The NCREIF Fund Index – Open‐end Diversified Core Equity (NFI-ODCE) had a total return gross of fees for third quarter 2019 of 1.31 percent, up from 1 percent in the second quarter 2019, and down from 2.09 percent a year ago in the third quarter 2018, according to the National Council of Real Estate Investment Fiduciaries (NCREIF) data for third quarter 2019.
The income return for the quarter was 1.05 percent, up 0.04 percentage points from the previous quarter, but well below the 10- and 20-year quarterly averages of 1.24 percent and 1.46 percent, respectively. Appreciation increased to 0.26 percent for the quarter, above the previous quarter’s –0.01 percent, and down 0.79 percentage points from the third quarter 2018.
For the year ended Sept. 30, 2019, the NFI-ODCE total return gross of fees was 5.59 percent, down from 8.68 percent for the year ended Sept. 30, 2018, and well below the annualized since inception return of 7.58 percent. The annual total return
