More than 30 federal departments and agencies with a wide range of missions and programs manage large inventories of facilities, also called portfolios. These portfolios range in size from a few hundred to more than a hundred thousand individual structures, buildings, and their supporting infrastructure. They are diverse in terms of facility types, mix of types, and geographic dispersal. For federal senior executives, facilities portfolio-related decisions revolve around the allocation of resources (staff, funding, time) for acquisition, renovation, operation, repair, and disposition of facilities. To make informed decisions, senior executives require information that will allow them to answer such questions as: What facilities do we have? What condition are they in? What facilities are needed to support the organization’s missions? This study lays out a framework for developing and evaluating trends in facilities portfolio conditions, investments, and costs and identifies a set of key indicators that can be used to track performance over time. Some of the indicators are currently in use in some federal agencies; others will need to be developed.