NCREIF

Research Corner

FAQs Property Level Data and Indices

About the NCREIF Property Index (NPI)

  • What is the NCREIF Property Index (NPI)?
  • What are the Accounting Policies for the NPI?
  • What is the Universe of Properties in the NPI?
  • What is the Composition of the NPI?
  • What are the requirements for a property to be added to the NPI?
  • What is an operating property?
  • Does a property, once included in the index, ever get removed from the index?
  • What if the property is sold to another NCREIF member?
  • When does a property type change?
  • Is the NPI a Core Property Index?
  • What is the NPI Index Methodology?
  • What if the NPI Rate of Return Methodology?
  • What is the Difference Between a Value-Weighted, or "Market Cap," Weighted Return and Equal-Weighted Return?
  • What Does the NPI Return Mean?
  • What Assumptions are used in the NPI Return Formula?
  • How is the Index Created from Quarterly Returns?
  • What are the NPI Data Submission Policies?
  • How is NPI Data Submitted to NCREIF?
  • What is the NPI Data Submission and Publication Schedule?
  • How Are Index Data Validated?
  • What is the Role of the NPI Oversight Committee (IOC)?
  • Is the NPI Ever Revised?
  • Where Do the Property Valuations Come from for Properties in the NPI?
  • What are the Appraisal Practices for Properties in the NPI?
  • What Other Properties are in the NPI Database?
  • How are Annual and Annualized Returns Calculated?
  • Can you tell me more about NPI Derivatives?

About the Additional, or Non-NPI Qualifying, Properties

  • About the Additional, or Non-NPI Qualifying, Properties

About the NCREIF Operating Data

  • What is the Universe of Properties in the Operating Data?
  • What is the NCREIF Operating Data Query Tool?
  • How far back does the operating data go?
  • What are the operating data fields and their definitions?

About the NCREIF Property Index Trends Spreadsheets

  • What are the Capitalization Rate Products?

About the NCREIF Leverage Property Report

  • What is the Universe of Properties in the NCREIF Leverage Property Report?
  • What is the Composition of Properties in the Leveraged Property Report?
  • What is the Leverage Property Report Methodology?
  • What is the Leveraged Property Rate of Return Methodology?

About the NCREIF Transaction Based Index

  • What is the transaction based index?
  • How is the NCREIF TBI calculation different than the MIT TBI?
  • Why change methodologies?
  • What are some of the differences between the NPI and the TBI?
  • What is the difference between the NPI and NTBI return series?
  • Why use an equal-weighted?
  • Can the NTBI be used as a benchmark?
  • Do each of the regions and property types have separate sale/appraisal ratios?
  • What happened to the additional supply and demand indices?
  • Will historical TBI results be restated to reflect the new methodology?
  • Why does the NTBI exhibit negative autocorrelation on a quarterly data?
  • How is the NTBI calculated?

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