The National Council of Real Estate Investment Fiduciaries (NCREIF) has released second quarter 2026 results for the NCREIF Property Index. The NPI includes 13,160 properties, totaling $943 billion in market value. The unleveraged quarterly return for second quarter 2026 was 1.29 percent, which was slightly better than the 1.24 percent return in the previous quarter. The total return for the past four quarters reached 5.00 percent, which is the highest four-quarter return since fourth quarter 2022. All four quarters had increasing returns. The NPI includes all operating properties managed by NCREIF data contributing members.
The total return of 1.29 percent consisted of an income return of 1.17 percent and a capital appreciation return of 0.12 percent. These unleveraged returns are value-weighted for the properties and are calculated before the impact of investment management advisory fees. The market value of properties in the NPI increased very slightly during the second qu
