The value of real estate held by the 46 funds IPD tracks fell in 2010 due to a variety of reasons. Overall, the capital value of the more than 3,100 assets was $119 billion.

The single biggest factor leading to a decline in values was a change in appraisals based on new market conditions. Many funds also sold assets. On balance, the funds were net buyers of retail and net sellers of office while their holdings in industrial properties and apartments was flat.