Listed real estate: U.S.: The FTSE Nareit All Equity REITs Index is a capitalization-weighted, time-weighted index of publicly traded U.S. REITs that invest predominantly in the equity ownership of real estate. Global: The FTSE EPRA Nareit Developed Real Estate Index is a capitalization-weighted, time-weighted index of companies domiciled in developed markets that derive more than half their revenue from property-related activities.
Private real estate: U.S.: The NCREIF Fund Index–Open End Diversified Core Equity (NFI-ODCE) is a capitalization-weighted, time-weighted index of 36 private real estate funds pursuing a core investment strategy focused predominantly on U.S. assets. Global: The Global Real Estate Fund Index – Core (GREFI Core) is an index showing the performance of core non-listed real estate funds on a global scale and is created by leading non-profit association of investors in non-listed real estate, including ANREV (Asia), INREV (Europe) and NCREIF (U.S.)
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Risks of Investing in Real Estate Securities. The risks of investing in real estate securities are similar to those associated with direct investments in real estate, including falling property values due to increasing vacancies or declining rents resulting from economic, legal, political or technological developments, lack of liquidity, limited diversification and sensitivity to certain economic factors such as interest rate changes and market recessions. Foreign securities involve special risks, including currency ﬂuctuations, lower liquidity, political and economic uncertainties, and diﬀerences in accounting standards. Some international securities may represent small- and medium-sized companies, which may be more susceptible to price volatility and less liquidity than larger companies.
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