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Core Real Estate Fund Returns Stay Negative but Improve
The National Council of Real Estate Investment Fiduciaries (NCREIF) second-quarter 2024 results for the NCREIF Fund Index – Open-end Diversified Core Equity (NFI-ODCE) tell a story similar to the Q2 NCREIF Property Index: still negative but improving.
NFI-ODCE total return gross of fees for Q2 2024 was -0.45%. That’s up from -2.37% in the previous quarter, and up from -2.68% a year ago. The income return was 1.02%, slightly above 0.99% in the previous quarter, and up from 0.87% in Q2 2023.
The appreciation return was -1.46% for the quarter, above the previous quarter’s -3.35%, and up from-3.55% in the year-ago period. This is the eighth consecutive quarter of negative appreciation returns. The average quarterly income and appreciation returns are 1.65% and 0.34%, respectively, since the index’s inception of March 31, 1978.
The NFI-ODCE universe consists of 25 funds totaling $284.3 billion of gross real estate assets.
- ◦Financing
