ANREV, INREV and NCREIF present the fourrteenth edition of the Global ODCE Fund Index, consisting of 49 funds with a combined total gross asset value of USD 353.1 billion.

Key highlights:

• The Global ODCE fund index posted a net total return of 0.71% in Q2 2026, down 35 bps from Q1.
• Capital growth turned negative in Q2 2026 with -0.04%, driving the overall 35 bps decrease in the total return. While the accrual-based income remained steady at 0.74%.
• US ODCE funds outperformed the other regions, posting a total return of 1.28%, followed by Europe with 0.78%, then Asia Pacific with 0.05%.

This quarter's excel supplement includes the following additional data points, providing more transparency on the evolution of ODCE funds on a global scale:

• NAV time series
• Gearing ratio time series
• Historical global allocations by geography and sector
• Currency exposure table
• 10 year annualised return

 Please contact Daisy Huang or Eileen Chiu should you have any questions regarding the index.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.12% in July 2026. The ACOE includes 18 funds with a total GAV of AUD 123.50 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang, or Christy Lau if you have any questions regarding the Index.

The ANREV ODCE (Open End Diversified Core Equity) Fund Index delivered net total returns of 0.05% in Q2 2026, down 80 bps from 0.85% posted in the previous quarter.

Key highlights:

• Capital growth turned negative from 0.17% to -0.63% in Q2, while the income return remained steady at 0.68%, down 1 bp from Q1.
• The one year rolling return stands positive at 0.32%, while the three and five year annualised returns are -0.27% and -0.10%, respectively.
• The index features 8 funds with a total GAV of US$21.3 billion, covering 446 assets as of Q2 2026.

If you have any queries on the index, please contact Daisy Huang or Eileen Chiu.

The gross return report shows a 3-month total gross return of 3.22% for the period between April and June 2026.
 
The gross return report is a supplementary report to the ANREV Australia Core Open End Fund Monthly Index (ACOE) published one month after every quarter showing aggregated gross returns of the 18 ACOE funds.

Please contact Daisy Huang and Christy Lau if you have any questions regarding the Index.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 2.52% in June 2026. The ACOE includes 18 funds with a total GAV of AUD 123.63 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang, or Christy Lau if you have any questions regarding the Index.

The Q1 2026 Global IRR Index release monitors 424 closed end funds across vintages from pre-2001 to 2022. All of these 424 funds follow a non-core strategy as defined by their managers and include 370 value added and 54 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 73 Asia Pacific funds, 163 European and 188 funds focused on the USA.
• The IRR for the post-2019 vintage group slightly improved in Q1, from 2.13% to 2.27%.
• At 7.95%, the IRR for the 2022 vintage year is the highest amongst the post-2016 funds.
• USA’s 2008-2010 fund vintage performance continues to lead all cohorts in all regions.

The Global Internal Rate of Return (IRR) Index is jointly produced by INREV, ANREV and NCREIF to measure the IRR performance of closed end non-listed real estate vehicles since inception on a global scale.

For any queries, please contact Daisy Huang or Eileen Chiu.

The IRR Index measures the internal rate of return performance of Asia Pacific closed end non-listed real estate funds since the funds’ inception up to the end of the latest quarter. Performance is measured net of fees and costs and is computed on both a pooled return basis and an equally weighted basis (arithmetic mean).

The IRR Quarterly Index Q1 2026 includes 73 closed-end funds across vintages from pre-2005 to 2022.

For any questions or comments, please contact Daisy Huang or Eileen Chiu.

The Global Real Estate Fund Index (GREFI) shows the performance of non-listed real estate funds on a global basis and is jointly created by ANREV, INREV and NCREIF. This publication includes performance figures from Q1 2005 up to the end of Q1 2026. The GREFI is updated on a quarterly basis and is published 12 weeks after the quarter end.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q2 2005, now offering more than 15 years of performance across all regions.

Key highlights:

• The GREFI All Funds Index delivered a total return of 1.19%, the highest return of the index since Q2 2022, up 14 bps from 1.05% posted in the previous quarter.

• All regions recorded positive performance, with Asia Pacific outperforming the other regions, followed by Europe and then the US.

• The GREFI core funds outperformed their non-core peers, both delivering positive total returns of 1.27% and 0.88% respectively.

For any queries, please contact Daisy Huang or Eileen Chiu.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.24% in May 2026. The ACOE includes 18 funds with a total GAV of AUD 120.06 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang, or Christy Lau if you have any questions regarding the Index.

The Q1 2026 ANREV index included data contributions from 80 funds with a total gross asset value of US$153.7 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of 1.46% in Q1 2026, down 4 bps from the previous quarter.
• Opportunistic funds with a total return of 3.26%, outperformed core and value-added funds which posted 1.59% and 0.12% respectively.
• Australian funds outperformed the wider index delivering total returns of 1.94%. Multi-country funds also saw an increase in performance by 56 bps, delivering total returns of 0.67%

Further details of the sub-indices, which cover different fund styles and various geographies, can be found in the full report.

We would like to extend our thanks to all of the funds that have contributed data, and look forward to your continued support in the next round of data collection. If you have any questions about the index or wish to take part in this industry-led initiative, please contact Daisy Huang or Eileen Chiu.