Same Property NOI Growth Calculator

Same-property NOI growth separates organic from inorganic. This calculator runs the metric.

Prior period NOI

Current period NOI

Revenue growth %

Expense growth %

NOI growth %

5.42%

Margin change (pts)

0.7

$ growth

$195,000

How the math works

NOI growth = (current − prior) ÷ prior. Margin change = revenue growth − expense growth (pts).

Track same-property NOI growth quarterly by asset type within the portfolio. A portfolio that averages 4% hides wide dispersion — identifying the bottom quintile properties dragging down the average gives the cleanest short list for capital redeployment.

How to Use

Enter prior period NOI (same properties).
Enter current period NOI (same properties).
Enter revenue growth %.
Enter expense growth %.
Read same-property NOI growth %.

Frequently Asked Questions

Typical growth?

MF: 2-5% annual same-property NOI growth in normal markets. Industrial: 3-6%. Retail stabilized: 1-3%. Office: -1 to +3%. Growth above 8% often signals prior-period mispriced leases rolling, not sustainable trend.

Revenue vs expense growth?

Healthy: revenue growth > expense growth (margin expansion). Revenue growth ≈ expense growth (flat margin). Revenue growth < expense growth (margin compression — flag it). Gap decomposes the NOI growth number.

Adjustments?

Remove acquisitions completed in measurement period. Remove sold properties. Remove one-time items (insurance recovery, tax refund, major restructuring). Clean same-property number is what REIT analysts and LPs track.

How often should I rerun this?

Rerun this calculator whenever inputs change materially — new rent roll data, rate moves, loan balance updates, or quarterly operating data. For active deals, monthly refresh is typical. For stabilized assets under monitoring, quarterly is fine. Treat the output as a decision tool, not a one-time answer — market conditions evolve and so should your analysis.