Closed-end value-added real estate funds showed strong performance in fourth quarter 2015, with their strongest quarterly appreciation since fourth quarter 2010.

The NCREIF Fund Index – Closed-end Value-add posted total returns, gross of fees, of 7.03 percent in fourth quarter 2015, consisting of an income return of 1.51 percent and appreciation of 5.51 percent. The fourth quarter NFI-CEVA return was higher than the gross return of 3.55 percent in the third quarter.

This is the second quarter since the fund index’s official launch and expansion to include funds and historical data for both active and closed funds.

For the fourth quarter, the NFI-CEVA tracked 61 funds with $32.2 billion of gross real estate assets and $18.2 billion of net real estate assets. The fund count increased from 58 funds in the third quarter, and historical data also was extended by three years to 1997. To be included, funds must be closed-end with a value-added strategy. By property