The National Council of Real Estate Investment Fiduciaries (NCREIF) released third quarter 2025 results for the NCREIF Fund Index – Open-end Diversified Core Equity (NFI-ODCE). The NFI-ODCE consists of 25 funds totaling $277 billion of gross real estate assets and $228.2 billion of net real estate assets.
NFI-ODCE total return gross of fees for third quarter 2025 was 0.73 percent, down from 1.03 percent in the previous quarter, and up from 0.25 percent a year ago in third quarter 2024. The income return was 0.99 percent, down slightly from 1.01 percent the previous quarter, and down from 1.04 percent in third quarter 2024. The appreciation return was -0.26 percent for the quarter, down from the previous quarter’s 0.01 percent, and up from third quarter 2024’s -0.79 percent. The average quarterly total, income and appreciation returns are 1.97 percent, 1.63 percent and 0.33 percent, respectively, since inception in first quarter 1978.
