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 positive total returns of 1.29% in Q2 2026, up 11 bps from 1.18% posted in the previous quarter.

• All regions recorded positive performance, with Asia Pacific outperforming the other regions with total returns of 1.94%, followed by the US with 1.45%, then Europe with 0.87%.

• Both GREFI core and non-core funds reported positive performance this quarter, with the GREFI non-core funds outperforming their core peers.

This quarter's excel supplement includes the following additional data points, providing more transparency on the evolution of GREFI:

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

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