Open-end real estate funds returned 2.3 percent during second quarter 2016, maintaining the same rate of return seen during the first quarter, according to MSCI’s PREA/IPD U.S. Quarterly Property Fund Index.

The index showed more stability — and a higher rate of return — than either the NCREIF Property Index or NCREIF’s Open-End Diversified Core Equity Fund Index, both of which saw returns decline during second quarter 2016 (though both remained north of 2.0 percent).

Still, this quarter represented the fourth consecutive period of decreasing capital value growth among open-end funds, which posted 1.12 percent during second quarter 2016 after reaching 2.75 percent a year before.

The slower growth, combined with a low interest-rate environment, could spur investors to tack on more leverage to their deals in search of yield, a sentiment expressed by NCREIF and also by the Federal Open Market Committee at its latest meeting. Concerns over this reach for yie