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This graph shows the returns for the NCREIF Property Index (NPI) for the nation, which includes over 4,200 properties at a market value exceeding $150 billion. The NPI income graph shows the return from the Net Operating Income (NOI) for the properties and the NPI capital graph shows the return from gain in value net of any capital expenditures. The NPI total is the total return from both NOI and capital appreciation. Returns are calculated by NCREIF quarterly based on appraised values and are shown on an unleveraged basis as if properties were all purchased on an all cash basis.
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