The Q4 2025 ANREV index included data contributions from 72 funds with a total gross asset value of US$141.5 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of 1.63% in Q4 2025, up 37 bps from the previous quarter.
• Core funds with a total return of 1.87%, outperformed value-added and opportunistic funds which posted 0.29% and 0.16% respectively.
• Australian funds outperformed the wider index and was positive for the fifth consecutive quarter, delivering total returns of 2.37%. While multi-country funds saw a drop in performance by 30 bps, but remained positive at 0.01%.

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.

As Asia solidifies its position as the engine of global economic growth—contributing over 60% of worldwide GDP—this new paper from Taronga Ventures provides a critical roadmap for navigating the region’s complex real asset landscape. Against a backdrop of rapid urbanization, a staggering $1.7 trillion annual infrastructure gap, and surging demand for innovation, the report explores how "RealTech" is emerging as the key to turning regional growth into competitive advantage. Moving beyond a one-size-fits-all view, the research offers deep insights into distinct ecosystems—from the leapfrogging adoption of digital platforms in emerging markets like India and Vietnam to the cutting-edge sustainable infrastructure in advanced hubs like Singapore. For members seeking to deploy capital effectively, the paper delivers a practical playbook for investors and founders, emphasizing that success in Asia requires patient capital, local nuance, and strategies tailored to its fast-evolving, multi-faceted markets.

The ANREV Australia Farmland Index provides financial performance of 62 different properties of market value over AUD 2.13 billion in farmland.

ANREV Australia Farmland Index returned 1.19% on a 12-month rolling basis in Q4 2025.

On an annualized rolling return basis, the income return was at 2.19% in Q4 2025.

Capital growth was at -0.97% in Q4 2025 on a 12-month rolling basis.

We would like to thank all the managers for their data contribution.

If you have any questions about the Index, please contact Daisy Huang, Christy Lau, or Karen Yeung.

The ANREV ODCE (Open End Diversified Core Equity) Fund Index turned negative in Q4 2025, posting net total returns of -0.57%, down from 0.00% posted in Q3 2025.

Key highlights:

• Capital growth slid to -1.24%, down from -0.68% posted in Q2 2025. While the distributed income return was down by 1 bp from the previous quarter, posting 0.67%.
• After taking out the currency impact of -1.38%, the index delivered a local currency equivalent net total return of 0.80%.
• The index features 8 funds with a total GAV of US$20.9 billion, covering 439 assets as of Q4 2025.

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

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.37% in January 2026. The ACOE includes 18 funds with a total GAV of AUD 118.68 billion.

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

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

ANREV and PwC are pleased to publish the Real Estate Fund Managers’ Benchmarking Survey 2025. This is the third edition of the Survey, following the previous reviews published in 2017 and 2021. The Survey attracted participation from 21 fund managers, representing over US$1 trillion in real estate assets under management (AUM) globally.

The Survey collects detailed data on respondents’ set up and operational practices including organisational structure, governance, risk management, administration, valuation, technology and operations, regulatory compliance, and reporting.

Key findings include:

• Headcount: Only 20% of respondents anticipate an increase in headcount in 2026 with any growth focused on front office roles. Portfolio management, IT, compliance, and risk management are continuously identified as the most challenging areas to resource.
• Sustainability and climate risk: 86% have introduced specific sustainability and climate risk KPIs into their products, and 90% provide regular investor reporting on these topics.
• Investor reporting: 52% of respondents use INREV standards in their investor reporting. And 76% issue quarterly NAVs, and among managers of core funds, 65% provide a preliminary NAV within two weeks of period end.

ANREV, INREV and NCREIF are pleased to present the latest in a series of quarterly snapshots of what’s happening in the global real estate investment market.

In this short two-page snapshot, the Global Research Committee share their views of the global macroeconomic and property market landscape, drawing on data and insights from recent global indices and global surveys jointly conducted by all three associations.

Key highlights from January 2026 include:

• Global real estate returns remained in positive territory in the third quarter of 2025, albeit growing at a slower rate than in the first and second quarters of the year.

• With the focus on occupier trends across all property types, the attractiveness of assets to tenants will be paramount to driving returns.

• Investors’ preferences remain focused on industrial and residential opportunities, although office markets are making a comeback.