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Abstract
Executive Summary.In this paper, target returns for real estate investment styles are defined using the distribution of NCREIF Property Index (NPI) total returns. The findings show that the target returns defined by these measurements differentiate across styles in a statistically significant fashion wherein style is what style does. As a practical application of the methodology, the findings show that real estate fund managers can demonstrate the style purity of their funds by comparing property-by-property unlevered total returns with the NPI total return distribution.