- NPI quarterly returns held steady in Q3 at 1.2%, while ODCE returns moderated 30 bps to 0.7%. Trailing four-quarter returns were 4.7% for NPI and 4.0% for ODCE in Q3 2025.
- Retail led NPI performance with an annual return of 7.0%, followed by residential (5.3%), industrial (4.5%), and office (1.9%).
- NPI appreciation was 0.1% in Q3 and totaled -0.1% over the past year. ODCE appreciation fell 0.3% in Q3 and also totaled -0.1% the previous four quarters.
- Trailing-year NPI income yields were flat QoQ, remaining near 4.8% for a fourth consecutive quarter.
Note: ODCE returns are gross levered; NPI returns are gross unlevered