Green Street has released its monthly price index - reporting an increase of 5% in April and a total increase of 20% from the low a year ago. Green Street also included a discussion of the differences between the Moody's index and the Green Street index that is helpful to understanding the changes. Those differences show up again this month as Moody's reports a decline.
Why the decline in the Moody's numbers and an increase in the Green Street index? I would expect the difference to be driven by nature of the sales we have been seeing (Moody's is repeat sales driven) vs the universe that the Green Street index measures. A significant portion of the sales last month were distressed - 1/3 of the total, and so far we have seen this distress concentrated in sectors of the market that are less likely to be considered part of the REIT universe of assets that Green Street measures. In short, the indices are measuring slightly different pools of a bifurcated market.