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NCREIF Property Index Posts Fourth Consecutive Quarter of Positive Returns
The National Council of Real Estate Investment Fiduciaries (NCREIF) said the NCREIF Property Index (NPI) posted a quarterly return of 1.22% for the third quarter of 2025, essentially unchanged from 1.23% in Q2. However, the index has now stayed in positive territory for four consecutive quarters, with the four-quarter total return at 4.72%.
The positive 1.22% quarterly total return represented 1.16% of income and 0.06% of property
appreciation. NPI property values increased slightly during Q3, marking the fourth consecutive quarter of appreciation after nine quarters of declines, according to NCREIF.
All property sectors produced positive total returns in Q3. Seniors housing led for the third straight
quarter with a return of 2.88%, followed by hotel at 2.12% and self-storage at 1.68%. Office returns
improved slightly to 0.90% from 0.78% in Q2. Retail returns dropped from 1.94% to 1.31%, while residential returns increased to 1.44% in Q3 from 1.37%.
- ◦Sale/Acquisition
