The Q1 2026 ANREV index included data contributions from 80 funds with a total gross asset value of US$153.7 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of 1.46% in Q1 2026, down 4 bps from the previous quarter.
• Opportunistic funds with a total return of 3.26%, outperformed core and value-added funds which posted 1.59% and 0.12% respectively.
• Australian funds outperformed the wider index delivering total returns of 1.94%. Multi-country funds also saw an increase in performance by 56 bps, delivering total returns of 0.67%

Further details of the sub-indices, which cover different fund styles and various geographies, can be found in the full report.

We would like to extend our thanks to all of the funds that have contributed data, and look forward to your continued support in the next round of data collection. If you have any questions about the index or wish to take part in this industry-led initiative, please contact Daisy Huang or Eileen Chiu.

The Q1 2026 ANREV ODCE Asset Level Performance Report posted a total return of 1.41%, comprised of 0.40% capital growth and 1.01% income return. Up 5 bps from 1.36% posted in Q4 2025. The report measures the asset level returns of 266 investments owned by 8 ODCE funds valued at US$19.29 billion as of Q1 2026.

Due to its limited coverage this report is not considered as an index. The report's results are generated based on the asset level data provided to ANREV directly from the contributing managers. Data collection starts immediately after a quarter has ended for a period of up to 10 weeks after quarter end.

Please contact Daisy Huang or Eileen Chiu for any queries.

Total global real estate AUM rose 19% to USD4.5 trillion at year-end 2025, marking the end of a three-year contraction, according to the Fund Manager Survey 2026.

Key findings:

• Global AUM up 19% to USD4.5 trillion – second highest value since inception
• Core allocations rose to 72% globally, up from 63% in 2024
• Top 10 managers held USD2.2 trillion; CapitaLand Investment led Asia Pacific
• Global dry powder rose 4% to USD211 billion

The return to core strategies reflects improving investor confidence and stabilising valuations. In Asia Pacific, the split between core and value add/opportunistic strategies remains equally balanced.

The ANREV Australia Farmland Index provides financial performance of 63 different properties of market value over AUD 2.06 billion in farmland.

ANREV Australia Farmland Index returned 4.41% on a 12-month rolling basis in Q1 2026.

On an annualized rolling return basis, the income return was at 3.25% in Q1 2026.

Capital growth was at 1.13% in Q1 2026 on a 12-month rolling basis.

We would like to thank all the managers for their data contribution.

If you have any questions about the Index, please contact Daisy Huang, Christy Lau, or Karen Yeung.

ANREV, INREV and NCREIF present the thirteenth edition of the Global ODCE (open end diversified core equity) fund index, consisting of 49 funds with a combined total gross asset value of USD 350.9 billion.

Key highlights:

• The Global ODCE fund index delivered a net total return of 1.06% in Q1 2026, up 64 bps from 0.42% posted in the previous quarter.
• European ODCE funds outperformed the other regions, with a total return of 1.28%, followed by the US with 1.04%, then Asia Pacific with 0.85%.
• Capital growth turned positive, posting 0.31% in Q1 up 64 bps from the previous quarter, driving the overall increase in the total return. The accrual-based income return remained unchanged from Q4, delivering 0.75%.

 Please contact Daisy Huang or Eileen Chiu should you have any questions regarding the index.

The ANREV ODCE (Open End Diversified Core Equity) Fund Index returned positive in Q1 2026, posting net total returns of 0.85%, up from -0.57% posted in Q4 2025.

Key highlights:

• Capital growth increased from -1.24% to 0.17% in Q1, while the income return remained steady at 0.69%, up 2 bps from Q4.
• The one year rolling return stands positive at 5.76%, while the three and five year annualised returns are -1.41% and 0.43%, respectively.
• The index features 8 funds with a total GAV of US$21.3 billion, covering 441 assets as of Q1 2026.

If you have any queries on the index, please contact Daisy Huang or Eileen Chiu.

This three-part series, authored by ANREV and K&L Gates, explores the growing use of joint ventures and club deals in Asia-Pacific private equity real estate markets. As fundraising conditions become more selective, these structures are increasingly being used to deploy capital into pre-identified opportunities while providing investors with greater transparency, governance rights and commercial alignment.

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.31% in April 2026. The ACOE includes 18 funds with a total GAV of AUD 119.89 billion.

The ACOE Index also reports data on geographic allocation by sector.

Please contact Daisy Huang, or Christy Lau if you have any questions regarding the Index.

The Q4 2025 release of the Global IRR Index monitors a sample of 421 closed end funds across vintages from pre-2001 to 2022. All of these 421 funds follow a non-core strategy as defined by their managers and include 367 value added and 54 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 71 Asia Pacific funds, 163 European and 187 funds focused on the USA.

• The IRR for the post-2019 vintage group improved the most in Q4, from 0.20% to 2.13%.

• At 9.07%, the IRR for the 2022 vintage year is the highest amongst the post-2015 funds.

• The performance of the USA’s 2008-2010 fund vintage continues to lead all cohorts in all regions.

The Global Internal Rate of Return (IRR) Index is jointly produced by INREV, ANREV and NCREIF to measure the IRR performance of closed end non-listed real estate vehicles since inception on a global scale.

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