Property transactions data for private real estate portfolio managers are obtained from the National Council of Real Estate Investment Fiduciaries (NCREIF), which collects transaction-level data for for private entities (primarily pension funds). For a private pension fund, having one’s properties be part of NCREIF’s portfolio is generally considered highly desirable, in that this gives the fund prestige. Because NCREIF’s policy is to only report data on high-grade institutionalquality commercia