NCREIF Query Editor

This program was written by **Jeffrey Fisher, Ph.D.** for use by NCREIF members to calculates the **Internal Rate of Return (IRR)** for a typical property in the NCREIF database over the time period specified. The hypothetical property earns the **cash flow return** that the average (value weighted) property in the **NPI (NCREIF Property Index)** is generating each quarter. The appreciation is based on how the average property in the NPI is appreciating each quarter.

The IRR is then decomposed into various components using a methodology developed by David Geltner. See "IRR-Based Property Level Performance Attribution," *Journal of Portfolio Management*, Summer, 2003.

The program can also be used as an API. Contact NCREIF for a user guide.