ANREV, INREV and NCREIF are pleased to present the latest in a series of quarterly snapshots of what’s happening in the global real estate investment market.

In this short two-page snapshot, the Global Research Committee share their views of the global macroeconomic and property market landscape, drawing on data and insights from recent global indices and global surveys jointly conducted by all three associations.

Key highlights from January 2026 include:

• Global real estate returns remained in positive territory in the third quarter of 2025, albeit growing at a slower rate than in the first and second quarters of the year.

• With the focus on occupier trends across all property types, the attractiveness of assets to tenants will be paramount to driving returns.

• Investors’ preferences remain focused on industrial and residential opportunities, although office markets are making a comeback.

ANREV and PwC are pleased to publish the Real Estate Fund Managers’ Benchmarking Survey 2025. This is the third edition of the Survey, following the previous reviews published in 2017 and 2021. The Survey attracted participation from 21 fund managers, representing over US$1 trillion in real estate assets under management (AUM) globally.

The Survey collects detailed data on respondents’ set up and operational practices including organisational structure, governance, risk management, administration, valuation, technology and operations, regulatory compliance, and reporting.

Key findings include:

• Headcount: Only 20% of respondents anticipate an increase in headcount in 2026 with any growth focused on front office roles. Portfolio management, IT, compliance, and risk management are continuously identified as the most challenging areas to resource.
• Sustainability and climate risk: 86% have introduced specific sustainability and climate risk KPIs into their products, and 90% provide regular investor reporting on these topics.
• Investor reporting: 52% of respondents use INREV standards in their investor reporting. And 76% issue quarterly NAVs, and among managers of core funds, 65% provide a preliminary NAV within two weeks of period end.

The gross return report shows a 3-month total gross return of 2.65% for the period between October and December 2025.
 
The gross return report is a supplementary report to the ANREV Australia Core Open End Fund Monthly Index (ACOE) published one month after every quarter showing aggregated gross returns of the 18 ACOE funds.

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

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 1.77% in December 2025. The ACOE includes 18 funds with a total GAV of AUD 118.85 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.

ANREV is pleased to present the results of the Investment Intentions Survey 2026 with a specific focus on non-listed real estate funds. The survey was conducted in conjunction with the European Association for Investors in Non-listed Real Estate Vehicles (INREV) and the Pension Real Estate Association (PREA). By joining the forces of all three organizations, the survey is able to present a truly global view on expected trends and investment intentions within the real estate industry. This is the seventeenth edition of the regional survey which attracted 78 participants (71 institutional investors and 7 multi managers) collectively representing over $1 trillion USD of real estate assets under management.

The Q3 2025 release of the Global IRR Index monitors a sample of 415 closed end funds across vintages from pre-2001 to 2022. All of these 415 funds follow a non-core strategy as defined by their managers and include 361 value added and 54 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 75 Asia Pacific funds, 160 European and 180 funds focused on the USA.

• The IRR for the 2022 vintage year continued to improve in Q3, from 6.84% to 7.29%.

• The post 2019 vintage funds turned positive in Q3, posting a 0.20% IRR.

• 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.

The IRR Index measures the internal rate of return performance of Asia Pacific closed end non-listed real estate funds since the funds’ inception up to the end of the latest quarter. Performance is measured net of fees and costs and is computed on both a pooled return basis and an equally weighted basis (arithmetic mean).

The IRR Quarterly Index Q3 2025 includes 75 closed-end funds across vintages from pre-2005 to 2022.

For any questions or comments, please contact Daisy Huang or Eileen Chiu.

The Global Real Estate Fund Index (GREFI) shows the performance of non-listed real estate funds on a global basis and is jointly created by ANREV, INREV and NCREIF. This publication includes performance figures from Q1 2005 up to the end of Q3 2025. The GREFI is updated on a quarterly basis and is published 12 weeks after the quarter end.

The history of the Global Real Estate Fund Index (GREFI) has been extended to Q2 2005, now offering more than 15 years of performance across all regions.

Key highlights:

• The GREFI All Funds Index was positive for the fifth consecutive quarter in Q3 2025, delivering a total return of 0.89%, slightly down by 13 bps from 1.02% posted in the previous quarter.

• All regions recorded positive performance, with Asia Pacific outperforming the other regions, followed by Europe and then the US.

• The GREFI core funds continue to outperform their non-core peers for the third consecutive quarter, both delivering positive total returns of 0.91% and 0.80% respectively.

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

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.38% in November 2025. The ACOE includes 18 funds with a total GAV of AUD 117.14 billion.

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

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

The Q3 2025 ANREV ODCE Asset Level Performance Report posted a total return of 1.46%, comprised of 0.36% capital growth and 1.10% income return. Up 28 bps from 1.18% posted in Q2 2025. The report measures the asset level returns of 248 investments owned by 8 ODCE funds valued at US$19.31 billion as of Q3 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.