NCREIF Operational Benchmark Report

NCREIF began collecting operations data in 2000 and the data can be accessed via the NCREIF online query tool.  The query tool does not currently allow for same-store operations analysis, but in 2011 NCREIF released the Operational Benchmarks Report for same-store analysis on both properties held in the NPI as well as those held in the NFI-ODCE.  The data includes four subcategories within income and eight categories within expense, as well as four capital expenditures subgroups.


NCREIF began collecting operations data in 2000. For this analysis we use data beginning in 2001 and go all the way to the current quarter.

Yes, the initial spreadsheet only uses data from NPI properties. Future enhancements will include data from the operations database.

There are four subcategories within income and eight subcategories within expense, plus four capital expenditure subgroups. 

CapEx Fields:

  • Acquisition Costs
  • Building Improvements
  • Leasing Commissions
  • Tenant Improvements


  • Base Rent
  • Contingent Rent
  • Reimbursement Income
  • Other


  • Administrative
  • Marketing
  • Utilities
  • Maintenance
  • Insurance
  • Management Fee
  • Property Taxes
  • Other

No. Each time period (either quarter over quarter or year over year) is the same set of properties. Starting the following quarter, a new set of same store properties is calculated

Using NOI as an example (though this applies to any field), the current quarter and the previous 4 or seven quarters of NOI for each of the properties is gathered. The NOI for each quarter is then summed.

For the quarter over quarter calculation the following formula is used:

[Sum(NOI) + Sum(NOILag1) + Sum(NOILag2) + Sum(NOILag3)] / [Sum(NOILag1) + Sum(NOILag2) + Sum(NOILag3) + Sum(NOILag4)] – 1

 For the year over year calculation here is the formula:

 [Sum(NOI) + Sum(NOILag1) + Sum(NOILag2) + Sum(NOILag3)] / [Sum(NOILag4) + Sum(NOILag5) + Sum(NOILag6) + Sum(NOILag7)] – 1

Apartment, Office, Industrial and Retail are in the National and Regional calculations. They are also broken out by Property Type. Hotels are excluded because not enough properties exist within the same store data set for hotels. Once a significant number of hotels are collected, this property type can be included.

You are not. The CapEx components will not equal the total CapEx for that same store data set. Reason being is that ‘CapEx: Building Expansion’ and ‘CapEx: Other’ were left out of Operational Benchmarks due to inconsistencies with manager Chart of Accounts.