Investment Management performance
Achieving strong real estate investment fund performance
Blumberg Capital Partners began providing investment management services to institutional investors in August 1992. From October 1, 1992 (beginning of first full quarter) through end of fourth quarter 2007, the annualized time-weighted total return* to investors, net of fees, for the composite of all Blumberg Capital Partners' managed equity investments was in excess of 16%. Over comparable period (starting with returns for fourth quarter of 1992), the average annual time-weighted total return reported by the National Council of Real Estate Investment Fiduciaries (NCREIF) for all properties in its National Property Index (NPI) was 9.19%. Likewise, the National Association of Real Estate Investment Trusts' (NAREIT) reported an 13.94% average annual time-weighted total return for its all REIT index for that time frame. No assurances can be given that future performance will match past results.
*Annual time-weighted returns are calculated by linking quarterly returns. Quarterly returns are calculated using formula below.
Investment income + Appreciation (Depreciation) Weighted Average Equity = Beginning Net Asset Value + Time Weighted Contributions - Time Weighted Distributions