Fundamental Components of Return

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 for the Period 1978 through 2024

APARTMENT: NOI, Cash Flow and Dividend Payout Ratios for the Period 1978 through 2024

OFFICE: NOI, Cash Flow and Dividend Payout Ratios for the Period 1978 through 2024

RETAIL: NOI, Cash Flow and Dividend Payout Ratios for the Period 1978 through 2024

INDUSTRIAL: NOI, Cash Flow and Dividend Payout Ratios for the Period 1978 through 2024