NCREIF Property Index (NPI)

The NCREIF Property Index (NPI) is a quarterly, unleveraged composite total return index for private commercial real estate properties. It measures the investment performance of a large pool of institutional grade properties acquired in the private market for investment purposes. The NPI focuses exclusively on property-level returns for core property types such as office, apartment, industrial, retail, and hotel, providing a historical benchmark for unlevered real estate performance.

NCREIF Fund Index - Open-End Diversified Core Equity (NFI-ODCE)

The NFI-ODCE is a fund-level capitalization-weighted, time-weighted return index that reflects the performance of open-end diversified core equity real estate funds. Unlike the NPI, the ODCE includes the impact of cash balances and leverage, offering a comprehensive view of fund-level returns. It represents the actual asset ownership positions and financing strategies employed by these diversified funds, making it a key benchmark for institutional investors in core real estate funds.

NCREIF is a data service provider that meets its members'​ and the investment and academic community's need for high-quality, transparent, timely and accurate commercial real estate data, performance measurement and benchmarking indices, investment analysis, reporting standards, research, education and peer group interaction, by:

NCREIF converts data to information directly relevant to its members and the industry, that is: Built from property-specific and fund accounting data contributed by its members; Confidential in its specificity, but transparently available to its members; Focused primarily on domestic assets and investment vehicles; and Driven and directed by the needs identified by its members.