- NPI and ODCE returns registered 1.2% and 1.0%, respectively, in Q2. Trailing four-quarter returns were 4.3% for NPI and 3.5% for ODCE, the highest returns since 2022.
- Retail led NPI performance with an annual return of 7.6%, followed by residential (5.0%), industrial (4.6%), and office (0.1%).
- NPI appreciation was flat in Q2 and totaled -0.5% over the past year. ODCE appreciation was also flat in Q2 and totaled -0.6% the previous four quarters.
- The trailing-year NPI income yield was flat QoQ at 4.8%, up from a low of 3.9% in Q4 2022.
Note: ODCE returns are gross levered; NPI returns are gross unlevered