Same-store NOI and portfolio growth
Growth on buildings owned, plus what was bought and sold.
By Surojit Chakraverti, founder of L3VLUP and an investor running a long-short healthcare and technology equities strategy.
On this subject: same-store noi and portfolio growth.Updated 2 October 2026
Part of real estate models, with the models, labs and guides around it.
What it does
A REIT’s income in two parts. Same-store NOI is income from the buildings owned throughout both years, and its growth is the organic growth investors watch most closely, because it strips out what was bought and sold. Acquisitions and disposals then add or remove income at their cap rates, for half a year when they close mid-year and in full the year after. The run-rate the portfolio ends the year on is what the next year’s same-store growth applies to, and what NAV is valued on.
Where it lives
The same schedule in each model that carries it, with the rows to open. Open a model in the browser, go to the sheet, and click the lines.
- Assumptions, rows 14–21: Run-rate cash NOI of the portfolio at the end of FY0, Same-store cash NOI growth, Acquisitions (closed at mid-year), Acquisition cap rate (first-year cash NOI / price)…
- Portfolio, rows 6–12: Same-store NOI: last year’s run-rate grown, NOI acquired: acquisitions x acquisition cap rate (annual), NOI sold: disposal proceeds x disposal cap rate (annual), Cash NOI earned in the year (half a year on deals)…
What a reviewer looks for
- Quoting total NOI growth as same-store growth.
- A full year of income from a deal that closed mid-year.
- Valuing NAV on income earned in the year rather than the run-rate at its end.
Learn it, then build it
Vocabulary: Same-Store NOI, Net Operating Income (NOI), Cap Rate (Capitalisation Rate).