The National Council of Real Estate Investment Fiduciaries (NCREIF) has released first quarter 2022 results for the NCREIF Property Index (NPI). The NPI reflects investment performance for more than 10,000 commercial properties, totaling $897 billion of market value.
The quarterly total return was 5.33 percent. The rolling annual return for the past four quarters was 21.87 percent, which is the highest since the first quarter of 1980 and the second-highest in the 44-year history of the NPI.
The quarterly return of 5.33 percent consisted of 0.99 percent from income and 4.34 percent from appreciation. Appreciation is after the deduction of capital expenditures. Market values before considering capital expenditures increased by 4.49 percent.
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