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.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 1.77% in December 2025. The ACOE includes 18 funds with a total GAV of AUD 118.85 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.

The Q3 2025 release of the Global IRR Index monitors a sample of 415 closed end funds across vintages from pre-2001 to 2022. All of these 415 funds follow a non-core strategy as defined by their managers and include 361 value added and 54 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 75 Asia Pacific funds, 160 European and 180 funds focused on the USA.

• The IRR for the 2022 vintage year continued to improve in Q3, from 6.84% to 7.29%.

• The post 2019 vintage funds turned positive in Q3, posting a 0.20% IRR.

• The performance of the USA’s 2008-2010 fund vintage 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.