- NPI quarterly returns moderated 10 bps to 1.1% in Q4, while ODCE returns rose by 20 bps to 0.9%. Trailing four-quarter returns were 4.9% for the NPI and 3.8% for ODCE in 2025.
- Retail led NPI returns across traditional property types with an annual return of 6.8%, followed by residential (5.3%), industrial (4.5%), and office (3.4%).
- NPI appreciation was flat in Q4 and totaled 0.2% in 2025. ODCE appreciation fell1% in Q4 and totaled -0.3% for the year.
- Trailing-year NPI income yields held steady QoQ, remaining near 4.8% for a fifth consecutive quarter. The spread to the 10-year UST yield expanded to 66 bps, well below its longer-term average of ~240 bps.
- US Equity REITs were up3% in 2025 and up by 5.8% over the past 10 years.
Note: ODCE returns are gross levered; NPI returns are gross unlevered.
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