NCREIF Transaction-Based Index (NTBI)

The NCREIF Transaction-Based Index is estimated from NCREIF Property Index property sales in each quarter. As such, returns are provided for office, retail, apartment, and industrial properties. Additionally, estimated returns are grouped by geographic regions: west, south, midwest, and east. Performance estimates began in 1994.

The NTBI is equal-weighted and reported gross of fees. The computations, uses, and comparisons between the NTBI and the NPI are described more fully on the NCREIF web site. Data will be updated with each quarterly NCREIF release.

The National Council of Real Estate Investment Fiduciaries (NCREIF) is an association of institutional real estate professionals in the United States.


changes in version 4.0
  • Added indexed returns data and graphs to iPad version
  • Also, on iPad, rolling 4-quarter return statistics are computed and displayed
  • Numerous GUI changes
  • Code improvements for smaller file size and computational efficiency
changes in version 3.1
  • iPad version now adds email, text message, and print capability for NTBI quarterly graphs and statistics. A PDF report at a resolution of 72 dpi is available for sharing
  • Statistics that are negative numbers are displayed in the color red
changes in version 3.0
  • Rewritten and redesigned for iOS 7
  • GUI enhancements
change in version 2.0
  • NCREIF Transaction-Based Index is now a Universal app and the iPad version consolidates tables, graphs, and statistics in a single view
change in version 1.3
  • Expanded screens to accommodate size of iPhone 5

revised: October 13, 2017