The NFI-ODCE Index reported a modest total return of 0.52 percent net of fees for the third quarter of 2025, reflecting a 0.29 percent decline from the previous quarter. While income returns remained stable at 0.99 percent, appreciation slipped by 0.26 percent, signaling continued softness in property valuations. Over the past year, the index posted a -6.15 percent total return, underperforming broader equity benchmarks like the S&P 500 and Russell 3000, which saw strong double-digit annual gains.
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