The NCREIF Transaction-Based Index is estimated from NCREIF Property Index property sales in each quarter. As such, returns are provided for office, retail, apartment, and industrial properties. Additionally, estimated returns are grouped by geographic regions: west, south, midwest, and east. Performance estimates began in 1994.

The NTBI is equal-weighted and reported gross of fees. The computations, uses, and comparisons between the NTBI and the NPI are described more fully on the NCREIF web site linked below.

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