The NCREIF Property Index provides quarterly and annual total returns for thousands institutional-grade office, retail, apartment, industrial, and hotel properties. All properties in the NPI have been acquired and managed on behalf of tax-exempt institutional investors, principally pubic and private pension funds. Performance histories began in 1978.

The NPI is market-weighted and reported gross of fees. The computations are time-weighted as described more fully on the NCREIF web site at http://www.ncreif.org.

The National Council of Real Estate Investment Fiduciaries (NCREIF) is an association of institutional real estate professionals in the United States.