Fundamental Components of Return
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The charts show Net Operating Income (blue), Cash Flow (red), and the Dividend Payout Ratio (green, dashed line indicates the long-run average). The first chart presents NCREIF, followed by the four property types: Apartment, Office, Retail, and Industrial.
NCREIF Index: NOI, Cash Flow and Dividend Payout Ratios (1978 to Q1 2026)
APARTMENT: NOI, Cash Flow and Dividend Payout Ratios (1978 to Q1 2026)
OFFICE: NOI, Cash Flow and Dividend Payout Ratios (1978 to Q1 2026)
RETAIL: NOI, Cash Flow and Dividend Payout Ratios (1978 to Q1 2026)
INDUSTRIAL: NOI, Cash Flow and Dividend Payout Ratios (1978 to Q1 2026)