NCREIF Property Index (NPI)
The objective of the NPI is to provide a historical measurement of property-level returns to increase the understanding of, and lend credibility to, real estate as an institutional investment asset class.
The NPI goes back to Fourth Quarter 1977 and is comprised exclusively of operating properties acquired, at least in part, on behalf of tax-exempt institutions and held in a fiduciary environment.
More on the NPI and its Properties:
- Property’s return is weighted by its market value.
- Includes properties with leverage, but all returns are reported on an unleveraged basis.
- Includes Apartment, Hotel, Industrial, Office and Retail properties, and sub-types within each type.
- A “composite” index defined by the membership of NCREIF analogous to the NYSE Composite Index based on the stocks listed on that exchange.
- Available geographically by Region, Division, State, CBSA, and Zip Code.