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 positive total returns of 1.29% in Q2 2026, up 11 bps from 1.18% posted in the previous quarter.

• All regions recorded positive performance, with Asia Pacific outperforming the other regions with total returns of 1.94%, followed by the US with 1.45%, then Europe with 0.87%.

• Both GREFI core and non-core funds reported positive performance this quarter, with the GREFI non-core funds outperforming their core peers.

This quarter's excel supplement includes the following additional data points, providing more transparency on the evolution of GREFI:

• NAV time series
• Gearing ratio time series
• Historical global allocations by geography and sector
• Currency exposure table

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 0.27% in August 2026. The ACOE includes 18 funds with a total GAV of AUD 122.87 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 Q2 2026 ANREV ODCE Asset Level Performance Report posted a total return of 1.02%, comprised of 0.00% capital growth and 1.02% income return. Down 39 bps from 1.41% posted in Q1 2026. The report measures the asset level returns of 271 investments owned by 8 ODCE funds valued at US$19.39 billion as of Q2 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.

The Q2 2026 ANREV index included data contributions from 83 funds with a total gross asset value of USD169.6 billion.

Key highlights:

• ANREV’s All Funds Index posted a total return of 1.94% in Q2 2026, up 52 bps from Q1.

• Core funds with a total return of 2.29%, outperformed value-added and opportunistic funds which posted -0.29% and 1.04% respectively.

• Australian funds delivered their strongest performance since 2022, with total returns of 2.88%, up by 99 bps from the previous quarter. While multi-country funds saw a decrease in performance by 90 bps, posting total returns of -0.87%

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 ANREV Australia Farmland Index provides financial performance of 65 different properties of market value over AUD 2.12 billion in farmland.

ANREV Australia Farmland Index returned 3.95% on a 12-month rolling basis in Q2 2026.

On an annualized rolling return basis, the income return was at 4.25% in Q2 2026.

Capital growth was at -0.30% in Q2 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 fourrteenth edition of the Global ODCE Fund Index, consisting of 49 funds with a combined total gross asset value of USD 353.1 billion.

Key highlights:

• The Global ODCE fund index posted a net total return of 0.71% in Q2 2026, down 35 bps from Q1.
• Capital growth turned negative in Q2 2026 with -0.04%, driving the overall 35 bps decrease in the total return. While the accrual-based income remained steady at 0.74%.
• US ODCE funds outperformed the other regions, posting a total return of 1.28%, followed by Europe with 0.78%, then Asia Pacific with 0.05%.

This quarter's excel supplement includes the following additional data points, providing more transparency on the evolution of ODCE funds on a global scale:

• NAV time series
• Gearing ratio time series
• Historical global allocations by geography and sector
• Currency exposure table
• 10 year annualised return

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

The ANREV Australia Core Open End Fund Monthly Index (ACOE) saw a total return of 0.12% in July 2026. The ACOE includes 18 funds with a total GAV of AUD 123.50 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 ANREV YP Perspective series is a digital-first blog series designed to amplify the voices of Young Professional (YP) members across the APAC real estate industry.

In this inaugural piece, Colin Mackay of Cromwell Property Group, explores how AI may reshape occupier demand, workplace design and investment strategy, and why quality, adaptable office assets are likely to be best positioned for the future.