Using the Consumer Price Index (CPI) as an indicator of inflation, the following chart illustrates that equity REIT share price growth has more than tracked inflation over a quarter century. The average annual price return for equity REITs over the 20-year period was 3.8 percent while the average annual return for the CPI was 3.0 percent. Equity REITs own, and typically manage, commercial, income-generating properties. Over time, the value of the properties, and the underlying rental income that the properties generate, has increased as the overall price level in the economy increases. Therefore, the invested capital from equity REIT shareholders has been protected from loss owing to inflation.