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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