The return for institutional investors as measured by the NCREIF Property Index (NPI) was 1.55 percent in fourth quarter 2019, an increase from the 1.41 percent return for the prior quarter, and from the 1.37 percent posted for fourth quarter 2018. This is an unleveraged return for what is primarily core real estate held by institutional investors throughout the United States. The 1.55 percent total return consisted of an income return of 1.10 percent from net operating income and a capital return — change in value net of capital expenditures — of 0.45 percent.

Market values reached another new high, as indicated by the NCREIF Market Value Index (MVI). The MVI tracks how estimated sale prices are changing over time for properties in the NCREIF Property Index. Market values have been rising steadily since the recovery from the Great Recession began in 2010.

Results for the total return were mixed when viewed by property type. Apartment returns had the strongest incr