- NPI quarterly returns held steady at 1.2% in Q1, while ODCE returns rose by 30 bps to 1.2%. Trailing four-quarter returns were 4.9% for the NPI and 4.0% for ODCE.
- Retail led NPI returns across traditional property types with an annual return of 6.9%, followed by residential (4.9%), industrial (4.4%), and office (3.9%).
- NPI appreciation was 0.1% in Q1 and totaled 0.2% over the past year. ODCE appreciation was 0.2% in Q1 and totaled -0.1% for the year.
- Trailing-year NPI income yields fell 3 bps QoQ to 4.7% while the ODCE income yields is currently 4.1%.
Note: ODCE returns are gross levered; NPI returns are gross unlevered.
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