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CHICAGO — Newly released results for the NCREIF Property Index (NPI) show total returns for the fourth quarter of 2011 were 2.96 percent, comprised of a 1.45 percent income return and a 1.51 percent capital appreciation return. For the year, the NPI returned 14.26 percent, split between 6.11 percent income and 7.80 percent appreciation. The NPI Index tracks approximately $284 billion of institutional real estate investments. While the NPI returns are down from the previous few quarters, they remain above the 30-year average of 2.1 percent and the 19-year average of 2 percent, according to Jeffrey Havsy, director of research for Chicago-based NCREIF. For the year, the NPI’s nearly 14.3 percent return outperformed both the S&P 500 and NAREIT Index. Since bottoming at the end of 2009, the NPI total returns have been positive each quarter for the past two years. Prices have rebounded 19 percent since bottoming in the first quarter of 2010. That is slightly more than half of the 29 percent loss that occurred from the peak in the first quarter 2008, to trough. The economic uncertainty of late summer continued into the fall, with questions about Europe and the strength of the U.S. recovery, explained Havsy. …

Apartment investors in several major metros across the country, especially Northern California, are hoping 2012 is a carbon copy of 2011. Effective rents for new leases in San Francisco increased a whopping 14.6 percent in 2011 and 12.3 percent in San Jose, according to newly released data from MPF Research. “The Bay Area is in a different stratosphere,” said Greg Willett, vice president of research and analysis at Carrollton, Texas-based MPF. Willett’s update on the vital signs of the multifamily market was the centerpiece of a webinar focusing on apartment development hosted by Dallas-based Humphreys & Partners Architects LP on Wednesday, Jan. 4. Although the annual gains in effective rents for new lesases weren't nearly as dramatic in Boston and Chicago, both markets were strong performers with increases of 8.3 percent and 5.8 percent respectively. One big reason for such a healthy bump in rents was that the occupancy rate nationally rose 1.1 percent from the fourth quarter of 2010 to the fourth quarter of 2011 to reach 94.6 percent, according to MPF. Occupancy was up nearly 3 percentage points from late 2009 when the market bottomed out. Meanwhile, the annual change in effective rents was 4.7 percent in the …

GREENVILLE, S.C., AND JACKSONVILLE, FLA. — BI-LO and Winn-Dixie Stores (NASDAQ: WINN) have plans to merge to create an organization of approximately 690 grocery stores in eight states in the Southeast. “We are very excited about the merger of BI-LO and Winn-Dixie,” said Randall Onstead, chairman of Greenville, S.C.-based BI-LO, in a statement. “With no overlap in our markets, the combined company will have a perfect geographic fit that will create a stronger platform from which to provide our customers great products at a great value, while continuing to offer exceptional service.” BI-LO currently has 207 stores in North Carolina, South Carolina, Georgia and Tennessee, and Jacksonville-based Winn-Dixie has 480 stores in Florida, Alabama, Louisiana, Georgia and Mississippi. The stores will continue to operate under their current banners. Under the terms of the agreement, BI-LO will acquire all outstanding shares of Winn-Dixie stock in the merger, valued at $560 million. Shareholders will receive $9.50 in cash per share of Winn-Dixie common stock, a premium of approximately 75 percent more than the closing price of Winn-Dixie common stock on Dec. 16, which was $5.43 a share, down from $6.92 a year ago. Upon completion of the merger, Winn-Dixie will become a …