NCREIF Property Index (NPI):
The objective of the NPI is to provide a historical measurement of property-level returns to increase the understanding of, and lend credibility to, real estate as an institutional investment asset class.
The inception date of the NPI is December 31, 1977 and the index is comprised exclusively of operating properties acquired, at least in part, on behalf of tax-exempt institutions and held in a fiduciary environment.
NCREIF Market Value Index (MVI):
The Market Value Index (MVI) is designed to reflect how commercial property values are changing over time. The MVI is a quarterly time series composite measure of the change in the market value of a large pool of individual commercial real estate operating properties acquired in the private market for investment purposes only.
NCREIF Open-End Diversified Core Equity Index (ODCE):
The ODCE is a capitalization-weighted, gross of fee, time-weighted return index with an inception date of December 31, 1977.
Open-end funds are generally defined as infinite-life vehicles consisting of multiple investors who have the ability to enter or exit the fund on a periodic basis, subject to contribution and/or redemption requests, thereby providing a degree of potential investment liquidity. The term Diversified Core Equity style typically reflects lower risk investment strategies utilizing low leverage and generally represented by equity ownership positions in stable U.S. operating properties diversified across regions and property types.
The NFI-ODCE, like the NCREIF Property Index (NPI) and other stock and bond indices, is a capitalization-weighted index based on each fund’s net invested capital, which is defined as beginning market value net assets (BMV), adjusted for weighted cash flows (WCF) during the period.