NPI Trends Report

The NCREIF Property Index (NPI) Trends is a quarterly report that tracks the changes in both capitalization rates and net operating income (NOI).  Within the quarterly NPI Trends spreadsheet file, the trends in capitalization rates or “cap rates” computed from the NPI properties sold each quarter are detailed across each major property type and major U.S. region.  Data is shown both Equal Weighted and Value Weighted.

On average, approximately 500 properties within the NCREIF property database are sold each year. NCREIF collects information about these sold properties, including the gross and net sale price.  In fact, when a property is sold, the actual sale price rather than the appraised value is used to incorporate that property’s performance in the calculation of the NPI.

In addition to these capitalization rates, vacancy rates are presented by property type and by region.  Also included is the calculation of the percentage change in the aggregate Net Operating Income (NOI) among each quarter’s set of properties, as well as other measures that would help identify trends in real estate income property.


The Trends Report is a spreadsheet compiling data on property value trends in the NCREIF Property Research database. This data includes sale transactions, returns, cap rates, vacancy rates and NOI growth as well as charts.

The Trends Report provides aggregate national data for all series. Current value cap rates, vacancy, and NOI growth are also available by region and property type. Current value cap rates are available on an equal-weighted and value-weighted basis.

Transaction cap rates only reflect sold properties each quarter. Current value cap rates include all properties that were revalued during the quarter.

NOI growth is caluclated each quarter for properties with reported NOI at the beginning and end of the quarter. The sum of the trailing four quarters of NOI growth provides growth for the trailing year.