The Q4 2025 ANREV index included data contributions from 72 funds with a total gross asset value of US$141.5 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of 1.63% in Q4 2025, up 37 bps from the previous quarter.
• Core funds with a total return of 1.87%, outperformed value-added and opportunistic funds which posted 0.29% and 0.16% respectively.
• Australian funds outperformed the wider index and was positive for the fifth consecutive quarter, delivering total returns of 2.37%. While multi-country funds saw a drop in performance by 30 bps, but remained positive at 0.01%.

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 Q4 2025 ANREV ODCE Asset Level Performance Report posted a total return of 1.36%, comprised of 0.33% capital growth and 1.03% income return. Slightly down 9 bps from 1.45% posted in Q3 2025. The report measures the asset level returns of 249 investments owned by 8 ODCE funds valued at US$19.07 billion as of Q4 2025.

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.

This report from Yardi and the Association of Real Estate Funds (AREF) offers a data-driven look at how the real estate investment industry is navigating a period of significant transition. Based on in-depth interviews and surveys with senior leaders from firms representing a substantial portion of the UK fund management industry, the research explores how managers are using technology to respond to market repricing, rising costs, and intensifying investor demands . It reveals that while the industry is decisively moving toward data-enabled operating models, maturity levels vary significantly. Key findings highlight that although 88% of firms are trialing AI to automate manual tasks, fragmented data remains a critical challenge, and timely reporting is a top priority for meeting investor expectations .

As Asia solidifies its position as the engine of global economic growth—contributing over 60% of worldwide GDP—this new paper from Taronga Ventures provides a critical roadmap for navigating the region’s complex real asset landscape. Against a backdrop of rapid urbanization, a staggering $1.7 trillion annual infrastructure gap, and surging demand for innovation, the report explores how "RealTech" is emerging as the key to turning regional growth into competitive advantage. Moving beyond a one-size-fits-all view, the research offers deep insights into distinct ecosystems—from the leapfrogging adoption of digital platforms in emerging markets like India and Vietnam to the cutting-edge sustainable infrastructure in advanced hubs like Singapore. For members seeking to deploy capital effectively, the paper delivers a practical playbook for investors and founders, emphasizing that success in Asia requires patient capital, local nuance, and strategies tailored to its fast-evolving, multi-faceted markets.

ANREV, INREV and NCREIF present the twelfth edition of the Global ODCE (open end diversified core equity) fund index, consisting of 49 funds with a combined total gross asset value of US$348.6 billion.

Key highlights:

• The Global ODCE fund index delivered a net total return of 0.42% in Q4 2025, down 3 bps from Q3.

• European ODCE funds outperformed the other regions, posting a total return of 1.12%, followed by the US with 0.70%, then Asia Pacific with -0.57%.

• Capital growth remained negative for the second consecutive quarter, with -0.34%, up by 4 bps from the previous quarter. While the accrual-based income return decreased by 8 bps, delivering 0.75%.

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

The ANREV Australia Farmland Index provides financial performance of 62 different properties of market value over AUD 2.13 billion in farmland.

ANREV Australia Farmland Index returned 1.19% on a 12-month rolling basis in Q4 2025.

On an annualized rolling return basis, the income return was at 2.19% in Q4 2025.

Capital growth was at -0.97% in Q4 2025 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.

The ANREV ODCE (Open End Diversified Core Equity) Fund Index turned negative in Q4 2025, posting net total returns of -0.57%, down from 0.00% posted in Q3 2025.

Key highlights:

• Capital growth slid to -1.24%, down from -0.68% posted in Q2 2025. While the distributed income return was down by 1 bp from the previous quarter, posting 0.67%.
• After taking out the currency impact of -1.38%, the index delivered a local currency equivalent net total return of 0.80%.
• The index features 8 funds with a total GAV of US$20.9 billion, covering 439 assets as of Q4 2025.

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

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.37% in January 2026. The ACOE includes 18 funds with a total GAV of AUD 118.68 billion.

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

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