NCREIF Classic Property Index

NCREIF Classic Property Index Holdings

Maintained by the National Council of Real Estate Investment Fiduciaries (NCREIF), this benchmark measures historical performance of income-producing properties. All investments are acquired on behalf of tax-exempt institutions and are held in a fiduciary environment. Acquisitions must be on an all-cash, non-leveraged basis. Wholly owned investments and joint venture investments (which must be reported as though wholly owned) are also included. The index includes existing properties only and is restricted to investment-grade, nonagricultural, income-producing properties; development projects are not included until completion. The index database increases quarterly as participants acquire properties. In addition, the index - although appraisal-based - has a significant number of transactions included in the performance because of the properties that have been sold.

Returns for the index are calculated quarterly by aggregating individual property returns on a market value-weighted basis. Income and capital returns are calculated separately and may not be additive. Additional returns are available for the following sub-indexes:
Property Type:

(a) Residential apartment complexes
(b) Office buildings
(c) Retail properties (regional, community, neighborhood, other)
(d) Research and development/office facilities
(e) Warehouses
Regions:

(a) East
(b) Midwest
(c) South
(d) West
Property Types by Region:

(a) Apartments: East, Midwest, South, West
(b) Office buildings: East, Midwest, South, West
(c) Retail: East, Midwest, South, West
(d) R&D/Office: East, Midwest, South, West
(e) Warehouses: East, Midwest, South, West

For over 1,000 additional terms and definitions please see our Investment Glossary Guide.

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