NCREIF Reports Improving Q2 Returns for Key Quarterly Indices

The National Council of Real Estate Investment Fiduciaries (NCREIF) reported improving returns for both of its key quarterly indices for the second quarter of 2026. The NCREIF Property Index posted a slightly higher unleveraged quarterly return along with the highest total return for the trailing four quarters since Q4 2022, while the NCREIF Fund Index – Open-end Diversified Core Equity (NFI-ODCE) posted a total return of 1.49% for Q2, up from 1.25% in Q1 and 1.03% a year ago.

For the NPI, the total return of 1.29% consisted of an income return of 1.17% and a capital appreciation return of 0.12%. The unleveraged returns are value-weighted for the properties and are calculated before the impact of investment management advisory fees.

The NFI-ODCE total return consisted of an income return of 1.02%, up slightly quarter-over-quarter and year-over-year, and an appreciation return of 0.47%, up from 0.24% in Q1 2026 and 0.01% in Q2 2025. The average quarterly total, income and appreciation returns are 1.95%, 1.62% and 0.33%, respectively, since inception in Q1 1978.

The NPI includes 13,160 properties, totaling $943 billion in market value. The NFI-ODCE includes 25 funds totaling $280.4 billion of gross real estate assets and $223.7 billion of net assets.

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