Making Sense of the NCREIF Property Index: A New Formulation Revisited

Michael Young

Journal of Real Estate Portfolio Management, 2005, vol. 11, issue 3, 211-223

Abstract: Executive Summary. Since its inception, the NCREIF Property Index (NPI) has achieved preeminence as an indicator of the investment performance of institution-ally-held commercial property in the United States. The NPI is widely-reported and used by real estate investment owners, investors, managers, consultants and academics. This paper examines several modifications to the current formulas that have been proposed to correct problems in the NPI, which can be used to expand our understanding of the behavior of equity real estate as an investable asset class.

Date: 2005
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DOI: 10.1080/10835547.2005.12089724

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