The National Council of Real Estate Investment Fiduciaries (NCREIF) has released third quarter 2025 results for the NCREIF Property Index. The NPI includes 12,923 properties, totaling less than $900 billion in market value. The unleveraged quarterly return for the third quarter of 2025 was 1.22 percent, which was essentially unchanged from the 1.23 percent return during the second quarter. The total return for the past four quarters rose to 4.72 percent with all four quarters in positive territory. The returns are detailed in the attached Snapshot Report. The NPI includes all operating properties managed by NCREIF data contributing members.
The positive 1.22 percent quarterly total return consisted of 1.16 percent of income and 0.06 percent of property appreciation. Appreciation is after the deduction of capital expenditures; this was the third consecutive quarter for positive appreciation return. These unleveraged returns are value weighed for the properties and are calculat
