1,159 15,407,790,207 3.73 1.95 1.78 301.93 162.88 187.13 15,013,222,122 265,925,322 106,431,134 4,564,020
1986-1 1,268 16,759,053,174 2.03 0.23 1.80 308.07 163.26 190.50 16,606,620,801 298,054,701 113,797,053 235,092
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NCREIF Property IndexData through March 31, 2017
Total Index - NCREIF Property Index
Returns (%) Index Values
Quarter Properties Market Value Total Apprec Income Total Apprec Income Begin Mkt Value Income Capital Imp Partial Sales
1986-2 1,282 17,441,514,590 1.96 0.11 1.85 314.11 163.43 194.03 17,307,130,981 320,027,959 116,105,660 161,934
1986-3 1,272 17,441,451,813 1.50 -0.26 1.76 318.81 163.01 197.44 17,328,748,762 304,294,745 162,950,363 4,864,371
1986-4 1,253 17,870,897,077 2.57 0.81 1.76 326.99 164.32 200.92 17,660,975,362 309,355,420 142,113,815 74,098,209
1987-1 1,302 18,835,190,267 1.83 0.06 1.77 332.97 164.41 204.48 18,762,281,016 331,132,977 93,434,829 31,011,919
1987-2 1,377 20,697,396,769 1.19 -0.62 1.80 336.92 163.40 208.16 20,723,136,340 372,074,415 105,603,528 3,983,932
1987-3 1,369 20,959,043,612 2.09 0.34 1.76 343.97 163.95 211.82 20,764,683,314 363,463,580 129,583,520 5,341,847
1987-4 1,403 22,184,603,366 2.67 0.91 1.75 353.15 165.45 215.53 21,826,737,941 381,631,170 171,786,439 13,181,098
1988-1 1,430 23,080,994,821 1.84 0.12 1.72 359.66 165.65 219.24 22,907,646,744 393,665,658 151,078,902 5,404,400
1988-2 1,491 25,932,626,386 2.00 0.24 1.76 366.84 166.05 223.09 25,721,619,671 450,398,907 151,938,627 2,431,290
1988-3 1,493 26,712,345,680 2.39 0.72 1.67 375.62 167.25 226.82 26,344,658,594 439,110,110 177,477,496 0
1988-4 1,536 28,470,920,216 3.07 1.36 1.71 387.15 169.53 230.69 27,900,835,646 475,631,979 220,756,300 29,945,269
1989-1 1,556 29,778,298,483 1.75 0.08 1.67 393.93 169.67 234.54 29,627,162,753 492,503,902 143,117,179 16,305,680
1989-2 1,639 31,146,029,503 2.00 0.34 1.66 401.81 170.24 238.44 30,987,394,536 513,083,007 166,782,622 112,000,095
1989-3 1,648 31,902,241,408 2.05 0.48 1.56 410.03 171.06 242.17 31,611,027,189 492,794,416 194,907,076 55,490,468
1989-4 1,660 32,656,131,813 1.75 0.16 1.60 417.21 171.33 246.04 32,216,165,067 514,691,338 389,754,577 90
1990-1 1,774 35,491,395,608 1.38 -0.21 1.58 422.96 170.97 249.93 35,398,546,111 559,107,760 165,847,699 0
1990-2 1,807 36,709,140,702 1.52 -0.10 1.61 429.38 170.81 253.97 36,451,457,208 587,786,645 306,270,421 13,261,835
1990-3 1,828 37,878,064,444 0.84 -0.73 1.57 432.98 169.55 257.96 37,872,443,492 594,807,083 289,178,755 5,900,970
1990-4 1,877 37,970,807,036 -1.43 -3.10 1.66 426.77 164.30 262.26 38,962,305,697 646,532,159 287,757,389 76,023,389
1991-1 2,012 39,594,087,441 0.05 -1.57 1.62 426.97 161.72 266.50 40,052,557,909 645,490,323 175,172,715 6,493,918
1991-2 2,036 39,350,257,722 0.01 -1.68 1.69 427.02 159.01 271.00 39,881,252,401 671,216,532 180,512,133 45,028,085
1991-3 1,998 38,776,008,615 -0.33 -1.96 1.63 425.60 155.89 275.41 39,333,374,132 637,592,063 219,638,369 8,493,505
1991-4 2,028 37,009,612,799 -5.33 -7.01 1.67 402.90 144.97 280.01 39,504,773,594 659,452,961 269,011,712 2,473,662
1992-1 2,074 38,373,015,878 -0.03 -1.80 1.77 402.79 142.36 284.98 38,823,794,505 687,226,222 246,832,735 364,893
1992-2 2,144 38,290,757,393 -1.03 -2.93 1.90 398.63 138.19 290.38 39,266,293,461 741,163,830 169,730,913 40,000
1992-3 2,254 40,525,536,798 -0.44 -2.26 1.81 396.87 135.07 295.65 41,201,256,299 745,456,611 253,679,564 2,769,401
1992-4 2,233 39,499,283,316 -2.81 -4.69 1.88 385.72 128.74 301.20 41,089,729,199 769,297,182 336,790,189 5,478,110
1993-1 2,125 40,051,400,075 0.77 -1.23 2.00 388.70 127.16 307.23 40,408,387,924 804,425,386 147,735,650 10,954,008
1993-2 2,181 41,683,886,367 -0.24 -2.18 1.94 387.77 124.39 313.19 42,395,247,971 819,980,969 238,187,785 28,938,445
1993-3 2,134 42,366,253,020 1.10 -0.85 1.96 392.05 123.33 319.32 42,348,999,929 826,943,878 385,015,523 7,133,114
1993-4 2,069 40,949,888,447 -0.25 -2.32 2.07 391.06 120.47 325.92 41,531,478,468 856,738,831 401,200,538 21,569,088
1994-1 2,007 40,653,112,748 1.31 -0.74 2.05 396.17 119.57 332.61 40,651,733,349 830,952,107 314,154,556 11,244,368
1994-2 2,009 41,054,020,683 1.54 -0.58 2.12 402.26 118.88 339.65 41,073,566,178 865,536,932 240,552,667 22,732,531
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NCREIF Property IndexData through March 31, 2017
Total Index - NCREIF Property Index
Returns (%) Index Values
Quarter Properties Market Value Total Apprec Income Total Apprec Income Begin Mkt Value Income Capital Imp Partial Sales
1994-3 1,978 41,079,854,194 1.51 -0.60 2.11 408.32 118.16 346.80 41,061,009,257 861,697,595 281,593,035 17,748,744
1994-4 1,969 41,012,615,946 1.88 -0.32 2.20 416.01 117.79 354.43 40,777,774,053 894,274,853 380,485,945 17,506,533
1995-1 2,003 41,993,880,294 2.11 -0.08 2.18 424.78 117.70 362.17 41,842,269,308 909,550,406 189,950,613 5,522,565
1995-2 2,179 43,284,292,607 2.08 -0.16 2.24 433.62 117.51 370.28 43,299,718,084 962,764,846 206,029,877 154,220,204
1995-3 2,294 46,689,165,273 2.06 -0.13 2.19 442.54 117.36 378.38 46,490,119,649 1,012,559,516 268,203,009 8,319,811
1995-4 2,322 48,278,542,054 1.09 -1.13 2.22 447.35 116.03 386.77 48,440,893,360 1,070,685,810 445,656,251 62,479,161
1996-1 2,405 51,765,173,939 2.40 0.26 2.14 458.09 116.33 395.07 51,373,036,710 1,096,463,914 284,300,959 23,089,298
1996-2 2,518 54,830,045,231 2.29 0.10 2.19 468.57 116.45 403.71 54,528,892,598 1,187,479,059 238,911,005 -7,793,404
1996-3 2,509 55,921,244,579 2.63 0.51 2.12 480.89 117.04 412.26 55,337,484,447 1,167,232,772 314,529,128 11,581,826
1996-4 2,368 54,324,764,528 2.61 0.46 2.14 493.43 117.58 421.10 53,588,981,224 1,145,403,227 535,618,903 48,145,674
1997-1 2,598 61,433,617,514 2.34 0.19 2.14 504.96 117.81 430.13 61,112,712,786 1,303,161,557 317,296,081 114,281,250
1997-2 2,719 65,274,873,811 2.82 0.59 2.23 519.21 118.51 439.73 64,610,072,785 1,434,762,953 350,853,672 65,106,673
1997-3 2,628 62,953,524,129 3.38 1.18 2.20 536.78 119.91 449.40 61,945,115,351 1,355,142,867 323,823,546 45,603,470
1997-4 2,532 65,729,654,384 4.71 2.49 2.21 562.04 122.90 459.33 63,768,507,960 1,403,787,338 452,867,676 75,583,158
1998-1 2,417 65,668,706,435 4.14 1.94 2.20 585.31 125.29 469.43 64,232,282,616 1,404,062,970 305,335,452 108,373,489
1998-2 2,465 66,958,490,268 4.19 2.07 2.12 609.84 127.89 479.37 65,279,188,851 1,376,129,612 412,710,587 81,730,150
1998-3 2,435 67,196,898,104 3.46 1.36 2.10 630.95 129.62 489.46 65,934,369,404 1,382,002,458 462,839,476 90,622,586
1998-4 2,402 66,704,284,337 3.55 1.47 2.09 653.37 131.52 499.67 65,255,988,220 1,356,387,029 530,144,475 36,782,655
1999-1 2,457 70,629,824,837 2.59 0.57 2.03 670.31 132.27 509.80 69,917,107,307 1,411,228,022 365,872,604 46,687,011
1999-2 2,507 75,551,789,502 2.62 0.53 2.09 687.88 132.97 520.45 74,880,581,652 1,556,021,480 351,171,328 77,274,444
1999-3 2,564 79,456,400,129 2.81 0.79 2.02 707.20 134.03 530.94 78,530,276,624 1,575,353,031 373,368,862 66,694,966
1999-4 2,576 80,727,337,395 2.89 0.89 2.00 727.62 135.22 541.56 79,598,912,287 1,585,661,670 475,896,012 50,963,718
2000-1 2,679 84,061,948,073 2.40 0.41 1.99 745.09 135.77 552.36 83,401,956,303 1,655,465,373 393,336,425 71,402,418
2000-2 2,942 89,441,975,659 3.05 0.94 2.11 767.85 137.04 564.04 88,137,807,619 1,855,714,457 535,894,492 56,816,268
2000-3 2,994 95,293,367,886 2.94 0.85 2.09 790.43 138.21 575.84 93,915,018,272 1,957,766,232 645,465,114 60,423,385
2000-4 2,972 95,778,621,529 3.33 1.22 2.11 816.76 139.89 588.00 94,047,332,138 1,978,458,714 761,088,503 171,150,700
2001-1 3,059 101,754,974,030 2.36 0.25 2.11 836.04 140.24 600.40 101,253,310,309 2,123,176,578 414,662,956 166,379,425
2001-2 3,237 108,156,638,214 2.47 0.34 2.14 856.72 140.71 613.23 107,251,427,020 2,281,708,797 622,326,384 76,470,381
2001-3 3,313 106,786,737,036 1.60 -0.49 2.09 870.39 140.02 626.05 106,697,092,582 2,220,266,944 684,490,996 70,264,402
2001-4 3,448 111,571,337,846 0.67 -1.40 2.07 876.22 138.06 639.01 112,569,884,048 2,320,672,506 662,687,752 91,821,407
2002-1 3,519 114,778,103,762 1.51 -0.57 2.08 889.47 137.27 652.31 115,241,422,101 2,384,836,201 348,278,859 157,857,332
2002-2 3,741 120,997,195,657 1.61 -0.48 2.09 903.80 136.62 665.94 121,291,698,856 2,518,762,977 512,595,522 231,374,957
2002-3 3,793 121,668,698,382 1.79 -0.25 2.04 919.97 136.27 679.52 122,016,868,634 2,470,442,476 479,451,786 525,372,334
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NCREIF Property IndexData through March 31, 2017
Total Index - NCREIF Property Index
Returns (%) Index Values
Quarter Properties Market Value Total Apprec Income Total Apprec Income Begin Mkt Value Income Capital Imp Partial Sales
2002-4 3,680 121,965,061,509 1.67 -0.29 1.96 935.34 135.88 692.83 121,910,857,627 2,376,632,520 810,603,319 406,822,527
2003-1 3,847 124,344,040,544 1.88 -0.08 1.96 952.96 135.78 706.41 124,780,285,468 2,427,503,850 537,837,610 879,006,333
2003-2 3,967 127,224,789,134 2.09 0.11 1.98 972.85 135.93 720.37 129,161,478,600 2,515,451,264 637,690,713 2,715,085,103
2003-3 3,976 128,543,223,862 1.97 0.07 1.90 992.06 136.02 734.08 131,682,300,434 2,459,270,883 554,947,420 3,786,315,078
2003-4 4,060 132,391,498,480 2.76 0.86 1.90 1,019.49 137.20 748.06 135,123,341,769 2,520,459,973 700,707,476 4,571,419,567
2004-1 4,042 136,310,986,810 2.56 0.72 1.84 1,045.63 138.18 761.85 138,870,472,261 2,512,785,726 544,147,664 4,085,108,295
2004-2 3,979 138,456,646,929 3.13 1.28 1.85 1,078.32 139.95 775.94 139,444,728,063 2,536,704,913 755,516,241 3,496,779,006
2004-3 4,025 141,834,572,116 3.42 1.63 1.80 1,115.23 142.23 789.88 143,143,761,175 2,523,921,918 795,667,774 4,391,190,298
2004-4 4,152 145,443,211,350 4.66 2.89 1.77 1,167.18 146.34 803.85 148,957,790,040 2,551,717,621 980,298,583 8,663,528,674
2005-1 4,224 159,172,318,809 3.51 1.81 1.71 1,208.17 148.98 817.56 159,841,899,793 2,681,205,859 1,051,180,685 4,559,713,730
2005-2 4,554 165,915,524,903 5.34 3.66 1.68 1,272.64 154.43 831.28 168,151,563,300 2,738,473,487 1,034,547,115 9,237,379,390
2005-3 4,561 175,343,245,400 4.44 2.84 1.61 1,329.17 158.81 844.63 176,284,762,857 2,768,240,012 910,127,747 6,742,963,314
2005-4 4,713 189,704,592,407 5.43 3.83 1.60 1,401.33 164.89 858.11 189,163,037,868 2,951,440,058 1,071,074,840 7,616,514,255
2006-1 4,756 201,761,466,227 3.62 2.08 1.54 1,452.05 168.33 871.30 202,564,142,924 3,060,609,737 796,706,292 5,744,623,934
2006-2 5,055 220,843,713,482 4.01 2.47 1.54 1,510.32 172.48 884.76 220,229,980,624 3,347,553,418 1,048,492,125 5,783,963,408
2006-3 5,162 232,593,629,843 3.51 1.99 1.52 1,563.35 175.92 898.19 232,758,232,385 3,479,720,922 1,372,765,162 6,107,578,893
2006-4 5,333 247,059,293,678 4.51 3.03 1.48 1,633.91 181.25 911.50 245,451,467,027 3,578,969,295 1,873,305,799 7,581,114,834
2007-1 5,466 266,851,009,466 3.62 2.22 1.40 1,693.13 185.28 924.29 266,499,303,117 3,682,716,031 1,147,798,718 6,629,720,887
2007-2 5,563 279,910,997,977 4.59 3.21 1.38 1,770.90 191.22 937.09 278,407,995,821 3,787,443,690 1,488,765,525 8,760,372,724
2007-3 5,585 292,090,880,991 3.56 2.25 1.32 1,834.02 195.52 949.45 290,715,409,360 3,783,595,107 1,556,376,986 6,623,650,571
2007-4 5,711 309,307,565,205 3.21 1.86 1.35 1,892.85 199.16 962.23 306,071,234,594 4,085,800,452 3,119,672,278 5,533,608,183
2008-1 5,976 328,144,473,979 1.60 0.34 1.26 1,923.11 199.84 974.33 329,106,340,729 4,110,386,946 1,546,725,146 3,620,877,130
2008-2 6,118 332,876,420,929 0.56 -0.70 1.27 1,933.94 198.43 986.67 336,240,161,727 4,233,096,988 1,528,618,081 2,541,193,322
2008-3 6,255 331,611,411,760 -0.17 -1.42 1.25 1,930.61 195.62 998.98 338,707,598,405 4,192,490,782 1,461,733,743 3,788,125,286
2008-4 6,287 305,096,332,710 -8.29 -9.54 1.26 1,770.64 176.95 1,011.55 337,124,154,904 4,224,050,638 1,792,732,233 1,777,907,517
2009-1 6,071 268,565,434,200 -7.33 -8.70 1.37 1,640.92 161.56 1,025.40 293,375,560,195 4,004,711,260 1,024,906,828 412,783,571
2009-2 6,123 254,124,119,015 -5.20 -6.70 1.50 1,555.66 150.73 1,040.82 272,400,669,088 4,074,147,306 1,143,568,903 1,265,554,051
2009-3 6,186 243,818,266,089 -3.32 -4.88 1.56 1,504.05 143.39 1,057.04 257,385,879,088 3,980,522,520 910,032,657 2,021,025,327
2009-4 6,211 238,242,028,162 -2.11 -3.71 1.60 1,472.33 138.06 1,074.00 248,947,239,750 3,961,657,570 1,092,387,730 2,630,092,882
2010-1 6,067 233,154,763,409 0.76 -0.90 1.66 1,483.53 136.81 1,091.86 236,241,564,599 3,899,533,055 690,834,364 1,661,033,617
2010-2 6,066 234,484,563,982 3.31 1.61 1.70 1,532.66 139.02 1,110.44 232,966,995,818 3,923,244,913 863,784,942 3,058,067,150
2010-3 6,057 238,338,253,540 3.86 2.23 1.63 1,591.84 142.12 1,128.54 236,356,875,424 3,805,902,119 1,053,445,086 4,281,405,855
2010-4 6,175 247,074,030,084 4.62 3.02 1.60 1,665.42 146.42 1,146.58 243,141,400,320 3,840,053,127 1,274,669,831 4,604,881,676
Page 132 of 1334/25/2017 Section 4, Page 4
NCREIF Property IndexData through March 31, 2017
Total Index - NCREIF Property Index
Returns (%) Index Values
Quarter Properties Market Value Total Apprec Income Total Apprec Income Begin Mkt Value Income Capital Imp Partial Sales
2011-1 6,267 255,871,511,308 3.36 1.84 1.52 1,721.35 149.10 1,164.04 252,782,988,765 3,817,053,780 1,037,126,932 2,553,198,063
2011-2 6,349 262,658,243,772 3.94 2.40 1.54 1,789.10 152.68 1,181.92 259,682,650,760 3,944,291,390 1,213,012,602 4,398,485,336
2011-3 6,489 272,741,710,807 3.30 1.83 1.46 1,848.08 155.48 1,199.20 270,919,605,914 3,920,179,174 1,314,908,476 4,410,192,481
2011-4 6,865 283,762,441,747 2.96 1.51 1.45 1,902.87 157.84 1,216.61 282,888,802,097 4,062,623,664 1,808,279,908 5,169,261,158
2012-1 7,106 298,598,336,910 2.59 1.15 1.43 1,952.10 159.66 1,234.05 297,616,034,809 4,229,033,179 1,092,210,596 3,512,791,954
2012-2 7,299 310,738,861,774 2.68 1.23 1.45 2,004.48 161.63 1,251.95 310,229,350,823 4,452,681,542 1,316,573,274 4,594,473,370
2012-3 7,276 315,284,562,298 2.34 0.92 1.42 2,051.39 163.11 1,269.72 317,027,079,386 4,447,878,454 1,344,808,010 5,970,607,083
2012-4 7,270 319,951,397,055 2.54 1.13 1.41 2,103.53 164.96 1,287.64 323,143,556,252 4,491,229,295 1,964,825,959 8,753,844,619
2013-1 7,181 329,071,622,796 2.57 1.18 1.39 2,157.49 166.90 1,305.50 330,270,274,025 4,523,502,454 1,146,596,848 6,190,968,449
2013-2 7,099 336,332,120,173 2.87 1.47 1.40 2,219.51 169.36 1,323.80 337,717,137,549 4,668,250,005 1,321,636,742 7,611,809,339
2013-3 7,027 343,691,930,224 2.59 1.22 1.37 2,277.00 171.43 1,341.89 344,889,279,174 4,656,939,319 2,041,891,438 7,405,487,726
2013-4 7,029 353,857,912,397 2.53 1.19 1.34 2,334.57 173.47 1,359.87 356,431,580,985 4,709,526,163 1,806,945,264 8,558,049,035
2014-1 6,968 366,394,420,236 2.74 1.44 1.31 2,398.64 175.96 1,377.63 364,102,661,835 4,715,369,491 1,362,757,882 4,264,460,029
2014-2 7,141 382,526,126,213 2.91 1.55 1.35 2,468.35 178.70 1,396.26 381,240,042,697 5,101,115,561 1,549,257,382 6,126,803,199
2014-3 7,170 395,433,995,740 2.63 1.32 1.31 2,533.36 181.06 1,414.55 396,862,489,821 5,134,202,019 1,803,321,277 8,416,769,526
2014-4 7,062 409,254,135,970 3.04 1.75 1.29 2,610.47 184.24 1,432.83 408,632,800,866 5,214,666,677 1,998,742,281 8,450,344,136
2015-1 6,863 426,003,858,653 3.57 2.33 1.24 2,703.72 188.53 1,450.59 421,550,687,759 5,172,750,603 1,535,103,163 6,810,698,755
2015-2 6,971 443,039,736,613 3.14 1.89 1.26 2,788.66 192.09 1,468.81 440,448,585,259 5,472,350,750 1,681,883,874 7,310,339,788
2015-3 7,012 458,822,626,458 3.09 1.86 1.22 2,874.75 195.67 1,486.79 455,920,513,109 5,524,697,239 2,472,102,182 7,978,473,407
2015-4 7,225 471,677,882,600 2.91 1.72 1.20 2,958.54 199.03 1,504.58 472,695,878,490 5,578,788,072 2,578,178,951 11,609,242,385
2016-1 7,323 490,800,994,749 2.21 1.04 1.17 3,023.92 201.09 1,522.25 491,540,602,699 5,716,499,246 1,838,234,287 7,618,344,947
2016-2 7,353 505,332,830,320 2.03 0.84 1.19 3,085.40 202.78 1,540.43 508,119,850,834 6,003,949,830 2,099,189,284 9,099,779,749
2016-3 7,371 516,392,733,692 1.77 0.60 1.16 3,139.93 204.00 1,558.36 521,245,034,585 5,997,767,189 2,068,230,304 10,030,392,097
2016-4 7,362 525,273,746,077 1.73 0.59 1.14 3,194.26 205.19 1,576.19 533,954,296,039 6,019,489,942 2,487,136,770 14,251,188,937
2017-1 7,139 533,752,860,437 1.55 0.40 1.15 3,243.68 206.02 1,594.26 537,025,338,958 6,102,871,267 2,017,462,250 7,421,323,122
Page 133 of 1334/25/2017 Section 4, Page 5
NCREIF Property IndexData through March 31, 2017