ANREV, INREV and NCREIF are pleased to release the third publication of the global comparison of the Total Global Expense Ratio (TGER). The publication is an important step in enhancing transparency on the total fees and vehicle costs for open-end diversified core equity non-listed real estate funds (ODCE).

The study includes the TGER for all the 49 funds included in the Global ODCE Index, representing a total gross asset value (GAV) of USD 349 billion as of the end of 2025.

Key highlights include:

• The Total Global Expense Ratio (TGER) for Global ODCE in 2025 decreased slightly year-on year by 1 bps to 0.81% based on GAV, while the TGER based on NAV decreased by 2 bps to 1.19%
• TGER and vehicle costs are lower for US funds which are generally larger and invest in a single country
• Professional services remain the highest vehicle costs across all three regions

For further details contact [email protected]

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 2.52% in June 2026. The ACOE includes 18 funds with a total GAV of AUD 123.63 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 Q1 2026 Global IRR Index release monitors 424 closed end funds across vintages from pre-2001 to 2022. All of these 424 funds follow a non-core strategy as defined by their managers and include 370 value added and 54 opportunistic funds.

Key highlights:

• This release of the Global IRR Index features 73 Asia Pacific funds, 163 European and 188 funds focused on the USA.
• The IRR for the post-2019 vintage group slightly improved in Q1, from 2.13% to 2.27%.
• At 7.95%, the IRR for the 2022 vintage year is the highest amongst the post-2016 funds.
• USA’s 2008-2010 fund vintage performance 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 Q1 2026 includes 73 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 Q1 2026. 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 delivered a total return of 1.19%, the highest return of the index since Q2 2022, up 14 bps from 1.05% 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 outperformed their non-core peers, both delivering positive total returns of 1.27% and 0.88% 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 0.24% in May 2026. The ACOE includes 18 funds with a total GAV of AUD 120.06 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.